You may have heard about people losing Medicaid benefits and wondered: How will this affect my broker business? As of 2023, an estimated 95 million people were enrolled in medical and dental insurance through Medicaid and CHIP (the Children's Health Insurance Program), up by 23.3 million from the number enrolled as of February 2020.
A bill passed by Congress in 2020 changed the public health insurance landscape. It allowed low-income Americans to be automatically enrolled in Medicaid benefits. However, the Medicaid automatic enrollment program is now in the process of winding down. An estimated 12 million adults and children have lost dental coverage so far.
This is not just an opportunity to shine, but a chance to make a real difference in people's lives. By helping those displaced by Medicaid, you can earn new clients and build relationships. These individuals will need dental, vision, and other health insurance coverage.
Key Takeaways:
- It is crucial to note that Medicaid disenrollment has already begun, with millions of people losing their benefits as of April 1st, 2023. Those who are expected to be most affected include children, people who have moved, those with limited English proficiency, and people with disabilities.
- Medicaid changes create new opportunities for selling dental insurance.
- It is important to remember that dental care is about aesthetics and maintaining good overall health. This is a key selling point for dental insurance.
Who is most affected by the Medicaid disenrollment?
Six million adults and six million children have been disenrolled from Medicaid so far. Another two million people are expected to be disenrolled in the coming months.
Some demographics are expected to be more affected than others due to the rollbacks in Medicaid eligibility. This includes:
- People who have moved states.
- Immigrants
- People with limited English proficiency
- People with disabilities
- Children: they are the primary beneficiaries of dental benefits through Medicaid.
There are limited dental coverage provisions for adults on Medicaid. So, pitching to these potential clients can be a wonderful opportunity to motivate both children and families to enroll in dental benefits. With a better understanding of the people affected, you can talk further about the importance of dental benefits.
Highlight the overall health impact of dental issues.
Dental care is not just about cosmetics. However, it can be a powerful incentive for some people. Oral health and overall health are connected. So, it would help if you stressed the health implications to your potential clients.
It all starts from childhood. Cavities are the most common chronic disease for children in the United States. More than half of children aged six to eight have had a cavity at least once.
Common issues like plaque buildup and tooth decay can lead to more significant health issues, including:
- Heart disease
- Diabetes
- Neurological conditions like Alzheimer's.
When pitching to clients, you can illustrate your point with educational materials like flyers, online resources like blogs, and social media content. Also, let them know that receiving dental treatment has never been easier or less invasive, thanks to advances in dental practice and technology.
Show the financial benefits.
Using dental benefits and going in for routine checkups can save your clients money overall. It is easier and cheaper to be proactive about oral care. You do not want to wait until you need serious dental work. Selling dental insurance also makes it more financially accessible for people to receive significant services and procedures. Perhaps your client's child needs braces, or one of the parents is waiting on cosmetic dental work. They may need more time to afford the out-of-pocket investment. This reassurance can be a powerful selling point.
You can show them a cost estimate with and without dental benefits. One resource you can use is the FAIR Health Consumer website for cost estimates. This can demonstrate that they are making the right choice by continuing to enroll in dental benefits.
Sell on public and private exchanges:
People are becoming more self-educated about insurance benefits and getting actively involved in selecting them. This is due in large part to public and private exchanges. In 2021, around 84% of Americans were covered by dental benefits. If you can collaborate with clients on both types of exchanges, you are increasing your sales opportunities.
Almost 21 million people under 65 have gained health care coverage through Medicaid. Then, consider those who are being affected by the recent coverage changes. There is a demand for qualified brokers like you. Your role is crucial in this situation. You will want to ensure you are certified to sell on state and federal exchanges.
Demonstrate your customer service skills.
If you offer a portfolio of dental products and other ancillary and healthcare insurance, you are making it easier to meet the unique needs of your clientele. An elevated level of customer support should match this. As a broker, you want to be educated to answer any benefit questions they have about your products. You can talk about the different plans you have, such as:
Take the time to learn about what is essential to your clients, their health goals, and their benefits requirements. Based on experience and research, you will be able to share your insights. By taking these steps, you will go from a salesperson to a knowledgeable advisor.
Use the opportunity to cross-sell your products.
If you have clients looking for a new dental plan, you can use the opportunity to cross-sell your other insurance product offerings, which could include vision and life insurance. You can earn an additional commission if you offer dental savings plans, as there are no claims or associated administration fees.
Losing access to insurance coverage is always challenging for everyone. You are in a vital position to help clients find a new solution to their needs. You can sell them on your skills and services while demonstrating that they are the priority. You are laying the foundation for your client relationships with each meeting and interaction.
Any questions about your current Solstice products? Login to your portal on https://www.solsticemarketplace.com/
Want to start selling Solstice? Give us a call at 877-760-2247 or email us at sales@solsticebenefits.com
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