Paramed Exam Question

[Guest]

I'm expanding my portfolio and have been offering term life and whole life to my clients. Up to this point I have been excluslive working with seniors selling final expense and senior health products.

I have a couple of prospects who I have interested in term life and have a couple of questions about the paramed exams.

Who pays for these? The insurance company, the agent, or the applicant?

Who schedules them, the agent or the company?

 

[lqdirect01]

The insurance company that you choose for your client pays for the exam. you can schedule the paramed through services such as EMSI
Portamedic or Superior Mobile Medics You can either preset the exam or have the examiner contact your client to schedule the exam.

 

[WinoBlues]

The insurance company pays for them. Make sure you send in the app. even if the client pulls out prior to issue.

Some companies like to order them, same for some GAs. I am a bit of a control freak. I order my own. I also always get copies faxed/emailed to me. I tend to have them before the company. So I fax copies to the case manager. I also refer back to them years later when I write more or rewrite them.

Now, some types of apps you have to let the provider order them. Example is Cinci Life has a Lite App it has to be faxed to examone. They order the exam during the PHI.


BTW, same with APS' the company will order and pay for them.

I'm expanding my portfolio and have been offering term life and whole life to my clients. Up to this point I have been excluslive working with seniors selling final expense and senior health products.

I have a couple of prospects who I have interested in term life and have a couple of questions about the paramed exams.

Who pays for these? The insurance company, the agent, or the applicant?

Who schedules them, the agent or the company?

 

[jdeasy]

I'm expanding my portfolio and have been offering term life and whole life to my clients. Up to this point I have been excluslive working with seniors selling final expense and senior health products.

I have a couple of prospects who I have interested in term life and have a couple of questions about the paramed exams.

Who pays for these? The insurance company, the agent, or the applicant?

Who schedules them, the agent or the company?

The insurance company pays for them, but, you have to read the contracts. Some companies, like UHL for example, reserve the right to charge the agent for the paramed if the client doesn't accept the policy.


It's for that very reason that I would never put a fully underwritten client with that company.

They did tell me that they have never used that provision, but, they wouldn't take it out of the contract.

Other companies may have the same language. They are the only one I've seen with my own eyes.

 

[dgoldenz]

The insurance company pays for them, but, you have to read the contracts. Some companies, like UHL for example, reserve the right to charge the agent for the paramed if the client doesn't accept the policy.


It's for that very reason that I would never put a fully underwritten client with that company.

They did tell me that they have never used that provision, but, they wouldn't take it out of the contract.

Other companies may have the same language. They are the only one I've seen with my own eyes.

Anthem (for health insurance, not life) has in their agent guide that if they order an APS the applicant has to pay for it. I've never had them request the applicant pay for it.

Portamedic has billed several of our "clients" that took the exam but never sent in the application and disappeared off the face of the earth.

 

[nycagent]

I also refer back to them years later when I write more or rewrite them..

You need to be very careful about that - It is my understanding, which could be wrong, that keeping copies of the Paramed is a violation of HIPAA privacy laws.

I stand to be corrected, and would be interested to learn what other agents do. I usually keep them through underwriting, and once the policy is issued and we no longer need them I shred them.

 

[WinoBlues]

You need to be very careful about that - It is my understanding, which could be wrong, that keeping copies of the Paramed is a violation of HIPAA privacy laws.

I stand to be corrected, and would be interested to learn what other agents do. I usually keep them through underwriting, and once the policy is issued and we no longer need them I shred them.

You maybe correct. I also keep a copy of the app. including the part two medical questions. We do not get fluid results of course. But have them sent to me by client often. Maybe time to add another disclosure.

 

[GoCubsGo]

Get a relationship going with a local paramed office for better service. I have one which allows me to set the appointment as long as it is at least 3 days out. Always best to order the exam yourself and get it scheduled and done as soon as possible. You can get paid faster that way but more important you won't lose the business. Too much time between the ap and getting the exam done increases the chance that it will fall apart.

 

[fdahl82]

WCL will also charge the agent if they order an exam, if they use the EZapp.

You also have to check the underwriting guides, because some carriers only allow exams to be done by certain providers.

 

[Fisher]

I am a bit of a control freak. I order my own..

Word.
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