Coventry for Major Medical

[tommyk]

Approached by a true friend and inquired if I would be interested in selling Coventry for Major Medical?
No, he really is a true friend and has never led me wrong.
Do not know much about selling Major Medical, but he said he would train me.
Any comments on Coventry would be greatly appreciated.
He mentioned 25%...good or bad?
Thanks
Tom

 

[somarco]

Coventry varies by state, more so than any other carrier. Their history is to buy a block of business, or a carrier, hire a bunch of folks who can't cut it anywhere else and hit the streets.

They came to GA a year ago after hiring the dregs away from BX.

The sad part is, BX is not any better off today than they were before the rats deserted.

Coventry street rates are very attractive for the benefits. Of course once it goes thru underwriting the final rate isn't anywhere near where you started.

May be different in your area, but here they will rate up to 70% before declining.

Here are a few examples.

38 yr old female on Prozac. 50% rate up

32 yr old male who had a motorcylce accident 3 yrs ago with full recovery. Decline.

56 yr old female with 2 bouts with cancer. 25% rate up for BP meds.

34 yr old female on BP meds. 50% rate up.

Now factor in their inability to issue policies correctly, or bill correctly, or drop dependents without cancelling the entire family and you might get an idea of how messed up they really are.

They still don't have an e-app (at least not here) and it may be another year, if then. They have been promising the e-app since they came here a year ago.

The only thing positive is they direct deposit commissions on a timely basis.

Other than that, I wouldn't offer their coverage to a cat.

FWIW, 25% is more than they pay here. They could pay me 50% and I still wouldn't write business with them.

 

[Bob_The_Insurance_Guy]

They're not the best, but not the worst.

Proceed with caution.

Not having an e-app is driving me more towards Assurant, World and Humana.

Another plus is they go by benefit year, not calendar year, and they throw in decent - not great, but decent - dental.

Again, in this day and age, having only the paper app does slow down the process. I was very excited last year, when they came, but now am luke warm. Still like them, but they are not my lead or second choice.

Would still offer them over the Evil Empire, though.

I, personally, have not had any problems with policy enforcement, as far as delays or premium billing, but I only have a handful of clients with them.

BTW, #1, what's their Fusion Product all about? I must have missed that e-mail or meeting.

 

[Crabcake Johnny]

No E-app here in MD either - almost 2 full years after entering the market. Accept/reject here - no RX on $2,500 or higher ded plans - go figure that all pricing is set to $2,500 or higher.

Non-player - can't see how they get a single deal in MD. GR kills their rates for healthy - Assurant smokes 'em for pre-ex.

 

[somarco]

#2 -

BX (EI in your book) is coming out with new products in August. New rates & new underwriting as well.

They may be the carrier you (and a lot others) love to hate, but you can't ignore them.

I figure they are long overdue for flexing their muscle. They might just provide the ride you need for the next 12 - 18 months based on past performance.

Stubbornly, I missed the last one. That was my bad. Should have rode the market with them and picked up a few hundred clients. Then when things went south I could move them to better offers.

At least, you can with the healthy ones.

The BX line is most likely another CA/Anthem import. One is Smartsense, a watered down PPO plan. The other is Premier PPO, whatever that is.

I suspect it will be Blue Value the Sequel and I do expect them to hit the streets hot.

No idea what Fusion is. I did hear they are looking to revamp their (Coventry) portfolio in the fall. I did hear the Rx & dental would be uncoupled from the medical which is not surprising. Those benefits are filed as riders now.

Other than that, and that info may be off track, I have no idea.

I placed half a dozen clients before pulling the plug. Could not deal with Jekyll & Hyde underwriting. (See above).

I have had nothing but problems with them.

Guess they get all the business they need from McCart . . .

 

[Bob_The_Insurance_Guy]

#1, I deleted the e-mail I got from the Evil Empire about that. Let me call them, and see what/when/where.

BTW, they have yet to release me, and I've only written three apps since their "we'll drop you if you don't write more business" letter.

Very impressed with Humana, and this new Decreasing Deductible Plan by Assurant.

Getting back to Coventry. I only write healthy, young males or females, or someone who wants Dental with their plan.

 

[somarco]

#2 -

Sent you my email from BX about the new products.

I got my 10, and a few more. Mostly luck. Sure didn't go looking for it.

Healthy young males or females don't pay the rent at my place. My block is mostly families and old farts with health issues.

 

[moonlightandmargaritas]

Any comments on Coventry would be greatly appreciated.

They are supposed to roll out ifp here in Florida third-quarter after buying the AvMed Health Plan.

Since our current choices are limited to:

Aetna
American Nat'l
Assurant
Avalon
Blue Cross Blue Shield
Celtic
Fortis
GTL
Golden Rule
Humana
Mega
Mid-West Nat'l
Time
Vista
World

(I'm sure there are others I forgot - if it's YOURS I apologize)

I hope they can bring something new to the table...

 

[NewHealthStrategies]

The Fusion plans with Coventry are going to be hard to beat... and stack up well against BCBSGa... but the no on-line app is a pain.

 

[somarco]

BX is coming out with their own new deal, and Aetna has revamped their rates and using a different network.

The next 6 months or so should be interesting times.