The MVP Plan Advantage
Q4 is the perfect time for benefits brokers to analyze their book of business and consider innovative solutions like Minimum Value Plans (MVPs). These plans offer a practical approach to providing health coverage, especially for industries with high turnover and low-income employees.
The Power of Integrated Carriers and TPAs
To achieve easy implementation of an MVP plan design, it's essential to work with a carrier that serves as both the health plan provider and the Third-Party Administrator (TPA). This dual role is a significant advantage, particularly in industries where MVP plans are most beneficial.
At Evolved Benefits, we fulfill both these roles, streamlining the implementation process from start to finish. This integration is crucial because many employers in these sectors aren't accustomed to offering health plans, having only been approached with traditional major medical plans by brokers unfamiliar with alternative options.
Understanding Employee Health Plan Usage
Consider this striking statistic: over 87% of employees in America who are offered health insurance by their employers don't use their health plan beyond acute services. This insight is crucial when approaching low-income, blue-collar employees with health plan options.
Offering expensive traditional health plans to these employees and employers often results in:
Low participation and wasted time
Inability to win the business or displace the incumbent broker
Rejection of the offer if the group currently has no health insurance
The MVP Advantage
MVP plans can be very robust while addressing these challenges. They offer essential coverage at lower costs, making them an attractive option for both employers and employees.
Key benefits include:
Lower premiums for employers and employees
Comprehensive acute services coverage
Customizable plan designs to fit specific needs
Guaranteed issue in most states
Streamlined Implementation and Service
Working with a carrier that's also the TPA ensures:
Smooth implementation on the front end
Efficient service on the back end
Dedicated account manager for your client
Direct support for employees, including help with finding nearby healthcare providers
This integrated approach simplifies plan administration throughout the year, which is beneficial come renewal time.
Q4 Strategy: Analyze and Grow
It's time to review your renewals and analyze your book of business. Look for opportunities to grow organically by identifying:
The delta between employees on the census and those participating in major medical plans
Employees without any current coverage who could benefit from an MVP plan
Easy Implementation: A Key Selling Point
MVP plans are designed for hassle-free implementation, making them ideal for small businesses with limited administrative resources. They offer:
Seamless integration with existing payroll and HR systems
Customizable and adaptable plan designs
Minimal administrative burden
For brokers, positioning MVP plans as an easy-to-implement solution makes them highly attractive to companies struggling with the complexity of traditional plans.
Next Steps
To learn more about MVP plans and how they can help you grow your business:
Connect with me on LinkedIn
Visit https://www.evolvedbenefits.com/ and fill out the contact form
Schedule a call to discuss how we can help you expand your offerings and grow organically this year
Don't miss out on this opportunity to provide valuable, affordable health coverage options to your clients. Let's work together to navigate the changing landscape of employee benefits.