We often speak to advisors who are hesitant about the fact that we are an HSA company that is so open to traditional benefits. Most of them aren't used to hearing this from other HSA providers in the industry. Here are 4 reasons we have decided to approach insurance this way:
1. Tim and I were both insurance advisors, so we know what a regular block of business looks like and it's not entirely HSAs. Actually, the majority of the revenue comes from insurance carriers. We get it.
2. Self-insured HSA, Wellness, and Flex Plans can and will be used in a standalone capacity or as a top up. We love this because we know it's a win-win for everyone. More than half of our total clientele use these plans as top ups.
3. Good advisors address the elephant in the room with HSAs: they are capped. Employees cannot spend above their limits and, if they do, they're out of pocket (unless Catastrophic coverage is purchased). Employers decide what they are comfortable with and how much they want to purchase.
4. Employers want to dip their toes into digital and flexible spending accounts. A purely digital platform can be daunting if advisors aren't used to it - we all know the insurance industry is new to the tech game. The majority of our clients ask for a greater shift to Flex Spending Accounts with digital offering after just one year of using our platform.
My experience has been that every client is different and wants customized benefit packages that meet their needs. Many of them will want insured components such as Life, ADD, and Disability. As former insurance advisors, we realize the huge value for employers to be able to this type of coverage to their employees.