- 7,790
WTF is RAF? Royal Air Force?
Selling Individual to Businesses
- Thread starter the do
- Start date
You "heard" that agents are selling individual health to business owners?
It totally depends on each individual business owners situation.
There is never a one size fits all way of doing it. Evaluate your prospects situation, find a beneficial solution and go from there.
It totally depends on each individual business owners situation.
There is never a one size fits all way of doing it. Evaluate your prospects situation, find a beneficial solution and go from there.
- 15,319
Rate Adjustment Factor. It's the percentage (plus or minus) that a carrier can deviate from standard rates.
Rick
- 15,319
Joseph:
I always like seeing your posts because they make sense. I feel happy because I taught you everything you know.
Rick
Examples.
Owners & managers covered by group plan; rank & file are not but are carved out of the group and written individually.
Group plan offered to all, but some opt out (are carved out) of the group (as EE or DEP) and offered individual major med.
Rick,
Glad you're happy!
Next thing you need to teach me is how to make time for golf!
I was afraid of that....
My small group cases are a bit different. In almost every case, they are looking to add coverage for the first time. I always give them the option of how to set it up (IFP or group), some go both ways, but it ends up depending on the potential underwriting problems.
With that 200% HIPAA premium, on a micro group, it's hard to see how it ends up less money. Get above 4 or 5 on the group, I see how this can work.
And this is why there are multiple agents with multiple solutions, and with every state being significantly different, solutions are all over the map.
Dan
- 3,384
Certainly a case could be made for endowing employees with a fully portable health plan at a reasonable cost. Group offers quality coverage but has no portability (COBRA/mini-COBRA-->HIPAA/Conversion) and these transitions are eventual cost escalators. So there is some advantage to being able to walk from the job and take the plan with you.
On the other side, there is of course the issue of underwriting (someone could be declined). Depending on availability of plans (by state and carrier), sometimes the group plans offer richer benefits than the IFP portfolio.
Each employer is a different situation, however I do deal daily with the "sticker shock" of HIPAA premiums for those losing thier group coverage. It isn't always pretty.
At least in CA, there is a kind of way around this although good luck getting anyone to do it. Blue Shield CA will allow anyone to enroll (if they pass underwriting) in an IFP plan even if they have other coverage. No COB, but allowable. So someone could be a participant in a group plan and also have an HSA plan with Blue SHield for use later on. That alleviates the HIPAA/Conversion cost concern, but people are naturally somewhat reluctant to pay extra premium for a policy they are not using.
On the other side, there is of course the issue of underwriting (someone could be declined). Depending on availability of plans (by state and carrier), sometimes the group plans offer richer benefits than the IFP portfolio.
Each employer is a different situation, however I do deal daily with the "sticker shock" of HIPAA premiums for those losing thier group coverage. It isn't always pretty.
At least in CA, there is a kind of way around this although good luck getting anyone to do it. Blue Shield CA will allow anyone to enroll (if they pass underwriting) in an IFP plan even if they have other coverage. No COB, but allowable. So someone could be a participant in a group plan and also have an HSA plan with Blue SHield for use later on. That alleviates the HIPAA/Conversion cost concern, but people are naturally somewhat reluctant to pay extra premium for a policy they are not using.
- Thread starter
- #20
I'm still a lil foggy. Again I apologize for the nuissance. If I understand this correctly, many of you are offering group to an employer with any number of employees first. Then carving out for the Admin and Managers basically. Plus offering to do Family plans for the dependents of the employees as this will likely be less expensive than being part of the group. This is all in addition to offering individual off the bat to employers who don't want to offer group to their employees. Is there ever a way to offer individual either HSA or PPO but the employer do the premiums? Probably a stupid q but I was just curious.
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