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Navigating Open Enrollment Season for TRICARE: A Guide for Brokers

by Ron Erjavec on October 25, 2023

Open enrollment season is upon us, and for brokers, it's the perfect time to explore new opportunities and options for your clients. In addition to employees taking their group benefits, there's another group that often goes overlooked – those on TRICARE. With TRICARE open season starting on November 13th, it's an excellent time to consider offering the TRICARE Supplement for the 2024 benefit year. Here, we'll guide you through this opportunity and highlight how it can benefit both employers and employees.

Identifying Ideal Clients

To kick off this discussion, it's crucial to identify which of your clients or prospects might be a good fit for the TRICARE Supplement. Here are some key indicators:

  1. Locations near major military installations: Businesses situated close military bases are more likely to have employees on TRICARE, making them ideal candidates for the TRICARE Supplement.
  2. Operate in specific industries: Certain industries tend to employ a higher number of military veterans. These include government contractors, information technology, security, major airlines/aerospace, hospitals/private medical practices, trucking/logistics, and municipalities.
  3. High major medical opt-out rates: If you notice that your clients' employees frequently opt out of the offered medical plans, it's a strong sign that the TRICARE Supplement could be a valuable addition.

By identifying clients with these characteristics, you can tailor your approach and provide them with information on how adding the TRICARE Supplement to their offerings can set them apart from other brokers. For more details, check out this link.

The TRICARE Open Season

TRICARE open season, which commences on November 13th, presents a unique opportunity for brokers. This is the time when TRICARE beneficiaries can make changes to their plans, just like employees can during their open enrollment. By discussing the TRICARE Supplement during this season, you can offer an additional voluntary benefit for your clients' employees.

This TRICARE open season link provides valuable information and dates to keep in mind.

Benefits for Employers and Employees

Offering the TRICARE Supplement as a voluntary benefit is not only a win for employees but also for employers. Here's why:

  1. Cost Savings for Employers: Employers who offer the TRICARE Supplement to their eligible retired military employees may realize cost savings. By providing a robust alternative to the company's major medical health insurance program, they can potentially reduce their overall healthcare expenditure.
  2. Reimbursement for Employees: Eligible employees who participate in this plan can receive reimbursement for out-of-pocket healthcare costs. This includes expenses like prescriptions, co-pays, and cost shares. This not only makes healthcare more affordable for employees but also enhances their overall job satisfaction.

In conclusion, as a broker, understanding the unique opportunities presented by TRICARE and open enrollment season is essential. By identifying clients in the right industries and offering the TRICARE Supplement as a voluntary benefit during the TRICARE open season, you can provide a valuable service to both employers and employees. This not only sets you apart in the industry but also contributes to the financial well-being and satisfaction of your clients and their workforce.

For more insights on the TRICARE Supplement and how it can benefit your clients, check out this informative industry spotlight. Open enrollment season is the perfect time to take your brokerage services to the next level. Don't miss out on this opportunity to make a difference in the lives of both employers and employees.

Topics: TRICARE Supplement, TRICARE Enrollment