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“End your frustration and take control. These are your keys to success: no network requirements in the plan, state-of-the art auditing and re-pricing of claims based on the actual cost of the procedure, customized plans to fit your corporate character and experienced medical management to reduce and eliminate hospital claims. Whatever you do make sure that financial incentives to all parties are aligned with your goals. Make everyone a stakeholder in helping you reduce costs! Organizations that leverage this information will experience significantly lower costs, increased freedom of choice and healthier, happier participants.” – Phyllis Merrill
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About the Book
“Common” can be defined as ordinary while “uncommon” suggests rarity.
Combining common sense with uncommon knowledge has the potential to produce winners. While common sense has been noted to be in short supply and uncommon knowledge hard to come by, the Celebrity Experts® in this book have combined the two to produce high rates of success in their fields. If you are looking to accomplish personal, worthy goals, a helping hand will get you there faster. In addition, a mentor will invariably get you there at less cost than if you try to make your own way, helping you to avoid errors that may be time-consuming or costly, or both. Succeeding requires the attributes of hard work, sound planning, action and perseverance—while combining common sense and uncommon knowledge as a part of the process. This book presents a panel of CelebrityExperts® including: Financial Consultants, Wealth Managers, Retirement, Investment and Health Specialists, Realtors®, Marketers, Coaches and other entrepreneurial specialists. They have all attained success in their fields and would be pleased to mentor you on your journey to attain your goal(s). You need not be alone…
“You see, in life, lots of people know what to do, but few people actually do what they know. Knowing is not enough! You must take action.”
Where else can you get a direct line to a claims adjudicator, plan manager or even the President of the company? Only at MBA Benefit Administrators. We’re the big third party administrator for health plans with personal service that you can only wish others would provide. Like talking to a friend over a fence, we have that neighborly feel…but we provide world class advantages.
…and we prove real solutions do exist for escalating healthcare costs.
We’ve received national kudos for our multiple, proven strategies which reduce claims and plan costs without harmful benefit reductions for our clients’ employees. Proof of MBA’s effectiveness in this is in the numbers. Our clients see:
An immediate average reduction of up to 25% in maximum health plan costs the first year,
Flat renewals after that, and because of this and our commitment to impeccable service…
Our clients remain with us an average of 12 years…an unheard of accomplishment in the health insurance industry.
With “outside the box” flexibility in health plan administration…
Since 1987 MBA Benefit Administrators has successfully served large and small employers, public entities, associations, tribal nations, school districts, non-profit organizations and insurers. We have the capability to administer anything from single-plan 25-life groups to complex employee organizations with multiple medical, dental and vision benefits or employees in multiple states. We also provide a wide array of ancillary services such as COBRA and HIPAA administration and HSAs. When you discover:
The depth of our experience
The flexibility we offer in benefit design
Our commitment to technology to make your life easier
Our can-do attitude toward service
…we’re confident you too will see why MBA is a national leader in third party administrative healthcare benefits.
…and state-of-the-art technology for painless administration and integration of services, we make your life easier.
No one thinks about making your life easier and more efficient than MBA Benefit Administrators. Our technological investments are totally integrated across services so that employees and employers – with HIPAA-compliant and appropriate need-to-know safeguards – can view at a glance their standing for benefits, claims, plan reporting and other services. These advancements provide:
A Comprehensive On-Line Enrollment Wizard: Employee self-enrollment or HR department enrollment methods, including ancillary program enrollments and billings.
HR On-line Capabilities: View, adjust and approve on-line employee eligibilities; check claims status, print reports and plan documents all from one place.
Multiple Employee Access Channels: Employees can view on-line their claims status, eligibility and account balances of reimbursement plans such as HRA, HSA, Flex and Executive Reimbursement plans. In addition, we offer all employees our MBA App, where they can:
Carry a virtual ID card,
Check on the status of a claim,
Submit secure documentation to MBA,
Contact our support team,
On-line Document Management: In one place view specific documents such as:
Temporary ID Cards, and
Employee Communications and Forms
HSA Services Integration: MBA seamlessly integrates HSA plans with HealthEquity Services. Claims information is electronically transferred from MBA’s claims system to HealthEquity employee accounts. There is no need for paper claim filing or second-guessing the eligibility of expenses. Even employee eligibility is updated through MBA data feeds.
HRA Reimbursement Plans: MBA’s administration processes allow clients and their participants to rely on accurate and timely processing of reimbursements. Eligibility, billing and remittance of claims, integrated scanning and storage allow for real-time remote access.
