Insurance Agent Forum

[MyAgentSolution]

Good morning!

This is my first post to the Forum! I am looking forward to chatting with all of you. Your opinions on many topics are both sometimes hilarious and eye opening.

I am looking for info on Guaranteed Issue Products. To be more specific I am looking for:

• Companies that have them
• Typical commissions 1st Year and subsequent years
• Your personal take on which company/plan is the best and why.
• Which plan is best for the consumer and why.

A few companies that I know that have them now and could use some info on are:

AIM
Homeland
Assurant
Transamerica

If you know of others that would be great!

Thanks in advance...

Chuck

[STIBROKER@AUSTIN.RR.COM]

Really Chuck..............

[magagent]

Do you need limited benefit plans for your prospect zone leads? Sorry...

[MyAgentSolution]

Come on, I am just looking for info...not useless remarks. I was told this Forum was a great place to gather information...not be ridiculed!

One mans trash is another mans treasure!

[magagent]

This is a great resource for all agents. It was a joke.... a sense of humor is mandatory in this business!

[YouGotMyMoney]

I have 2 considerations when looking at a limited medical plan.

1. Who is the insurance company that underwrites the plan?
Do they have questionable marketing practices?
Are the plan benefits mostly "smoke and mirrors"?

2. Compensation
Do they comp me on the enrollment fee?
A lot of these "Mini-Meds", have enrollment fees of $100 to $135, plus the monthly membership fee. I have a hard time getting excited about selling a plan with an enrollment fee, that only comps me 20% or even worse, nothing on the enrollment fee! If you want a plan that pays on the enrollment fee, Intelicare and Ican Benefit are two that come to mind.

[STIBROKER@AUSTIN.RR.COM]

Originally Posted by MyAgentSolution

One mans trash is another mans treasure!

Up until the point when the client gets screwed.....

[MyAgentSolution]

Thanks guys! I appreciate the info and I will note the the "sense of humor" thing :-)

[STIBROKER@AUSTIN.RR.COM]

Originally Posted by MyAgentSolution

Thanks guys! I appreciate the info and I will note the the "sense of humor" thing :-)

But really....what were you planning on doing with a limited medical discount plan.....

[leftsided]

Fairmont Specialty ( A rated Carrier ) - Core Health Insurance - no enrollment fees, instant issue, plus group coverage -

Assignable benefits and approved in 44 states - ONLY Fairmont Specialty ( U.S. Fire underwrites the policy )

[YouGotMyMoney]

Originally Posted by STIBROKER@AUSTIN.RR.COM

Up until the point when the client gets screwed.....

If the limited medical/discount plan is the client's only option, how are they getting screwed?

[MyAgentSolution]

Thanks for asking!

Well we are coming out with our own proprietary plan in July with a true doctor visit copay, which will help it stick on the books longer. Very similar to the Assurant plan but way more affordable for the consumer. I am trying to gather info from other plans to find out what the market is pushing.

Many consumers do not understand the Mini-med concept and tend to drop the coverage quickly. Our "copay" is a term they are familiar with and a feature they comprehend when going to the doctor.

We are also launching an affiliate referral program nationwide for producers that do not sell, or don't want to be bothered selling, Mini-Meds. It is a great low maintenance way to generate additional revenue for a producer and we do all the work...

[STIBROKER@AUSTIN.RR.COM]

But it is not the only option.....each state has plans for people that do not qualify for ind underwritten plan's.....Risk pool,one man groups....and if you can not afford that medicaid....or start a 2 man business....

Originally Posted by YouGotMyMoney

If the limited medical/discount plan is the client's only option, how are they getting screwed?

I am haveing a tough time with it as well....what the hell are they good for....

Originally Posted by MyAgentSolution

Many consumers do not understand the Mini-med concept and tend to drop the coverage quickly.

[myinsurebiz]

Originally Posted by MyAgentSolution

Well we are coming out with our own proprietary plan in July with a true doctor visit copay, which will help it stick on the books longer.

