yea... im bo-legged......
Obamacare & Selling Individual Health Insurance in 2013 & 2014
- Thread starter mark68
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yea... im bo-legged......
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I think it really depends on the volume that you or your agency does, and how you actually manage the process.
I think the small group market is going to fall apart and eventually become non-existent. Maybe not now, but why would employers keep paying for group coverage when their employees can go out into the marketplace and find, probably, a better plan for the same price or cheaper (with their APTC)?
If you have the volume, and can afford to use a platform that tracks enrollments and let's you enroll on behalf of your applicant, you can stand to make some good profit.
The small group market is still here, so if you can combine the two, I think you'd be in good shape.
I use my own enrollment platform and have an enrollment site, so consumers literally come in, compare plans, enroll, and my NPN is embedded so I receive credit and it's like free money. Obviously we pay for marketing expenses, but we're really profitable right now and with the group market falling I can only see positive things coming out of this.
I think the small group market is going to fall apart and eventually become non-existent. Maybe not now, but why would employers keep paying for group coverage when their employees can go out into the marketplace and find, probably, a better plan for the same price or cheaper (with their APTC)?
If you have the volume, and can afford to use a platform that tracks enrollments and let's you enroll on behalf of your applicant, you can stand to make some good profit.
The small group market is still here, so if you can combine the two, I think you'd be in good shape.
I use my own enrollment platform and have an enrollment site, so consumers literally come in, compare plans, enroll, and my NPN is embedded so I receive credit and it's like free money. Obviously we pay for marketing expenses, but we're really profitable right now and with the group market falling I can only see positive things coming out of this.
- 143
In Washington State Im making a killing on Individual Health Insurance. Signing up on average 3 new clients per business day...well technically Im working 7 days a week until March 31st (over 30+ straight days).
On average I make about $17 per person per month, so its going well. Then going to cross sell to Term Life Insurance starting in April...beautiful way to create a residual income!
Im looking to set up a structure so I can hire agents to help me re-sign up my clients for the 11/15/2014 to 2/15/2015 time period. Right now I have over 400 people.
Does anyone have advise on a structure to hire agents on a Short Term basis? Should I pay a $25 per application fee or a residual commission?
Also if they bring in the client how should I treat that any different than if I give them a client?
On average I make about $17 per person per month, so its going well. Then going to cross sell to Term Life Insurance starting in April...beautiful way to create a residual income!
Im looking to set up a structure so I can hire agents to help me re-sign up my clients for the 11/15/2014 to 2/15/2015 time period. Right now I have over 400 people.
Does anyone have advise on a structure to hire agents on a Short Term basis? Should I pay a $25 per application fee or a residual commission?
Also if they bring in the client how should I treat that any different than if I give them a client?
This is just amazing, creating jobs through inefficiency.....the O' way:
Forget Enrollment, There
Single payer, here we come
Forget Enrollment, There
Single payer, here we come
There won't be anything passive about Ocare renewals. Double digit is all any of the carriers are admitting to at this point. 20%+ would not surprise me for the "big" players. Minor players will either be in the 40%+ or simply bail on renewal.
And yes, the subsidy calc will have to be repeated. The good news is, when you are calculating subsidies for 2015 they won't yet know about the 2014 clawbacks.
And yes, the subsidy calc will have to be repeated. The good news is, when you are calculating subsidies for 2015 they won't yet know about the 2014 clawbacks.
bottom line if you wrote the 2nd lowest and they are getting a subsidy and their income stayed the same their premium will remain constant in 2015 however the true premium will increase on the backs of the taxpayers
Relative to renewals, I have a very simple model I've adapted for my book of business that will most likely closely approximate reality:
Assumptions:
1st Year Commission- 8%
Renewal Commission- 2-3%
Assume 50% of your book moves each year to a different carrier and the rest renews with about 90% retention. Less than 2% of my book is subsidy based and since I haven't been paid on any of it yet I'm not even thinking about that going forward.
So, for a $1M book of business, that's about $45K in income per year going forward.
For me, that's fine because I also have a Medicare book (about 100) and other income.
$45K annually for working about 3 months a year is a pretty good return, if I wanted to double or triple that it would be easy enough by cross selling to my book of business, something that I am not going to actively pursue.
Assumptions:
1st Year Commission- 8%
Renewal Commission- 2-3%
Assume 50% of your book moves each year to a different carrier and the rest renews with about 90% retention. Less than 2% of my book is subsidy based and since I haven't been paid on any of it yet I'm not even thinking about that going forward.
So, for a $1M book of business, that's about $45K in income per year going forward.
For me, that's fine because I also have a Medicare book (about 100) and other income.
$45K annually for working about 3 months a year is a pretty good return, if I wanted to double or triple that it would be easy enough by cross selling to my book of business, something that I am not going to actively pursue.
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