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As health care reform looms, voluntary benefits are expected to play a major role in the new health care landscape, says William (Tinker) Kelly, president of Voluntary Employee Benefit Advisors in Nashville, Tenn. High-deductible health plans are continuing to grow, making for many opportunities in the voluntary benefits sector.
Specifically, accident coverage and critical illness are expected to become increasingly popular in this environment of HDHPs, Kelly says. These deductibles are so high that many employees would be in trouble should they face a medical emergency, but these voluntary products can help provide some financial protection.
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"If you have a $2,000 deductible and you have a heart attack, most Americans will have a real problem," Kelly says. "You're going to see some really creative things in the limited-med market to help buffer and offset and provide some coverages for those high-deductible health plans."
While health care reform is certainly changing the benefits industry, Kelly is looking at the legislation as an opportunity, he says. Some areas of the benefits industry could see adverse effects, but for VEBA's book of business, it is a chance to grow in the market. VEBA already specializes in voluntary benefits, which allows the company to leverage its current platforms to help clients navigate through the new health care environment.
"We want to be able to take advantage of our existing infrastructure with technology and how it relates to our expertise, communications, back office administration and data management," Kelly says. "We think those will put us well-positioned for this year."
Looking ahead to 2014, Kelly is spending much of his time staying up to date on the latest regulations, which seem to constantly change, and he sees this as a huge value to his clients, he says. Health care reform continues to evolve, but it's important that he provides as much current, accurate information as possible in order for his clients to make the right decisions for their businesses.
For some employers, health care reform could raise rates; thus, it is essential they have the necessary information to properly invest their assets and capital.
"Staying ahead of what's happening in health care reform absolutely adds extra value to your clients," Kelly says. "Your clients depend on you to give them good guidance and advice."
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