A.D. 2014: Experts Say, “Plan for the Worst”

[CHUMPS FROM OXFORD]

All of you are correct. Get out of individual health insurance sales. Even if it comes back or doesn't go away, get out.

Find other niches now. You'll be glad you did and so will I.

 

[bill3173]

Some days I would like to see the glass half full. And no, I don't wanna hear, the agent will always have to be involved and paid in selling health insurance. Thats too simplistic of an argument...What I wanna know is seriously whos going to make a living at this anymore selling policies with a $50 app fee. Its a JOKE people.

The glass is half full, you can fill it up the rest of the way by selling a mix of all of the products that you mentioned. Once you start selling some of these other things, the approach will come naturally. You'll be as good as anyone out there.

Don't feel too bad about health, it's not like the commission on major med was that great anyway.

 

[Yagents]

The nice thing about having an insurance license, is the ability to pivot to another insurance product. Health insurance is the step child of the business. Nobody else does it well, can't do it at all b/c of agency, or won't do it. It meant tons of referrals from other insurance agents over the years, but it forced me into the private health niche. I will ride this horse til the end.

The ancillary stuff is bullshit. I just don't see any sense it home offices pushing. If they read PPACA, plans must be comprehensive and cover everything, with copays and low deductibles, etc. We all know the prices will be high. So, who will need or want ancillary when there is no money left, and the health plan covers everything already for cheap copays.

IF i need to "pivot", I'm going to the other end of the spectrum, life and annuities, that's where the big money is. Annuities make more sense than ever with the public scared about stocks, and understanding they need a paycheck on top of social security. LTC is another dying horse, the system is broke, most ins co's getting out of biz. the numbers don't and won't work with boomers aging.

 

[HealthGuy]

These are all great posts...Bill when health was paying 15 - 20 if you did volume, that was good money...And Yagents, I like you take on this, ancilliary stuff is bullshit. That is good and to the point, more honesty here than I have read in a long time! HealthGuy

 

[AllenChicago]

Ancillary Add-Ons may not be worth selling with the low deductible policies to be sold via the Exchanges in 2014, but they're very useful with higher deductibles.

I've had many Injury and Critical Illness claims over the years. Two just this week as a matter of fact. A broken wrist and a heart attack. Even though each client had a $10,000 deductible, neither will pay any money out-of-pocket for the medical care. For the last 5 or so years, mating a HDHP with CI and Injury add-ons is the way to go...in my opinion and experience, of course.
-AC

p.s. Oops.. I forgot. The client who broke her wrist will have the pay the $100.00 deductible on her injury policy.

 

[taterpeeler]

im so scared i have a new revamped improved website rolliong out soon to replace my current health insurance site...

 

[Dave020]

Ancillary Add-Ons may not be worth selling with the low deductible policies to be sold via the Exchanges in 2014, but they're very useful with higher deductibles.

I've had many Injury and Critical Illness claims over the years. Two just this week as a matter of fact. A broken wrist and a heart attack. Even though each client had a $10,000 deductible, neither will pay any money out-of-pocket for the medical care. For the last 5 or so years, mating a HDHP with CI and Injury add-ons is the way to go...in my opinion and experience, of course.
-AC

p.s. Oops.. I forgot. The client who broke her wrist will have the pay the $100.00 deductible on her injury policy.

Which carrier are you using for IFP clients?

 

[AllenChicago]

Hello Dave,

I don't write a specific plan or company for Individual Family Plan clients. It depends on their health condition, health history and financial abilities and desires.

Usually Blue Cross HSA for people that don't have pre-existing conditions, because BCBS excludes all Pre-X for 12 months. Cost is the lowest of the major carriers (here in the Chicago area) for healthy people all the way up to medicare age.

IHC for people with pre-existing conditions (except diabetes) because their underwriters work with the agent to get the prospect covered to his/her satisfaction. More expensive than BCBS/H1/Aetna, but a good niche plan for those with a good income and pre-existing.

All except the wealthiest purchase a Critical Illness and Injury plan to eliminate their deductible.
-AC

 

[Dave020]

Sorry, I should have been clearer. Which CI company(s) do you use to write the illnes/accident plans?