Is Selling Health Insurance non-existent?

[LostDollar]

How bad are the commissions haha?

Part of the answer to that question will come as a comparative or relative answer. What will you be expected to do in exchange for those commissions?

If you reflect, I think you might find that the professionals are attempting to tell you that that exchange will not work in your favor.

 

[Rob Lion]

I think he just told you.

You getting into U65 now is like jumping onto a sinking ship.

Well, I understand lol. I was just curious, it's like an annuity most people don't just specialize in annuities but they take them whenever they come into your lap.

 

[goillini52]

Well, I understand lol. I was just curious, it's like an annuity most people don't just specialize in annuities but they take them whenever they come into your lap.

I agree, I'll write one whenever one falls in my lap... or I trip over it.

 

[tonyisme]

People who travel internationally are good
Prospects. They usually have inadequate insurance

 

[TampaHound]

Go to healthsherpa.com. Put in your zip code. First, figure out who is selling in KS. Second, figure out who is still appointing new agents AND paying a commission.

Personally, I wouldn't start U65 at this point. I would go with O65.

Interesting. Their are 51 plans in my area....nearly all of which are BCBS. I swear they do that to make using their plans nearly impossible.

 

[somarco]

When DC got the bright idea of handcuffing carriers and prohibited the use of underwriting for risk selection, the carriers had to find another way to make insurance "affordable". Relatively speaking, of course.

Underwriting allowed carriers to price according to the level of risk as well as rejecting those applicants whose medical expenses could not be priced. So they did the one thing they are really good at.

Make the product so confusing people will default to the lowest price.

People think everyone takes BX.

They do, but not at the same price.

By making the plans confusing . . . does the deductible come before or after the copay . . . and using different networks . . . PPO, HMO, POS . . . they can trick people into buying the plan with the lowest premium but highest OOP . . . which also "saves" the carrier money on small to medium sized claims.

And since BX doesn't need an agent they can pay you little to nothing to sell their plan.

 

[LostDollar]

People who travel internationally are good
Prospects. They usually have inadequate insurance

Compared to the ACA market, how does an agent find prospects and products for that market?

 

[LostDollar]

When DC got the bright idea of handcuffing carriers and prohibited the use of underwriting for risk selection, the carriers had to find another way to make insurance "affordable". Relatively speaking, of course.

Underwriting allowed carriers to price according to the level of risk as well as rejecting those applicants whose medical expenses could not be priced. So they did the one thing they are really good at.

Make the product so confusing people will default to the lowest price.

People think everyone takes BX.

They do, but not at the same price.

By making the plans confusing . . . does the deductible come before or after the copay . . . and using different networks . . . PPO, HMO, POS . . . they can trick people into buying the plan with the lowest premium but highest OOP . . . which also "saves" the carrier money on small to medium sized claims.

And since BX doesn't need an agent they can pay you little to nothing to sell their plan.

I was presented with a new (to me) network term when looking at 2018 ACA insurance. I forget the specific letters, but basically the only network doctors are in the plan's service area.

What levels of difficulty does a holder of aplan like that face in establishing a need for emergency services and receiving them under the plan when travelling outside the plan's service area.

 

[junkman]

There is no U65 individual health business in many areas of the country. I made some good money in group - especially with large group. You'll likely lose the business when your clients get bought but gain as long as they're doing the buying. Better find someone to work with because you'll run up against good agents that are friends with the boss. The good news is that Johnny lunch bucket newby agent can't walk in and take your business based on pitching price once you have the relationship.

 

[LostDollar]

There is no U65 individual health business in many areas of the country. I made some good money in group - especially with large group. You'll likely lose the business when your clients get bought but gain as long as they're doing the buying. Better find someone to work with because you'll run up against good agents that are friends with the boss. The good news is that Johnny lunch bucket newby agent can't walk in and take your business based on pitching price once you have the relationship.

I don't see the market from the agent position so I don't know how often they come along, but there are exceptions to that. One company I worked for changed group health at least 4 times in an approx 10 yr period. Price was the driver.

I think the cycle went something like:
New carrier, 1st yr loss leader price, 1-2 regular years, then a bad claim year ran the next year quote way up, so change carrier and repeat. Then go to self insured for 2-3 years until a bad claim year. Then back to the carrier cycle.

In the last company I worked for, I think the relationship bit worked more for the P&C than health, and the P&C was, at least in part, what the company could do for OSHA help as much as any personal relationships.