Business of Health with Mike Martens

Kyle Estep is the Vice President of Growth at Take Command Health, a company offering an end-to-end Individual Coverage Health Reimbursement Arrangement (ICHRA) platform solution for employers adopting the new individual coverage reimbursement model of employee benefits.

In this episode, Mike and Kyle discuss the health care policy landscape, the impact of ICHRA on the individual market, and how employers can benefit from options like the QSEHRA. 

The Individual Coverage HRA (ICHRA) is a relatively new concept in the world of health care that is empowering employers to take control of their health care costs. ICHRA is a type of health reimbursement arrangement (HRA) that allows employers to provide their employees with tax-free reimbursements for health care expenses. The ICHRA was introduced in 2020, but its predecessor, the Qualified Small Employer HRA (QSEHRA), has been in existence since 2017.

ICHRA is beneficial for employers because it gives them more control over their health care costs. Employers are able to customize their plans to meet the needs of their employees, rather than relying on the group market for their coverage. This allows employers to provide more cost-effective coverage to their employees and to tailor their plans to meet the specific needs of their workforce.

Overall, the ICHRA program is a great option for employers looking to provide their employees with more choice and access to care. It is cost-effective, provides more options and stability, and allows employers to provide their employees with the coverage they need.

Three Takeaways

1. Shop for the best health plan.
2. Employees need more choice.
3. Communication is key to success.

Resources

Email Kyle: [email protected]

LinkedIn: linkedin.com/in/kyle-estep-8048828

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Email: [email protected]

Quote

“When the ICHRA came into being, it has grown 3.5 times in just 2 years.”

Mike Martens explains voluntary disruption today. This important concept is about enabling employees to pick the health insurance they prefer with payroll deduction benefits.

Between 2020 and 2022, businesses offering ICHRA escalated by three and a half times. In order to take full advantage of ICHRA (Individual Coverage Health Reimbursement Arrangement) and QSEHRA (Qualified Small Employer Health Reimbursement Arrangement), insurance producers and HR executives need to understand them. Attending conferences, listening to podcasts, and reaching out to companies like Take Command, are a huge help in ICHRA implementation and administration. By staying up to date on the latest developments, producers can provide clients with the best possible options.

The group health insurance market is in desperate need of disruption. By taking advantage of ICHRA and QSEHRA, employers and employees have more control over their health insurance benefits and have more choice in their coverage. It is up to insurance producers and HR executives to stay informed and take advantage of these opportunities in order to help clients stay healthy and stay profitable.

Three Takeaways

1. Get Group Health Insurance Back on Track
2. Budget Your Corporate and Personal Health Care Dollars
3. Get Your Clients Know About ICHRA

Quote

“Between 2020-2022, the number of people offering ICHRA went up by 3.5x.”

Resources

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

Janet Trautwein is the Chief Executive Officer of the National Association of Benefits and Insurance Professionals and President of the National Association of Benefits and Insurance Professionals Foundation in Washington, D.C. Janet is a highly saught-after speaker who focuses on health insurance markets, the uninsured, risk pooling, and tax issues.

Health insurance is impacted dramatically by state and federal policy. Janet watches elections very closely as they can sway compliance, rules, and taxes. 

Janet explains the importance of watching governor's races and committee chairs. These elections matter far more that even federal elections. They discuss the impacts and possibility of capping the employer tax exclusion, telemedicine, and workforce improvement.

In this episode, Janet and Mike discuss the recent mid-term congressional elections. What policies could agents and brokers face in the coming years as a result? 

The health insurance landscape is changing, so stay up to date with each episode of Business of Health.


Three Takeaways

1. Pay attention to what is happening at your state level
2. Know and communicate with you state and federal legislators
3. Changes to Medicare and Medicaid trickle down to the commercial markets.

Resources

Email Janet: [email protected]

LinkedIn: https://www.linkedin.com/in/janet-stokes-trautwein-72670b4

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

Quote

“Everytime someone mentioned they might try to do something bipartisan, it’s complete heresy to people. They get a lot of really hard pushback.”

Danny Creed is a certified business executive, sales coach, and bestselling author. He is the seven-time winner of the Brian Tracy Award for Sales Excellence. Danny is also a celebrity coach and the founder of the Danny Creed Group.

