- 4,096
There are plans being developed. I was told by a carrier if the plans follow a certain guidelines then they can operate outside of the exchange. This was on the group side.
Agent's Role in the Exchanges
- Thread starter insurehound
- Start date
There are plans being developed. I was told by a carrier if the plans follow a certain guidelines then they can operate outside of the exchange. This was on the group side.
- 3,352
Who wants to sell an "Assurant KeyMed" mini medical and would you like me to help you fill out a side order of paperwork on the penalty we are all going to pay IF we elect to not buy health insurance? The plans are going to be so ridiculously priced when we go GI that nobody is going to buy them. There are actually major carriers hedging that we will all be selling "KeyMed" like minimedicals and helping people fill out their penalty paperwork rather than buy this overpriced GI stuff in the exchange. This whole thing is ridiculous. Are you telling me that selling "ancilliary plans" is going to be a good career? Come on, somebody tell me I am wrong. I don't want to believe what I am contemplating here - selling mini medicals that are "non compliant" out of the exchange so people can get their copays and accident coverage (maybe) and helping them fill out their penalty paperwork. What a crock of horse s#$T. Is THIS the silver lining in our industry? My future? Come on.
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- 8,707
Thats okay. CMS would then come out with a rule about unsolicited snail mailing to people and will then move to take over Med Supps like they have MA and there will be not effective way to market the plans and then instead of exchanges CMS will create a portal for seniors to deal with....
- 14,808
The worst thing that can happen to the senior market would be for the health market to die.
- 3,352
And eventually the health market (barring starving this bill or overturning it - neither of which will happen) WILL DIE. Seniors have no idea the barrage of health agents who are going to go after them. Its the new Wild West - senior style.
- 5,058
Having spent a good amount of time shopping Senior MGA's and trying to figure out marketing expenses for Senior Products, I'm not sure a lot of health agents will be doing Senior products.
Figuring you're avg med supp app is 1500 a year @ an avg commish of 18%, you're at $270 FYC.
Granted, over 6 yrs you will of made $1620....
But most agents are buying internet leads @ $7-9 a pop, and if you closed 1:20 (not counting returns), it will cost $140 in leads to generate $270 in fyc.....cash flow issues right there.
Naturally, if you are able to close 1:10, it's only $70 to generate $270, 4:1 ROI....which is manageable....
Health insurance agents will soon go the way of the Dinosaurs.. Fresh from the NAIC's web site.
What are "Exchanges"? Can I still purchase coverage through my agent?
[FONT='Times New Roman','serif']Exchanges are the central mechanisms created by the health reform bill to help individuals and small businesses purchase health insurance coverage. Beginning in 2014, an Exchange will be established in each state to help consumers make valid comparisons between plans that are certified to have met benchmarks for quality and affordability. The Exchanges will also administer the new health insurance subsidies and facilitate enrollment in private health insurance, Medicaid and the Children's Health Insurance Program (CHIP). Nobody will be required to purchase health insurance through the Exchange, though subsidies will only be available for plans sold through the Exchange. If you would rather buy your insurance through an insurance agent or broker, you will be free to do so. If not, you will be able to purchase insurance in a matter of minutes on the Exchange's Web site.
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What are "Exchanges"? Can I still purchase coverage through my agent?
[FONT='Times New Roman','serif']Exchanges are the central mechanisms created by the health reform bill to help individuals and small businesses purchase health insurance coverage. Beginning in 2014, an Exchange will be established in each state to help consumers make valid comparisons between plans that are certified to have met benchmarks for quality and affordability. The Exchanges will also administer the new health insurance subsidies and facilitate enrollment in private health insurance, Medicaid and the Children's Health Insurance Program (CHIP). Nobody will be required to purchase health insurance through the Exchange, though subsidies will only be available for plans sold through the Exchange. If you would rather buy your insurance through an insurance agent or broker, you will be free to do so. If not, you will be able to purchase insurance in a matter of minutes on the Exchange's Web site.
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- 10,275
"If you would rather buy your insurance through an insurance agent or broker, you will be free to do so. If not, you will be able to purchase insurance in a matter of minutes on the Exchange's Web site."
It won't take the consumer just "minutes." And in fact, brokers will help them go faster.
I'm ready for the challenge.
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I just emailed the NAIC and gave them my opinion.
And then...right on cue...this is an email I get literally SECONDS from when I read the NAIC piece:
I don't really know how to shop for insurance. It has always been provided by my employer. I know I want to worry about the copay for doctor visits and prescription coverage. Price is an issue. What is the best for me?
M
It won't take the consumer just "minutes." And in fact, brokers will help them go faster.
I'm ready for the challenge.
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I just emailed the NAIC and gave them my opinion.
And then...right on cue...this is an email I get literally SECONDS from when I read the NAIC piece:
I don't really know how to shop for insurance. It has always been provided by my employer. I know I want to worry about the copay for doctor visits and prescription coverage. Price is an issue. What is the best for me?
M
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Don't you think you just laid it out perfectly? Horse s*#t it might be, but isn't that the future?
I will be dead honest, not being an agent, or having any insight into the field, doing some research, I was AMAZED that health insurance agents made so much money. You have to figure the insurance companies, govt, and policy owners would rather keep the money you guys make. That is almost the idea behind the exchanges, let people buy their own stuff in a "regulated" environment, cutting out "the middlemen" which are you guys.
So.......when everyone can easily get GI major medical, EVERY American is now a possible supplemental customer, hence where you guys come in.
- 14,808
Can you qualify that statement? Last time I checked the average health insurance agent earns $38,000 a year which is about the same as a waiter at Red Lobster.
