Are You Leaving the Health Business?

[TXINSURANCE]

I can not wait until the average Ohio premium doubles due to ObamaCare and finally breaks the $100 (Is that per month?) price...

Maybe higher since 93.5% smoke... but only 20% admit it. 73.5% lie.

 

[CHUMPS FROM OXFORD]

Tx knows Ohio well.

In many areas, if the family rate for comprehensive coverage is more than $150 per month, they hang up or tell me they can get a better price from their State Farm agent.

 

[bluediamond]

I was in a room full of brokers today, the remedial questions asked blew me away. Anyone who reads this board is way ahead of the game.

In the seminars and webinars I have sat in on there really is no excuse for the the remedial questions being asked since BC has put out bulletins and they have easy access to them on the website. I might be off in my estimate but I would have thought looking around the room and hearing the questions that 80% of the agents have done nothing to keep up with this since the bill was signed into law. I couldn't believe it.

But it was fun on breaks urging them to get out of the business before it starts. Didn't feel bad at all, they are my direct competition beside's the retail store.
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Have to add to above, even in our office there is only two of us that have kept up with this. I am the only one on the forum, although I have urged a couple of agents to come on to this site for the past couple of years. Two fellow agents in office are in la la land. In the past I have helped them with Med Advantage and any changes, I am finished. They're on their own for this if they can't put any effort in self study they can retire. I don't know how they have made it this long without major E & O claims.

They have already asked if I would help them take the certification. I said "You definitely need to get out and I would not help them certify" By help they didn't mean can they ask questions, but have me sit next to them while their on the computer and give them the answers. NOPE will not do.

 

[somarco]

I have known Paul (M&M) for a while as well and do value his insight and opinion.

I will disagree on the MAPD plans. They will continue to withdraw from rural areas, premiums will rise and benefits lessen due to a number of factors but mostly due to limited Congressional funding.

Shortsighted individuals will still buy MAPD on the belief they offer a lower cost, which is true, but only as long as you are healthy.

Networks will get smaller and the MAPD plans will become more like HMO's.

Same will be true for plans offered on the exchange.

I do believe we will eventually see Medicare for all which will eliminate the IFP market but expand opportunities for Med supp.

Obamacare will do the same to the IFP market that ERISA did to final benefit retirement plans. Within 5 - 10 years the IFP market will not exist and neither will small group.

 

[FLM2]

My perspective is different than many of you because I have a 4-5 year horizon for renewal income, at which time it won't matter.

I started in health insurance 7 years ago because of renewal income and that hasn't changed. I've successfully marketed life insurance, annuities and other products but strongly dislike the prospecting requirements so decided a couple of years ago to just expand into Medicare along with IFP and that has worked out well.

I've reached the point where as long as I answer the phone when it rings everything is fine-I plan on working hard during the upcoming open enrollment period to move over as much of my book as possible to Obamacare (where suitable) and continue to answer the phone when people who have been referred to me call for help.

If I was 20 years younger and had the need for a long term career, health insurance would not be my choice, a good agent/broker would be far better on the securities side building money under management.

There are so many incompetent health insurance agents on the street today (almost all of the agents who post on the forum are knowledgeable and I'm sure do an excellent job for their clients) it's probably good thing they would be getting out as they've been lured in by low life FMOs like US Health Advisors and others who promise the moon and offer consumers poor coverage with high risk.
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I have known Paul (M&M) for a while as well and do value his insight and opinion.

I will disagree on the MAPD plans. They will continue to withdraw from rural areas, premiums will rise and benefits lessen due to a number of factors but mostly due to limited Congressional funding.

Shortsighted individuals will still buy MAPD on the belief they offer a lower cost, which is true, but only as long as you are healthy.

Networks will get smaller and the MAPD plans will become more like HMO's.

Same will be true for plans offered on the exchange.

I do believe we will eventually see Medicare for all which will eliminate the IFP market but expand opportunities for Med supp.

Obamacare will do the same to the IFP market that ERISA did to final benefit retirement plans. Within 5 - 10 years the IFP market will not exist and neither will small group.

This is really dependent on the state and region.

In Florida, a Plan F starts at $178 a month-add a PDP plan and you are spending a minimum of $2600 per year on your premiums.

My Medicare Advantage plan has a $3400 annual maximum out of pocket and the most popular plan in the state (AARP PPO) has $4900 or less (they have 3 different plans depending on the county). I also get $99.60 back per month towards my Medicare Part B.

Getting to the MOOP on Medicare Advantage is really difficult, I had a client last year with prostate cancer, surgery, radiation and two additional hospitalizations due to infection-his total OOP for the year was $3800.

In Florida choosing a Med Supplement plan when aging into Medicare is at least a $50,000 lifetime commitment in premiums, it's really hard to justify that if you run the expected annual out of pocket costs on a spreadsheet unless the premium costs don't matter.

I have several clients who have multiple, serious health issues and they usually wind up with Supplements but other than that it's almost all MAPD.

I also have California clients who are all of Med Supplements because the Plan F rates are so much lower and, other than Kaiser, the MAPD plans aren't very good.

There is no blanket rule for every Medicare beneficiary, that's why having a knowledgeable agent is important.

 

[Broker22]

To answer the question. Yes I am thinking about leaving again. You see I was ready to leave in 1993 remember "Hilliarycare" so I got a P&c licensed. Didn't do much with it until 2003 when I started a successful Allstate agency . Sold it in 2007. I do not like P&C ,really its a commodity . I like the more complicated products with a lot of moving parts,when I figure it out I am good at explaining it to the clients. I just have a knack for picking up on this stuff,good reading comprehension skills I was once told. But with Obamacare,there is too many unknowns, and CMS/HHS keeps changing things, and the carriers have clammed up on rates commissions etc..My gut tells me this is not good for us. As stated on a thread here awhile ago I think we have 1-3 years to make ,maybe a lot of money on the "transition" as "They" (carriers and Uncle Sam ) need us to get this thing going but once it is up and running pure health sales commissions will be limited. I sell Life and Senior products too and have a series 6 and 63, I think that is where I will make most of my money over the next ten years until I am
done. But meanwhile I am going to make the best of it and help as many people as I can get good insurance. I consider myself somewhat of a Health Care benefits Consultant / Advocate . After the initial enrollment period of the ACA I will make a final decision, if agents/brokers get the shaft I will concentrate solely on seniors and the investment side of things. No on P&C and it will probably be no on Health Insurance after 2014.

 

[joemartinez]

I am leaving this business after 2-3 months. Wide-ranging changes in health care — notably the Patient Protection and Affordable Act — and economic unrest are causing brokers’ self-doubt. I am also one of them.

 

[Crabcake Johnny]

Just an opinion...but it is indeed shared but a few of my friends who still write 100% indie health - this will be a feeding frenzy.

It really can't be compared to anything - you don't need auto if you don't have a car - don't need homeowners if you rent. Everyone "must get" health insurance.

Will volume make up for the lower commissions? Absolutely. When I sold, I can't even guess at what percentage of leads I couldn't write due to pre-ex.

When I first started out and went BtoB I would have easily written 2 to 3 deals a day if it weren't for health conditions.

When this hits, it'll be mass confusion. The first agents to get to "the masses" - educate and enroll them will make a LOT of money. Those here who are writing supps now will drop that like a bad habit come 2014.

But surely this will never work, you know, when the government controls something - like med supps and MA plans.

Just an opinion - carry on.

 

[Yagents]

I'm not good enough to sell a mandated, subsidized, and guarantee issued product

 

[Yagents]

I'm thinking of putting a sign in my neighbors yard

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