Got some great tech ideas based on the insurance agent/broker experience? BrokerTech Ventures, a consortium of insurance industry companies, wants to hear from you. Propose your idea and, if your proposal is selected, you’ll be a part of a small group of entrepreneurs who will receive money and mentorship to help get that idea off the ground. BrokerTech will select seven to 10 proposals for a $50k convertible note and mentoring. Early stage ideas are welcome. The submission window is open until Nov. 29. Read more about it in the Des Moines Register. Find BrokerTech on Twitter @BrokerTechVen or on LinkedIn @BrokerTech-Ventures. Email questions to hello@brokertechventures.com. Or visit the website brokertechventures.com.
HEALTH
Nothing But Up for APMs
An overwhelming 91% of payers think that alternative payment model (APM) activity will increase in the future, according to a recent survey by Health Care Payment Learning and Action Network (LAN). The survey found plenty of optimism about the future of APM adoption in the near future. A full 95% of health plans strongly agreed that APM adoption would improve care coordination and 97% said it could create higher quality care. More at Healthpayer Intelligence.
Huge Chunk of Populations Doesn’t Even Know ACA Still in Effect
The State of Healthcare and Politics Report from insuranceQuotes.com is really interesting. We know you won’t find this shocking but it’s worth noting anyhow: a full 34% of Americans are unaware that the Affordable Care Act is still in effect. Other interesting tidbits:
- 62% favor a healthcare system that includes both public and private insurance
- 58% support undocumented immigrants having access to health insurance
Wake Up and Smell the Agent!
Allison Bell at Think Advisor reports that HealthCare.gov, which was supposed to be a web-based supermarket for insurance products that sell without a human, is not really that. Agents and brokers accounted for about 44% of the people who got covered through HealthCare.gov this year. Bell says that’s according to a slidedeck prepared by the Center for Consumer Information and Insurance Oversight (CCIIO) and obtained by Health Agents for America (HAFA).
Also…would you like to know the four secrets to more insurance sales? Well, who wouldn’t!? Check it out here
Drop us a line and let us know if they’re on the mark. editor at californiabrokermag.com
MEDICARE
SCAN Survey Reveals Majority of Seniors Are Not Adequately Prepared to Age in Place
Medicare Advantage giant SCAN Health Plan® recently announced results from its national survey on aging in place. Responses from 1,000 U.S. adults ages 65 and older indicate that 62% believe most seniors they know are unlikely to be able to safely age in place. Having adequate financial resources, coupled with friends or family nearby, top the list of factors seniors consider when evaluating where they will grow old.
SCAN’s 2019 survey of nationally representative seniors aimed to gauge sentiments on preparedness to age in place, and to assess perception of potential impacts on mental health and physical well-being. The survey found 88% of respondents are concerned about their ability to age in place, with a variety of factors contributing to their concerns:
- 80% worry how they’ll afford to stay in their home
- 79% consider proximity to friends and family as a factor contributing to their ability to age in place
- Access to transportation assistance for such necessary errands as buying groceries is a consideration for 66% of respondents
PRESCRIPTION DRUGS
Would You Like Your Meds Drone Dropped?
Oh, boy, things appear to really be changing in the prescription delivery world. United Parcel Service announced that its Flight Forward drones have now delivered prescription medications to the front lawn of a private home and to a retirement center via drone drop. These are the first drone dropped revenue-generating deliveries for drugstore chain CVS Health Corp. The packages, roughly the size of small shoeboxes, were lowered from drones hovering at an altitude of about 20 feet. Watch the video at Reuters.
EMPLOYEE BENEFITS
New Report: Employers Want to Reign In Benefits Spending
No surprise here: reigning in benefits spending is a top priority for employers. That’s according to the results of the 2019 Health Benefits Cost Containment Report from First Stop Health. The report, tagged as an inaugural, was done in partnership with SourceMedia Research/Employee Benefit News and Adviser. Researchers surveyed human resources professionals who work in mid- to large-sized organizations about the benefits they offer and how they are containing healthcare costs.
The report indicates that during this 50-year low in unemployment, employers continue to offer competitive benefits to their employees, such as mental health coverage, flexible spending accounts, telemedicine and employee assistance programs. At the same time, 45% of employers surveyed said containing benefits spending was their top priority.
LIFE
Smoking Raises Insurance Rates By 94%
- When accounting for the entire dataset, the average life insurance annual premium quote for smokers was $3,977, while it was $2,052 for non-smokers. This represents a premium increase of 94% for smokers vs. non-smokers.
- The overall (smokers & non-smokers) average life insurance annual premium quote was $2,241.
- For those looking for a 10-year term life policy with $250,000 in coverage, the average life insurance annual premium quote for smokers was $2,183, while it was $1,043 for non-smokers.
U.S. Life Expectancy Declines Due to Suicide and Drug OD
The U.S. Centers for Disease Control and Prevention’s National Center for Health Statistics (NCHS) recently released its annual report, Health, United States, 2018. The report found that life expectancy in the U.S. has declined over the past three years, driven down by increasing rates of suicides and drug overdoses. Furthermore, only about half of uninsured babies have received their recommended vaccinations, leaving them vulnerable to preventable infectious diseases. Sorry, folks. Wish we had some better news.
PEOPLE
California Broker is Hiring!
Need a flexible sales gig working remotely with some really cool people? If you’re a self-starter who knows insurance and wants to sell advertisements, please email a note highlighting your experience and enthusiasm to: lex@calbrokermag.com
EVENTS
- Alliance of Comprehensive Planners 2019 Annual Conference
Nov. 12-15, Hyatt Regency Mission Bay, San Diego
The Alliance of Comprehensive Planners (ACP) is a community of tax-focused financial planners who provide planning strategies for clients on a fee-only retainer basis. Conference early bird registration rates (which expire Oct. 11, 2019) are in effect now. Participation is open to all interested financial professionals. Companies interested in sponsoring the ACP Annual Conference should contact Jill Colsch at jill@acplanners.org. The agenda is available here: https://2019.acplanners.org/home. - LAAHU Holiday Party– Dec 17, www.laahu.org
- CAHU Women’s Leadership Conference
March 25-27, 2020, JW Marriott Resort&Spa, Las Vegas
More info at www.cahu.org. - LAAHU Annual Symposium- Save the date!
April 22, 2020, Skirball Center, Los Angeles. More info soon!