- 14,809
CEO Health Plans - The nation's leading membership benefits provider and HIPAA Compliant
AIM suspends the sale of all new applications.
AIM suspends the sale of all new applications.
AIM Suspends Sales
- Thread starter Crabcake Johnny
- Start date
- 5,056
So what does this actually mean?
Won't they just start up another front company?
Won't they just start up another front company?
- 7,790
Wow, they must be busier than a one-armed paperhanger!
- 108
Just got this in an email
AIM is back.................
GetMED360 is the Force to be Reckoned With
[FONT='Arial','sans-serif']In the insurance industry, things happen. Needless to say, things happened this past week. Our organization, by implementing our revolutionary lead system, had made AIM Health Plans a force in the health insurance industry. AIM will come back before we know it and in the meantime, we are converting our agents to a sister product called GetMED360. Our leads are coming in and we need agents to sell the product. Please tune in to our daily conference call to find out exactly what GetMed360 can offer your impaired risk clients.
[/font]
- 5,056
Exactly what I thought...
This will be at least the 2nd mutation they have underwent within 18 months.
This will be at least the 2nd mutation they have underwent within 18 months.
G
Guest
Guest
Why are these scams allowed to exist? Isn't there a way to run them out on a rail?
They say "True health insurance - not a discount plan."
I'm sure they sell this ethically! NOT
They say "True health insurance - not a discount plan."
I'm sure they sell this ethically! NOT
The DOI is understaffed. They barely have time to go after the numerous frivolous complaints and rarely do anything about something like AIM until they stop paying claims. Plans like this are so flush in cash they can afford to keep going almost forever until the folks at the top get greedy and start siphoning off most of the cash flow.
When that happens, the DOI has to get the AG involved to investigate and lock the doors.
It can happen with real plans as well.
I know a guy that conned some investors into buying a small insurance company in Franklin, TN. Through some contacts he had they got in the medical stop loss business when anyone with a charter could get in the business.
They proceeded to suck up new clients left and right like a Hoover. He drained the company dry then split, leaving the employees behind when regulators came to padlock the doors. All of his friends & family, many who invested life savings in the company, lost all they put in the company stock.
When that happens, the DOI has to get the AG involved to investigate and lock the doors.
It can happen with real plans as well.
I know a guy that conned some investors into buying a small insurance company in Franklin, TN. Through some contacts he had they got in the medical stop loss business when anyone with a charter could get in the business.
They proceeded to suck up new clients left and right like a Hoover. He drained the company dry then split, leaving the employees behind when regulators came to padlock the doors. All of his friends & family, many who invested life savings in the company, lost all they put in the company stock.
- 5,056
It's a cash cow, the call centers are at 50% commish plus the $100-150 enrollment fee.
50% of these plans fall off the books within 3 months.
A bit off topic.....
I hear from some of these call centers that they are going to try selling Life insurance.....ha
I suppose they can only sell Non-Med Term, can't imagine them being able to wait 2-3 months after writing the app to get paid.
50% of these plans fall off the books within 3 months.
A bit off topic.....
I hear from some of these call centers that they are going to try selling Life insurance.....ha
I suppose they can only sell Non-Med Term, can't imagine them being able to wait 2-3 months after writing the app to get paid.
- Thread starter
- #10
- 14,809
Easy to run an outfit like this when you're charging $3K in average premiums but limit yourself to $500 in benefits.
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