What is Your Opinion on Packaging Products with Health Insurance?

[Norwayguy]

Considering "Insurance Man's" last post on the forum was May of 2009, you're likely not going to get a response from him.

And tater wants to know where you're going for lunch.

Hey for some people timelyness of information is not important.... for some reason my grocery store won't take my coupons from 2009..... weird right

 

[OregonDave]

I'll train any agent how to sell CI, Accident, dental, and life insurance in a 20 minute presentation. All the agents in my office consistently sell 3-4 products per member. We only sell ACA compliant coverage or HCC STM too.

The agency record is 12 apps one call close and 100 apps in a week by that same agent. My personal record is 10 apps one call close, and my commission record is $7000 in commission one call close. It's amazing what can happen when you offer life insurance with your health insurance and know what to say.

 

[NextGenLeads]

Generally speaking it makes the most sense to package supplemental insurance when clients are set on getting the 'least expensive plan possible' but are shocked when a 6300 deductible is attached to the bronze plan. The agency that I worked with would not sell an ACA plan unless there were supplementals attached (CI, Acc, Life, Cancer, etc), due to the fear factor of carriers skipping or shorting payment.

My favorite plan to sell, in terms of coverage for clients, was a Silver Plan with cost reduction and a small accident and CI policy to cover their low ded. Clients were very receptive to the idea, and hey, when I got calls from them after they had been hurt... the supp carriers were always the first to pay.

Make sure that you are actually selling something they can use though and something that you believe in; extremely restrictive policies are deceptive and give supps a bad name.

Hope this helps.

 

[bluediamond]

The agency that I worked with would not sell an ACA plan unless there were supplementals attached (CI, Acc, Life, Cancer, etc), due to the fear factor of carriers skipping or shorting payment.

So you used a slider, did ya?

 

[YouGotMyMoney]

All the agents in my office consistently sell 3-4 products per member.

With all due respect, not on ACA biz - I'll give you on avg 1 ancillary product, maybe 2 per ACA client, but no way it's 3-4 on a volume scale. These deadbeats aint got the cheese for all that.

 

[somarco]

With all due respect, not on ACA biz - I'll give you on avg 1 ancillary product, maybe 2 per ACA client, but no way it's 3-4 on a volume scale. These deadbeats aint got the cheese for all that.

Agents gotta make a living and many times add-on plan will stick even if they drop their subsidy plan.

That being said, I do agree with you. Piling on supplemental plans is usually better for the agent than the policyholder.

Accident plans are pretty much a no-brainer but when you look at all the ways the other plans will play games at claim time you could end up with a bunch of complaints.

 

[YouGotMyMoney]

I wish I would of sold 1 ancillary product for every aca app, def would of helped pay for all the apps we never got paid on, deadbeats who never paid their plan premium, marketplace scew ups, *-*-* billing screw ups .

next oep, that's def changing....everyone gets a $0 premium bronze plan + dental + vision + accidental/CI....

 

[FLM2]

I wish I would of sold 1 ancillary product for every aca app, def would of helped pay for all the apps we never got paid on, deadbeats who never paid their plan premium, marketplace scew ups, *-*-* billing screw ups .

next oep, that's def changing....everyone gets a $0 premium bronze plan + dental + vision + accidental/CI....

I think you are better than that-people in that income range qualify for the 94% CSR plans, you can't give them a $6K deductible plan instead of something under $500 and sleep at night....

 

[OregonDave]

With all due respect, not on ACA biz - I'll give you on avg 1 ancillary product, maybe 2 per ACA client, but no way it's 3-4 on a volume scale. These deadbeats aint got the cheese for all that.

YGMM, your ACA clients can't afford not to have the ancillary coverage.Having to use the insurance the government says they must buy would cause them to go bankrupt. There's no way they could take time off work, continue to pay obamacare premiums, and pay that deductible. Solving that problem costs about $80/month in ancillary coverage, and gives the client the peace of mind in knowing that their out of pocket costs will be under $100 for statistically 92% of the reasons why they would ever use their health insurance.


I wish I would of sold 1 ancillary product for every aca app, def would of helped pay for all the apps we never got paid on, deadbeats who never paid their plan premium, marketplace scew ups, *-*-* billing screw ups .

next oep, that's def changing....everyone gets a $0 premium bronze plan + dental + vision + accidental/CI....

Do it right man. If they get CSR level 3 or 4 make them get silver and then sell dental and CI, maybe life insurance or auto too. For all other scenarios, just pitch the plan, and then say, "and most of my clients also purchase accident and critical illness insurance as supplements to their plans due to the high deductibles. The combined coverage means that your out of pocket costs for statistically 92% of hospital visits will cost you less than $100. Here's how the coverage works.

Let's say you break your arm, and go into the ER, they're going to x-ray you, put a cast on you, give you some pain medication, and send you home. A week and a half later, you'll get a bill for the deductible, $6300, and normally you would have to contact the hospital and work out a payment plan, and pay them a couple hundred dollars a month for the next few years, and that's when you go, 'This is CRAZY! Why am I paying $250/month for health insurance and getting a bill like this!!!"

Well sir, you're not going to have to deal with that. What you're going to do when you get that $6300 bill is you're going to put it in an envelope and send it to the insurance company, and they're going to send you back a check for that amount minus the $100 accident deductible. After that, you pay the hospital with that money, although it's your money so if you're off work and need groceries, need to pay bills, or jsut want to recover somewhere warm and comfortable you can.

And for critical illnesses you get a lump sum payment upon diagnosis of a covered critical illness...."

It's easy and the clients need this stuff. 65% of bankruptcies in this country are medically related and 85% of those people had health insurance."

On a side note, and I don;t tell clients this but perhaps I should, ask a senior who's working at your local grocery store why he's working and odds are good someone got hurt or had a critical illness in his family and he lost his house. I can think of many working class people who ought to be retired if not for those darn deductibles. Just like when selling life insurance we are legally obligated to offer as much coverage as possible for the client's and our own protection, we have a duty to offer ancillary to preserve our health insurance client's assets when he or she becomes ill.

 

[somarco]

costs about $80/month in ancillary coverage,

Should they take that out of their malt liquor budget or wings budget?