Trust and Transformation: Jessica Brooks-Woods Discusses Leading NABIP's Journey

🎙️ In today's episode of the Timeless Vitality podcast, co-hosts Kate Beck and Amber Stitt are thrilled to have Jessica Brooks-Woods, the dynamic leader of the National Association of Benefits and Insurance Professionals (NABIP), formerly known as NAHU. 

🔄 Jessica shares her insights on the recent rebrand and the pivotal role of NABIP in providing health insurance and benefits across America.

💪 She dives deep into issues of trust within the insurance industry, citing surveys and real-world implications while offering actionable tips for building and maintaining trust with clients. 

💊 Jessica also highlights significant upcoming changes in Medicare Part D, exploring how these alterations will impact both clients and industry professionals.

🤝 Join us as Jessica sheds light on the essential, often unsung roles that insurance professionals play, her vision for the future, and how empathy and connection are key to timeless vitality.

 💡 Stay tuned for an enlightening discussion aimed at empowering you to thrive well beyond 100, and remember to live with purpose every step of the way.

🌟 Key Takeaways:

• Understanding the mission and vision of NABIP
• The critical role of trust in healthcare and insurance
• Upcoming changes in Medicare and drug policies and how they affect you
• The power of advocacy and the importance of staying informed

📽️ To watch the video podcast:  https://youtu.be/eLj6zo1Dsl0 

👥 Connect with Jessica Brooks-Woods:

Visit NABIP.org to learn more about the organization, become a member, or get involved in your local community.

LinkedIn: https://www.linkedin.com/in/jessica-brooks-ceo-mpm

Download the "Your Voice Matters" app to share your stories and insights with NABIP.

📲 Stay Connected: Don't forget to subscribe to our channel and hit the bell icon.

📲 Follow us: to stay updated on future episodes that will inspire you to live a life of timeless vitality. 

#TimelessVitality #Healthcare #Insurance #NABIP #JessicaBrooksWoods #Medicare2025 #TrustInHealthcare #LiveWithPurpose #AmberStitt #KateBeck #PathwaysWithAmberStitt

Thank you for listening and supporting the Timeless Vitality Podcast! 

🌟 Stay vibrant, empowered, and always live with purpose!

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Transcript

Kate Beck  [00:00:03]:
Welcome to the Timeless Vitality podcast, where co-hosts Kate Beck and Amber Stitt explore the unique journeys, inspiring stories, and timeless wisdom of those who embody vitality and resilience.

Amber Stitt [00:00:17]:
Together, we discover what it means to thrive well beyond 100, sharing insights that empower you to live with purpose and create a lasting legacy.

Kate Beck  [00:00:27]:
Let's get started with today's episode. Hello and welcome to the Timeless Vitality podcast. My name's Kate Beck with co-host Amber Stitt, and today we welcome Jessica Brooks-Woods.

Jessica Brooks-Woods [00:00:40]:
Hello. I'm so excited to be here. Thank you, Kate and Amber.

Kate Beck  [00:00:44]:
Yes, you're very welcome. Well, Jessica, you are all over the media these days, and you are doing some fun, interesting conferences. And NABIP, tell us about NABIP. What is it? Maybe if it was a rebrand. Tell us a little bit more about this organization and why we should be watching what the pulse of NABIP is doing.

Jessica Brooks-Woods [00:01:05]:
I appreciate that question. So NABIP stands for National Association of Benefits and Insurance Professionals. When you talk about rebrands, we were formerly known as NAHU, or NAHU, depending on which side of the country you were in, which was the National Association of Healthcare Underwriters. So the rebrand happened a little over a year ago. We are the premier trade association federation for healthcare insurance brokers and consultants and benefit professionals. And over time, our membership base expanded significantly beyond healthcare underwriters, and it was difficult for people to identify themselves with that brand as the profession has evolved over the 100 plus years we've been around. And it was time to really meet the call of now, required of us as insurance professionals to serve Americans. I like to describe us as the blanket over America, the blanket of coverage over America.

Jessica Brooks-Woods [00:02:08]:
It's a real big call of responsibility when you think about the millions of lives, hundreds of millions of lives that are touched directly or indirectly by insurance agents and professionals in the healthcare space, the benefits space. We represent the Medicare space. We represent the individual market, or the ACA marketplace, both from the federal and state side, and we represent group plans, from the smallest employers of one or two employees, to the largest companies in the country and anyone in between. I often say, with the Medicaid unwinding across the country, we've been the call to try to fill that gap, to actually be that blanket of coverage and security. So, that is who NABIP is. We have about nearly 200 chapters across the country. We're broken up into 8 regions, and we meet you in your local community all the way to the region. And of course, in Washington, DC, where my team and I spend a lot of our time on The Hill and ensuring that we're lobbying for not only our industry, but ultimately for consumers and Americans.

