I'm an independent agent w/ appointments with Anthem, Blue Shield, Kaiser and Healthnet. Someone told me to contact Insphere to be able to offer supplemental health insurance to fill the gaps that health insurance doesn't offer (e.g. deductibles, co-pays, etc). I met with them and everything sounded great, but I'm not sure that I want to take that route. I am independent because I don't want to have to answer to anyone and there has to be a way to get the appointments with those carriers on my own. I spoke to a couple of experienced agents and they didn't know what supplemental health insurance was. Any suggestions?
Independent Agent Looking for a Supplemental Health Carrier
- Thread starter pepe p
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Yes, you can stay independent.
Yes, you can get your own contracts
Yes, you may find out it's better to go through an agency for some items for even higher commission payout.
In my mind, there is no good low cost supplemental plan to cover copays. But, there are great accident/critical illness plans out there that fill that deductible void. See some on my webpage Supplemental Policies
- Thread starter
- #3
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Why would anyone buy a 2nd policy to cover the deductible? Just buy a plan with a lower deductible.
Instead of worrying about covering $2-5K, sell a critical illness plan to cover a potential of $50-100K.
It's really not rocket surgery.
Rick
- 323
I know lots of agents that do this, because you can get them a lower overall premium while providing nearly 100% protection. And the supplemental plans pay a higher commission than the medical plan.
Then again, I don't know if any of them are brain scientists, either.
The concept for those that don't sell insurance full time, is that by raising your deductible another $2500 or $5000, the monthly savings of $100-$300/mo makes it attractive. But if you're going to raise that deductible, you may want to consider plugging up that larger hole with a supplement accident policy for $50/mo.
Net result = Net monthly savings, and close to 100% coverage for accidents ($100 ded). In exchange, you take a higher risk for major "illnesses" only, and remember preventative care is free. 2 of the 3 types of care you'll need are now paid for/insured for LESS cost.
Critical illness policies only cover 3 of the thousands of conditions that could occur. Compared to accident policies that cover all accident that could occur.
Compared to if the client stayed on lower deductible plan, paying a higher premium, then the client has an accident and subject to that deductible anyways. Pay more and pay more.
Great strategy for young families with kids, less at risk for major illness, and is my main market. Also good for active adults. Under 65 Seniors typically have money to finance a higher deductible.
Net result = Net monthly savings, and close to 100% coverage for accidents ($100 ded). In exchange, you take a higher risk for major "illnesses" only, and remember preventative care is free. 2 of the 3 types of care you'll need are now paid for/insured for LESS cost.
Critical illness policies only cover 3 of the thousands of conditions that could occur. Compared to accident policies that cover all accident that could occur.
Compared to if the client stayed on lower deductible plan, paying a higher premium, then the client has an accident and subject to that deductible anyways. Pay more and pay more.
Great strategy for young families with kids, less at risk for major illness, and is my main market. Also good for active adults. Under 65 Seniors typically have money to finance a higher deductible.
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