MA & Indemnity Plans

Dec 1, 2015

  1. 1manshow
    Offline

    1manshow Guru

    Posts:
    1,610
    Likes Received:
    9
    State:
    Pennsylvania
    Is anyone using indemnity plans alongside the MA's to help with out of pocket?

    If so, is there one plan that is significantly better than others?

    Mainly planning this strategy for next season
     
  2. Experienced Agent
    Offline

    Experienced Agent Super Genius

    Posts:
    145
    Likes Received:
    1
    I use GTL almost exclusively. They provide a good product and very good support.
     
  3. midwestbroker
    Offline

    midwestbroker Guru

    Posts:
    2,372
    Likes Received:
    48
    State:
    Missouri
    I used GTL when I was in the field full time, but that was all I knew.

    I recorded a webinar I did last year on HIP and also have a white paper that you can access here:

    Hospital Indemnity Plans - SMS University

    Yes, this is kind of a shameless self promotion, but the video and white paper are open access (no need to share any information to receive). There is also a carrier grid to show other carriers, but it may be dated as I put it together earlier this year.

    Hope this helps.
     
  4. G.Gordon
    Offline

    G.Gordon Guru

    Posts:
    3,182
    Likes Received:
    4
    State:
    Missouri
    I explain to seniors that keeping the money in their pocket is the wisest choice.
     
  5. kstein
    Offline

    kstein Guru

    Posts:
    778
    Likes Received:
    43
    I use gtl occasionally esp if they are sick and t65. I've paired it w plan F or G on occasion and the couple I've done make money off it every year bc they go in the hospital consistently when the weather changes. Pays for their Christmas gifts!
     
    kstein, Dec 2, 2015
    #5
  6. Midlevel
    Offline

    Midlevel Guru

    Posts:
    815
    Likes Received:
    36
    GTL $300/day up to 10 days is the one I usually write. People only have a copay for the 1st four days but end up getting a $3000.00 check for being in the hospital for 10 days or longer. Had it happen 4 times this year where client make about $1400 by being in the Hospital. That really pisses off their friends who say they don't pay anything when they go to the Hospital because they have the F plan. Ha
     
  7. 1manshow
    Offline

    1manshow Guru

    Posts:
    1,610
    Likes Received:
    9
    State:
    Pennsylvania
    G Gordon...I'm not seeing your logic. Maybe you can help me understand so I won't mislead a client.

    I had one this year that hit the 6000 out of pocket...and it killed their bank acct. Th logic of paying an extra $400/year and have had almost all that money paid back from an indemnity policy makes sense to me.
     
  8. somarco
    Offline

    somarco GA Medicare Expert

    Posts:
    29,253
    Likes Received:
    2,981
    State:
    Georgia
    I never saw the logic of selling a plan and then adding on another policy (or two or three) to fill the gaps in the terrific coverage you sold them. Have yet to see a decent gap plan that is 100% foolproof.

    If they need something to cover gaps they need a Medigap.

    Of course the agent that peddles $0 premium MA then adds on other policies makes a lot more money than one that sells Medigap without additional policies.
     
    somarco, Dec 2, 2015
    #8
  9. Fisher
    Offline

    Fisher Guru

    Posts:
    1,399
    Likes Received:
    59
    State:
    Missouri
    I have plenty of clients who wish they could afford one. Perhaps I should be less logical and show them how eating ramen 6 nights a week - instead of just 3 - might allow them to realize this dream.
     
    Fisher, Dec 2, 2015
    #9
  10. 1manshow
    Offline

    1manshow Guru

    Posts:
    1,610
    Likes Received:
    9
    State:
    Pennsylvania
    Personally, I would never even offer a MA...but some of these people are so strapped for cash that they cant afford anything else. A $40/month premium to keep them out of the poorhouse in the event of a hospital trip makes sense to me.
     
Loading...