Did You Enjoy Being a Health Insurance Broker?
- Thread starter SamIam
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No one knows...........
DS4 and Somarco, you have more years in this industry than I do. I started July 1, 1980. The typical plan was a $100, $150 or $200 deductible, and it was indemnity only. Here in AZ we hadn't heard of PPO/HMO yet.
I remember when a family premium hit $75, and we wondered what the world had come to.
Then HMOs came to AZ, with those $5 copays, and the whole industry turned upside down. Clients kept asking "What's a copay?" Now they ask, "What do you mean I have no copay?"
Blue Cross came along with a radical idea called ExecuCare, and the higher-income crowd ate it up. The deductible was $500, $1,000 or a whopping $1500. I remember when one doctor asked for a $2,500 deductible, and it shocked me.
Underwriting was a breeze back then. But for the rare high-risk case, we had a guarantee issue product, which was Washington National's stack plan. The bottom stack was $500 deductible, 100% to $5,000, and the top stack was $5,000 deductible, 100% to $250,000. Premiums could be as high as $50 for a full family, though, so only the rich bought it, LOL.
We had a bzillion carriers quoting group and selling IFP back then. The carrier consolidation began when state mandated benefits were created. Then the HIPAA laws came, the field collapsed into, oh, maybe just 12 or 14 main carriers, and perhaps another 20 or so sub-par choices. LOL.
I remember when a family premium hit $75, and we wondered what the world had come to.
Then HMOs came to AZ, with those $5 copays, and the whole industry turned upside down. Clients kept asking "What's a copay?" Now they ask, "What do you mean I have no copay?"
Blue Cross came along with a radical idea called ExecuCare, and the higher-income crowd ate it up. The deductible was $500, $1,000 or a whopping $1500. I remember when one doctor asked for a $2,500 deductible, and it shocked me.
Underwriting was a breeze back then. But for the rare high-risk case, we had a guarantee issue product, which was Washington National's stack plan. The bottom stack was $500 deductible, 100% to $5,000, and the top stack was $5,000 deductible, 100% to $250,000. Premiums could be as high as $50 for a full family, though, so only the rich bought it, LOL.
We had a bzillion carriers quoting group and selling IFP back then. The carrier consolidation began when state mandated benefits were created. Then the HIPAA laws came, the field collapsed into, oh, maybe just 12 or 14 main carriers, and perhaps another 20 or so sub-par choices. LOL.
- 4,716
The DS are his initials the 4 is because his mother gave birth to him at Super Bowl 4.
steven2244
Expert
- 78
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I heard in IL Cook County Harken resumed paying SEP comms
sofloagent
New Member
- 14
Im out of Health insurance as of March 1st! Who wants to work for free? McDonalds pays better than UHC at this point. Have fun and good luck!!!
- 8,448
they still haven't paid open enrollment commissions and the worst thing is you have to go to the United Health website to verify anything. And it doesn't work most of the time.
steven2244
Expert
- 78
I have faith they will pay us - they've been behind on everything since Day 1 - but are getting caught up
We'll see
All I know is its time for me to change careers
I'm officially out as well. Between the commission reductions/eliminations, clients being forced into subsidized plans with no comp, and the DFS invalidating all "LB" licenses in the state, there's just no reasonable way to make money selling health.
I'll still be here, I still have a lot of brokers to support and need to keep my eye on what's happening in the marketplace, but I'm not writing anymore.
I'll still be here, I still have a lot of brokers to support and need to keep my eye on what's happening in the marketplace, but I'm not writing anymore.
steven2244
Expert
- 78
The other thing is the Millennials who are 'empowered' by the internet.
Last week I was asked to speak to graduating MSW students after they were assigned the task of identifying the best plans for sample psych clients. Ages 25 > 40, about 50 present.
What stood out in terms of us:
-They thought .gov was the only purchasing channel - had no idea other, often better plans for their client's needs, were avail direct
-Not one person had heard of a health ins brokers
-None would trust anyone on commission, "that's disgusting" (were an artifact of the past)
They want to do everything themselves quickly, entirely online.
I lost a ton of younger clients to .gov during the last OE. I emailed them all asking in essence to let me be their AOR on their new plan. Only 1 even bothered to reply.
I'm looking at this way; take what you get that can make you some extra cash (life, DI, LTC [yea right], grp etc.) and get on to something else.
'14 & '15 were my best years ever. Just have to let that go & see what I can cobble together @ 62 yrs old - and live within whatever means I'm able to generate.
Sm grp sales has become corporatized and / or tied in with other HR services. I don't see how I could compete effectively as a 1 man show - but do hope to pick some up based on relationships and networking
Maybe it will be enough, we'll see - but I much more interested in getting on to something more based in my own happiness than chasing shrinking dollars down a rabbit hole
Glad this yr's $ is already secure, gives me time to plan, explore...
Last week I was asked to speak to graduating MSW students after they were assigned the task of identifying the best plans for sample psych clients. Ages 25 > 40, about 50 present.
What stood out in terms of us:
-They thought .gov was the only purchasing channel - had no idea other, often better plans for their client's needs, were avail direct
-Not one person had heard of a health ins brokers
-None would trust anyone on commission, "that's disgusting" (were an artifact of the past)
They want to do everything themselves quickly, entirely online.
I lost a ton of younger clients to .gov during the last OE. I emailed them all asking in essence to let me be their AOR on their new plan. Only 1 even bothered to reply.
I'm looking at this way; take what you get that can make you some extra cash (life, DI, LTC [yea right], grp etc.) and get on to something else.
'14 & '15 were my best years ever. Just have to let that go & see what I can cobble together @ 62 yrs old - and live within whatever means I'm able to generate.
Sm grp sales has become corporatized and / or tied in with other HR services. I don't see how I could compete effectively as a 1 man show - but do hope to pick some up based on relationships and networking
Maybe it will be enough, we'll see - but I much more interested in getting on to something more based in my own happiness than chasing shrinking dollars down a rabbit hole
Glad this yr's $ is already secure, gives me time to plan, explore...
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