Assurant "KeyMed" plan
- Thread starter Expat
- Start date
- 9,744
In seventeen years in the insurance business, I have NEVER, NOT ONCE seen a legitimate claim not paid.
- 14,809
Well that kills my 4+ years but I'll say again, over $700,000+ personal production each year in this business and have never had a claim denied by any carrier I've written.
If carriers denied claims as a business practice I'd be back to selling Beemers.
If carriers denied claims as a business practice I'd be back to selling Beemers.
I just sold a keymed plan yesterday for a 60 year old female, type II diabetes. She was on the UA flexguard plan. She was told she had good doctors coverage and RX coverage by a scumbag agent. Both plans are designed for folks with pre-existing conditions that cannot get regular coverage. They keymed plan seems to have much more coverage/benefits for the price. Granted it is not like a true medical plan, but here in SC the high risk pool is outrageous. You folks in TX and MD have it made with what seems to be not bad rates for the state high risk health plans. Here, a 60 female is looking at over $800 just for her. Good friend of mine, 58, male had a stint put in 7 years ago. He is paying over $850 a month on our high risk plan!
John, on a separate note, why do you not like the CoreMed plan with Assurant?
John, on a separate note, why do you not like the CoreMed plan with Assurant?
- 14,809
It's not that CoreMed is bad - it's that other plans are much better. I'm selling a HSA before CoreMed any day or the week.
My only place for CoreMed is when other companies will decline however since changes in MD's risk pool this past summer there's now no place for CoreMed since they just go into the risk pool.
I don't even know why I'm selling plans with drug coverage anymore. Get diagnosed with something? Off to the risk pool.
The risk pool in MD has rates cheaper than individual coverage - you just need a condition to get in.
My only place for CoreMed is when other companies will decline however since changes in MD's risk pool this past summer there's now no place for CoreMed since they just go into the risk pool.
I don't even know why I'm selling plans with drug coverage anymore. Get diagnosed with something? Off to the risk pool.
The risk pool in MD has rates cheaper than individual coverage - you just need a condition to get in.
- 126
The problem with Coremed are the policy fees. You can wipe them out, but the coverage goes through the roof. And gents.... if United Healthcare adopts Assurant's underwriting practices like they may, we won't even be talking about Assurant.
O
outwest
Guest
When you say "policy fees" are you refering to the facility fees? Sry, just a noob trying to get it.
- 14,809
Yes, the in and outpatient facility fees - $750 or $200 X 3 days inpatient and $200 outpatient or you can eliminate the fess - but then you might as well sell the Max Plan.
- 9,744
Assurant/Time's market strategy on a go-forward basis is really pretty obvious if you analyze it. I also have some inside info - won't mention the source as they swore me to secrecy - but it's very reliable.
They are in the midst of evolving into a "specialty" carrier. They understand that they are not competitive in the full blown major med market, and they don't care.
With a concentration on KeyMed, STM and the limited benefit Right Start and Save Right, they get a much better handle on finite claim limits. This allows them to be able to price much more profitably.
As a matter of fact, within two years, these will be the ONLY individual products that they sell.
They are in the midst of evolving into a "specialty" carrier. They understand that they are not competitive in the full blown major med market, and they don't care.
With a concentration on KeyMed, STM and the limited benefit Right Start and Save Right, they get a much better handle on finite claim limits. This allows them to be able to price much more profitably.
As a matter of fact, within two years, these will be the ONLY individual products that they sell.
You could almost see it coming.
Sad thing is, Time used to be a major player in the MM market, and Fortis was in early and strong in the MSA market.
With the pre-ex limits on student health & STM I predict they will only have more problems than they do now with the DOI in various states over the claim denials. Add to that the number of complaints over policy limits that run out before the claim is finished and they are positioning themselves for nothing but trouble.
Nothing more than a big Mega carrier when that happens.
Sad thing is, Time used to be a major player in the MM market, and Fortis was in early and strong in the MSA market.
With the pre-ex limits on student health & STM I predict they will only have more problems than they do now with the DOI in various states over the claim denials. Add to that the number of complaints over policy limits that run out before the claim is finished and they are positioning themselves for nothing but trouble.
Nothing more than a big Mega carrier when that happens.
