UCT Dental, Vision & Hearing Plan

[somarco]

Medico's AM Best ratings scare the bejeebers out of me.

I don't know much about Medico, A M Best (or any other rating source) really mean nothing when it comes to dental coverage.

If the carrier, or line of business goes away, there is no real loss. Policyholders can pick up a replacement without losing a step in most cases.

Dental is short tail business and usually highly profitable if properly managed.

why are guys saying they are a ripoff?

You can say that about a lot of ancillary lines, including HIP, critical illness, AD&D and others. At the same time there is a certain level of demand for these items by a mostly uninformed public.

I was at a Humana lunch last week and they were pushing their supplemental lines, including a new "beefed up" supplemental accident benefit. We were told policyholders that apply direct select the SAB (supplemental accident benefit) over 50% of the time but when they go through an agent the "agent filter" kicks in and the buy rate is only 12%.

They wanted to know why the benefit was not more popular.

The unanimous response was that, in essence, it is a ripoff.

 

[HealthGuy]

Bob...devils advocate here....accident plans are not a ripoff when they help pay for large unexpected medical bills...lotsa folks I have sold them too are happy they tacked one onto their plan.

 

[somarco]

Chad, I understand.

One can also make a case why wearing a seatbelt is a waste of time but the odds are against you.

Back to health insurance, you can make the argument that offering a "Saver" plan that does not cover brand Rx makes sense for most people.

If the agent does their job, you get beyond the prospect argument against Rx cover. At least you do most of the time.

I told someone last week I would not be their agent on a Humana HSA that did not cover Rx. If they insisted on that plan they needed to buy direct.

And that is what they did.

Doesn't bother me a bit.

 

[HealthGuy]

Bob: As always, good logic...Let me share just a few quick things that may help others here on the forum.
1. You can make a lot of money selling accident plans. I have a friend of mine that made 56K in income last year alone selling an overpriced VBA accident plan because that is the only one he can sell in his state (that is approved by his state). He simply tells them with a high deductible, they need it. 80% of the time they take it. Now I know this is the exception to the rule, but I'm telling the truth. Believe it or not, there is money to be made selling tack on accident plans. Doesn't hurt he has a great contract with VBA.

2. There is money to be made in selling UCT or Medico Dental or other dentals....In fact, the commissions are great. If somebody asks me for dental (esp. a senior) I'm gonna first show them Medico, with the waiting periods and exclusions and limitations. They still buy it, and they keep it and I make money. I'm not complaining, if I don't sell it to them, somebody else may. I don't know what it is about Medico, but people, older especially, seem to like the combined coverages.

3. Critical Illness or Cancer plans. I mention them all the time, and sell them to about 25% of those I show them to. I will NEVER go on record for not showing my 50 - 60 year olds or younger these plans. When they get diagnosed with the big ones: heart attack, stroke, or CANCER - the biggest, I'm going to be the hero when I deliver a big check for their recovery.

4. Call it "junking up" a policy...I don't care. I'm going to mention accident, dental and CI and/or cancer plans every single time with every under sixty five or Medicare person I sell to.

LET THEM SAY NO I DONT WANT THAT COVERAGE. BUT WHEN IT PAYS BACK TO THEM YOU ARE THE HERO.

The reality is that the under 65 market is F'ed up because of Obamacare. Who cares. I'm over it. I'm going to sell them the products that actually bring them the value and payout to them when they most need it: Accident, CI or Cancer, and Dental...People would rather get something back out of an insurance plan they pay into.

Another reality is nobody is excited about 5K or 10K family HSA deductibles, so I'm not either. I'm not telling them HSA coverage is great now because Obama gives you the free preventative, who cares.

Bring your clients the goodie bag they want: CASH back to them for incidental and MAJOR health issues. Thats the value. Let the government have indie health, at this point who gives a shiat.

Sell the products that help your clients in the direst of situations, and the products that statistically pay out. Statistically there is a good chance that people with kids will have accident claims and 1 in 2 men and 1 in 3 women will eventually be diagnosed with cancer.

Sell families plans that help manage their dental bills so they are not oop for big chucks of money. Sell families something to cover Johnny falling down the stairs, or when Johnnys mom is diagnosed with cancer, you can deliver her a 50K check.

F indie health insurance plans. Come what may. If the navigators wanna sell it, let them have it or let them pay us $50 per app. Sell the hell out of everything else.

