Impaired Risk Plans

Dandy1 · 09-24-2007, 01:56 PM

I have recently come across a lot of information regarding Impaired Risk Health plans. Are these good products to add to my portfolio? What type of clients are these type of plans best for?

somarco · 09-24-2007, 02:15 PM

Depends.

I have never had much success with them. I have a few "almost" guaranteed issue plans. The folks who see them don't want to pony up the $$$ since it doesn't cover the things they need the most (usually Rx). They can't afford a HIPAA plan and earn too much to hit Medicaid. So they will continue to rock along until the inevitable happens and they lose everything.

Which plans were you looking at?

Dandy1 · 09-24-2007, 06:22 PM

United American was the one I was looking at. I'm not sure if there are better choices out there.

2112Greg · 09-24-2007, 08:14 PM

Not sure if I'd call UA's plans 'impaired risk' though. I'd call them limited plans with some pretty liberal underwriting. There is a real use for them in hard-to-place cases ... Type II, HBP, etc. But the benefit/premium ratio is pretty far out of whack, IMO. But then again...

A company I like for those difficult cases is New Era. Check out their site at:

New Era Life Insurance Companies

Coverage is light years beyond UA and a whole lot less cabbage, to boot. Excellent for hard to place cases...hope it's available where you are.

GreenSky · 09-24-2007, 08:53 PM

Quote:

Originally Posted by 2112Greg

A company I like for those difficult cases is New Era. Check out their site at:

New Era Life Insurance Companies

Coverage is light years beyond UA and a whole lot less cabbage, to boot. Excellent for hard to place cases...hope it's available where you are.

Apparently it's impossible to find out where it's available. There website gives almost zero information. Is it a secret?

Rick

2112Greg · 09-25-2007, 01:22 AM

heh...yea, their website blows chunks, but I've sent up the New Era brochures to my webspace for you to check out. It's the last stop before the risk pool and really when you look at it, it's nothing to be ashamed of, in fact, it's a fantastic value, IMO. Click the links below to get the two pieces of their health coverage, Catastrophic Care and the outpatient stuff is called Companion Care.

http://entrenousfinancial.com/NewEra-Companion.pdf

http://entrenousfinancial.com/NewEra-Catastrophic.pdf

All I know is that it's available in Texas and if anyone reading this wants a hookup for it, let me know. I'll see what I can do. Hopefully it's available outside of Texas (it is a Houston-based company).

Given the choices that a person faces (medical issues, etc) and the last stop before diving into the risk pool, this is very nice coverage. I just saved someone on UA over 200/month for BETTER coverage. Check out the pdfs and see what you think.

Alston · 09-25-2007, 02:36 AM

Quote:

Originally Posted by 2112Greg

heh...yea, their website blows chunks, but I've sent up the New Era brochures to my webspace for you to check out. It's the last stop before the risk pool and really when you look at it, it's nothing to be ashamed of, in fact, it's a fantastic value, IMO. Click the links below to get the two pieces of their health coverage, Catastrophic Care and the outpatient stuff is called Companion Care.

http://entrenousfinancial.com/NewEra-Companion.pdf

http://entrenousfinancial.com/NewEra-Catastrophic.pdf

All I know is that it's available in Texas and if anyone reading this wants a hookup for it, let me know. I'll see what I can do. Hopefully it's available outside of Texas (it is a Houston-based company).

Given the choices that a person faces (medical issues, etc) and the last stop before diving into the risk pool, this is very nice coverage. I just saved someone on UA over 200/month for BETTER coverage. Check out the pdfs and see what you think.

That PDF brochure is funnier than Jerry Seinfeld and Richard Pryor.

$2,000 maximum per calendar year on out-patient care, $4,000 maximum on in-patient care, $1,000 for maternity.

We have a different definition of "fantastic value."

2112Greg · 09-25-2007, 03:25 AM

You haven't seen the premiums, have you? How would you know if it's a good value or not based on the comedic looking brochure?

