News & Updates
Experienced Broker Shares His Knowledge
So how does Patrick Tibbs, Financial Services Representative for Everence Financial Advisors, demonstrate the value of a VSP plan to his clients? And how does he do it while only offering the most robust VSP plan—one that provides exam, lenses, and frame every 12 months?
He attributes his success to explaining the benefits for the employer and the employee, using three main points: eye health, affordability of premium, and leveraging employee dollars.
A yearly, comprehensive eye exam is essential for overall health, and VSP members are three times more likely to get an eye exam than a physical. Since VSP doctors can detect signs of chronic conditions (like diabetes, hypertension, and high cholesterol), affected members can begin treatment/prevention early. This preserves the member’s health and saves the employer in future healthcare costs.
Affordability of Premium
“Don’t sell four plans on a spreadsheet with costs, like you would a health plan,” Tibbs explains.
“Cost is only an issue in the absence of value. Employees love the VSP Signature Plan because it has all the bells and whistles. When they use the benefit, it improves the perception of all benefits the employer offers. It’s easy for the client to administer, and the employees always give excellent feedback on the plan.”
Without a spreadsheet, how does he sell the plan to his clients? “Sit down with the employer and use the Member Benefit Summary, just as they will with their employees.” This piece talks about eye health, value, and finding a doctor—which shows the employer the value of the plan and how to explain it to employees. “If the employer wants to cut back on benefits, switch from the Member Benefit Summary to the rate sheet, and show that these enhancements don’t cost much!”
Leveraging Employee Dollars
When prequalifying accounts, Tibbs finds that most have an HSA/FSA setup. “This makes it even easier to explain to the HR person,” he states. “The employees can leverage their dollars, and still pay less.” He positions it in this way: “Wouldn’t you (the employee) rather pay the premium for the full vision benefit, which is much less than the $500-$600 you’d pay the doctor from your HSA/FSA?”
“I want to sell my clients the best,” Tibbs concludes. “After years of selling, I haven’t had a single Signature Plan client who asked to reduce their benefit.”
For questions about VSP, please contact a member of your b&p Sales Team - 888.722.3373.