Hospital Indemnity Plans - really a good add-on for MAPD?

[Midlevel]

GTL hasn't raised rates in many years so don't think you stopped bc they raised rates. What I generally do for a 65 year old is $300/day up to 10 days. Cost is $30.64/month and has been for at least 10 years. I do not add all the ambulance, skilled nursing, etc riders. Just stick to the Hospital plan and I have at least 1 claim every week and people sure are happy when they get that check to cover their hospital copay. Have had several max out the 10 days and one client got over $5000 last year because of multiple stays spread throughout the year.

 

[vic120]

GTL hasn't raised rates in many years so don't think you stopped bc they raised rates. What I generally do for a 65 year old is $300/day up to 10 days. Cost is $30.64/month and has been for at least 10 years. I do not add all the ambulance, skilled nursing, etc riders. Just stick to the Hospital plan and I have at least 1 claim every week and people sure are happy when they get that check to cover their hospital copay. Have had several max out the 10 days and one client got over $5000 last year because of multiple stays spread throughout the year.

I have not dealt with it for over 5 years maybe 7 or 8 years, I don't thin I had seen rates under $40 ever but again I didn't do only hosP Maybe I added er or something I don't remember exactly but I didn't add anything crazy

there were some riders that were expensive I didn't add those

Maybe they went down, But almost every time I pulled up quotes it was expensive dep on state and age

 

[LostDollar]

I don't know about these when I started the FMO I started with was very high on these, I sold a few GTL in the beginning but I don't think too many made any claims or if they did I don't know that they filed

They are not cheap either minimum rate I think was around $45 some as much as $70 without really any maybe one or 2 riders And more for those over 70 years old

This makes me wonder do the rates go up and people cancel many times before its use

And then I believe the rates went up and I stopped selling them, I find a plan N was not much more and covered more no need to do extra filing or anything besides the extra freedom and such not sure why someone would want to do MA plus expensive indemnity

Now if it were good at $40 or $45 with the right riders I would feel different about it

Could be I mentally took myself out of something worthwhile but I don't see it

I do have people happy with the Home healthcare with Drug reimbursement but they stop[ped selling those that plan was nice

I thought it was just to under 60 that they stopped the sales of STHHC plans?

 

[Chazm]

I write them often and the average premium is $30. Mine are all t65’s though. If I add the cancer rider, then it jumps to $45.

edit: just went back and read this thread. Thankfully we don’t have to deal with PCBII anymore.

 

[Northeast Agent]

Who these days has a STC plan for up to 365 days? My parents are in their mid and late 70s and don't have LTC (live in PA and are relatively healthy).

 

[LostDollar]

I write them often and the average premium is $30. Mine are all t65’s though. If I add the cancer rider, then it jumps to $45.

edit: just went back and read this thread. Thankfully we don’t have to deal with PCBII anymore.

add 10 years, what sort of premium level does it cost at 75?

 

[Chazm]

add 10 years, what sort of premium level does it cost at 75?

To buy it at 75? About $45. But I’ve never sold outside of IEP.

 

[vic120]

To buy it at 75? About $45. But I’ve never sold outside of IEP.

was not like that early when I started 2011 or 2012

I will def look into it again but if I can get a premium under $50 it would help I remember $65 $70 even $80 premiums often not loading with extra add ons

I don't remember the choices But I think there was one or 2 that seemed essential to making the plan work I don't know if it was ER or what but there was something I remember being told by upline don't sele without this or you will have issues with clients and need e and o

I only sold it when I was new then stopped mainly because the premiums were too high to make sense to me

If it can be done with quality under $50 for a 75 year old it would be way more worth it

 

[Chazm]

was not like that early when I started 2011 or 2012

I will def look into it again but if I can get a premium under $50 it would help I remember $65 $70 even $80 premiums often not loading with extra add ons

I don't remember the choices But I think there was one or 2 that seemed essential to making the plan work I don't know if it was ER or what but there was something I remember being told by upline don't sele without this or you will have issues with clients and need e and o

I only sold it when I was new then stopped mainly because the premiums were too high to make sense to me

If it can be done with quality under $50 for a 75 year old it would be way more worth it

I usually don’t add anything. I just had a client have a heart attack. He paid around $1700 with his PPO. 15 days after they submitted the claim, they had a check in hand for $1800

 

[Midlevel]

I show for a 75 year old with $300/day for 6 days would be $39.56 and $300/day for 10 days is $44.48. Add $7.00/month for cover a $350 ambulance ride. I never add that but since you were talking about it. Obviously can vary by area. If you have a 75 year old that's paying $190.00 for a Med Sup and $15 for a PDP it usually makes sense to them to pay $0 for the MAPD and $39.00 for the GTL. I have about 500 on MAPD and at least 85% also have GTL.