Doing the Right Thing for the Client.

[VaDwayne]

I have a client who I sold a Medicare supplement to who called me about his wife's major medical insurance. She is in Virginia and has Anthem's Keycare Preffered. He says she never uses it and would like to save a little money every month.

He can save $80 a month by switching to Keycare Flex but I told him that he shouldn't scrimp on his healthcare, because he can afford the $80 per month.

I would love to have more of his business but I don't feel like I would be doing him right by recommending a lesser plan.

What would you do?

 

[briko3]

Exactly what you did. If he can afford it, it's our job to put him in (or keep him in) the best thing for him.

 

[DHK]

My personal code of conduct is this:

"What would I do if I were my client, with their situation (facts & feelings) with MY knowledge to improve that situation?"

It's not a literal fiduciary duty, but its what will serve me and my clients for a successful career.

 

[Josh]

I think that what you did was certainly the safest route. In situations like that I usually explain the the prospect what their options are and tell them something like "I don't know what your health is going to be like in the future, but if you want to save money then you can (option 1), but if you think you might end up needing to use the (extra coverage) then you should go with (option 2)". I like to inform them about what their options are and then let them make the decision, that way I know I've done my job and they're doing what they think is best for them.

 

[GonnaFlyNow]

My personal code of conduct is this:

"What would I do if I were my client, with their situation (facts & feelings) with MY knowledge to improve that situation?"

It's not a literal fiduciary duty, but its what will serve me and my clients for a successful career.

well stated.

 

[somarco]

I have no idea what a Keycare Flex is, or a Keycare Preferred. A lower priced plan is sometimes a lesser plan and sometimes it delivers more value.

If I can move someone from a copay plan to an HSA qualified plan with the same or less OOP and save them money I will do it. $80/mo is $1000 a year. Nothing to sneeze at.

Money they pay to the carrier is gone. They won't ever see it again.

My goal with my clients is to get them to send as little as possible to the carrier but still protect them on a major claim. Most of the time, when folks follow my suggestion, they do exactly that and pocket some substantial savings.

Your client said they would like to save money. If you didn't show them a way to do that without compromising their total risk exposure, there is a good chance they will ask another agent the same question. Not saying you did right by them or not, but it appears you did not address their question.

Saving premium dollars is not scrimping on health care, it is making wise use of your dollars.