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Medical Benefits Group Platform

 

Through growth and continued research, Medical Benefits Group addressed insurance solutions, wellness, technology and marketing to complete this much needed and unique platform.

Recruiters became trained on the platform developed then started reaching out to agencies looking for similar viable options. By offering help and providing answers, the partnering companies were more than happy to offer Infinity the National Distributorship.  They are able to offer Agency, General Agency, and Managing General Agency contracts depending on the size and capabilities of the agencies. 

Technologies started with online enrollments, then evolved by partnering with a web based 3D virtual company called Bluinium.  There, agents and agencies have access to their own virtual insurance office which allows real time communication with every website visitor.   These 3D offices have interactive videos, presentations, online enrollments, appointment calendars, and more.  They can use their own conference room to do live meetings or webinars.  By giving a link to invitees, they simply click and come into the meeting.  No more go to meetings, dialing and codes.  Groups can use these for benefit explanations or general town hall meetings about their plans. 

Major Mandates Placed on Insurance Carriers

  • Minimum Loss Ratio (MLR’s):  Every dollar taken in as premium in the small group and individual market plans 80% has to be spend on claims or refunded.  The large group ratio is 85
  • Community Rating means more level premiums no matter the age or condition of the member (older people will be about 5 times more than a younger person costs, 5 to 1 ratio) Now it is 3 to 1 meaning younger people will see a much higher percentage increase in premiums, and older people will see increases just not as high of a percentage.
  • State premium tax is a tax charged by the state to insurance carriers on the premiums on their plans.  It was raised to generate revenue for expanding Medicaid coverage’s through states.  This tax increased by about 2.3%.  This tax has been in place it is just now higher.