Aetna

Paradigm

Guru
1000 Post Club
Please tell me does Aetna allow Easy Pay EFT with a savings account on their individual health?

When is the money taken on an Aetna application is the application debited on submission or issue?
 
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.
 
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.

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.

Some very succinct reasons to avoid them?
 
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.

Lou
 
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.
 
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