Remember what I said, it's the last stop before the risk pool (we have that here in Texas). It's not major medical (never said it was). The risk pool is far more expensive and yea, it may be better coverage, but what if they can't afford it? This IS a great value...

It ain't fancy, but it gets the job done and believe it or not, it's much better coverage than others in its class (at least the ones I have seen...ala United American).

newmindfashion · 09-25-2007, 05:20 PM

2112Greg (BTW, is that a RUSH reference?)

I'm not trying pile on here but the brochure and web sites are indeed really hokey. Doesn't arouse a lot of confidence. Would be nice to know what states they are in.

How's the claims payments been 2112?

2112Greg · 09-25-2007, 08:28 PM

Oh, I TOALLY agree, the brochuers are cheesy as helll. I really wish they'd develop some new collateral. It's pretty bad, but I warn propsects about it!

Coverage-wise, I am setting up a 55yo female on the catastrophic plan (5k ded, 100k agg. max.) for 115 bucks a month. Sorry, but that's a great value. Especially when you consider she'd go without anything.

I have only started using them in these kinds of cases, so I don't know how they are with claims. I was just happy to be able to get away from UA for hard to place cases...

And yes NMF, my username is a Rush reference...been going deaf from Rush since 1975! It's a slight obsession...not as bad as SOME Rush fans I know...but I did fly to Denver/Red Rocks to see them last month...then drove to every show in Texas. I know, I need help...

newmindfashion · 09-25-2007, 11:13 PM

Greg,
Great song and very good album. I particularly like the album Signals and the tracks Distant Early Warning and Red Sector A.

CT Insure Guy · 09-26-2007, 12:30 AM

Quote:

Originally Posted by newmindfashion

Greg,
Great song and very good album. I particularly like the album Signals and the tracks Distant Early Warning and Red Sector A.

"Red Barchetta" is in the top 10 songs of all time for sure...but I know you think "Dr. Feelgood" slays it.

Neil Peart bought an Assurant 5700 OD PPO from me yesterday and then played YYZ on his knee over the phone!

2112Greg · 09-26-2007, 03:04 AM

Cool, about Peart buying a plan from you, but he's actually on his way to Europe for the European leg of the tour! So HA!

Here's a picture of his BMW bike getting ready for the trip.

And here's a shot of all of their gear headed out for the same flight...

Told you I had an obsession...

BTW, if you haven't heard their music in a while, pick up a copy of their new album Snakes and Arrows. It's most excellent...

CT Insure Guy · 09-26-2007, 01:46 PM

Quote:

Originally Posted by 2112Greg

Told you I had an obsession...

BTW, if you haven't heard their music in a while, pick up a copy of their new album Snakes and Arrows. It's most excellent...

I have every CD rush ever put out, including S&A, though that CD has yet to really grow on me. Rush was my first concert in 1983..and have seen them many, many times(missed this tour though!)

Top 5 Rush tunes ever:

1. Red Barchetta
2. Bravado
3. The Pass
4. Subdivisions
5. Spirit of Radio, The Trees, Limelight, Cold Fire, Animate, Working Man, Distant Early Warning & Between the Wheels(tied!)

2112Greg · 09-28-2007, 01:31 PM

Awesome...great to see some Rush fans out there in Insuranceland!

CT, I had the same 'issue' with Snakes and Arrows. It didn't hit me at first (and I had a leak weeks before the official release, but of course purchased it new the day of release). It took me a lot of spins to really 'get it' and it's one of my favorite Rush albums of all time now (Perm. Waves will forever hold that top honor). Give it some more spins, it'll come around. Seeing the songs performed live also really helped my appreciation of it. It's a great collection of music once it hits you...

And just to try to re-rail this thread, in case anyone is interested in the New Era products, they are available in Alabama, Louisiana, Mississippi, Georgia, Oklahoma, Ohio and Tennessee. Let me know if you want to hook up with it. It's a great way to place otherwise 'unplace-able' folks and good even if your state has a risk pool. Without a pool, they might be uninsurable...with it, you can save them some money by not going there. Either way, it's decent coverage for those who might otherwise go without...