Susan McGinnis, RHU Vice-President BenEx Insurance Agency

 “I can save money by purchasing direct.” ◦ Wrong: In most cases, the products cost the same as if you purchased through an Agent/Advisor.  Insurance companies file rates with OID  Lose your advocate  Agent/Advisor usually saves your money by shopping and implementing strategic strategies

 “I can buy online and save money.” ◦ Wrong: ◦ This is the same as purchasing direct with even more opportunity for discontentment.  Health insurance is not like buying music or a book  Benefits are complex, critically important and are different among insurers  Strong possibility for losing your Agent/Advisor

 “I have a policy which I purchased direct and am locked-in.” ◦ Wrong: ◦ Typically an AOR is acknowledged but not paid if received during the first 12 months of the policy. ◦ Advantage for you is that you have an Advocate/Advisor if/when needed.

 Work with you to evaluate your needs for insurance coverage.  Explain the details of different plans - Group Health - Long-Term Care -Vision- Group Life - Dental- Worksite Marketing - Disability- COBRA/ §125  Make specific recommendations based on your needs and budget.

 Serve as your advocate.  Communicate the benefits to your employees.  Review, Shop and Renew your plans annually.  There for you every day when you have issues arise with insurer.

 Insurance companies are rated for a reason ◦ AM Best ◦ Weiss  Regulated by the Oklahoma Insurance Dept. ◦

 Legitimate Tax Deduction  Portability  Guarantee Issue  Pre-Existing Condition Waiting Period (Federal Law limit is 6/12)

Small Group (2-49)Large Group (51+)  Cannot receive a Decline to Quote  Cannot get claims info  Can receive a Decline to Quote  Can Self-Insure  Can get claims info Employer Decides Definition of Full-Time Employee Waiting Period Contribution Amount/%

 Group –  Individual – ◦ Oklahoma High Risk Pool ◦ Temporary High Risk Pool

 Patient Protection and Affordable Care Act ◦ 2,500 page law ◦ Phased-In over 8 years ◦ US Supreme Court review ◦ Health Care Exchanges per state ◦ MLR

Consider the following:  Bio (length & type of experience) ◦ Employee Benefits Specialist (not P&C) ◦ Professional Association activity  Look for active members vs. just members  Carriers appointed with  Licensee Look-up ◦ Web/jsp/sbsreports/AgentLookup.jsp Web/jsp/sbsreports/AgentLookup.jsp  Physical location/office ◦ Support Staff ◦ Nat’l Broker Agency vs. Locally Owned  Client Referrals

Questions?