60 Year Old Prospects Asked About Health Insurance. How to Handle.

Discussion in 'Health Insurance and Ancillary Benefits' started by entrep1776, Aug 25, 2017.

  1. entrep1776
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    entrep1776 Guru

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    Flying back from Las Vegas today, lady saw me studying for my insurance license.

    She asked me about what she & her husband should do for health insurance.

    He's 60 & retiring in May 2018. Currently covered by company insurance plan. She's 59. I got their contact information. Guesstimate of $100k annual income. They live in IL. Both looked healthy both non smokers.

    What are their options for health insurance?

    If I was licensed, any product I could sell?

    Any advice on how to best serve this prospect?
     
  2. adjusterjack
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    adjusterjack Guru

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    One of his options (and likely preferable) would be to continue his current company plan on COBRA for, I believe, another 18 months after his retirement.

    He'll pay his own premiums during that time which is likely to still be less than any comparable private plan.

    But you never know, maybe you can make some magic.

    :yes:
     
  3. entrep1776
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    entrep1776 Guru

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    They seemed to think Cobra was their best option also.

    What happens after 18 months? Hmmm not sure anyone knows.

    How would they shop for private insurance?
    .........
    Found this:
    https://www.healthcare.gov/apply-and-enroll/income-too-high-for-tax-credit/

    Three other ways to buy a health plan

    Directly from an insurance company. You can contact any health insurance company and see plans available in your area. Many have websites that let you compare all plans they sell.
    You can also use our Plan Finder website, which presents information about private health plans available outside the Marketplace.

    Through an insurance agent or broker. Generally, agents work for a single health insurance company, while brokers sell plans from several. Both can help you compare plans and enroll. You don’t pay more by using an agent or broker. They’re generally paid by the insurance company whose plans they sell. They may not sell all available Marketplace plans.

    From an online health insurance seller. These services offer health plans from a number of insurance companies. They let you compare prices and features and then enroll with the insurance company.
    .........
    I told prospects the government cut out agents commissions on health insurance so most agents don't mess with it.
     
  4. yankee466
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    yankee466 Guru

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    Tell them to move to Costa Rica until they reach Medicare age......they'll have a great time and have cheap insurance plus access to quality health care. Tell them to make sure they have a LTC policy so they don't go broke in their golden years after they move back to the US to be near their kids. Sell them a Med Sup when they turn 65 and return. :D
     
  5. xrac
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    xrac Guru

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    Not bad advice.
     
  6. yankee466
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    yankee466 Guru

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    I guess it was my round about way of saying there ain't no money to be had selling U65 health insurance any more. :nah:
     
  7. entrep1776
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    entrep1776 Guru

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    Ok. I plan to tell them:

    COBRA is probably best option.

    Maybe his employer would allow him to stay on their insurance & he pays the premium.

    Costa Rica has affordable care (jk kinda)

    They might want to consider a LTC policy.

    I'd be happy to give them free insurance review once I'm licensed in September.

    .........
    Appreciate advice or thoughts.
     
  8. AllenChicago
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    AllenChicago Guru

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    In Illinois, COBRA is definitely better than what Blue Cross offers. (Blue Cross is the only PPO in the state)

    Hopefully after 18 months, there will be free-market Major Medical choices available once again.

    If COBRA is, or becomes too expensive, have your new clients investigate the Christian Medical Cost Sharing options.
     
  9. entrep1776
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    entrep1776 Guru

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    Thanks for input. I read this thread. It seemed little negative toward CMCS.

    http://www.insurance-forums.net/for...er-health-ministry-plans-2018-a-t89912-4.html
     
  10. riskybiz
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    riskybiz Super Genius

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    I would advise him to start a small business as a C corporation before the end of the year. Start doing some consulting and work on his own terms post retirement. After his Cobra expires, he can have a small group, Long term care can be paid for tax-free, and he and his wife will be insulated from the individual market.
     

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