Kate Beck  [00:03:15]:
Thank you for sharing. Recently at the Oregon Medicare Summit and State Convention, I was really moved by your conversation about trust, and there was some pretty staggering stats on how the people of the United States are feeling about their insurance broker. And I was curious if you would feel comfortable. I just like to get right to the meat and potatoes of it, but these numbers weren't awesome, and I'd like to hear a little bit about that. And also some tips for anyone out there that if they're a consumer, or if they're in insurance, what we can do together to raise that number and be trustworthy and advocate that we know that we are, but to help others to do the same. Can you speak on that a little bit?

Jessica Brooks-Woods [00:03:58]:
Yes, I definitely can. I think it's one of the most important conversations we can have right now because we all know trust is hard to gain. And once you have it and you lose it, you have to fight really hard to get it back. And I don't think we sit around as insurance agents and benefits professionals thinking that we're not trusted because we're working really hard on behalf of those that we serve. We hear the most intimate stories depending on what seat you sit in and what market you sit in, directly from families and individuals. And to us, those aren't claims and numbers and statistics. Those are real lives with names, and graduation dates, and birth dates.

Jessica Brooks-Woods [00:04:37]:
But the reality is we've been on the front lines for quite some time. And some of the information that you're referencing I mentioned a survey that the National Alliance of Healthcare Purchaser Coalitions had conducted of many employers of various sizes across the country late 2023, coming into Q1 2024. And in that survey, they were asked questions around their financial fiduciary strategies going into the next one to three years. And in that response, they mentioned that they have a lack of trust and the integrity and transparency of those stakeholders that they rely upon to help them make these critical decisions for their lives that they cover. And in that, 43% to 49% of those, said that they trust their brokers and consultants the least, amidst CPAs and PBMs and other stakeholders that they partner with to ensure that they have the most informed information and the ability to actually make decisions that keep them compliant, but also keep them in the state of being stewards of the people that they cover. And at the same time, in government, we've been on the front lines. I've been leading NAPIP now for ten months and this entire ten months, which it feels longer than that at times, not all bad, but as far as the front lines, yes, we have to educate lawmakers, members of Congress, regulators on who we are, our identity, the role that we play in the marketplace.

Jessica Brooks-Woods [00:06:09]:
And that has caused me to realize that trust is a barrier across sectors. It's not just the employer marketplace. It's not just in Medicare. We've been called rogue brokers and bad actors in language, in Washington from the ACA marketplace, where we place 78% of folks in the federal exchange, we're relied upon again to be that safety blanket of coverage. But yet this rhetoric that is really a threat to our existence if we don't really play close attention to this issue. And I see, so although trust is a big, I guess, threat potentially, you can look at it that way. I see it as our biggest opportunity to have this dialogue with our customers, with the people we serve.

Jessica Brooks-Woods [00:06:49]:
And one of the things I mentioned in Oregon was, "Have you asked your clients, do they trust you? When was the last time you asked that question?" And not one person raised their hand saying, "I just asked that last week." This is a conversation I have all the time. And my response is, we can't be afraid of that conversation because that will help us bubble up their fears and be able to address them head on. And that's our opportunity, I believe, moving forward.

Amber Stitt [00:07:14]:
Thank you so much for being here, Jessica. I think that last statement is probably why you're called "The Velvet Hammer of Healthcare," because you're going to just go right after the hard questions. I think we're talking to two people here, listeners to the Timeless Vitality podcast. It's when we talk about being timeless and let's just say trust could be the foundational core element here. When we are working as maybe business owners, entrepreneurs, lobbyists, people advocating for others, let's have that conversation and make sure that we are advocating and being validated. But having those really important conversations, we have to get to the trust. But then how do we live long, healthy, happy lives? We need to be networked in with people that, to our core, we feel have integrity, trust and all those things. So for the customer, the client, if you're not feeling that trust, go do the due diligence and go out and get maybe 2nd, 3rd opinion just like we would in medical and healthcare.

Amber Stitt [00:08:08]:
We have a duty to also make sure we're connecting with those people that are like you, Jessica, as a person out there in the field helping make sure you have that relationship, because that'll be a lot more fun if that's the case. But it's safer for the client and then flip it. If you're looking for that advisor and you don't have that, all of us within the Timeless community can help you find that trusted resource, but you have to advocate for yourself.

