Group Health Agents...selling 'Ancilliary?'

Mar 12, 2019

  1. rousemark
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    rousemark Still Here!

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    You sound like one of those guys that thinks a cancer plan is waste of money..
     
  2. Mike Siegal
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    Mike Siegal Super Genius

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    Wait a second....'ancillary' pays 75% and up....how are they not paying more than standard health ins. commissions?
     
  3. somarco
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    somarco GA Medicare Expert

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    Agency's that work schools and govt entities spend a lot of time promoting STD, HI, cancer, juv life, etc.

    They swarm the place during open enrollment scheduling 10 minute interviews to "explain your health insurance options for next year. Once that is done the next 9 minutes covers all the stuff you don't know you need until you talk to the "salaried rep".

    All your coverage on PRD. No payment until next year.
     
    somarco, Mar 15, 2019
    #13
  4. rousemark
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    rousemark Still Here!

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    Not to mention the lifetime renewals.. :)
     
  5. RJT Consulting
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    RJT Consulting Super Genius

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    And you don't have a clue what you're talking about. Been doing employee benefits, including ancillary, for 25 years. There is plenty of money to be made while making a real difference in the lives of the employees.
     
  6. junkman
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    junkman Guru

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    We always made ancillary available including the best contracts we could find for products we didn't think were worth buying. Because, other agents will use anything you don't sell to get into your group.

    At enrollment, we'd push LTD & STD with dental - because these people didn't have a cash reserve and would need DI benefits to pay bills. Using the preventative dental benefits made getting teeth cleaned a monthly tax free expense instead of a budget busting frequently skipped process.

    Things like cancer and hospital indemnity were presented more like "here it is. Buy if you want. "
     
    junkman, Apr 4, 2019
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  7. Derek Streich
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    Derek Streich New Member

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    I've found that most group health agents don't focus selling ancillary or voluntary benefits. The fact that Aflac and Colonial are doing so well with career voluntary specialists is proof that most group health agents are not capitalising on this opportunity.
     
  8. junkman
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    junkman Guru

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    It's pretty much a waste ...... unless you're selling. 70% commission first year plus over rides doesn't leave much room for paying claims. But, it's only a few dollars per pay period ... and you can drop it anytime (ASSUMING) you can get around the cafeteria plan rules. Oh, they pay renewals too. That helps - the agent.
     
    junkman, Apr 5, 2019
    #18
  9. leevena
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    leevena Guru

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    I would not recommend placing a cancer/indemnity plan premiums in a pre-tax Section 125, not worth the small savings. The IRS allows for tax-free receipt of the payment, but the individual needs to substantiate the actual medical expense. Think about the policy that pays an amount, say $50,000 upon diagnosis. May be tough to substantiate the full amount that soon.
     
    leevena, Apr 5, 2019
    #19
  10. rousemark
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    rousemark Still Here!

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    By law in most states the claims ratio has to be 60%+... Can I assume that unlike me, you have never had cancer? ..
     
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