3 Step Selling Process:
1. Uncover the Need
2. Show the Savings
Step 1 – Uncovering the need
When you’re talking with a new prospect it’s all about asking the right questions. In doing so you will uncover needs which will lead you to introducing the concept of the HSA. Ask open ended questions to get the conversation started and don’t be afraid to get personal.
Here are the top conversation starters that I use:
– How old are your kids now?
– Is there anything new with your family?
– Do you have benefits coverage through a spousal plan? Do you still have out of pocket expenses, what are they for?
– Does your current benefits plan have any drug caps?
Your existing client base should be the first place you look for potential prospects. I focus on clients who I know have existing or looming out-of-pocket healthcare expenses. Also be sure to keep in touch with clients throughout the year as their needs change and their families grow.
Commonly overlooked expenses:
– Braces and other orthodontic needs
– Long term care for aging parents
– Dependents with special needs; e.g. autism services
– Unemployed adult children living at home – over 21 and not in school or over 25
– Elective procedures such as: dental implants, prescription sunglasses, or laser eye surgery
Step 2 – Show the savings
Benecaid has an online calculator to help advisors illustrates savings by using HSA vs the Medical Tax Credit.
First, ask your prospect how much they spend out-of-pocket each year on medical expenses. If they don’t know, there is a step-by-step questionnaire that highlights routine medical expenses that might have been forgotten.
Next, enter their combined household income (this can be estimated) and click calculate.
The tool uses the clients own data to instantly show the annual savings of using an HSA versus the medical tax credit. This is a great opportunity to educate clients on how the medical tax credit works and reinforce the many benefits of an HSA.
Engage your prospect with real life experiences. Give specific examples showing how your other clients have saved thousands of dollars. Social media is an easy and inexpensive way to share those client stories.
Step 3 – Enrol
Once a client is interested in opening an account, it’s important to keep the momentum going. Our Benecaid Benefits Consultants are available to review and assist with enrolment documents with new clients and ensure they are completed accurately. Once enrolled, our team can guide new clients through their online portal, showing them how to access their balance and submit claims.
The needs of your clients and prospects will continue to change. Keep track of these changes and see how an HSA can help them throughout different stages of their lives. Always remember you are not alone – Benecaid offers flexible support for you throughout the sales and implementation process.
Contact your Benecaid Benefits Consultant for more information on our Health Spending Account (HSA) and how you can add value for your clients. We can be reached by phone at 1-866-361-2998 or through email at firstname.lastname@example.org.