This episode is about The benefits of using the DISC system in various areas of life. Danny Creed learned about The benefits of using the DISC system in various areas of life from a variety of sources, including his own personal experience. The main points of the episode are that the DISC system can help you be a better communicator, understand yourself and others better, and be more successful in sales and other areas of life.

Three Takeaways

1. Learn to be a master communicator 
2. Practical applications for everyday use
3. use DISC and watch your revenue grow!

Resources

Connect with Danny: linkedin.com/in/businesscoachdan

Transform your business:  www.realworldbusinesscoach.com

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

Quote

“When you adapt to their personality, then and only then can you manage the conversation.” - Danny Creed

David Smith is the president and chief revenue officer of Ilumivu. Ilumivu is a company that was founded in 2009 that provides technology and research for wearable devices. These devices are used to help people with things such as mindfulness, meditation, and behavioral and mental health.

David Smith has led sales at Fortune 5 companies (Optum/UnitedHealthcare) and multiple early-stage growth companies in healthcare such as Dakota Imaging, EngagePoint, and ElectrifAi.

In this episode, Mike and David discuss the implications of wearable devices in the health industry. Ilumivu recently acquired Cardiogram which allows for any standard smartwatch to be used to pre-diagnose certain conditions like AFib, hypertension, diabetes, and sleep apnea. Wearable devices are going to transform the health industry in many ways, and today, we’re taking a look at the trends that impact you!

Three Takeaways

1. Wearable technology can be used to pre diagnosed conditions like AFib, hypertension, diabetes, and sleep apnea
2. How this technology can be used to monitor and manage recovery time for athletes
3. How the data from a standard a wearable device can be used to improve emergency detection and long-term care management

Quote

“Democratization of wearable devices, allows this to get into the hands and on the arms of underserved populations.”

Resources

Connect with David Smith: linkedin.com/in/tdavidsmith

Email: [email protected]

Website: https://ilumivu.com

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

When you work with an employer or group that has 50 or more employees, at some point, you will need to understand the process of responding to IRS notifications - a process that Elizabeth Raggio walks us through in this episode. In this episode you will learn:

Elizabeth Raggio is a compliance attorney with the ETC company. She has been with ETC since 2016 and is the Director of Compliance. Raggio explains that the ACA has two primary obligations for employers: to offer the right kind of coverage to the right people, and to report the type of offer made to all employees using specific forms. If an employer does not do these things, they risk exposure to a penalty. 

The most common letter employers receive from the IRS is the 56 99 letter, which is sent when the IRS does not have forms on file for the employer. Let’s avoid that

Key Takeaways:

1. The importance of understanding the IRS notification process for employer shared responsibility penalties

2. The potential impacts of not correctly reporting information to the IRS

3. The importance of having good data to correctly calculate penalties.

"You really want someone that understands the reporting obligations to make sure what you reported was correct because that's how the IRS calculates penalty."

Resources:

linkedin.com/in/elizabeth-raggio-a8a389a

[email protected]

linkedin.com/in/firststaffbenefits

[email protected]

In this episode, Mike Martens welcomes Eric Silverman, one of the most innovative and influential brokers in the industry today. Eric explains the right terms applicable to enhanced benefits, which are usually provided for by the company to their employers. 

As an expert on employer-funded benefits, Eric shares his insights on the difference between voluntary benefits and enhanced benefits. He explains why employers should be keen and critical in integrating the benefit packages into their systems to avoid potential complications, and why companies need to promote their benefit packages to recruit people into their company instead of just promoting their company culture. 

Three Takeaways

1. Ongoing benefit messaging is valuable. 
2. Enhanced benefits need to have better positioning
3. It’s important for advisors to be an expert on the subject-matter. 

Quote

“The destination is not as superior as the journey. The journey far outweighs the destination.” 

Eric’s Achievements

• Eric received the 2017 “Voluntary Adviser of the Year” award by Employee Benefit Adviser (EBA) magazine.
• He serves on the Workplace Benefits Association Advisory Board
• He has been honored as a “Rising Star in Advising”
• He was voted as 1 of the top 30 “Benefit Pros to Follow” on Twitter
• He can be found within EBA’s online magazine as a regularly featured commentator.

Resources

Connect with Eric Silverman: linkedin.com/in/silvermaneric     

Visit their company website: voluntarydisruption.com 

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

In This Episode

0:00 Introduction

2:26 What is Voluntary Disruption?

