By Alan Wiederhold
Recently PriceWaterhouseCoopers predicted healthcare costs will rise 6.5% in 2022, and no doubt insurance premiums will go up, too. On the surface, that makes sense—after all, insurers base their premium rates on the actual cost of care, right?
Not quite….
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One of the benefits of being part of a national company is having the opportunity to speak with brokers like you about some of the challenges you’re facing. The same three problems keep coming up in those conversations:
By Alan Wiederhold
For brokers, employers, and their employees, health insurance has always been seen as largely transactional. Every year, brokers sit down with HR managers to discuss the latest and greatest health insurance plans. Usually, the process goes something like this: the broker collects quotes from different carriers, they put the quotes on a spreadsheet, walk their clients through the numbers, and companies make decisions on which carrier to go with based on the bottom line. It’s like that old game show “Let’s Make a Deal,” but with people’s healthcare at stake.
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Health insurance companies want you to believe that health insurance is some big, complicated, monolithic concept, but it’s really very simple.
At their hearts, health insurance plans are divided into three core components: claims, administration, and reinsurance. But you wouldn’t know, because insurers present their offerings as an opaque package that makes it difficult to discern what’s in their plans. Brokers show the plans to their customers, who ultimately decide based on the bottom-line price without really knowing what they’re paying for.