 

[Crabcake Johnny]

I was indifferent about accident plans. I presented them to my clients and ran the math. They took or or did not take them.

I'm not going to get worked up if my client chooses an accident plan for $40 per month, which they can cancel at any time, when people waste $5 on a Starbucks latte without giving it a second thought.

 

[HealthGuy]

Good point John: Present it and let them say no. People waste so much money on everything else in their lives. I tell you, family priorities are so screwed up. As an agent, tell them what is important, let them say NO to you.

I gotta say at this point, CI plans, or moreover, Cancer plans are really important. Cancer plans do pay out. There is no grey area. Get diagnosed with internal cancer, and BOOM you get the cash.

I know some agents argue against this stuff, but I wish I would have presented cancer plans to some of my clients on the books with me with high deductibles who are now diagnosed with cancer and have no money to pay for anything in their lives as they struggle to pay off their deductibles and just pay their monthly health premiums.

For me and my clients, never again. I'm pitching CI and cancer, and to a lesser degree accident and dental every time.

No regrets. And screw selling under 65 medical medical. I will do it only as a door opener to sell everything else.

 

[Crabcake Johnny]

Cancer plans are really important. Cancer plans do pay out. There is no grey area. Get diagnosed with internal cancer, and BOOM you get the cash.

Well...not entirely correct. If you read the actual policy, most only pay out for certain types of cancer and actually list types that are excluded. It's nowhere in the brochure.

Most only pay out for "life threatening" cancer. So if they're diagnosed with basal cell skin cancer and it's not life threatening, they get nothing. Stage 1 prostate cancer but it's not deemed life threatening? Nodda. Most exclude for leukemia - that's cancer, right?

 

[HealthGuy]

John: Kanawha's cancer policy with Humana pays out for any internal cancer and malignant melanoma. The policy doesn't mention the cancer has to be life threatening, just specifies its an internal cancer or malignant melanoma. To me, thats pretty broad. I think you have a point with some cancer policies, but I do see a value in a definition of an "any internal cancer" thus prompting a cash payout. The policy doesn't say the cancer has to have spread either to prompt a payout. Internal cancer, payout. Throid cancer, payout. Breast cancer, payout.

 

[Crabcake Johnny]

I'd like to read to actual policy. Have you read it? It might be fantastic. It might have a lot of fine print. The policy below lists what it'll cover. If you don't see it on this list, it ain't covered.

http://www.triallaw1.com/Exhibit E - Cancer Insurance Policy.pdf


Listed Condition means the following conditions for which We will pay a claim under the terms and
conditions of this certificate:
• Cancer of the Larynx means a Primary Cancer that originates in the larynx. It includes cancers of the
supraglottis, glottis and subglottis.
• Leukemia means a Primary Cancer of the blood forming cells in the bone marrow. It includes four
categories: acute myelogenous, chronic myelogenous, acute lymphocytic and chronic lymphocytic.
• Lung Cancer means a Primary Cancer that originates in the airways (trachea, and bronchi or
tracheobronchial tree) or tissues of the lungs.
• Lymphoma means a Primary Cancer that originates in the lymphatic system. It includes Hodgkin
lymphoma and Non-Hodgkin lymphoma.
• Malignant Mesothelioma means a Primary Cancer of the mesothelium. This includes pleural
mesothelioma, peritoneal mesothelioma and pericardial mesothelioma.
• Multiple Myeloma means a Primary Cancer of a single clone of plasma cells in the bone marrow.


Also, watch the pitch: http://www.northvilleinsurance.com/brochures/HumanaIndSpecialty/Humanaindcashcancer.pdf "one out of every 2" or "one out of every 3" will get cancer.

Now read the truth by the NAIC: http://www.insureuonline.org/consumer_guide_cancer.pdf
Do Not be Misled by Emotions.
While three in 10 Americans will get cancer over a lifetime, seven in 10 will not.
In any one year, only one American in 250 will get cancer. The odds are against
you receiving any benefits from a cancer policy. B

 

[HealthGuy]

Yep, glad you asked...Have read the entire policy, and I'm not even a huge Humana guy...Again Humana's cancer policy isn't 2 pages of fine print. Somebody tell me why they think Humana's cancer plan isn't good? If there is a reason I shouldn't sell it, I would like to know. Looks to me, after reading it, its about as good and simple and comprehensive in a cancer definition, prompting payout, as it gets. Its a simple plan. This Met Life plan however looks like CRAP.