- 11,280
Who can train me for group? I'll give you $50
Group Health Forum
- Thread starter johnrocks
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- group health
Learning the group business is like anything else.
It takes time.
Small group is fairly simple as long as you know what to expect from underwriting. In GA the max rate up is 67% and most small groups, especially fewer than 5, will get that hit.
You need to understand the difference in PPO, POS & HMO. It helps to have an understanding of the HSA & HRA market as well as section 125 provisions.
With this and a knowledge of data collection you can start bidding on small groups. I would not anticipate a lot of success at first. You might close 1 out of 10 if you are lucky. Closing ratio's will go down if you are working with an employer that wants to install a virgin group.
Knowing how to carve out dependents & setting up class structured benefits will help. Coordinating supp plans with the group plan can also generate additional revenue.
It takes time.
Small group is fairly simple as long as you know what to expect from underwriting. In GA the max rate up is 67% and most small groups, especially fewer than 5, will get that hit.
You need to understand the difference in PPO, POS & HMO. It helps to have an understanding of the HSA & HRA market as well as section 125 provisions.
With this and a knowledge of data collection you can start bidding on small groups. I would not anticipate a lot of success at first. You might close 1 out of 10 if you are lucky. Closing ratio's will go down if you are working with an employer that wants to install a virgin group.
Knowing how to carve out dependents & setting up class structured benefits will help. Coordinating supp plans with the group plan can also generate additional revenue.
- Thread starter
- #23
Can you sell a group policy to a business who has a group policy that has a anniversary date say 8 months out. (does that make sense) or can you only sell them a group when their year is coming up. I never sold group so I know this probably sounds like a stupid question, but I have my reason for asking.
- 11,280
If they are even 2 months in to thier coverage, you would think that some people could have alot towards thier deductible. What is section 125. were you trying to sound smart?
- 112
Somarco IS smart!
I 've only written a small group once and that was mainly by accedent, but I am working on a couple right now, so I'm still a newbie in this stage.
Group does take a heck of a lot longer to close, and if you are indy then you stand a better chance, most of what they are looking for is price.
Sec 125
- Section 125 Cafeteria Plans allow employees to obtain a flexible range of benefits on a pre-tax basis... anything from health insurance premiums to dependent day care costs.
- Cost to the employer for Section 125 Plans is usually minimal.
- Employees save FICA, federal and state taxes while the employer saves FICA and workers compensation taxes.
Or just Google it.
- 11,280
I was kidding with somarco. I probably could have sould a group about 2 years ago but I didnt know where to start so I never pursued it. I think I might give them a call. It is a trucking co.
What groups are not insurable? Are there any? What company has the lowest rates?
What groups are not insurable? Are there any? What company has the lowest rates?
- Staff
- #27
- 1,599
You do not need to wait for renewal time to sell a group, and whatever they spent thus far on deductible can usually be carried over to the new carrier. However, it is much easier to get a group when they are up for renewal.
- 11,280
Why do they normally rate them up to the max? Are there alot of businesses that do not even have coverage?
- 11,280
Where do you get teh leads? Do you call the yellow pages? Stop by the biz or can you buy leads? Is it hard to keep them on the books? Is there alot of competition?
- Thread starter
- #30