6:42 How to prioritize the benefits package

14:40 Topical messages

18:00 How soon can you start a pre-enrollment communication?

21:40 Response rates for post-enrollment survey

23:27 Key elements in creating an enhanced benefit platform

27:11 How do systems work?

30:10 Reach out to Eric Silverman

Stephen Dean co-founded Keona Health to simplify the tedious process that providers have to go through with healthcare technology. With his background in information technology, Stephen and his co-founders came up with a systematic customer relationship software built for healthcare. 

In this episode, Mike and Stephen discuss the major disconnect in the medical community such as fragmented technical systems, inaccessible providers for immediate needs, and inconsistencies in data sources. Keona Health addresses these gaps with the aid of artificial intelligence so that patients can easily access solutions to their inquiries and problems at all times.


Three Takeaways

1. Efficient CRM systems simplify the complexities of healthcare technology. 
2. Healthcare systems can help provide a smooth customer experience. 
3. Keona Health focuses on customer input rather than corporate direction.

“At the end of the day, we provide a positive patient experience and make everybody's life easier.”  - Stephen Dean

Stephen’s Achievements

• With his experience and expertise in information technology, he built several start-ups.
• He co-founded Keona Health to simplify healthcare technology’s complicated process. 
• He received his MBA from Duke.

Resources

Contact Steven Dean through email: [email protected]

Visit Keona Health’s Official Website: https://www.keonahealth.com/ 

Contact Mike Martens: linkedin.com/in/firststaffbenefits

Contact Mike through email: [email protected]

In This Episode

0:00 Introduction

1:33 Overview of Keona Health

3:28 Major disconnect in the medical community

11:33 Pivoting to a full-blown healthcare CRM

13:07 Measurable patient satisfaction

19:48 Long-term plans

21:54 Reach out to Stephen Dean

Janet Trautwein is the Chief Executive Officer of the National Association of Health Underwriters (NAHU). Also serving as the president of the NAHU Education Fund in Washington DC, she oversees the activities affiliated with employee benefits programs in the design, implementation and management of health plans.

Janet shares details about the NAHU’s current activities, initiatives and prospects. Pushing to address the issues in the industry, NAHU continues to coordinate with government agencies in regulating and providing plans and resolving penalties. Their annual conferences also offer an opportunity where their members learn and network.

Resources

Visit the NAHU website: http://nahu.org/
Connect with Janet Trautwein: https://www.linkedin.com/in/janet-stokes-trautwein-72670b4/
Learn more about Business of Health here: www.firststaffbenefits.com

In This Episode

0:00 Introduction

1:56 Significant topics covered at the NAHU Conference

3:50 Addressing the industry’s issues

7:35 Mental health parity

8:33 Changes in employer requirements

10:42 Penalties

12:33 Areas with most inquiry

16:50 The next annual meeting

The pandemic has seen a global spike for solutions to address mental health issues. Whether the issues stem from personal or work-related causes, solutions need to be accessible for people and organizations that need them most. 

In this episode, Mike welcomes John Troutman, the National Marketing Director for Mazzitti and Sullivan EAP Services. They provide employee assistance programs by conducting onsite training from the c-suite level down to the employees. 

With a focus on mental health solutions, they integrate innovative approaches in their programs, such as utilizing AI to address cognitive behavioral problems. Stressors include not just health and employment, but they come from the consequences of the pandemic such as inflation and economic gaps and insecurity. They ensure that their programs particularly address the specific needs of their clients. 

Resources

Connect with John Troutman: https://www.linkedin.com/in/johntroutmaneapsolutions/ Visit the Official MS EAP website: https://www.mseap.com/
Read more about the mental health issues spike here: https://insurancenewsnet.com/innarticle/ebri-finds-higher-spending-on-mental-health-disorders-from-2013-to-2020 

In This Episode

0:00 Introduction

1:00 Introducing John Troutman

2:30 Statistics of mental health needs

4:00 What can EAP do to resolve mental health services gaps?

5:02 High increase of mental health solutions

7:02 Key points for solutions

8:40 Addressing c-suite work-site violence

9:30 Measurement tools to benchmark progress

11:06 Addressing personal problems

13:47 The future is AI

16:56 Campus Program

21:27 The best approach in carrying out their services 

23:19 What happened with telemedicine?