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Reply to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.     
Old 08-25-2017, 01:08 PM   #1
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entrep1776 on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. 60 Year Old Prospects Asked About Health Insurance. How to Handle.
Flying back from Las Vegas today, lady saw me studying for my insurance license.

She asked me about what she & her husband should do for health insurance.

He's 60 & retiring in May 2018. Currently covered by company insurance plan. She's 59. I got their contact information. Guesstimate of $100k annual income. They live in IL. Both looked healthy both non smokers.

What are their options for health insurance?

If I was licensed, any product I could sell?

Any advice on how to best serve this prospect?

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If you wouldn't say it to someone in real life, why would you type it to someone on the Internet?
  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-25-2017, 02:32 PM   #2
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adjusterjack on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
One of his options (and likely preferable) would be to continue his current company plan on COBRA for, I believe, another 18 months after his retirement.

He'll pay his own premiums during that time which is likely to still be less than any comparable private plan.

But you never know, maybe you can make some magic.


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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-25-2017, 04:48 PM   #3
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entrep1776 on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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Originally Posted by adjusterjack View Post
One of his options (and likely preferable) would be to continue his current company plan on COBRA for, I believe, another 18 months after his retirement.

He'll pay his own premiums during that time which is likely to still be less than any comparable private plan.

But you never know, maybe you can make some magic.

They seemed to think Cobra was their best option also.

What happens after 18 months? Hmmm not sure anyone knows.

How would they shop for private insurance?
.........
Found this:
https://www.healthcare.gov/apply-and...or-tax-credit/

Three other ways to buy a health plan

Directly from an insurance company. You can contact any health insurance company and see plans available in your area. Many have websites that let you compare all plans they sell.
You can also use our Plan Finder website, which presents information about private health plans available outside the Marketplace.

Through an insurance agent or broker. Generally, agents work for a single health insurance company, while brokers sell plans from several. Both can help you compare plans and enroll. You don’t pay more by using an agent or broker. They’re generally paid by the insurance company whose plans they sell. They may not sell all available Marketplace plans.

From an online health insurance seller. These services offer health plans from a number of insurance companies. They let you compare prices and features and then enroll with the insurance company.
.........
I told prospects the government cut out agents commissions on health insurance so most agents don't mess with it.

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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-26-2017, 09:51 AM   #4
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
Originally Posted by entrep1776 View Post
Flying back from Las Vegas today, lady saw me studying for my insurance license.

She asked me about what she & her husband should do for health insurance.

He's 60 & retiring in May 2018. Currently covered by company insurance plan. She's 59. I got their contact information. Guesstimate of $100k annual income. They live in IL. Both looked healthy both non smokers.

What are their options for health insurance?

If I was licensed, any product I could sell?

Any advice on how to best serve this prospect?
Tell them to move to Costa Rica until they reach Medicare age......they'll have a great time and have cheap insurance plus access to quality health care. Tell them to make sure they have a LTC policy so they don't go broke in their golden years after they move back to the US to be near their kids. Sell them a Med Sup when they turn 65 and return.

------------------------------------
Herman Bruns
Atlanta, GA
404-272-9249

[email protected]
  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-26-2017, 02:41 PM   #5
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xrac on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
Originally Posted by yankee466 View Post
Tell them to move to Costa Rica until they reach Medicare age......they'll have a great time and have cheap insurance plus access to quality health care. Tell them to make sure they have a LTC policy so they don't go broke in their golden years after they move back to the US to be near their kids. Sell them a Med Sup when they turn 65 and return.
Not bad advice.

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X
  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-26-2017, 04:50 PM   #6
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
Originally Posted by xrac View Post
Not bad advice.
I guess it was my round about way of saying there ain't no money to be had selling U65 health insurance any more.
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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-27-2017, 02:49 PM   #7
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entrep1776 on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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Ok. I plan to tell them:

COBRA is probably best option.

Maybe his employer would allow him to stay on their insurance & he pays the premium.

Costa Rica has affordable care (jk kinda)

They might want to consider a LTC policy.

I'd be happy to give them free insurance review once I'm licensed in September.

.........
Appreciate advice or thoughts.
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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-27-2017, 10:49 PM   #8
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AllenChicago on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
In Illinois, COBRA is definitely better than what Blue Cross offers. (Blue Cross is the only PPO in the state)

Hopefully after 18 months, there will be free-market Major Medical choices available once again.

If COBRA is, or becomes too expensive, have your new clients investigate the Christian Medical Cost Sharing options.
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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-28-2017, 04:02 AM   #9
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entrep1776 on 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
 
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Originally Posted by AllenChicago View Post
In Illinois, COBRA is definitely better than what Blue Cross offers. (Blue Cross is the only PPO in the state)

Hopefully after 18 months, there will be free-market Major Medical choices available once again.

If COBRA is, or becomes too expensive, have your new clients investigate the Christian Medical Cost Sharing options.
Thanks for input. I read this thread. It seemed little negative toward CMCS.

Will You Offer Health Ministry Plans in 2018?

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  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
Old 08-29-2017, 06:56 AM   #10
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60 Year Old Prospects Asked About Health Insurance.  How to Handle. Re: 60 Year Old Prospects Asked About Health Insurance. How to Handle.
Originally Posted by entrep1776 View Post
Flying back from Las Vegas today, lady saw me studying for my insurance license.

She asked me about what she & her husband should do for health insurance.

He's 60 & retiring in May 2018. Currently covered by company insurance plan. She's 59. I got their contact information. Guesstimate of $100k annual income. They live in IL. Both looked healthy both non smokers.

What are their options for health insurance?

If I was licensed, any product I could sell?

Any advice on how to best serve this prospect?
I would advise him to start a small business as a C corporation before the end of the year. Start doing some consulting and work on his own terms post retirement. After his Cobra expires, he can have a small group, Long term care can be paid for tax-free, and he and his wife will be insulated from the individual market.

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“Opportunity is missed by most people because it is dressed in overalls and looks like work”
-- Thomas Edison
  Reply With Quote to 60 Year Old Prospects Asked About Health Insurance.  How to Handle.
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