(PRWEB) March 3, 2005
Here are just a few of the questions that were put to the major carriers in California:
1. What are the primary services you offer as part of your HSA product?
2. For which size employee groups is the HSA available?
3. What commissions are paid to brokers and when?
4. How do you assist account holders with paying medical bills?
5. How does the administrator help the accountholder with insurance-related questions?
6. Is the administrator integrated with the health plan?
7. Does the administrator limit investment choices?
8. What service guarantees do you offer?
Carriers and plan administrators also gave their impressions of todayÂs HSA market. For the time being, these plans are expected to best accommodate the small and medium group markets. Customer segments that have been most receptive to HSAs include: small-group employers, those in PPO plans, and self-employed business owners age 35 to 50. For the individual market, HSAs have been sold to younger people and those who can afford the large deductible in the event of a catastrophic illness.
Participants had several suggestions for making HSAs more attractive to brokers. They include providing the following: a streamlined set up process, clear educational materials, broker support, tiered incentives, higher referral fees from the HSA administrator, and better Internet technology.
The survey revealed that HSAs still have some challenges to overcome. One is that Rx coverage is not permitted below the deductible, which is a deterrent for the HSA. Many carriers will not allow preventive Rx, even if it is allowed by the guidance, due tracking issues. Other challenges include: the need to educate brokers and clients on the HSA concept; the lack of investments available with HSAs; coordination issues among the employer, investment vehicles, and the administrator; and the healthcare entitlement mindset that is prevalent among consumers.
For more information, visit http://www.calbrokermag.com or contact Leila Morris at 818-848-2957 or firstname.lastname@example.org
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