NY Individual Health Market

[bill3173]

I've heard agents say there is no point in selling health insurance in NY, but I have life clients that have 2nd homes down here, that have asked me to assist them with their major med. I pass it on to my associate in the area. He's always glad to get the cases.

Never gave it much thought, until I read the negative comments about NY Health on the forum. Somebody must be making $$? I know it's a lower commission, but he premiums are fairly large.

 

[Crabcake Johnny]

I just posted premiums for my family between $2,800 to $3,500 per month. I'd say anyone who can afford those premiums would have to be making $200K+. So yes, I'm sure there's a market if you can find affluent clients.

At 5% commission based on $2,800/mo that's a $1,680 comp. Just find 1 client a week and you're earning over 87K.

 

[dgoldenz]

I just posted premiums for my family between $2,800 to $3,500 per month. I'd say anyone who can afford those premiums would have to be making $200K+. So yes, I'm sure there's a market if you can find affluent clients.

At $30-40k/year I'd just take my chances that nobody gets cancer.

 

[Crabcake Johnny]

At 30K to 40K a year just going 3 years without a medical event would probably be enough in savings to pay for 95% of most medical treatment.

 

[DS4]

I would have to think that with premiums that high, premium rates are reflective of health costs. What would a week of ICU in a NY city hospital cost? $200k? $300k?

 

[TXINSURANCE]

I would have to think that with premiums that high, premium rates are reflective of health costs.

More reflective of BS legislation that requires guaranteed issue regardless of health condition and other excessive mandates. Then again the new federal system in 2014 is potentially worse in some respects, as at least NY has a pre ex wait with no prior insurance - the new federal system doe not.

 

[usahic]

There is a very small indvidual health insurance market in NY. If you can afford it, you probably have a business and are on a group plan. Those that can not afford it end up on the Healthy NY or Medicaid progerms.

 

[Josh]

I've heard agents say there is no point in selling health insurance in NY, but I have life clients that have 2nd homes down here, that have asked me to assist them with their major med. I pass it on to my associate in the area. He's always glad to get the cases.

Never gave it much thought, until I read the negative comments about NY Health on the forum. Somebody must be making $$? I know it's a lower commission, but he premiums are fairly large.

I don't know of any carriers paying a commission on any individual product except an AIM type program. That being said, there are group products (usually 4% between agent and GA), and the premiums are more affordable. You do have to actually be a business though. What I tell most folks that can't get health insurance from work is to just save the cash for the "minor" stuff (even at $10k/year that's enough to pay cash for an appendectomy every year and then some). The other part of that is that if for some reason they do have something catastrophic happen like cancer, they should just quit working and go on Medicaid. Is that a great plan? No, but if a guy is making $40k-$50k/year with a mortgage, car payment, wife and two kids that's where he's at. Either that, or go get a job that offers health insurance/start a business. For all the bitching and moaning people do about the "right to affordable healthcare" these mandates aren't fixing that issue. With the new plan my advice to anyone in that same situation ($40k-$50k/year, house, wife, two kids) is just to pay the penalty, pay cash for office visits (like they would with a HD plan), and then buy insurance if they get diagnosed with something catastrophic. It's a shame congress didn't look to states like NY and MA to see that the program they "created" has already failed.
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I just posted premiums for my family between $2,800 to $3,500 per month. I'd say anyone who can afford those premiums would have to be making $200K+. So yes, I'm sure there's a market if you can find affluent clients.

At 5% commission based on $2,800/mo that's a $1,680 comp. Just find 1 client a week and you're earning over 87K.

There really isn't much of a market. At that income level they either get health insurance through work or have a business. Under either scenario they aren't getting an individual plan.

 

[somarco]

This seems to be a popular option in NY

Freelancers Union :: Benefits - Pages from Freelancers Union

 

[VolAgent]

Still, who can afford those? You have to go to a 10K deductible just to get a manageable premium.