MADISON, Wis. — CUNA Mutual Group is expanding its credit union member-facing insurance options through an alliance with private health insurance marketplace GoHealthInsurance, which will allow CUs to market health insurance directly to members.
CUNA Mutual Group's TruStage Insurance Agency LLC works with 4,000 CUs. It offers several insurance programs to CUs, including life, accidental death and dismemberment, auto and home.
The new TruStage Health Insurance Program is a product of changing times, said Corrin Maier, director of the MemberCONNECT Program at TruStage, noting that the Affordable Healthcare Act and technology have altered the way that health coverage is obtained.
"The launch of healthcare.gov is drastically changing the way people are purchasing health insurance. People are buying health care [coverage] online and over the phone," Maier said.
"This is a changing consumer marketplace, and credit unions should want to be part of it, she said. "We are going to make it very simple for credit unions to differentiate themselves, deliver a simple health insurance option and get their members covered."
Through the TruStage alliance with GoHealth of Chicago, consumers will be able to access all the plans available on healthcare.gov, as well as plans from top insurers.
"GoHealth has consistently demonstrated leadership in helping reach people online and over the phone," she said. "It has 300 carriers across the country for people to choose from."
By using GoHealth's web-based platform, CU members will be able to compare health insurance plans from insurers, get quotes, and estimate available federal tax subsidies, applying them directly to their health plans to receive lower monthly premiums. Members also will be able to shop over the phone with the guidance of licensed insurance advisers and apply for coverage. "GoHealth positively impacts the way families get their health insurance by simplifying the process. We have had a major impact on the health insurance industry, and our relationship with TruStage will help us reach millions of members," said Brandon Cruz, president of GoHealth.
From a CU standpoint, there are a number of factors that make this the "right time" to get involved in connecting members to health insurance, Maier said.
"Credit unions are all about providing financial security to their members, and medical bills are the No. 1 reason why people go bankrupt," she said. "Credit unions have a unique opportunity to fulfill a need as consumers are confused about insurance."
One source of confusion is that people don't know if they are eligible for subsidies. The Affordable Healthcare Act provides for some tax subsidies depending on income and where the person lives, Maier noted.
"Credit unions can give education and provide financial security, which will differentiate them with consumers," she said. "They can be a trusted source."
TruStage will help CUs with marketing the new health insurance products, while GoHealth will help members find the right plan, Maier said.
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