Jessica Brooks-Woods [00:08:31]:
Yes, I'm glad you likened it into how we would navigate the healthcare system altogether as patients, getting second opinions, connecting with trusted sources and a community that we can rely on with the hard questions that are plaguing us. We're in the quality of life business, and that's our opportunity to say, "Let's be in this with you for the long haul. Let's navigate these complexities together. And I'm here to partner with you. I'm here to serve you." And that's what we stand for at NABIP.

Kate Beck  [00:09:00]:
Now, I realize I'm going to be opening a can of worms here and asking a little bit of...

Amber Stitt [00:09:06]:
That's what Kate does, and we love it.

Kate Beck  [00:09:11]:
We have some big changes happening in 2025, and keep in mind we are recording a little early, and it's going to be launching in the fall. So for the folks in the fall, if there's a message, if you could teleport yourself into the future and there was something that you'd want to hear come October, the good news about some of the things that are happening in 2025, what would be, if you had to pick one that you'd want to share, and I if there was anything that they could do to prepare for that change, maybe something to do with the drugs. Let's talk about drugs for a minute.

Jessica Brooks-Woods [00:09:41]:
Oh, my gosh. There's so much activity happening in the drug space. Are we talking on the Medicare side?

Kate Beck  [00:09:49]:
Let's start with Medicare. Yes.

Amber Stitt [00:09:50]:
Drugs are good? There's good things happening with drugs. All right, let's bring it. Season two is going to be a doozy.

Jessica Brooks-Woods [00:09:56]:
These are unprecedented times, I would say, and I mentioned that before, we've been saying that for a long time in the industry. Every year. It's unprecedented times. Starting with Covid, unprecedented time. But I really do think we are in that time. So the new 2025 Part D Standard Drug Plan. There's phases around that. Deductibles.

Jessica Brooks-Woods [00:10:15]:
There's no more than $590. We can get into the weeds. Initial coverage, 25% coinsurance with $2,000 max out of pocket. We have manufactured discount programs and out of pocket maxes that minimizes certain coverage gaps. I think what's really interesting is the changes around the out of pocket and being able to, as consumer in Medicare, being able to go to the counter and get your drugs and have it on a payment plan and the plan sponsors, Part D Plan sponsors are paying it, and then you have a chance to pay it over time. And when I was trying to understand these changes, I took it back to layaway back in the day. You know, you got your clothes, you got your TVs, your Kmart, right? And you needed them now and you were able to pay along the way.

Jessica Brooks-Woods [00:11:03]:
Well, this is like layaway how you would want it to be, like karma now, where you can, if you have a drug need, and we know many of our Medicare beneficiaries are on fixed incomes. They're living more beyond paycheck to paycheck at times. And we know that drugs are one of the fastest growing costs of healthcare for most folks, and it costs a lot out of pocket. So the goal, I believe, was to make sure that beneficiaries were able to not have to pill split, not have to delay care, and would have the ability to, not escape the financial responsibility, but be assisted in that with time. And so I do think that's one of the biggest call outs as far as the consumer, I think in the industry, we're thinking, "Well, who's going to ultimately cover this, right?" At some point, where's the balloon going to pop up and how is it going to impact, or increase costs over time? We don't know that yet, but these Medicare drug coverage changes are epic and unprecedented in recent memory. I haven't spoken to anyone that can recall time that we've had this much change in the Medicare space, but in the drug space in particular. For Part D, we're talking to agents and brokers to get out and speak to their clients now, informing them of a lot of the changes in the out of pocket costs, the maximums, the caps.

Jessica Brooks-Woods [00:12:16]:
We're recommending annual review of their prescriptions because of the possible changes to the formularies. That's another opportunity in educating on the law. That there's corresponding changes with the law around this. And so we're trying to make sure that we're one, educating brokers and consultants on all these changes, so that they can then inform their clients. But I do think there's a great need for the health literacy and insurance literacy opportunity to educate consumers directly, broadly. And we're trying to also figure out how do we do that? We have a native foundation that does a lot of education in the community. Can we leverage that platform? And brokers are going into open enrollment, right? So there's only so much time we have between now and open enrollment kicking off to be able to address the awareness that we need to create around these changes.

