Copays vs. HSA's....LEt's Get it ON!!!!!!!!!

[K-Dub]

That's cool! That's the one thing that frustrates me about email, chat and message boards, you want to express yourself and say something one way, but someone else completely reads it another way.

We're all good!

 

[STIBROKER]

Kris,
Although I'm not a huge fan of your original post, questionning your ethics was out of line on my part since I don't know you. My apologies. Have a good weekend.


Jesse

DUDE...John and I have been buttn' heads fer the last two days on the boards...but still call each other every day and talk.......I s h i t you not...

 

[somarco]

I have talked with both Kris & Jesse on numerous occasions and can say they are both full of crap.



OK, just jerking you around. I have a great deal of respect for both of them and have learned a lot from reading their posts, talking & swapping email.

 

[Crabcake Johnny]

That fact that both Jesse and Kris, including myself blew out of Mega ends all discussions about being unethical. In case you don't know, UGA swamps producers with money. They pay on submit, endless bonuses, trips, etc....To walk out of that compay making what we were making after realizing were were potentially harming clients was the right move.

Now we're selling top tier products instead of Mega and ethics are still called into question? Surreal.

 

[SME]

Okay guys settle down. I'm going to try and answer the orginal question of this post. Why do women prefer the Co-pay plans and men prefer the HSA's. ( I have to switch from my agent brain to my mommy brain)
About the time you explain that they are going to be paying a deductible of $5,000 the women starts to think like this:
Okay so I'll have to pay for my Birth control which is roughly $30 a month so that is $360 a year. And it's almost summer so the kids will be out playing alot and we'll probably have at least one ER visit. Average visit with X-rays is roughly $500 with a follow up visit for about $100. Then in August the kids will need an annual check up and booster shots before school. So $100 a piece (assuming 2 kids) thats $200. Then it'll be flu time so that's a visit to the doctor and a shot so $250 for both kids. After that it's my annual check up so $100 for the physical $200 for the lab work, and $100 for the GYN for my pap. The kids get sick at least once a year and if one gets it they both will so 2 doctors visits at roughly $100 a piece and the doctor always prescribes the Z-pack that doesn't have a generic so a least $50 a piece in prescriptions. So that's:
$360 for prescriptions
$600 for the ER and follow up
$200 for the check ups and booster
$250 for the doctors visits and flu shots
$400 for my annual stuff
$300 for illness assuming they only get sick once this year.
So that's $2110 in cost this year and that's assume my husband doesn't do anything stupid and end up in the emergency room.
Bottom line I'm going to pay for insurance that will pay for nothing while I pay for $2110 in care. And if anything happens early in the year the savings won't be there to pay for it and we may not have the money right then. But if I buy the other plan for an extra $2028 a year I won't have to worry about it and can take the kids to the doctor whenever they need to go without having to pay so much. And if we go to the doctor more than we usually due then we will be ahead on the Co-pay plan. Yes, I think I want the Co-pay plan.
And there you have it. The inner workings of the female mind.
(I'm not saying that the thinking is correct but as a mom I can see how it works.)

P.S. My family and I are on a nice little HMO through my husbands employer for $300 a month. I love group coverage.

 

[J.R.]

HAha, thanks for laugh. and people wonder sometimes why women complicate things. Joking aside, thanks for the heads-up regarding your thoughts as a woman. It would be nice to see more women out there in the indy world.

Allow me to express some thoughts as it pertains to MD and the individual market. THIS DOES NOT APPLY TO GROUP!!

About the time you explain that they are going to be paying a deductible of $5,000 the women starts to think like this:
Okay so I'll have to pay for my Birth control which is roughly $30 a month so that is $360 a year.

On "most" indy plans BC is paid for by the client after it has been repriced, so the cost is going to be there with whatever plan you pick. We have to leave this figure out.

And it's almost summer so the kids will be out playing alot and we'll probably have at least one ER visit. Average visit with X-rays is roughly $500 with a follow up visit for about $100.

If it is Accident related, you pay $100 for coverage with an accident plan that you can take ANYWHERE you want, so the kid will be taken care of regardless of the plan. You will still pay for the privilege of going versus opting for the HSA and saving some money that can be invested.

Then in August the kids will need an annual check up and booster shots before school. So $100 a piece (assuming 2 kids) thats $200. Then it'll be flu time so that's a visit to the doctor and a shot so $250 for both kids. After that it's my annual check up so $100 for the physical $200 for the lab work, and $100 for the GYN for my pap.

>>>I love the fact you keep track of the costs. We think alike.

The kids get sick at least once a year and if one gets it they both will so 2 doctors visits at roughly $100 a piece and the doctor always prescribes the Z-pack that doesn't have a generic so a least $50 a piece in prescriptions.

