I would like to see some opinions on the Assurant One Deductible HSA Plan vs. the Golden Rule HSA 100 Plan for a 42 year old smoker. He is healthy, no hospitalization, doctor visits only for annual physical, no prescription drugs. This is a PA case.
Assurant has the best accident policy add-on, a 10% discount on renewal rates, multi-year rate guarantees and up to $500 in first dollar preventative after the first year. Even if the rates are close, Assurant is the better carrier.
However, its hard to argue with Golden Rule's smoker rates compared to Assurant here in CT.
After AMS sent me the letter last year announcing their pull-out of 6 states I wouldn't have much faith in them.
I've been waiting for that letter for over a year and have decided its not a valid reason to not sell their plans. They are a good company with excellent service and great rates. Golden Rule pulled out of PA more than five years ago, then came back last year. Any company can stop writing in a state at any time - not a reason to boycott them now - in my opinion.
Are you sure GR pulled out of PA five years ago? I have been writing policies with them in PA for a long time.
Last edited by CHUMPS FROM OXFORD : 08-17-2007 at 07:56 AM.
Reason: How to stop Iran? Get Oil prices to fall to $40. That will kill their subsidized economy.
I have more information on the prospect I mentioned in my first post. As I previously stated, he is 42 years old and single. He chews tobacco so that puts him in the smoker category. He is a self-employed carpenter and currently has Aetna Open Panel HMO 10 for which he pays a premium of $339 a month. I understand that Aetna will be raising their HMO rates in SE PA on 10/01/2007.
Healthwise he is in good condition. His father died from colon cancer five years ago. At that time the family doctor insisted that he have a colonoscopy. Apparently they found a couple of polyps that were removed. They turned out to be noncancerous. It is time for him to have another colonoscopy inasmuch as 5 years have passed since his last exam. In the interim, his doctor visits have consisted of routine annual physicals.
I ran some rates on GR using Preferred Smoker. For the $1,100 deductible on the HSA 100 the premium is $253.84. Standard I Smoker is $302.66 for the HSA 100. The Copay Select Standard I Tobacco is $357.47 for $500 deductible and $268.10 for $1,000 deductible----copay is 80/20 to $10,000. Plan 100 with $1,500 deductible and Rx upgrade (eliminate cap) is $261.47. I ran some figures for Assurant and their premiums appear to be much higher,e.g., One Deductible at $1,100, 80/20 of 10K is $477.85 The Save Right PPO with $2,200 deductible and $3,00 OOP max w/ Rx is $185.50. I don't believe this prospect is sophisticated enough to buy into the HSA as far as funding it goes.
I feel like a neophyte because I haven't been in the individual health market for a number of years. My last experience was with NASE and I swore off individual health after that experience. So any suugestions will be sincerely appreciated.
BTW, the zip code is 19095 and he is spending $4,068 in premium annually with Aetna. The copays are low---$10 Dr. office visit.
I have more information on the prospect I mentioned in my first post. As I previously stated, he is 42 years old and single. He chews tobacco so that puts him in the smoker category. He is a self-employed carpenter and currently has Aetna Open Panel HMO 10 for which he pays a premium of $339 a month. I understand that Aetna will be raising their HMO rates in SE PA on 10/01/2007.
Healthwise he is in good condition. His father died from colon cancer five years ago. At that time the family doctor insisted that he have a colonoscopy. Apparently they found a couple of polyps that were removed. They turned out to be noncancerous. It is time for him to have another colonoscopy inasmuch as 5 years have passed since his last exam. In the interim, his doctor visits have consisted of routine annual physicals.
I ran some rates on GR using Preferred Smoker. For the $1,100 deductible on the HSA 100 the premium is $253.84. Standard I Smoker is $302.66 for the HSA 100. The Copay Select Standard I Tobacco is $357.47 for $500 deductible and $268.10 for $1,000 deductible----copay is 80/20 to $10,000. Plan 100 with $1,500 deductible and Rx upgrade (eliminate cap) is $261.47. I ran some figures for Assurant and their premiums appear to be much higher,e.g., One Deductible at $1,100, 80/20 of 10K is $477.85 The Save Right PPO with $2,200 deductible and $3,00 OOP max w/ Rx is $185.50. I don't believe this prospect is sophisticated enough to buy into the HSA as far as funding it goes.
I feel like a neophyte because I haven't been in the individual health market for a number of years. My last experience was with NASE and I swore off individual health after that experience. So any suugestions will be sincerely appreciated.
BTW, the zip code is 19095 and he is spending $4,068 in premium annually with Aetna. The copays are low---$10 Dr. office visit.
The polyps are going to be a BIG problem with everyone, plus no one will UW till he has another colonoscopy. He should stay put or ask for a higher deductible.
I'm positive they pulled out, but not sure of the exact timing.
I hate to say it (well...not really) but I just wrote a GR policy in PA today and I'm sure I have written about a half dozen or so within the last year. GR is alive and well in Pa.
Assurant, for too many reasons to list, is far superior than GR.
Can you tell me what they are. I Think Assurant is pricy in comparison to Gr here in Az and the benefits are very close. But lately have been put off by the speed of Gr underwriting.
Help me out here.
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"The difference between the almost- right word and the right word is.....
the difference between the lightning bug and the lightning."
-Mark Twain
Pull out an Assurant policy (not brochure) and read it cover to cover. Then pull out an GR policy and read it cover to cover. Note the differences. If you as an agent don't feel like actually reading the comparing the policies you sell then I cannot be of any assistance. I'm actually stunned at the number of agents who have never read the policies they sell.
HSA: Assurant vs. Golden Rule
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