Looking for Guaranteed Issue/Limited Benefit Plan Info

[MyAgentSolution]

Oh...it's one of those 3rd party I know someone that knew some one just to get you siked to sell it as well as tell the client the story so they would buy...talk to me when you actually have a client use one.....I have heard to many of these kinda story's over the years to justify selling this garbage.....$22,000 down to $2,300 outta pocket is just a little hard to swallow.....you are talking to a man that had $250,000 worth of twins...there is no replacement for major medical......


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Here....I have a story for you.....

Cash Before Chemo: Hospitals Get Tough​

LAKE JACKSON, Texas -- When Lisa Kelly learned she had leukemia in late 2006, her doctor advised her to seek urgent care at M.D. Anderson Cancer Center in Houston. But the nonprofit hospital refused to accept Mrs. Kelly's limited insurance. It asked for $105,000 in cash before it would admit her.
Sitting in the hospital's business office, Mrs. Kelly says she told M.D. Anderson's representatives that she had some money to pay for treatment, but couldn't get all the cash they asked for that day. "Are they going to send me home?" she recalls thinking. "Am I going to die?"
Mrs. Kelly's ordeal began in 2006, when she started bruising easily and was often tired. Her husband, Sam, nagged her to see a doctor.
A specialist in Lake Jackson, a town 50 miles from Houston, diagnosed Mrs. Kelly with acute leukemia, a cancer of the blood that can quickly turn fatal. The small cancer center in Lake Jackson refers acute leukemia patients to M.D. Anderson.
When Mrs. Kelly called M.D. Anderson to make an appointment, the hospital told her it wouldn't accept her insurance, a type called limited-benefit.
"When an insurer is going to pay the small amounts, we don't feel financially able to assume the risk," says M.D. Anderson's Mr. Tietjen.
An estimated one million Americans have limited-benefit plans. Usually less expensive than traditional plans, such insurance is popular among people like Mrs. Kelly who don't have health insurance through an employer.​

I actually was just looking at his scar since I know him personally. I just never asked the guy why he didn't have Major Med. He could not afford it for him and his wife and kids. Here are the specifics. It was 21K and they reduced it to 13k...then 3 weeks later he received a letter in the mail that they were reducing it to around $2500. This was a plan that used the Beechstreet network. He is going to try and dig up the details for me.

Look I am not here to lie or make stuff up. I just believe that something is better than nothing if it is sold properly like Somarco says. Often these products are sold with false pretenses and it is not right... and sometimes they can help out as evidenced by this example.

I would like to think the hospital is at fault for not admitting the patient but I understand the point! There should be more regulation to hold the Networks and Hospitals responsible for disclosing their intentions in every potential case.

What will they take and what won't they take?

 

[somarco]

Actually, I talked with a guy today looking for insurance ideas for his 20 employees. Wants to provide health insurance, blah, blah but unwilling/unable to invest more than $150/mo per employee.

These are $8/hr workers who can't afford, or wont be willing to pony up the money for a major med plan.

I suggested building a plan from the base up. Start with STD & dental then maybe a mini med. If employees want to supplement those base benefits with a HDHP that can be addressed one on one.

He likes the idea.

 

[STIBROKER]

That is the problem....it can't be sold properly because it is a false sense of security...and a rip off.....I would rather sell some one a $10,000 deductible risk pool plan at a $50 one time fee or a one man group than sell false security..(of course you would sell the rest of the family real insurance right....because the odds of haveing a family that are all uninsurable is out there with keno odds...).. but if that's how you want to feed your family knock yourself out.....or you could work for NASE.....which is one step up....ok...half a step....

Look I am not here to lie or make stuff up. I just believe that something is better than nothing if it is sold properly like Somarco says.

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You can not sell unbelievers....what you should have done is tell him to bonus the $150.00 to each employee each month and sent a memo to them this is to help off set the cost of covering health insurance and you will be getting a call from Bob and he will explain your options......you might be surprised if you talk to them and put into perspective....20 emp's at $150... $3,000x 20%....$600 a month at 20%...plus possibility of more adding family at a low cost....and giving a health insurance plan with no holes... and sleep at night knowing they will not sue me because they thought it was a mini med group plan thinking they are covered and can get into a hospital needing $500,000 in cancer treatment...

These are $8/hr workers who can't afford, or wont be willing to pony up the money for a major med plan.

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Really.....knowing the difference between the plans I am sorry my first question would be to this guy is WHY........ because I know him personally and is on a product that I am pushing...and according to your web site you sell all the major company's....and why not UA...they are the last rung on the latter and still over priced....

My Agent Solution! | Management Team

I am unaware of the specifics of why he could not qualify for Major Med. He is not a client of mine.

I actually was just looking at his scar since I know him personally.

 

[defenderzeta]

Good morning!

This is my first post to the Forum! I am looking forward to chatting with all of you. Your opinions on many topics are both sometimes hilarious and eye opening.

I am looking for info on Guaranteed Issue Products. To be more specific I am looking for:

• Companies that have them
• Typical commissions 1st Year and subsequent years
• Your personal take on which company/plan is the best and why.
• Which plan is best for the consumer and why.

A few companies that I know that have them now and could use some info on are:

AIM
Homeland
Assurant
Transamerica

If you know of others that would be great!

Thanks in advance...

Chuck

if you PM me ill give you some routes to go depending on what you plan to do. i know most of them now.

 

[STIBROKER]

Really...looks around desk for banning hammer.....

if you PM me ill give you some routes to go depending on what you plan to do. i know most of them now.

 

[somarco]

what you should have done is tell him to bonus the $150.00 to each employee each month and sent a memo to them this is to help off set the cost of covering health insurance and you will be getting a call from Bob and he will explain your options....

That was the first idea I threw out and he nixed it. Said he wanted to provide insurance, not a cash account. The HRA would have been a good way to go. He even grasped the concept asking if it was like an FSA, but then trashed it.

The type of plan he wants is something he has been trying to find for a couple of years. I told him what he already knew, but no other agent had dare say.

What he is looking for does not exist.

Based on his budget and the type of worker, an HDHP would never fly. I have seen it happen too often.

You give them cash in an HRA or similar option or give them basic benefits and the ability to buy up to true cat cover.

You know this, but I was designing benefit plans for employers when you were first learning to skateboard.

These are slightly above min wage earners. A fourth are men covered under their wives plan. The remaining workers are mostly single moms and English is not their native tongue.

For this kind of worker, and his budget, this approach makes more sense if he doesn't want to go the HRA route.

 

[STIBROKER]

have fun with that......not my market........I don't speak Spanish....

 

[MyAgentSolution]

Well I appreciate all the feedback! It would be nice if people responded to questions with answers to the question rather than unwanted opinions that ruin the thread. I obviously received much more than I asked for but it was enlightening nonetheless.

Thanks again!

 

[STIBROKER]

Well I appreciate all the feedback! It would be nice if people responded to questions with answers to the question rather than unwanted opinions that ruin the thread.

Really....I have been thanked by many NAA and NASE agents on threads like this.....saved them from making a big mistake.....

 

[moonlightandmargaritas]

It would be nice if people responded to questions with answers to the question rather than unwanted opinions that ruin the thread.

OK, let's see...you come on a public insurance forum, and expect that you're going to be able to dictate the responses that you get...

Interesting philosophy.