As business owners, we are acutely aware of the shrinkage we are all experiencing in our revenues, and with our seemingly never ending accelerating expenses, particularly in our assorted insurance expenses, malpractice and health insurance being the most egregious.
While we patiently await the outcome of the Supreme Court’s response this June in the matter of the future of our Healthcare and its’ impact on our lives and respective professions, we are experiencing an accelerated interest in Consumer Driven Health Insurance products, combined with a plethora of “Ancillary” products, which are designed to “plug in the holes”.
These “Ancillary” products are quickly becoming attractive to the employer who may offer these important “fill ins” to their employees, on a discounted and pre-tax basis, while incurring no cost to the employer, other than sponsoring such a program.
There is no secret that these product offerings are designed to reduce the overall costs of the benefits, passing both the expense and, most importantly, the responsibility of the participant to apply greater diligence to the personal management of their medical needs.
It is my professional and personal belief, that, as the Health Insurance industry evolves over the next few years, commissions, like fees, will be either significantly reduced or eliminated by the carriers, leaving the consumer adrift as the conventional agent, operating on a commissionable basis, will be required to become a Registered Investment Advisor (RIA), offering professional guidance and services on a “fee for services” basis, or be forced to leave the business.
In an effort to further diversify our services and assist our physician clients and their respective County Medical Societies regarding their membership retention, recruiting and services, we have formed a marketing corporation, My Professional Member Services Association (myPMSA), to provide our clients with an independent resource.
Finally, to assist in providing discounted insurance products, such as Disability, Business Overhead, Individual and/or Group Long Term Care Insurance, as well as Discounted Professional Services with our participating legal and accounting partners, we will be attempting to seek the approval of the respective interested Societies Executive Boards for their consent to extend these benefits to their members.
Please inquire with your Society to find out if these services have been discussed with your Board members, or contact our office directly for further guidance.