CRANKWHEEL
Beyond Open Enrollment: 4-Year-Round Strategies to Improve Client Retention
By Jói Sigurdsson
Brokers pour their energy into Open Enrollment season. It’s fast, intense, and when it’s over, there’s often a natural temptation to take a step back. But here’s the thing, if you’re only engaging with clients when it’s time to renew, you’re missing out on the best way to build long-term retention and increase your book of business.
Health insurance is complicated. Clients need more than a once-a-year check-in. They want a broker who proactively guides them, simplifies the process, and helps them navigate the unexpected. If you’re not providing that, someone else will.
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BenefitMall
Cracking the Code on RxDC Reporting
By Misty Baker
Director of Compliance & Government Affairs
Prescription drug spending has been a hot topic in the benefits world for years. With the ongoing focus on transparency in healthcare costs, employers and their advisors have more reporting responsibilities than ever. One key requirement? RxDC reporting.
If you’re advising employer groups on their benefits strategy, understanding RxDC reporting is critical, not just for compliance, but also for ensuring your clients aren’t caught off guard by deadlines or penalties. Let’s break it down.
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Walgreens doubles down on prescription-filling robots to cut costs, free up pharmacists amid turnaround
As struggling drugstore chains work to regain their footing, Walgreens is doubling down on automation.
The company is expanding the number of retail stores served by its micro-fulfillment centers, which use robots to fill thousands of prescriptions for patients who take medications to manage or treat diabetes, high blood pressure and other conditions.
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GLP-1 Medications Fuel $806B U.S. Prescription Drug Spending Spree
Prescription drug spending in the United States rose by 10.2% last year, thanks in part to the popularity of GLP weight-loss drugs.
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Wegovy Telehealth Push Launched As Compounding Pharmacies Face Restrictions
Wegovy, the popular weight-loss drug from Novo Nordisk, will be available through several leading telehealth providers, beginning this week. The company’s announcement comes as many compounding pharmacies have been restricted from making unapproved, less-expensive versions of GLP-1 medications.
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Out-Of-Pocket Drug Spending Hit $98B In 2024: Report
Americans spent $98 billion out of pocket on prescription drugs in 2024, marking a cumulative 25% increase over five years, according to an annual report from analytics firm IQVIA. Why it matters: Lowering prescription drug costs remains a priority for both Democrats and Republicans.
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At Social Security, These Are the Days of the Living Dead
In multiple instances over the past few weeks, Social Security Offices have seen people come in for whom “there is no information on the record, just that they are dead.” So employees have to “resurrect” them — affirm that they’re living, so they can receive their benefits.
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Poor Health Insurance Literacy Costs Billions Annually, Report Says
Although more than 164 million Americans receive health benefits from their employer, only 2 in 10 are confident in their health insurance knowledge.
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LISTEN & LEARN
Industry News to Grow Your Business
Actuarial Insights on Group LTCi
By Marc Glickman
Individual vs. Worksite Hybrid Long Term Care Products
Worksite and individual hybrid long term care products differ significantly in their design and target market. Individual products typically target pre-retirees planning for future needs with comprehensive underwriting requirements. These products usually feature traditional life insurance chassis (Universal Life, Indexed UL, Whole Life) with larger face amounts.
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Protecting Your Commission
By Phil Calhoun & David Ethington
In the world of health insurance, brokers work tirelessly to build their books of business, nurture client relationships, and ensure steady commissions. However, many brokers overlook one critical aspect of their professional journey: protecting their commissions in the event of unexpected life events like disability or death. Without a proper plan in place, years of hard work can vanish, leaving loved ones without financial security.
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