But you can sleep at night because you've done the right thing for your clients, now it's time to be successful at something else.
Selling Individual Health by Phone
- Thread starter Trotter
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But you can sleep at night because you've done the right thing for your clients, now it's time to be successful at something else.
How do you know he can sleep at night because of a clear conscience? Somarco can sleep well at night because he downs a fifth of tequila and follows that with 3 fireball shots.
The claims and assumptions I am reading on this thread are simply not accurate.
I have sold short term medical for over 20 years when it was appropriate for the client.
I have seen these policies pay claims for $300,000 for cancer $250,000 for a brain aneurism , $200,000 for a heart attack.
STM is a insurance CONTRACT. just like group insurance and individual are contracts.
Carriers pay according to the contract. If the client is healthy and truthful and short term medical is appropriate there will not be an E and O claim.
Before 2014, I used it primarily for my clients that turned 64 who were healthy and had no pre existing. The coverage was more than enough to get them to Medicare eligibility. The cost was a third the price for a comparable individual plan that was also going to terminate On the insureds 65 Birthday.
Since 2014 I have recommended it to more clients who are health, have no pre existing and do not qualify for tax credits. Why? Because they are
1/2 to1/3 the price of ACA compliant plans and get the insured to the next open enrollment. To say it's not qualified and people will owe the tax penalty also is not always correct. Of the 100 or so I have sold less than 10 clients will have a penalty owed because 90 of them will qualify for the 8.05% affordability exemption. The ones who will owe the penalty have chosen to go with the short term and pay the penalty because it was still several thousands of dollars cheaper for them to pay the penalty then to purchase compliant plans.
As far as making money I average $2,000 in commission for every one I do . Is it all from the STM sale? No it is not, the average is about $500 from the STM sale but these clients need guidance and usually need other products to protect themselves.
The one I did yesterday is leading to a $12,000 life insurance commission.
STM has its place in the market and is a alternative for health individuals that do not receive tax credits.
I have sold short term medical for over 20 years when it was appropriate for the client.
I have seen these policies pay claims for $300,000 for cancer $250,000 for a brain aneurism , $200,000 for a heart attack.
STM is a insurance CONTRACT. just like group insurance and individual are contracts.
Carriers pay according to the contract. If the client is healthy and truthful and short term medical is appropriate there will not be an E and O claim.
Before 2014, I used it primarily for my clients that turned 64 who were healthy and had no pre existing. The coverage was more than enough to get them to Medicare eligibility. The cost was a third the price for a comparable individual plan that was also going to terminate On the insureds 65 Birthday.
Since 2014 I have recommended it to more clients who are health, have no pre existing and do not qualify for tax credits. Why? Because they are
1/2 to1/3 the price of ACA compliant plans and get the insured to the next open enrollment. To say it's not qualified and people will owe the tax penalty also is not always correct. Of the 100 or so I have sold less than 10 clients will have a penalty owed because 90 of them will qualify for the 8.05% affordability exemption. The ones who will owe the penalty have chosen to go with the short term and pay the penalty because it was still several thousands of dollars cheaper for them to pay the penalty then to purchase compliant plans.
As far as making money I average $2,000 in commission for every one I do . Is it all from the STM sale? No it is not, the average is about $500 from the STM sale but these clients need guidance and usually need other products to protect themselves.
The one I did yesterday is leading to a $12,000 life insurance commission.
STM has its place in the market and is a alternative for health individuals that do not receive tax credits.
I believe you failed to point out the inaccuracies. Care to address the p-x trap?
Maybe you can enlighten us on the problems Assurant had with suits and DOI complaints over their claim denials for their STM product. Or were those complete fabrications?
well I believe I did address the Pre ex problem. its the same problem all Individual policies sold before 1/1/2014 had. Pre ex is not covered. I will assume you never sold Individual health insurance in the good old days before Obamacare. I believe I stated healthy people have options. if you are sick and have pre ex. short term will not work. However your statements were blanket statements. stop spreading miss information.
That's a complete bunch of crap.
Pre-ACA plans were very specific regarding pre-ex: if the applicant included his treatment or illness on the application and the insurance company didn't specifically exclude it there was no limitation.
STM specifically excludes all pre-existing conditions whether disclosed or not on the application.
They are completely different situations. Every time I have asked an insurance rep for an STM company whether they would cover a stroke when the applicant was taking HBP medication I get the same answer: 'it depends', that's the equivalent of saying we will do everything possible to not pay a claim.
Go sell whatever you want, I don't care, but don't fabricate facts, they are indefensible regarding the substitution of STM for Major Medical and the implied risk for the client.
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That's interesting. The lowest-priced coverage available to you, through either a Marketplace or job-based plan, would cost more than 8.05% of your household income.
I'd be interested in detailed outline of a few situations where this would apply but they opted for an STM plan instead.
don't forget a fatty
Sure, 60yr old male 60 yr old female in 50301 zip code.
Earnings 80,000 year. Self employed.
No tax credits.
Cheapest Bronze plane on exchange Coventry HSA $775 month $ 12,900 deductible
775 divided by 8.05% = 9,6277.33. Times 12 = 115,527.95
This couple is exempt from the ACA penalty until there income exceeds $155,527 a year.
Uhone STM pluse $5000 deductible 80/20 360 days of coverage is $508
Client decided to go with the $10,000 deductible to get the premium down to $411 a month.. Client wasn't conserned about the first $10,000
Obviously the 8.05 exemption is different in each zip code based on the cheapest Bronze plan available . You just have to get crayons out and do some 3rd grade math
Earnings 80,000 year. Self employed.
No tax credits.
Cheapest Bronze plane on exchange Coventry HSA $775 month $ 12,900 deductible
775 divided by 8.05% = 9,6277.33. Times 12 = 115,527.95
This couple is exempt from the ACA penalty until there income exceeds $155,527 a year.
Uhone STM pluse $5000 deductible 80/20 360 days of coverage is $508
Client decided to go with the $10,000 deductible to get the premium down to $411 a month.. Client wasn't conserned about the first $10,000
Obviously the 8.05 exemption is different in each zip code based on the cheapest Bronze plan available . You just have to get crayons out and do some 3rd grade math
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