How to Stay In Business

ghealthplus

Expert
74
Hi All,

With the HCR Now in full Force many of you had said that if we get 5% or 7% or $50 bucks an App for Health Apps(VS 20% or more per APP) with the cost of Lead generation...

How do you plan on staying in Business and making any real Money? Am I missing Something? The way I see it is a Major Cut and Not making any Money for doing the same Work. Am I wrong? Am I missing anything? I know you can cross sell which I have but of course I know you won't sell everyone. Looking for some suggestions as to what would be the best thing to do. Thanks for all your help. All responses appreciated.
 
For the past 3 years (or so) I've made more money by selling health insurance as a "benefit package". That is, using a high-deductible base plan and adding cafeteria style add-ons to suit the client's specific needs.

Health Care Reform is just beginning to implement it's first phase, Mr. ghealthplus. The overall HCR will not be completely in effect until 2014.

Here's a Timeline Link: (Starts on Page 6 of the Document)
http://www.insurance.illinois.gov/hiric/resources/HRTimelineImplementationl.pdf

-Allen
 
Diversify, diversify, diversify...I do Business Continuation and other employee benefits. I also sell Life Insurance, Long Term Care, Disability & Fixed Annuities.
 
I truly believe the vast majority of "health agents" should get out of the business - NOW.

Of course, this will inundate used car dealers, telemarketing shops, real estate agencies, etc. as most of those people return to their "former professions."
;)
 
Just read the book "Who Moved My Cheese?"
If you don't know what to do after that you better get into another line of work.
 
Hi All,

With the HCR Now in full Force many of you had said that if we get 5% or 7% or $50 bucks an App for Health Apps(VS 20% or more per APP) with the cost of Lead generation...

How do you plan on staying in Business and making any real Money? Am I missing Something? The way I see it is a Major Cut and Not making any Money for doing the same Work. Am I wrong? Am I missing anything? I know you can cross sell which I have but of course I know you won't sell everyone. Looking for some suggestions as to what would be the best thing to do. Thanks for all your help. All responses appreciated.

Most probably wont (make it) Many Agents are thinking they will be able to sell enough separate Plans (Accident, Disability, etc.) to make up for the difference in loss of income from the health insurance commission cut.. But when all the mandates take affect, health Insurance will be so expensive, most will not be able to afford any separate policies, and or even need them. Some agents think they can sell a lower priced HSA, and then add on many supplemental plans (that pay commissions) but HSA's wont meet the new mandates, so if you sell one, your client will eventually have to pay the penalty for not having a health insurance plan that is Obama care approved. I also think that Medicare Supplements will eventually be rolled into using these mandates as well (Loss ratio upped to 80%) so eventually you will have the commissions for medicare supplements dry up too. Life Insurance is a safe choice, but it will be very competitive for a few years as many Health Agents will flood that market for a while, The ones who make it are the agents that have a good saving account to last them trough the storm, and to give them time to build up a good client base in non-health insurance related plans.
The truth is, it is going to be a ruff few years for most Agents
 
Last edited:
Back
Top