WOW!!!!! You're a great mom. I was raised the old-fashioned way. If my temperature is above 103 I go to the doctor, anything less and it is chicken soup and orange juice. Of course, when I had coverage that took care of 99.9% of all of my costs you are darn right I went more then versus what I do now.

So that's:
$360 for prescriptions
$600 for the ER and follow up
$200 for the check ups and booster
$250 for the doctors visits and flu shots
$400 for my annual stuff
$300 for illness assuming they only get sick once this year.
So that's $2110 in cost this year and that's assume my husband doesn't do anything stupid and end up in the emergency room.

We can only pray for you that the hubby doesn't do anything stupid. Then again, it does get quite hot in AZ.

Bottom line I'm going to pay for insurance that will pay for nothing while I pay for $2110 in care.

GREAT! "All I need is your middle initial and we can get the co-pay plan going."

And if anything happens early in the year the savings won't be there to pay for it and we may not have the money right then. But if I buy the other plan for an extra $2028 a year I won't have to worry about it and can take the kids to the doctor whenever they need to go without having to pay so much. And if we go to the doctor more than we usually due then we will be ahead on the Co-pay plan. Yes, I think I want the Co-pay plan.
And there you have it. The inner workings of the female mind.
(I'm not saying that the thinking is correct but as a mom I can see how it works.)

I don't look at things as being correct or being incorrect. What I do look at and hope others do as well, is to look at things from a business perspective. If I make $45,000 a year, the HSA might really be able to help out come tax time. However, if I make $250,000+ I might not be as inclined, nor might I care about the extra savings.....Unless of course congress want to change the deduction to a credit! I prefer to lead to emotions and follow it with logic.

You brought up some valid points. I have lost quite a few HSA sales with single women parents, but you know what, in all honesty, if an agent recommends a co pay and a HSA, the ultimate decision is up to the client.



P.S. My family and I are on a nice little HMO through my husbands employer for $300 a month. I love group coverage.[/quote]

Glad to hear that! I am a fan of group coverage when individual doesn't work out. You with the blues????

 

[SME]

A little disclaimer: I am posting this to help everyone understand the objections to an HSA. So that we can all improve our sales technique.

On "most" indy plans BC is paid for by the client after it has been repriced, so the cost is going to be there with whatever plan you pick. We have to leave this figure out.

Okay so I have to pay for this either way. It's a generic so maybe it's on Wal-Marts $4 list. I'll have to check on it. But okay.


If it is Accident related, you pay $100 for coverage with an accident plan that you can take ANYWHERE you want, so the kid will be taken care of regardless of the plan. You will still pay for the privilege of going versus opting for the HSA and saving some money that can be invested.

Great another plan to keep track of. Probably more forms to complete. How long does it take for them to pay the claim? If it's an extra $100 then we are really only saving $69 a month so is it really worth it? It might be a big hassle.


(Preventative Care costs were here.)

>>>I love the fact you keep track of the costs. We think alike.

Great but I'm still going to have to pay for it right.



WOW!!!!! You're a great mom. I was raised the old-fashioned way. If my temperature is above 103 I go to the doctor, anything less and it is chicken soup and orange juice. Of course, when I had coverage that took care of 99.9% of all of my costs you are darn right I went more then versus what I do now.

I don't want to have to worry about whether or not to take them to the doctor. If there sick I want to know that they are okay. If I don't get them the anitbiotics then it will take longer for them to get better and I will miss more work and get further behind. And I only get 5 sick days a year if I use 2 when child #1 gets sick then I'll have to use 2 more when child #2 gets sick a few days later leaving me with only one sick day. And I'll need that for my preventative dr. appointments and lab work. If anything else happens this year I would have to dip into my vacation time or not get paid that day. In the end it's better that I take them in and make sure everything is okay and get them the meds so that they get better faster.


We can only pray for you that the hubby doesn't do anything stupid. Then again, it does get quite hot in AZ.

We can all pray he doesn't do anything stupid but he is talking about building a fort in the back yard, so the odds are pretty good we'll be in the ER this summer. Maybe that accident plan isn't such a bad idea?



GREAT! "All I need is your middle initial and we can get the co-pay plan going."
Did I bring the kids SS#'s? I hope this isn't going to take long......


You brought up some valid points. I have lost quite a few HSA sales with single women parents, but you know what, in all honesty, if an agent recommends a co pay and a HSA, the ultimate decision is up to the client.

Single moms have a much harder time grasping the HSA ideals as saving additional money is very hard for them. They realize that although they are supposed to put the premium savings into the HSA they would probably end up putting it towards thier kids. Also with just one income savings becomes harder, and you just can not take time off when your children get sick. It's a hard thing for our society to grasp that our employment structure is still geared toward women staying at home. I think that in the future you will see more companies offering perks like on site daycare, and more sick days as more moms enter the work force. This will make it easier for alot of single moms, and will attract long term employees.