Jessica Brooks-Woods [00:13:03]:
So those are, I think, in the drug space, that's probably, there aren't any changes in credible coverage, drug coverage. So that's, I guess, I don't know, that's one area that there's no change. Sometimes changes, no change helps you at least have some level of certainty. Some employers that provide prescription drug coverage to individuals who are eligible for Part D must inform those individuals through member notices. I think that's important. Again, the awareness piece, education right now and in the fall, that's the biggest thing is to make sure everyone's aware in CMS whether their prescription drug coverage is at least as good as the Medicare Part D coverage. So they have to make sure if you're an employer, that you have to inform that your coverage is at least as good as the Medicare Part D coverage.

Jessica Brooks-Woods [00:13:45]:
And effectively plans that were deemed credible coverage last year will also be credible in 2025. So I think those are good call outs, as far as the areas where there's nothing a lot of significant change, but still an opportunity to educate.

Kate Beck  [00:13:57]:
As you're traveling across the nation, you have the opportunity to be with brokers in east coast, west coast, middle, south. You're everywhere. Is there a common theme, a common connection that's igniting as you're meeting with all these brokers and things that they're excited about, or how they're helping their community? Is there something that's really inspiring you right now that's empowering and creating resilience from your perspective, from the broker's perspective, that's helping the members in our community? And what would that be?

Jessica Brooks-Woods [00:14:26]:
Yeah, and that's a really great question to step back a moment. Prior to this role, I was in the employer space. So I led a healthcare employer coalition out of western Pennsylvania and also supported coalitions across the country, serving on the board of the Membership Organization for Employer Coalitions. And I can tell you, brokers and consultants, although so needed and relied upon, we're on the threatened list, on the SWOT analysis of every coalition across the country pretty much, for years. When you looked at what are opportunities, what are the strengths of the marketplace and what are the threats, brokers and consultants were on that list. And it was a weird dynamic because at the same time, my employer members didn't do much without the buy-in from their consultant and support of their consultant. The reality was their capacity was low. Sometimes their knowledge on key issues wasn't as sophisticated, of course, as their broker.

Jessica Brooks-Woods [00:15:22]:
This wasn't their business. Day-to-day benefits is diverse. So you could go from tuition reimbursement plans, to a medical plan, right, to retirement. You're a benefits leader. And so their dependence on brokers and agents was so significant. And so this gap was odd, right? It was an odd dynamic to have. And so that's where that trust conversation, when I speak about that, seeing from behind the scenes on what that looked like, and oftentimes on the employer side, they would trust their consultant, but they wouldn't trust yours, right? So it was like, Mark can come, but I don't know about Jane, at that other brokerage. And it was interesting.

Jessica Brooks-Woods [00:15:59]:
And so when I look at now representing the folks that who had been on my SWOT analysis as a threat, these are my people. Their my why is because there's so much power there and there's so much influence. I really do believe we as insurance professionals in the benefits space, regardless of who you cover, really have the power, authority, competency and connectivity to the individuals and groups in a way that no one else can understand and no one else can relate and no one is as accessible, in my opinion, as we can be, and many of us are. And so having this rhetoric that we're hearing, the complexity of compliance and legislation, the literal fight for our reality and the role and how we get paid. And are we going to be able to get paid a rate that's livable for my own family and my employees and their families? I mean, these are real big issues that we've been navigating. And the fact that people show up in every meeting I go to, they're excited and they're working together, they're solving issues day-to-day, and they come with the real stories of how they helped someone navigate something that seemed completely insurmountable. That's what is so inspiring. And it's across lines, it's across specialty. It's the heart and the passion that exists here that says, "I get it, we're in a fight.

Jessica Brooks-Woods [00:17:23]:
I have to keep my shield up. I'm ducking blows and other things, and I'm trying to avoid some bruises here, but I'm going to still stand strong, going to be here, and I'm going to navigate it, going to work together to figure out what these laws and regulations mean to us. And although it's difficult and at times it's going to impact me personally, I'm going to make sure I'm there for those that are relying on me." And that's the story that I have to tell. And I want to make sure that is widely known because we are being touched every day by these invisible heroes that you have no clue that are identified as such. And that's, I think, what's been really heartwarming in visiting the chapters across the country. There also are some really big issues that come up and depending where you go, you know, food deserts, primary care deserts, where we've been fighting for telemedicine, the provisions during Covid that existed, they expire in December, 2024.

Amber Stitt [00:18:16]:
What does that mean, Jessica?

