My clients almost exclusively do HSAs. I also offer accident and Critical Illness to help with the deductible. I have found that the Critical Illness is a great product to offer and I've had clients receive $50 when they've had a heart attack or cancer and be very pleased with the way it worked. I show them by taking a $7,500 deductible with the accident and ci instead of just the HSA $5,000 deductible they actuallyhave more coverage.
Because an event isn't gonna be covered retro. If you wind up at shock trauma and owe $45,000 without coverage you're screwed. Yes, you can dive onto the state plan at that time but they're not gonna cover that bill.
However, if you're willing to roll the dice that you won't have an expensive accident there's no reason to have a plan in MD. You get sick or diagnosed with anything major then just apply for the state pool.
If you need semi-urgent care we have urgent care centers all over the place. If you just need to see a doctor go to Minute Clinic - they're everywhere in my area: Search by ZIP - reasonable rates: Treatment and Cost at MinuteClinic
Last edited by healthagent : 03-12-2008 at 10:19 AM.
Because an event isn't gonna be covered retro. If you wind up at shock trauma and owe $45,000 without coverage you're screwed. Yes, you can dive onto the state plan at that time but they're not gonna cover that bill.
However, if you're willing to roll the dice that you won't have an expensive accident there's no reason to have a plan in MD. You get sick or diagnosed with anything major then just apply for the state pool.
If you need semi-urgent care we have urgent care centers all over the place. If you just need to see a doctor go to Minute Clinic - they're everywhere in my area: Search by ZIP - reasonable rates: Treatment and Cost at MinuteClinic
Wow, why hasn't some company developed a catastophic accident plan that pays like major med but only covers accidents? I suppose the insurance department wouldn't like that too much...
I've had several requests for more info on what I do with the CI and Accident.
I do mostly high deductible HSAs in TX but this approach works with office copay plans as well.
Accident: Parent's with kids in sports or little ones that are accident prone are worried about needing to go to the emergency room if they have a broken bone or need stitches. An accident plan will reimburse a certain $ amount, such as $5,000 in the case of an accident and then the major med will kick in and pay anything above that. (Of course, it depends on the deductible.)
Critical Illness is my very favorite product. I had 3 clients last year receive checks for $50,000 because I offered them a $50,000 benefit to be paid in a lump sum if they were diagnosed with one of the covered conditions. They had a high deductible of $5,000 on their major med policy and the CI paid them $50,000. They paid their deductible and had the rest for living expenses, house/car payment, experimental treatments, etc. There are a lot of different companies offering these out there. If you want info on the specific companies I use then PM me and I'll send that to you.
One of my questions is: Does your insurance company pay your medical bills and also write you a check for $$ amount if you come down with cancer, heart attack, etc.? Over 45 are better prospects than the young bullet-proof people.
Guess what, I've given the client really good coverage and I've made a better commission. I received a very nice thank you card from one client that received the check. Made my day!!!
I tell my clients that in the long run you cant lose with HDHP's - but that is hard for them to believe after they get a 27% rate increase (BCBS of SC in 11/07) but I am still a believer. 96% of my clients are on qualified plans.
1. BCBS (best network and maternity)
2. Golden Rule
3. Humana (easy underwriting and low hdhp rates) - my main gripe with Humana is that the provider search function on their web site is terrible. Sometimes you have to look them up by name, sometimes a provider isnt in there by name but the practice is, but never search by specialty!
4. Carolina Care Plan (Medical Mutual of Ohio)
5. Assurant
What companies are you writing the accident and critical illness with? Does anyone know of any institutions that have stand out HSA's?
Surely many of you have thought of this but one of my clients has convinced me to not use the money in my HSA. Of course, only if you have a decent brokerage option. Just max it out, pay cash and save my receipts. As it stands right now there is no limit on how long you can wait to reimburse yourself, so when that changes or i need the money I'll just write myself a check. This way it is growing tax free and I'm not blowing the money elsewhere. Any of you been doing this.
My clients almost exclusively do HSAs. I also offer accident and Critical Illness to help with the deductible. I have found that the Critical Illness is a great product to offer and I've had clients receive $50 when they've had a heart attack or cancer and be very pleased with the way it worked. I show them by taking a $7,500 deductible with the accident and ci instead of just the HSA $5,000 deductible they actuallyhave more coverage.
Wow
A 50$ dollar benefit for a heart attack? Aflac pays way more for serious illness/ injury /hospitalization especially considering the severity of an event like that and they are a supplemental insurance company! A 50 dollar benefit is like a slap to the jaw after suffering a heart attack or recovering from cancer. Please look for some other products to sell your clients for their accidental/ critical illness benefits.
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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
There's a TPA here in Dallas that will track your expenses for you so you can do that. Don't spend any of the HSA money let it grow tax free and then take it out when you retire. For people with the cash flow it makes perfect sense. I don't run across that many that will do that but if you're in the high-income community it gives you credibility because no one else is telling them that. I haven't found an agent that I've met yet that knows they have to have the HSA account open if they have a claim -- can't backdate it and then get the tax advantage. Also, most of the prospective client's that I meet that already have an HDQP have never opened an account.
Lots of agents that just wing it because of a lack of training and they never read anything. Goes along with only 3% of the citizens in the USA have a library card.
What do you sell?
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