American National (Antex) Exits Individual Market

[jbage007]

After careful consideration of the recent healthcare legislation, American National Life Insurance Company of Texas (ANTEX), has determined that its medical expense plans (excluding The Answer Plan) do not meet the requirements set forth by the Patient Protection and Affordable Care Act and the Healthcare and Education Reconciliation Act of 2010 recently enacted by the United States Federal Government. With this knowledge, ANTEX has decided to cease distributing its medical expense plans on June 30, 2010.
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A small but potentially potent player in the individual market. Hidden in their announcement lies a key to their demise: We have determined that our plans do not meet PPACA requirements.

Duh. NOBODY's plans met the requirement when the law was enacted. You have to go around and modify the plans and get them approved, blah blah.

Would have been less disingenuous if they had just said: WE GIVE UP.


(We had a real juicy contract with them, like 30/10 but never could sell much of the stuff. And when we did, it was nightmares in underwriting, over and over again.)

 

[CHUMPS FROM OXFORD]

I never was tempted to get licensed with them. Their rates were OK and coverages were again...just OK.

 

[Fisher]

Years down the road you can tell your grandkids you had a 30/10 contract back in your day. They will laugh.

 

[medx]

Years down the road you can tell your grandkids you had a 30/10 contract back in your day. They will laugh.

Sadly, this is true.

 

[COInsguy]

Years down the road you can tell your grandkids you had a 30/10 contract back in your day. They will laugh.

At the same time we tell them about No Doc/No Verification Pay option ARM home loans. Oh...and that years before they were born a couple presidents decided to take a loan out on the future earnings of them to pay for all the entitlements.

ahhh...back in the day

 

[somarco]

How long before we can tell our kids about American car companies that are not owned by the government, banks that are not owned by the government, and foreign oil companies that are not owned by the US government?

 

[txagt39]

After careful consideration of the recent healthcare legislation, American National Life Insurance Company of Texas (ANTEX), has determined that its medical expense plans (excluding The Answer Plan) do not meet the requirements set forth by the Patient Protection and Affordable Care Act and the Healthcare and Education Reconciliation Act of 2010 recently enacted by the United States Federal Government. With this knowledge, ANTEX has decided to cease distributing its medical expense plans on June 30, 2010.
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A small but potentially potent player in the individual market. Hidden in their announcement lies a key to their demise: We have determined that our plans do not meet PPACA requirements.

Duh. NOBODY's plans met the requirement when the law was enacted. You have to go around and modify the plans and get them approved, blah blah.

Would have been less disingenuous if they had just said: WE GIVE UP.


(We had a real juicy contract with them, like 30/10 but never could sell much of the stuff. And when we did, it was nightmares in underwriting, over and over again.)

Good riddance, their main office was too darn busy to answer any questions or support their agents and the guy that called himself the General Agent was even more worthless. Think either bothered to let their appointed agents in Texas know they were going to cut and run? NO, what a crock of crooks, they best get out they can't do the job. Either get in the game or get out but don't leave clients and agents representing you in good faith out in the rain - hope you like flipping burgers at Burger King, but after thinking again none of you corporate losers would be qualified for the job because even at Burger King they make sure their customers GET IT THEIR WAY!

 

[arnguy]

The rumor on Wall Street is that Burger King is going to go up for sale.

Probably it will become privately owned again.