Jessica Brooks-Woods [00:18:18]:
Yeah, I mean, that means that a lot of the provisions that we had to expand telemedicine, making it more accessible. If you have a high deductible health plan, it's for STAR coverage, not having to pay, or be penalized if you leverage telemedicine. Also the expansion of different specialties using telemedicine, that's at risk of being non existent. So we've grown accustomed to, since 2020, being able to have greater access, when people couldn't go to doctors physically, when offices at times were closed to you if you weren't dying. And it's now a relied upon access point for Americans all across the country, especially in our rural communities, and to not be able to have those extensions which we're advocating, hopefully for permanently. But right now, we're just trying to get two more years to ensure that those telemedicine extensions extend beyond 2024. I believe it'll happen, but the decision hasn't been made.

Jessica Brooks-Woods [00:19:11]:
And, you know, people have to make decisions on behalf of those that they cover.

Amber Stitt [00:19:15]:
I didn't know any of that existed. So, as we look into the next 50 years, to be timeless and have that longevity for people behind us, you're pioneering that.

Jessica Brooks-Woods [00:19:24]:
Yes, we are. We're on the front lines. And these are, again, the stories that people don't know. That's on us, though. We have to do a better job of sharing that.

Amber Stitt [00:19:32]:
But yes, I don't know, and I'm in disability and life insurance, but I don't see that world. And all of this matters. Going to The Hill, lobbying like you have, bringing these people together all matters. It might not feel like that, but we have to keep bringing it back into the families, the care that they need, and looking at cost.

Jessica Brooks-Woods [00:19:50]:
100% we have to. We have to be creative. What is your site of care today? What does it need to be tomorrow? What do you bring differently to the equation as an individual who has customized needs that we need to understand to be able to help you get to the right side of care, the right affordability that is fair and that you feel safe in. And so I'm really honored that, and excited about, really shaping that for our healthcare financing and delivery system moving forward.

Kate Beck  [00:20:17]:
So in terms of timelessness, how does one be timeless in this essential environment?

Jessica Brooks-Woods [00:20:23]:
I think in order to...And thank you for using the word "essential." Yes, that is my word.

Amber Stitt [00:20:32]:
I heard that's your word. I heard it.

Jessica Brooks-Woods [00:20:35]:
Yes, that is my word. We must be indispensable. And to me, in order to do that is to create a differentiated value, build on trust. And you do that by being connected and having the skillset, competency, and heart of empathy. I think those are, connectedness and empathy, that's our future. That's our way, that's our competitive advantage. The more connected and in tune we are with the complexity, the diverse needs that we're listening to and centering people on what we do and the decisions that we make, we're going to win, one way or another. We're going to win as individuals.

Jessica Brooks-Woods [00:21:11]:
We're going to have a legacy that we leave behind for generations. We're going to win as businesses. You know, oftentimes this gets criticized as being socialized, or something like that. I mean, the rhetoric is ridiculous because we're in the human business. And if we don't believe that connectedness and being empathetic and understanding those needs, that then drives our strategies, our approaches, how we contract, how we, administer things. That being the foundational element will help us be above and beyond those who choose not to be. And that's what I believe is what keeps us timeless.

Kate Beck  [00:21:46]:
I love it.

Amber Stitt [00:21:46]:
So good.

Kate Beck  [00:21:47]:
Well, Jessica, how can our listeners reach out to you, find you? And how can they become an NABIP member, supporter, advocate? Tell us.

Jessica Brooks-Woods [00:21:56]:
Oh, my goodness, well, you can find us. Please visit NABIP.org. We would love to hear from you. We actually have an app called "Your Voice Matters." So whether you're a member, or not, share with us the opportunities that you see that we have in the marketplace. Share with us your success stories and how you helped someone navigate something very difficult. And share with us how we can all stay connected so that we can together make a big difference.

Jessica Brooks-Woods [00:22:20]:
Visit NABIP.org. You can apply as a member there. Please visit a local native chapter, show up to a meeting, show them that you're in the community, that you want to be involved, and then get involved. We're a volunteer run organization. We have hundreds of volunteers across the country who more than apply this as a part of their life. It's not even like an unpaid job. It's a part of who they are, and they're the fabric of that. And there's an instant community here at NABIP waiting for you.

Jessica Brooks-Woods [00:22:49]:
Please join us.

Amber Stitt [00:22:50]:
Thank you so much.

Kate Beck  [00:22:53]:
Thank you for joining us on the Timeless Vitality podcast. We hope today's episode has inspired you to embrace the journey of thriving well beyond 100.

Amber Stitt [00:23:02]:
Remember, your story is still unfolding, and every step you take adds to the timeless legacy you are creating. Until next time, stay vibrant, stay empowered, and continue living with purpose.

Kate Beck  [00:23:14]:
We'll see you on the next episode!