In focusing on cashflow on Major Med and Short Term Medical how long should I factor in for underwriting before they check clears to my bank account?
Here are the carriers..
United/Golden Rule (major / stm)
Assurant (major / stm / limited benefit AHA)
Humana
World Insurance
Aetna
This is going to depend on if you are carrier direct, if your commissions are assigned to an agency....etc:
Assurant has weekly advances
Humana pays twice a month
Golden Rule is usually once a month, unless you have a GA like AHCP who will advance weekly.
World I think does weekly advances.
I've never written an Aetna case in FL, so I wouldn't know.
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Originally Posted by defenderzeta
In focusing on cashflow on Major Med and Short Term Medical how long should I factor in for underwriting before they check clears to my bank account?
I think you need to bank on a month, maybe 2/3 weeks if you are lucky from the date you submit an app.
------------------------------------ Mark "Corner Bar"---Independent Agent Anthem
My credit score's fallen like the New York Mets
There ain't a debt collector that ain't called yet
They say, "Money don't talk, it only swears"
And got me cussing in my underwear
Last edited by YouGotMyMoney : 03-21-2010 at 04:05 PM.
Reason: Posts merged
Well Aetna is a 6 month advance through AHCP, no idea if it's weekly or monthly.
GR through AHCP can be weekly.
Assurant through HCO is weekly.
World again I think is weekly.
Humana is a 9 month advance, paid 2 times a month.
Don't forget to count only your advances as total compensation,with the Aetna and UHC/AHCP.....the as earned will never get paid to you(Or not for years) if you continue to write or take advances.
Well Aetna is a 6 month advance through AHCP, no idea if it's weekly or monthly.
GR through AHCP can be weekly.
Assurant through HCO is weekly.
World again I think is weekly.
Humana is a 9 month advance, paid 2 times a month.
Don't forget to count only your advances as total compensation,with the Aetna and UHC/AHCP.....the as earned will never get paid to you(Or not for years) if you continue to write or take advances.
I am taking out 30% into a 2nd bank account as my chargeback reserve. Is a 70% persistency in the book at 9 months reasonable?
Depends on how good you are and what kind of clients you have.
At 7 months, I have 95%.
Not saying I'm actually better than anyone else, But the way I present, I only write up people that stick.
I'm curious, why did you decide to go with AHCP/HCO?
They have pretty good splits and they have given me good customer service so far. Plus if it ever falls apart they allow you to take your business elsewhere with new enrollments.
Plus if it ever falls apart they allow you to take your business elsewhere with new enrollments.
It really is great that they put the release in writing, but what you have to understand is if you are taking advances, you will not get released if you can't pay back your debt balance or find another IMO to assume the debt.
I am assigning the profits to my LLC. Its my understanding that we can have a holdback account for charge backs and not count it as profit for the passthru tax.
I have found Aetna to take the longest for an application to go through underwriting.
Thank you
I have mostly sold guaranteed issue minimeds and stm in a callroom environment and i am having to adjust for underwriting lag times on major med carriers to make sure i cash flow properly as i make my adjustment into the independent universe.
More Information
Time Frame for Underwriting
Linear Mode
