Confidence For Helping Your Clients

[ABC]

Confidence is key to helping your clients fee at ease.

With 2014 right around the corner you better have a game plan that you have confidence in. This will give your clients some hope that you know what you are doing and you have their best interests in mind.

Next year at this time it's going to be a brand new ball game.

I am excited about being able to offer something new I just hope it's affordable.

Lead or get the hell out the way!

 

[Madden9]

I don't know what state you're selling in, but in MN the game plan for 2014 doesn't exist. As it stands right now there will be no commission for small groups (under 100 lives) whether they go through the exchange or not.

Also, there is no way that anything offered will be affordable. Community ratings and no underwriting for groups under 100 lives will give 80% of the groups in our state a 20-75% increase on their premiums. On top of that, the HIGHEST a deductible can be per the federal gov't is $2,000. How many groups do you have that are at a 2,000? I would guess no more than 30-40%. There's another huge rate increase right there.

There's several other laws and regulations that will ultimately destroy the group broker market. It is a big if whether they can get everything up and running by 2014, but if they do we're talking about doomsday for anyone who makes their living selling group health insurance. I don't care if you're Wells Fargo, Hays, Gallagher, or a 5-man shop. We're all in the same boat.
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Also, the trend of dropping your group health plan and converting to individual plans is just a temporary fix for brokers. Once 2014 arrives, there will be no commission for those situations either.

 

[ABC]

I am in Indiana, which is a conservative state.

Has Minn. put everything you are saying into law?
Is your state's DOI prepared to not have brokers involved?
What are your state senators saying about this?

What about NAHU?

From what you said I would say you are done in this industry.
I guess you could go out and sell ancillary products. There will be no brokers left so you could have an advantage. If you have a big enough block to get started.

I don't know what state you're selling in, but in MN the game plan for 2014 doesn't exist. As it stands right now there will be no commission for small groups (under 100 lives) whether they go through the exchange or not.

Also, there is no way that anything offered will be affordable. Community ratings and no underwriting for groups under 100 lives will give 80% of the groups in our state a 20-75% increase on their premiums. On top of that, the HIGHEST a deductible can be per the federal gov't is $2,000. How many groups do you have that are at a 2,000? I would guess no more than 30-40%. There's another huge rate increase right there.

There's several other laws and regulations that will ultimately destroy the group broker market. It is a big if whether they can get everything up and running by 2014, but if they do we're talking about doomsday for anyone who makes their living selling group health insurance. I don't care if you're Wells Fargo, Hays, Gallagher, or a 5-man shop. We're all in the same boat.
- - - - - - - - - - - - - - - - - -
Also, the trend of dropping your group health plan and converting to individual plans is just a temporary fix for brokers. Once 2014 arrives, there will be no commission for those situations either.