Section 125 Flexible Spending Plans: MBA Benefit Administrators coordinates with employers to offer Section 125 Flexible Spending administration and help employees save money on medical expenses. Providing this benefit for your employees is like getting a 30% discount on Medical Premiums, uncovered medical expenses and dependent care.
COBRA Administration: MBA Benefit Administrators can handle all of your COBRA requirements. We will mail and track notifications, coordinate COBRA payments, receipts and reporting and ensure claims match “paid through” dates, plus give you on-line access to all activities.
...with powerful health care and claims management systems to save them money.
We believe your investment in a health plan should be treated like any other aspect of your business, with upfront knowledge of the costs and all attempts to weed out waste. MBA saves employers more than nickels and dimes with many methods of management, including:
Metrics Based Pricing: Why rejoice over a 30% discount on a claim that is 1000% too high? Metrics Based Pricing reduces claims to a “cost of service + reasonable margin” level by auditing claims for unfair markups and inaccurate or fraudulent billing. This results in an average $1500 per employee savings – AND WE DO IT WITHOUT RESTRICTIVE NETWORKS!
Medical Management Services: Proven to reduce hospital admissions and the average length of stay.
HealthSteps™: Wellness plans and initiatives that do make a difference in the overall health of your workforce and drive down health claims.
Prescription Benefit Management: With an average reduction of 9.4%.
Internet Prescription Bidding: Allowing employees to save up to 87%.
Actuarial Projecting: The projection of benefit costs and savings is one of our underwriting core competencies. Go ahead – suggest benefit changes, add or drop a plan component, change eligibility: MBA will accurately determine the financial impact on the plan and offer suggestions to tweak the benefits to suit your objectives. We offer the facts then you call the shots.
Almost every larger employer (50+ employees) annually shops their company’s health insurance. Rapidly rising rates and diminishing benefits have traditionally caused them to shop this aspect of company insurances more than any other.
With very little work this easily opens a lot of doors you wouldn’t otherwise get through. Furthermore, local employers like local expertise. They welcome the neighborhood broker who can answer service questions or help with the employee enrollment process. All you have to do is be ready with competitive products at the appropriate time.
2. Group health opens the door to other profitable sales.
There are a lot of needs that are begging for solutions within the corporate world, whether that world employs 50 or 5,000. CEOs and business owners want to retain key employees or prepare themselves for the future. Employees need guidance during life changes, such as an impending retirement, the buying of a new house or the birth of a child.
If you wander the halls of your group clients under the guise of service, you’ll be surprised what you uncover and how much more you can sell – just because you’re accessible.
With very little work this easily opens a lot of doors you wouldn’t otherwise get through. Furthermore, local employers like local expertise. They welcome the neighborhood broker who can answer service questions or help with the employee enrollment process. All you have to do is present your own insurance lines and solutions – the same products you currently sell – when the need arises…and it will!
• Key Person Insurance
• Buy/Sell Agreements
• Deferred Compensation
• Estate Planning
• Retirement Plans
• P&C Products – Both Business and Personal
…the list could go on and on. MBA doesn’t provide these products, but with the group health business already captured you’ll be in a position to favorably present your own policies and services.
Each easy cross-sell has the potential to be very profitable as now you, the group health broker, are a trusted resource. Make one sale and it won’t be long before everyone wants to talk to you just because you are the tacit face of insurance within a group client’s company.
3. The larger group health market offers long term financial stability.
It is a proven fact that the more products you have in place within a group the less likely it is that some other broker will be stealing your business. With a competitive group health plan, a passion for service and additional products in place, employers think twice about switching brokers. MBA, for example, has an average client retention rate of 12 years.
Group health is rarely a stand-alone product. With today’s tax codes a group health plan almost always immediately calls for HSAs, COBRA administration and the like. In addition you’ll be finding a lot of ancillary sales.
That’s a good, stable building block for a broker’s income. Year after year the same commission is paid the broker and year after year the deep well for cross-sells keeps on giving.
In the meantime, adding new groups just keeps the broker’s income growing to the upside.
4. Commissions are recurring and high, perhaps higher than any other product line.
To put things into perspective:
• What’s the average commission on a home owner’s or auto policy?
• How often do you dig up on your own a million dollar life policy or high 6-figure annuity?
• How easy is it to scrape up new business?
Contrast that with the group health broker. MBA, for example, pays brokers handsomely (on average $25 per employee per month) for every group they sign up. On top of this are your multiple cross-sells for several product lines. With a good base group health income and constant cross-sells, a commission from one group can rack up quickly.