Insurance Agent Forum

[healthagent]

Coventry is offering indie plans in MD starting July 1st - complete with 20% commission and no riders. I'll be at their broker seminar this Thursday for details but I already have the plans and rates.

So how do their new plans look?

[healthagent]

Coventry Health Care, Inc. Home Page - click brokers, products and services, CoventryOne individual plans, download all the plan details.

For copays they're incredible and even ER is a copay. $1,500 cap on drugs and for some unknown reason there's no name brand offered on the $2,500 deductible plan.

It's accept/reject only so if you've driven past a pharmacy in the past 5 years it's a decline.

Thanks John.

[somarco]

They entered GA in April. Kick butt rates. Plans are comparable to BX here but better & lower priced.

Too low actually.

That will come home to roost next year.

Plans include dental & vision and are still lower than similar med only plans.

No riders. Rate up for conditions. They will go up to 75 or 80% before they decline.

Rate ups are heavy handed, I suppose to compensate for low "standard" rates.

They are writing so much business here they can't keep up. Service sucks. Wrote my first plan in June. Still haven't been paid. I haven't placed that much with them. About $40k so far. Haven't seen a dime.

They can't get cases issued. The dental is thru Delta and it is issued separately. Two clients got their med ID cards & policy (eventually) but had to call me about their dental.

I am not real impressed but they are so competitive I am forced to show them. At this rate I will probably write $100 - $150k by the end of the year with them. Not bad for a carrier I don't feel comfortable with. I really would feel better if I were getting paid . . .

[healthagent]

No caps on meds in GA? I feel abused.

[somarco]

None.

Only plans doing caps are Right Start. Aetna did (except on the Value plan) but dropped that in July. Now none of their plans have Rx caps.

Of course there are still plans with (some) carriers that have no Rx cover for brand name.

I would like to see Coventry make it but I think they are going to be a flash in the pan. Look to see rates jump considerably next year. They can't offer rich benefits at these rates levels & sustain it. Eventually claims will catch up with the premium. May take them 18 months or so to realize what they have done. In the interim I will enjoy the ride and roll the business as needed.

Only wish I had jumped on the BX horse when they were kicking butt. Three years ago I could have easily written $300k without breaking a sweat. If I had, no doubt I would have $3k - $4k per month every month in commission now as renewals.

Now you can't hardly give that stuff away.

You are abused.

[healthagent]

Well at least you know what I'm dealing with in the MD market - all Coventry plans have a $1,500 cap until $2,500 deductible then no coverage for name brand at all. I personally find that absurd since their underwriting guidelines here list a decline for allergies if you're on RX. What would their liability be with a $1,500 cap to justify a decline?