Opinions on IHC GROUP Indemnity Plans

Discussion in 'General Insurance Agent Discussions' started by El Capitan, Nov 7, 2011.

  1. El Capitan
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    El Capitan Well-Known Member

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    Thinking about getting contracted w/ this carrier.

    Opinions/experience on this company and its indemnity plans? Also get 18% on commissionable premium w/ 12mth advance.

    Here is some info taken directly from brochure.


    Basic is a group association fixed indemnity health insurance plan
    underwritten by Madison National Life Insurance Company, Inc., a
    Wisconsin insurance company. Madison National is a member of The IHC
    Group. The IHC Group is an insurance organization composed of Independence
    Holding Company (NYSE: IHC) and its operating subsidiaries. The IHC Group has
    been providing life, health and stop-loss insurance solutions for nearly 30 years.




    Covered Services
    Basic 1
    Basic 2
    Basic 3

    Outpatient Doctor Office Visit Indemnity Benefit
    $50 per visit

    4 per covered person per year
    $60 per visit

    4 per covered person per year
    $70 per visit

    4 per covered person per year
    Preventative Indemnity Benefit Care
    $50 per calendar year
    $100 per calendar year
    $200 per calendar year
    Outpatient Diagnostic Lab Testing and X-ray Indemnity Benefit
    $50 per visit

    Maximum of 4 visits
    $50 per visit

    Maximum of 4 visits
    $75 per visit

    Maximum of 4 visits
    Urgent Care or Hospital Emergency room
    $50 per visit

    Maximum of 1 visit
    $75 per visit

    Maximum of 1 visit
    $100 per visit

    Maximum of 1 visit
    Daily Hospital Confinement Indemnity Benefit
    $200 per day

    Maximum Benefit of Inpatient days: 2-31
    $400 per day

    Maximum Benefit of Inpatient days: 2-31
    $800 per day

    Maximum Benefit of Inpatient days: 2-31
    Skilled Nursing Facility or Hospice Indemnity Benefit
    $100 per day

    Combined maximum of 30 days
    $100 per day

    Combined maximum of 30 days
    $200 per day

    Combined maximum of 30 days
    Surgical Indemnity Benefit
    $500 inpatient

    $250 outpatient
    Maximum of 1 Inpatient and 1 Outpatient Surgeries
    $1,500 inpatient

    $1,000 outpatient
    Maximum of 1 Inpatient and 1 Outpatient Surgeries
    $2,000 inpatient

    $1,500 outpatient
    Maximum of 1 Inpatient and 1 Outpatient Surgeries
    Anesthesia Indemnity Benefit
    25% of the surgery benefit
    25% of the surgery benefit
    25% of the surgery benefit
    Outpatient Prescription Medication Indemnity Benefit
    $4 Indemnity Benefit per each Generic prescription (maximum of 6 per year)

    $20 Indemnity Benefit per each Formulary or Non-Formulary Brand Medication (maximum of 6 per year for all Brand medications)
    $4 Indemnity Benefit per each Generic prescription (maximum of 6 per year)

    $20 Indemnity Benefit per each Formulary or Non-Formulary Brand Medication (maximum of 6 per year for all Brand medications)
    $4 Indemnity Benefit per each Generic prescription (maximum of 6 per year)

    $20 Indemnity Benefit per each Formulary or Non-Formulary Brand Medication (maximum of 6 per year for all Brand medications)

    Monthly Premiums
    Basic 1
    Basic 2
    Basic 3
    Individual
    $162.68
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    $264.47
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    $411.19
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    Individual & Spouse
    $303.80
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    $522.67
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    $838.12
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    Individual & Child
    $248.59
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    $421.65
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    $671.05
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    Family(Applicant, Spouse & Children) or (Applicant & 2 or more Children)
    $408.14
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    $713.52
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    $1,153.66
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  2. TXINSURANCE
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    TXINSURANCE Well-Known Member

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    It's a limited fixed indemnity guaranteed issue plan that covers nothing ore existing for 12 months. It is what it is. Nothing more. Nothing less.

    Their wrap around accident and CI is a great product as well.

    Who in the world is offering you a 12 month advance? The carrier does not advance. I assume you have to assign commissions and get paid from a GA to get the advance.

    Advancing 12 months on any limited product is just crazy.

    You should go as earned and take a higher contract. PM me if you want more information.
     
  3. El Capitan
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    El Capitan Well-Known Member

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    Hadn't got that far in the contracting but after checking it out today they do ask to assign commissions. They have over 1000 agents nationwide and would be surprised if they would ever burn that bridge but one never knows and I wouldn't assign commissions anyway.

    TxInsurance let me know what you offer - might be interested. Was already thinking would go direct to see what contract they will offer. As earned is fine anyway.
     
  4. ryanr77
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    ryanr77 New Member

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    Mod if bumping this is against your rules feel free to delete and I'm sorry.

    @EL Capitan - just wanted to let you know that if you were to be set up directly through us you would be at a 20%first year 8% renewals.

    edit: if anyone has questions on these plans, would like more information, or would like a quote feel free to contact me - I work for IHC Health Solutions out of the Minneapolis office.
     
    Last edited: Jan 10, 2012
  5. OregonDave
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    OregonDave Well-Known Member

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    I'm running into IHC and I need some guidance.

    I worked in the call center doing a program very similar to AHCP and I did very well. I outgrew the flat fee pay, and went independent. I am torn between HCO and a local AHCP startup ran by an old vet from whom I could learn a lot from about employee benefits packages. He came highly recommended, however it appears he worked for Insphere as a DM and it looks like through him I'm contracted with AHCP, IHC, and IPA.

    It seems like the things I've read about the latter two orgs get better the more recent the posts/reviews, so are these legit companies with a legitimate purpose for certain clients or are they a sham?

    Also, what would you guys do with these choices?

    -OregonDave
     
    Last edited: Sep 22, 2012

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