In 2020, 7.7 million Americans lost jobs with employer-sponsored health insurance. In all likelihood there are people in your community who need health insurance but no longer have access to a plan that works for them. What would people in your community do if they have an unexpected injury or illness? Research shows that 67% of bankruptcies are tied to medical issues, meaning many of them are one bad diagnosis away from being in serious financial jeopardy.
But what if they could get the health insurance they need? And you could be the one that helped them get it? And turns out, this is the perfect time to do it.
In response to pandemic-related economic challenges and the health crisis that Americans are facing, President Biden has signed an executive order to reopen HealthCare.gov for a three-month enrollment period running through May 15, 2021. Many of the 14 states that manage their own marketplace exchanges are following suit — California, Colorado, New Jersey, Pennsylvania, and Washington have already announced they will do the same.
It’s an excellent fit for both consumers and the community banks and credit unions that serve them. They have a high degree of openness to receiving offers from their financial institution. Don’t take our word for it — the research portrays a clear picture of people who need help and aren’t sure where to find it.
Opportunities like this one (usually) only happen once a year.
The usual Open Enrollment period (November 1 to December 15) has already passed, so this additional enrollment period is an excellent opportunity to help. Many consumers need health insurance due to the pandemic and are open to receiving offers from their financial institution. There are several factors contributing to their situation:
49% of Americans worry they can't pay for unexpected medical bills that total less than $1,000.
This level of anxiety is a strong clue that Americans need help finding affordable care and preparing for medical expenses.
80% of people choose the wrong health insurance plan.1
Picking an insurance plan with the right balance of coverage, deductible, and in-network providers can be challenging. And once you discover that you’ve made a mistake, you usually have to wait a year to fix it. This is why the President’s Open Enrollment extension is a very special opportunity for many Americans.
36% of Americans are not covered by any life insurance policy, yet 73% of respondents express that having a life insurance policy is a moderate to very high priority.1
They want to have life insurance, but don’t. That means you have an opportunity to provide them with a service that fits their needs.
Americans need access to these services – help serve your community.
Consumers are open to receiving these offers from their financial institution. It’s clear that employer-sponsored health insurance isn’t covering all the Americans who want or need health insurance. When you consider that gap in coverage and the extra enrollment period that ends on May 15, your institution faces an opportunity. We surveyed real consumers to access the size and shape of that opportunity1:
71% of respondents are open to receiving healthcare offers from their primary bank.
73% of respondents would accept a new dental plan offer through their bank if it met their family's needs.
70% of respondents indicate that they would be likely to consider an offer for a life insurance plan through their financial institution.
94% would consider using a prescription discount program if it were provided at no cost.
Ordinarily, launching a healthcare insurance offering would take months of time and effort — not realistic if you need to reach consumers before May 15. Fortunately, Kasasa Care’s referral marketing program makes it easy for community financial institutions to make these services available to their community without impacting day-to-day operations.
With the right partner, you can offer health insurance quickly and with low effort.
By enrolling in Kasasa Care, you can leverage cutting-edge marketing automation and propensity modeling to personalize the best offers for each consumer based on their individual needs. Kasasa and their referral partners will take care of the marketing, compliance, online marketplace and servicing of the referral offers, so you can start helping your community get access to health insurance coverage in a matter of weeks, not months.
During the current open enrollment period, health insurance is going to be on most people’s minds. However, there are plenty of other non-finance-related products and services that your institution can offer once May 15 comes and goes. With a referral program such as Kasasa Care, you can consistently deliver personalized offers to people in your community, allowing them to say “yes” when the timing is right for them. No need to push for sign-ups or ask frontline staff to upsell at the teller window — you get to be the resource that Americans need, when they need it most.
- 2020 survey conducted by Qualtrics on behalf of Kasasa