Already exists.

Pays out up to 40% to MGA's.

Good luck though . . .

Tom

[MyAgentSolution]

"I am haveing a tough time with it as well....what the hell are they good for.... "

Believe it or not... I know of a gentleman that had an emergency Apendectomy...4 day hospital stay amongst other complications...total bill was around $22K...through the plan it was reduced to about $2300...

Without it, he would have been in big trouble!
- - - - - - - - - - - - - - - - - -
"MyInsureBiz"

What company is that with? I would like to take a look at the plan.

Thanks

[STIBROKER@AUSTIN.RR.COM]

Originally Posted by MyAgentSolution

Believe it or not... I know of a gentleman that had an emergency Apendectomy...4 day hospital stay amongst other complications...total bill was around $22K...through the plan it was reduced to about $2300...Without it, he would have been in big trouble!

And you are telling me he could not get a major medical plan....what condition was keeping him from this.....

[MyAgentSolution]

I am unaware of the specifics of why he could not qualify for Major Med. He is not a client of mine. I just know the plan worked and that is good enough for me.
- - - - - - - - - - - - - - - - - -

Originally Posted by myinsurebiz

Already exists.

Pays out up to 40% to MGA's.

Good luck though . . .

Tom

What company?

Thanks

[STIBROKER@AUSTIN.RR.COM]

Oh...it's one of those 3rd party I know someone that knew some one just to get you siked to sell it as well as tell the client the story so they would buy...talk to me when you actually have a client use one.....I have heard to many of these kinda story's over the years to justify selling this garbage.....$22,000 down to $2,300 outta pocket is just a little hard to swallow.....you are talking to a man that had $250,000 worth of twins...there is no replacement for major medical......

Originally Posted by MyAgentSolution

I am unaware of the specifics of why he could not qualify for Major Med. He is not a client of mine. I just know the plan worked and that is good enough for me.

- - - - - - - - - - - - - - - - - -
Here....I have a story for you.....

Cash Before Chemo: Hospitals Get Tough

Cash Before Chemo: Hospitals Get Tough

LAKE JACKSON, Texas -- When Lisa Kelly learned she had leukemia in late 2006, her doctor advised her to seek urgent care at M.D. Anderson Cancer Center in Houston. But the nonprofit hospital refused to accept Mrs. Kelly's limited insurance. It asked for $105,000 in cash before it would admit her.
Sitting in the hospital's business office, Mrs. Kelly says she told M.D. Anderson's representatives that she had some money to pay for treatment, but couldn't get all the cash they asked for that day. "Are they going to send me home?" she recalls thinking. "Am I going to die?"
Mrs. Kelly's ordeal began in 2006, when she started bruising easily and was often tired. Her husband, Sam, nagged her to see a doctor.
A specialist in Lake Jackson, a town 50 miles from Houston, diagnosed Mrs. Kelly with acute leukemia, a cancer of the blood that can quickly turn fatal. The small cancer center in Lake Jackson refers acute leukemia patients to M.D. Anderson.
When Mrs. Kelly called M.D. Anderson to make an appointment, the hospital told her it wouldn't accept her insurance, a type called limited-benefit.
"When an insurer is going to pay the small amounts, we don't feel financially able to assume the risk," says M.D. Anderson's Mr. Tietjen.
An estimated [COLOR=#ff0000]one million Americans have limited-benefit plans[/COLOR]. Usually less expensive than traditional plans, such insurance is popular among people like Mrs. Kelly who don't have health insurance through an employer.

[somarco]

.total bill was around $22K...through the plan it was reduced to about $2300...

That's total BS.

Mini meds have a place but too often they are passed off as REAL insuance.

Enrollment fees are mostly bogus. Some, like Core Med do not have enrollment fees. Others have fee's of $20 or less.

The only reason to push a plan with a $100+ enrollment fee is to screw the client.

[STIBROKER@AUSTIN.RR.COM]

And were would that be.....the circular file.....

Originally Posted by somarco

Mini meds have a place ....