Comp for ACA Plans

[RayNY]

Just my $0.02, you're going to have a very tough time with non-tech-savvy retired clients who have never purchased health insurance in their lives. I've noticed they take 3-4 times as long, just because of all the questions, confusion about how it all works, and their laundry lists of doctors and medications that must be checked.

Just a forewarning, it's a lot of work. If you're lucky like me, it's a lot of work for them just to insist on choosing the only plan with no commission...

8 hours, 10 phone calls, over 2 weeks. 30+ doctors checked, 20+ medications, a dozen hospitals and facilities verified for half a dozen carriers. Insist on a Platinum plan from a carrier that pays on everything besides platinum.

 

[russelltw]

wow RayNY. That stinks.

 

[Yagents]

I disagree, when the client is older, and you're paid on % of premium, it is well worth the effort. Plus, you have a client for life when they go on to medicare with you.

 

[kgmom219]

Just my $0.02, you're going to have a very tough time with non-tech-savvy retired clients who have never purchased health insurance in their lives. I've noticed they take 3-4 times as long, just because of all the questions, confusion about how it all works, and their laundry lists of doctors and medications that must be checked.

Just a forewarning, it's a lot of work. If you're lucky like me, it's a lot of work for them just to insist on choosing the only plan with no commission...

8 hours, 10 phone calls, over 2 weeks. 30+ doctors checked, 20+ medications, a dozen hospitals and facilities verified for half a dozen carriers. Insist on a Platinum plan from a carrier that pays on everything besides platinum.

It may be a state issue, but I write couples like this every month. I put the husband on F or G and the wife on a PPO no copay plan. I explain how it works, tell them to call the doc to confirm they are on the network and its done. Meeting one to explain Medicare and the indy plan, since they worry about this long before the date. Have them get on Part B. Meeting 2 for enrollment. Its never a PITA. And its well worth the time.

 

[Robert Bache]

All great input, and I appreciate all of it. Thank you!

 

[YouGotMyMoney]

8 hours, 10 phone calls, over 2 weeks. 30+ doctors checked, 20+ medications, a dozen hospitals and facilities verified for half a dozen carriers. Insist on a Platinum plan from a carrier that pays on everything besides platinum.

I understand spending some time with people that you won't earn a dime from, be it "Pro Bono" , or karma or the golden rule or whateva, but 8 hours? Giving you the benefit of the doubt, that it's really 8 hours and not 3-4, do you value your time?

What doctor/lawyer or other professional who makes close to the same amount of money as good insurance agent ($100k+), would spend 8 hours of their time on a client unless they get something in return?

Not trying to crap on you at all, but insurance agents need to value their time and resources, just like any other highly paid professional would.

 

[RayNY]

It does stink, but I'm not one to insist on a plan that doesn't work as well for them just so I get paid. At the end of the day they're going on the best plan for them, even if it doesn't pay me. It just stinks that there are options that don't pay...

YouGotMyMoney, I value my time, but when you're doing an unknown amount of work for unknown compensation, you're not going to win them all. There is no unified provider/formulary search, so running 30 doctors through 6 portals is going to be time consuming. No way to know they had 30 doctors until it's too late. No way to know they're considering the carrier that doesn't pay until I run all the doctors. No way to know they're choosing the platinum plan before I spend an hour answering questions about the various plans from the carrier. At that point, what do you do, walk away after doing all the work?

(As a kicker, they were on vacation overseas for the whole thing, contacted me 3/12 and needed to be on by 3/15 for a 4/1 effective.)
On the flip side, they referred 3 families to me, all of which were on the "select a plan" step. All of them went on comp-eligible plans, and they were taken care of in under a half hour apiece.

Yagents and kgmom, you're totally correct. In NY, where there is no age banding, popular carriers pay flat fee, and I refer medicare leads to an associate who reciprocates with health leads, it's just not an attractive option for me personally.

Every state and producer is different. For Robert, I'm sure it will be a value added to his clients, and will result in more business coming in, and staying, considering where he specializes. Without exchange certification, there is sure to be business left on the table.

Just be ready for a whole lot of learning, ACA has regulations out the wazoo.