Medicare Covers Full Cost of HHC?

[Arthur Rudnick]

originally posted by rousemark

Arthur: Have you seen Standard Life and casualty's Home Health Care plan? Almost no health underwriting. If you have seen it, what do you think of the product? Worth having?

I'm not familiar with them, they're not approved in NY.

There is a HHC plan available without any underwriting at all (as long as the applicant does not presently require LTC services). It's not insurance, it's a pre-paid plan where you buy a discounted block of hours up front. It's not cheap, but it is an alternative for someone who is uninsurable for traditional LTC coverage.

I haven't used them yet, but it's in my back pocket just in case a situation presents itself.

True Freedom Premier Plans | True Freedom Home Care

 

[somarco]

They're banking on the client not taking the time to fill out the simple claims form after 6 months or so. In a perfect world, if the client took full advantage of the RX benefit each month, the carrier wouldn't make money.

Why does this sound so much like carriers that priced their Obamacare block for a loss while betting on the come regarding the reinsurance (that never came through)?

Kemper's claim history on their RX benefit showed that most client's quit using the RX benefit by the 9th month.

So as long as you sell the product to stupid, lazy people it works.

 

[liorselamb]

So the carrier is being benevolent, pricing a product to lose money in order to gain ................. what?

Most policy holders don't bother filing the claim for the Rx benefit and the annual physical benefit

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2 x recruiter pitched me this product as one where the client makes money. I asked the same thing you did and the answer both times was " I don't know how it works it just does" That's why I am sceptical makes no sense to me

When selling this product, focus on the actual benefit (HHC) and not "making" money. The Rx benefit is only a way to save on the cost. Most people fill Rx every 90 days. The Rx benefit pays per fill, not per month

 

[somarco]

Most policy holders don't bother filing the claim for the Rx benefit and the annual physical benefit

Then you are selling to stupid, lazy people.

 

[liorselamb]

Then you are selling to stupid, lazy people.

They need insurance as well. I do not discriminate

 

[midwestbroker]

I think the HHC companies will rely on the same thing that companies who offer rebates do: people not filling out claims.

According to consumer reports, 25% of people never apply for rebates, and another 23% only do it sometimes, so they can figure roughly 50% of people will not apply.

However, assisting your clients with their rebates or filing an indemnity claim is a perfect way to get back in front of your client, get them there benefit, and hopefully spread the word to their friends (referrals).

 

[liorselamb]

I think the HHC companies will rely on the same thing that companies who offer rebates do: people not filling out claims. According to consumer reports, 25% of people never apply for rebates, and another 23% only do it sometimes, so they can figure roughly 50% of people will not apply. However, assisting your clients with their rebates or filing an indemnity claim is a perfect way to get back in front of your client, get them there benefit, and hopefully spread the word to their friends (referrals).

Great point! I let my clients know that I can assist them once a year filing a claim. All they have to do is keep their receipts etc...

 

[Daytona_Guy]

According to consumer reports

Yup. It's the expectation that most won't take advantage of the rebate that the company is counting on.

It IS a wildly popular product and, when showing them the alternative of the potential out-of-pocket costs, it sells pretty easily. They do not have an E-app for it yet, though.