Little Known Health Insurance Strategies

[Alston]

I'd like to know if you have discovered any easy to teach tricks or strategies that have helped your clients save money on their policies.

I can't take credit for the idea mentioned below. My better half came up with this one.

She is a school psychologist who has no interest in being an insurance agent. However she can't sit still. So in the last few weeks before she gave birth to our son (now almost 4) she volunteered to work as my assistant. She came up with an insurance buying strategy that can save a client thousands of dollars a year.

She discovered that families in certain situations could get a much better deal by purchasing separate health insurance policies.

Has anyone else come across any other strategies that that have helped their clients but that might not be common knowledge even among insurance agents?

 

[ABC]

In the individual market there are not a lot of strategies that will cut cost. The best approach I think is the HSA approach.
Then if you really want to cut cost sell an HSA with co insurance.

Another thing you can do with family plans is if they have kids in college put those kids on their own plan with HSA benefits. Where they might cost $100 on the family plan you can switch them to their own for $80. Its not a huge amount of savings so it needs to be sold from a % standpoint.
If you do this you need to make sure the client understands the risk.

On your example did the family end up splitting up the plans?

 

[CHUMPS FROM OXFORD]

This mini-blog article has helped many Ohioans save money on their health coverage.

The best Ohio health insurance plans | Ohio Health Insurance

 

[Bob_The_Insurance_Guy]

If I have a family that wants a HSA, I put the adults on it, and depending on the ages of the children, put them on a copay plan.

Small children statistically go to the doctor too often to justify putting them in a HSA plan.

Also, tell every IFP client you have to go to Kroger for their generics, rather than pay $15.

 

[SouthernYankee]

I'd like to know if you have discovered any easy to teach tricks or strategies that have helped your clients save money on their policies.

I can't take credit for the idea mentioned below. My better half came up with this one.

She is a school psychologist who has no interest in being an insurance agent. However she can't sit still. So in the last few weeks before she gave birth to our son (now almost 4) she volunteered to work as my assistant. She came up with an insurance buying strategy that can save a client thousands of dollars a year.

She discovered that families in certain situations could get a much better deal by purchasing separate health insurance policies.

Has anyone else come across any other strategies that that have helped their clients but that might not be common knowledge even among insurance agents?

I have a lot of luck putting families into a defined benefit plan with a high deductible health insurance plan. I can put some one with a 10k ded. and put a defined med plan under it to cover everything up to the 10k ded. It cut cost almost in half, AND they essentially end up with potential zero out of pocket.

Also in the splitting up of the families, if there is one person in a family that is making their rate sky rocket I will put that person on their own high ded. plan w/ a defined med under it. Put the rest of the family on a traditional plan.

I also have an awesome form for selling HSA's showing the family how the plan would work out in worse case scenario, and a typical year. It takes all the fear out of leaving their co-pays behinde. PM me if you would like me to email it to you!

 

[Dowejonez]

I have a lot of luck putting families into a defined benefit plan with a high deductible health insurance plan. I can put some one with a 10k ded. and put a defined med plan under it to cover everything up to the 10k ded. It cut cost almost in half, AND they essentially end up with potential zero out of pocket!

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SouthernYankee.....what companies do you use for defined benefits?

 

[SouthernYankee]

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SouthernYankee.....what companies do you use for defined benefits?

Assurity, AIG (turning into Transamerica because of bad press I think) The AIG plan has a guaranteed issue plan that I can use to help the "uninsurable" market with. I help them modify their plan with a higher deductible and slide this under it. There are still a few gaps on out patient services so I make sure that I explain that to them fully.

 

[ABC]

Assurity, AIG (turning into Transamerica because of bad press I think) The AIG plan has a guaranteed issue plan that I can use to help the "uninsurable" market with. I help them modify their plan with a higher deductible and slide this under it. There are still a few gaps on out patient services so I make sure that I explain that to them fully.

How much customer service to give your clients that you sell on these types of plans?

 

[SouthernYankee]

How much customer service to give your clients that you sell on these types of plans?

Not sure what you are asking me here?

 

[somarco]

I have a lot of luck putting families into a defined benefit plan with a high deductible health insurance plan. I can put some one with a 10k ded. and put a defined med plan under it to cover everything up to the 10k ded. It cut cost almost in half, AND they essentially end up with potential zero out of pocket.

I tried that at first. Almost impossible to sell over the phone. Could make it work F2F but who wants to go see prospects?

Better be careful with that last line. If that is part of your pitch it could come back to bite you.