Brokers Should Seriously Consider the Senior Benefits Market–Here's Why
March 29, 2022
Insurance offerings for seniors doesn’t tend to get a lot of play among brokers focusing primarily on group benefits for employers. That's too bad because the senior health insurance market is one well worth exploring by any broker looking to grow substantially in the coming years. As a general agency, we encourage you to take a serious look at the senior market.
We assume that your goal is to be a full-service consultant in all matters relating to health insurance benefits. What you need to know is that doing so entails engaging with every generation in the workplace. That leads directly back to the senior market since people are working longer than ever before.
The American workforce has long been multi-generational. But as Americans have shown a tendency to live longer and retire at a later age, multi-generational differences are becoming more apparent. Furthermore, there are now five generations represented in the workforce. Here they are, along with their approximate birth years:
Although the Silent Generation and Baby Boomers are in the minority, their numbers are still significant. They have their own unique needs in terms of health insurance benefits. Lumping them in with the other three generations can present challenges at open enrollment. However, focusing on seniors separately allows brokers to better meet their unique needs.
Insurance benefits for seniors is an emerging market that still has plenty of room for growth. Even so, working with a general agency on behalf of seniors gives you the edge in competing for their business.
Here’s what you should look for in a general agency when working with senior benefits:
There’s a lot to learn about the senior insurance market. Just know that putting forth the effort is well worth it now that there are five generations in the workforce. Americans are living and working longer. They are tapping into benefits programs longer, as well. This represents an opportunity for you to grow your business beyond standard group benefits. At BenefitMall, we’re here to help our brokers by providing you with the support, carrier network, products, technology, training, and contracting assistance you need to succeed in the senior market.