P.S. My family and I are on a nice little HMO through my husbands employer for $300 a month. I love group coverage.

Glad to hear that! I am a fan of group coverage when individual doesn't work out. You with the blues????[/quote]

Nope, I don't like the evil empire. We have a Uinted Health Care EPO which is just like an HMO but with a little more flexibility. I liked it because it has a conversion available after COBRA. I have a condition that is on everyones auto decline list, so I have to think ahead. Just in case.

 

[J.R.]

Okay so I have to pay for this either way. It's a generic so maybe it's on Wal-Marts $4 list. I'll have to check on it. But okay.

That's a great idea. And since you have picked the HSA....now you will have more money to play around with.

If it is Accident related, you pay $100 for coverage with an accident plan that you can take ANYWHERE you want, so the kid will be taken care of regardless of the plan. You will still pay for the privilege of going versus opting for the HSA and saving some money that can be invested.

Great another plan to keep track of. Probably more forms to complete. How long does it take for them to pay the claim? If it's an extra $100 then we are really only saving $69 a month so is it really worth it? It might be a big hassle.

"I understand your concerns and would like to assure you of something. There is nothing else that you need to keep track of besides having my number in your cell phone and home phone. All you have to do is pick up the phone and call me in the event that somebody experiences an accident and I will take care of everything that is needed. I GUARANTEE no other agent does this for their clients."

>>>I love the fact you keep track of the costs. We think alike.

Great but I'm still going to have to pay for it right.

You will have to pay for it with whatever plan you pick. Would you like to pay for all of the costs now or would you prefer to pay them later?

WOW!!!!! You're a great mom. I was raised the old-fashioned way. If my temperature is above 103 I go to the doctor, anything less and it is chicken soup and orange juice. Of course, when I had coverage that took care of 99.9% of all of my costs you are darn right I went more then versus what I do now.

I don't want to have to worry about whether or not to take them to the doctor. If there sick I want to know that they are okay. If I don't get them the anitbiotics then it will take longer for them to get better and I will miss more work and get further behind. And I only get 5 sick days a year if I use 2 when child #1 gets sick then I'll have to use 2 more when child #2 gets sick a few days later leaving me with only one sick day. And I'll need that for my preventative dr. appointments and lab work. If anything else happens this year I would have to dip into my vacation time or not get paid that day. In the end it's better that I take them in and make sure everything is okay and get them the meds so that they get better faster

.


HaHa, now you are talking like the mother we all encounter. You said that you took both of your kids to the doctor twice last year, so it is reasonable to think that the same might happen this year. My advice is to make sure that your husband is available to take the kids in the event that you don't want to dip into your vacation days.

We can only pray for you that the hubby doesn't do anything stupid. Then again, it does get quite hot in AZ.

We can all pray he doesn't do anything stupid but he is talking about building a fort in the back yard, so the odds are pretty good we'll be in the ER this summer. Maybe that accident plan isn't such a bad idea?

No comment.

GREAT! "All I need is your middle initial and we can get the co-pay plan going."
Did I bring the kids SS#'s? I hope this isn't going to take long......

Nope, just need your to initial here, here and here...Would any of you like a piece of candy while you wait?


You brought up some valid points. I have lost quite a few HSA sales with single women parents, but you know what, in all honesty, if an agent recommends a co pay and a HSA, the ultimate decision is up to the client.

Single moms have a much harder time grasping the HSA ideals as saving additional money is very hard for them. They realize that although they are supposed to put the premium savings into the HSA they would probably end up putting it towards thier kids.

Nice try, but we all know that women would take the extra money and go shopping or get their hair and nails down more frequently. It is a win-win situation!

"With automatic debit, you won't have to worry about remembering to deposit money because it is automatic and all you have to do is sit back and watch it grow. You can manage all of your health care costs from one place versus trying to remember what happened to the bills. Does that make sense?

Also with just one income savings becomes harder, and you just can not take time off when your children get sick. It's a hard thing for our society to grasp that our employment structure is still geared toward women staying at home. I think that in the future you will see more companies offering perks like on site daycare, and more sick days as more moms enter the work force. This will make it easier for alot of single moms, and will attract long term employees.

I can only hope that you are right. May I have a glass of water while I fill out this application? Thanks

 

[SME]

Good job on that I hope it helps other agents understand the objections. To be honest I don't sell many HSAs. In my area the premium savings do not usually out way the higher deductible. That and my market is mostly single parents, and almost entirely over the phone so HSAs just don't work for me. But I'm glad that they work in other areas. Can you explain something to me? In the original post you stated that HSAs are good if you go to the doctor more than 119 times per year. Where are you getting this figure?

 

[Wprice]

I am completely befuddled at the amount of knowledge I completely lack with Health Insurance. I had been considering learning more about it to start selling it in the future, anyone know of a good comprehensive study guide and what carriers I should look into for independent?