Guaranteed Issue - Health Insurance Innovation?

[Suis]

<<<<I sell about 80 - 100 major medical plans every month, and a few of these >>>

Wow! Good for you!

Ignore all the negative agents, they are the unsuccessful ones.
I never met a whiner yet who made any real money!
When people fail conventional underwriting, but cannot afford the State risk pool plans, The limited Indemnity or Mini med plans as they are often called, make for an affordable solution for their anxiety.
There is no shame in selling insurance, when your products are clearly presented. I sell about 80 - 100 major medical plans every month, and a few of these plans are sold as well. In fact, I sell the particular one you have mentioned here! The 40% commission is not hard to take either, lol !
- - - - - - - - - - - - - - - - - -

Good product! I've been selling it since it's inception! and have been dealing with the same people for over 25 years!

- - - - - - - - - - - - - - - - - -
oooh - don't get me started - I KNOW my husband and SIL will appreciate this! - we had a '69, 70, 72 Chevelle SS, cowl induction, etc. (can't remember motor but not 302) and early camaro but these get bought and sold - yours is a winner! SIL races his "Challey" and wins, too. Right now with tight economy, it's slow and we don't have too many.

OK OK - I promise to stop off topic discussion
Sue

>>Yes. My car. It is a 1969 Pro Touring Camaro with a 502 Chevy Ram Jet EFI crate engine. It is an open road race car. <<

 

[DS4]

In fact, I sell the particular one you have mentioned here! The 40% commission is not hard to take either, lol !

Good product! I've been selling it since it's inception! and have been dealing with the same people for over 25 years!

Here is a breakdown on where each dollar goes on Limited Indemnity Medical plans,

40% Agent commission
55% Company profit
05% Claims

 

[GreenSky]

Here is a breakdown on where each dollar goes on Limited Indemnity Medical plans,

40% Agent commission
55% Company profit
05% Claims

I think you're simplifying this. The 5% has to cover the expense of mailing the claim payments also.

So, it's really 2% for claims and 3% for claims expenses.

Do the research before you embarrass yourself.

Rick

 

[Suis]

<<<In fact, I sell the particular one you have mentioned here! The 40% commission is not hard to take either, lol !>>>

Hmm, I was told commission is only 20%.

 

[YouGotMyMoney]

<<<In fact, I sell the particular one you have mentioned here! The 40% commission is not hard to take either, lol !>>>

Hmm, I was told commission is only 20%.

Tbat's the typical Writing Agent commission.

Truth be told if you had your own private label mini med, you could take 50-60% commission. That's usually what the call centers get, 50% plus the $100 enrollment fee.

 

[Suis]

Maybe there'll be a forced reduction like HCR is forcing carriers to reduce their profits. Then agents commission will be reduced and so on and so on.
Sue

Tbat's the typical Writing Agent commission.

Truth be told if you had your own private label mini med, you could take 50-60% commission. That's usually what the call centers get, 50% plus the $100 enrollment fee.

 

[YouGotMyMoney]

Maybe there'll be a forced reduction like HCR is forcing carriers to reduce their profits. Then agents commission will be reduced and so on and so on.
Sue

Well with a mini-med (excluding companies like Assurant) the "carrier" doesn't pay you, the marketing company does.

And I don't think they will able to affect mini med comp because most of the plans aren't regulated by the DOI.

 

[Dave020]

Mini-Med plans were given an exclusion under ObamaCare for MLR according to Aetna (which sells a mini-med SRC Aetna).

 

[somarco]

most of the plans aren't regulated by the DOI.

Actually they are.

Mini meds have (or at least are supposed to have) filed rates, policy forms, etc with the DOI in states where they are marketing.

Discount plans are another animal entirely and are not regulated by anyone . . . except the AG when they get a little over-zealous in their marketing promises.

 

[cdbarkley]

On September 29, 2010, the Illinois Department of Insurance issued a Cease and Desist order against AIM Health Plans and others, for selling non-comprehensive health insurance products in Illinois without a license. I had been bombarded with emails from AIM in the past, and was even appointed by them, though never sold any of their products after doing my due diligence on them. Depending on the age and circumstances of your client, they may be able to get insurance through the state, if they don't qualify or can't be underwritten by insurance carriers for health insurance. And cost wise, it may be close to the same amount per month as the 'guaranteed' plans. Though I don't think the state plans, at least here in Illinois, cover all that they should for the cost, if your client meets the requirements, the state plan will pay the claims and your client will be better served than by those other companies.