Aeta drafts upon approval. I'm not sure if they can do EFT from a savings but if your client doesn't have a checking account I wouldn't go spending that commish just yet.
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The app only refers to checking accounts. Call broker services to see if they will accept savings accounts.
Watch your commission statements like a hawk. I have them audit my account every 3 months or so. They are the worst on collecting premiums and paying commissions.
I have some clients who are not debited for the initial or follow up premium for up to 4 months after the effective date. Of course that means I am not paid either.
They make incessant errors. For example, say your client pays late or for some reason is not drafted in time for make the commission cut-off for the next statement.
You'd think it would show it on the next statement along with that month's commish: example - $60 due in January but paid late which means $120 paid in Feb.
Wrong - you'll simply see $60 on Feb's statement in most cases. Ok - so what happened to January's commission since it was indeed drafted or remitted - simply late.
Well....that question puts you into the Aetna commission circle of hell.
One month Aetna paid my entire commish to another broker. Said it was simply an error. They also told me it would not be corrected until they got the commish back from that broker. I got it back...4 months later.
Watch your commission statements like a hawk. I have them audit my account every 3 months or so. They are the worst on collecting premiums and paying commissions.
I have some clients who are not debited for the initial or follow up premium for up to 4 months after the effective date. Of course that means I am not paid either.
Originally Posted by healthagent
They make incessant errors. For example, say your client pays late or for some reason is not drafted in time for make the commission cut-off for the next statement.
One month Aetna paid my entire commish to another broker. Said it was simply an error. They also told me it would not be corrected until they got the commish back from that broker. I got it back...4 months later.
They make incessant errors. For example, say your client pays late or for some reason is not drafted in time for make the commission cut-off for the next statement.
You'd think it would show it on the next statement along with that month's commish: example - $60 due in January but paid late which means $120 paid in Feb.
Wrong - you'll simply see $60 on Feb's statement in most cases. Ok - so what happened to January's commission since it was indeed drafted or remitted - simply late.
Well....that question puts you into the Aetna commission circle of hell.
One month Aetna paid my entire commish to another broker. Said it was simply an error. They also told me it would not be corrected until they got the commish back from that broker. I got it back...4 months later.
John, it's funny you brought this up. I wrote (2) policies back in November which Aetna claimed were never linked to myself or my GA even though on Producer World everything showed up properly. They're taking care of it now but if I wasn't paying attention I'd be screwed.
I could be misinterpreting what many of you are saying, but it sounds like your reasoning for not doing business with Aetna is due to commission issues. Not because it's not a good product for the client. I haven't heard any of you express that as a reason for not doing business with Aetna.
I really don't know how competitive their product is in your states, but it seems to me the reason to not do business with a carrier would be that it's not competitive and/or gives poor service to the client. I always thought my job was to do what was best for the client. If I have to put up with some frustrations with the carrier, I am willing to do that in order to SERVE the client. If it's just a case here or there, I would think you could deal with it. Do we want to? Of course not. But if the product is right for the client, then we should be offering that. Now if I have a choice between two carriers with VERY comparable benefits and rates and one is better for me administratively, then I have no problem in using that carrier instead. Maybe that's what you meant and not that you don't do business with a carrier JUST because they screw up your commissions from time to time.
I could be misinterpreting what many of you are saying, but it sounds like your reasoning for not doing business with Aetna is due to commission issues.
A valid point Scott, but consider:
My experience over the last 20 years is that good service (be it in agent comp, client service or whatever) is either totally absent, or pervasive throughout an organization.
If it's systemically bad in one area, I've found that it will be bad in many areas. Therefore, I won't subject my clients to that risk.
Ymmv.
------------------------------------ Don't steal - the government hates competition.
your reasoning for not doing business with Aetna is due to commission issues.
I still write business with them, half a dozen or more apps a month. Just have to audit my commission statement in ways I don't with any other carrier.
My experience over the last 20 years is that good service (be it in agent comp, client service or whatever) is either totally absent, or pervasive throughout an organization.
Yes, and no.
My most stable block, and fewest complaints come from KP clients. They do an outstanding job in every area but premium collection & commissions. But they are stellar compared to Aetna.
My experience over the last 20 years is that good service (be it in agent comp, client service or whatever) is either totally absent, or pervasive throughout an organization.
If it's systemically bad in one area, I've found that it will be bad in many areas. Therefore, I won't subject my clients to that risk.
Ymmv.
Amen to that. I used to work on the other side of insurance as a benefits analyst in a doctor's office. If we ever had a problem collecting a payment from an insurance company, it usually broke down about like this:
70% of the time, Aetna had screwed something up.
15% of the time, an out-of-state Blue had lost paperwork.
10% of the time, World, Assurant, or a worker's comp group was whining about not having enough paperwork to play with.
5% of the time, it was a regular clerical or administrative error with some other carrier.
When I left that job, we were still trying to collect on a case from March 2007 that Aetna had billed improperly. They paid the surgeon and assisting surgeon at the same rate on a back surgery case, and refused to pay the surgeon his correct rate. As far as I know, that's still going on.
I don't think anyone here can afford to work for free, right?
That's essentially what's happening w/Aetna.
I would only put my worse case scenarios w. them.
Imagine 1/4 to 1/2 your new business w/Aetna, and not getting paid for 6 months, Would you sell health insurance if you first commission or second commission didn't come for 4 to 6 months?
I would always let my clients know , that they need to keep that premium in their account , even if it hasn't been drafted yet...A lot of people have a problem w/having 4 months of premium in their account and not touching it, I imagine Aetna causes a lot of over-drafts.
I advise you only put a client w/Aetna, if they would be declined/ridered somewhere else. Definitely don't put your healthy block with them, you'll never get paid.
I guess I'm the exception and not the norm. Of course, the majority of the business I have with Aetna is group. But I haven't had any problems getting paid on individual business either.
As a matter of fact, I have had isolated problems with every carrier I've ever dealt with (Aetna, Blue Cross, Coventry, Golden Rule, Humana and Kaiser - I didn't list Assurant because I haven't written anything with them in close to a decade). If I were having issues with 25%-50% of cases I place with a carrier, I think I'd have a long conversation with someone in upper management.
Like I said, I must be the exception.
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Originally Posted by somarco
I still write business with them, half a dozen or more apps a month. Just have to audit my commission statement in ways I don't with any other carrier.
I know you still write with Aetna. I know the type of person you are and have no doubts about you placing the clients needs before your own. My post wasn't directed to you.
By the way, did you get that text I sent?
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Originally Posted by moonlightandmargaritas
A valid point Scott, but consider:
My experience over the last 20 years is that good service (be it in agent comp, client service or whatever) is either totally absent, or pervasive throughout an organization.
If it's systemically bad in one area, I've found that it will be bad in many areas. Therefore, I won't subject my clients to that risk.
Ymmv.
I understand that is always a possibility. The thread spoke specifically of not doing business with Aetna due to commission issues. Wrong reason if you ask me.
Several years ago, Blue Cross Blue Shield of Georgia was king. They had great benefits and even better rates. They accepted almost anyone. It was a no brainer to write business with them. However, they treated the agents like second class citizens unless you were one of the big boys. I never had a client complain about customer service, claims, etc. I sure did hate to call the carrier whenever there was a problem with an application or commissions. But for many, this was the best plan to be on. So I just dealt with the service issues for the benefit of the client. Not to mention BCBS only pays 10% commission. Much less than many other carriers.
While Blue had poor service for the agent, the clients didn't necessarily experience this same poor service.
Of course, if you are having service problems with a carrier, you could be like Bob and piss off the people at the carrier to the point that they won't let you write with them anymore. I believe the feeling was mutual with Bob.
Last edited by sman : 01-17-2009 at 01:52 PM.
Reason: Posts merged
Yes, Scott, I got the text. I hope the cream is working for you . . .
you could be like Bob and piss off the people at the carrier to the point that they won't let you write with them anymore. I believe the feeling was mutual with Bob.
Aetna in MD has a $5,000 cap on meds, $2,000 DME cap and pays $25 for 12 outpatient therapy visits. They also only offer a $200 preventative benefit unless it's mandated wellness.
The only reason I was writing them when they got in the market is they offered maternity with no waiting period and beat BX rates - which has a $500 to $1,000 drug cap. They also had extremely liberal underwriting. Unless they were officially pronounced Aetna approve them.
I have some clients who are not debited for the initial or follow up premium for up to 4 months after the effective date. Of course that means I am not paid either.
They have another treat in store for you, if you've never experienced it.
After not receiving commissions on two cases for 3 months, and noticing that they were not showing up on Client Manager, I called billing and enrollment and they told me that the premiums had been paid, but there was an "error" - the commission dept had not been properly notified to pay commission, some kind of something.
There is no end to the stories, but you have to love them anyway.
Aetna
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