Let's talk mini-med for a minute

[Guest]

Let's agree that mini-meds should not be sold as a substitute for a major med.

Let's not debate whether they should even be sold at all... i.e. 'nothing' is better than a mini.

With that out of the way, what carriers have good (if you can use that word) plans? Who is out there that you would sell IF you sold these items? Who if anyone has good (decent) value for the money?

I know UA. Lots of ex-reps on this board Are their plans any good? Will company pay the claims? I know of NAA, Mega, NASE... are these plans worth what they cost? (I know Mega has issues with claim adjudication.)

You opinions on minis are valuable to me. I'm far less interested in whether you think this is a 'right' approach, etc. I believe minis are better than nothing... if affordable. That's not the issue here... as YMMV.

Thanks,

Al

PS: Why do I ask this? I don't want to start a debate because I don't much care to be lambasted on this... I've made up my mind on what I'm going to do next year... and if you disagree... that's fine... keep it to yourself if you please... or start another thread on it. Here is the deal. At least one half of the people I call or meet (small businesses) can't or won't afford group (or the state risk pool... pricey in CA). They or their people are fat, sick, old, etc. and can't get major med (even IF they could afford it.)

I want some half-way decent plans that I can offer this segment of the population... with standard caveats of course.

Yes, they will go BK on a big ticket item (total hip or knee from an accident) but I'd like to offer them something that will keep them out of BK on the small things... a broken finger or nose, sew up a knife laceration after slicing a bagel (stats show lots of ER visits for this!), two weeks of a semi-expensive antibiotic, maybe a full physical and blood panel... some basic medical care.)

I think it is a good service to offer these.... and I plan to do it... no matter how much criticism I receive here... so please, please, please... save it for another time. Thank you.

 

[arnguy]

Al, you may want to take a look at optimedhealth.com . I have heard positive things about this company, but have not ever sold min med plans from any company. It appears that their products are for groups only and not individuals, but I am not certain of that.

 

[arnguy]

Also, Al, there is a company called "Route3 Life Health Disability, Inc." Their website is at minimeds.com. I do not have any knowledge about them, but it may be worthwhile to check them inasmuch they do have individual plans.

 

[TXINSURANCE]

My biggest problem is most are lightly regulated "association" plans which is scary a lot of these outfits are run by shady people, and I am not sure your E&O covers plans not approved for sale by your state.

I know a lot of agents who have been fined for selling plans that had some form of violation - the agent didn't know any better, don't think for a second you are off the hook when the $#@!@ hits the fan.

UA is a real company. People can debate them all day, but they are licensed to conduct business in the states they operate - would your rather sell this or "Bob's USA Association Group Hospital Plan" ???

I am of the opinion the risk is in association plans.

Contact your state DOI if not sure, if they can not find ANYTHING about them - RUN AWAY.

 

[arnguy]

Al. I can understand TXINSURANCE's trepidation about limited association plans, but there is a company called Aegis Adminstrative Services out of Chicago that appears to be quite legitimate. Their mini meds are underwritten by an insurance company and they do show their physical address. I do not have a clue where Route 3 is located. My second choice would be OptiMed if I were to market mini meds. Another thing about Aegis (website:aegisadmin.com) is they publish the premiums on their website. Also, for what it is worth, I believe they are members of NAHU.

 

[GreenSky]

Al -

You say that you are looking for a reputable company so you can write a crappy plan. Are you basically saying that it's okay to file a BK because a "real" company wrote a terrible insurance plan?

How well will you sleep if you write a plan, fully disclose everything, and still your client winds up $150,000 short on a hospital stay? It would bother me to sell something I wouldn't sell to my mother.

Before you make a final decision, ask yourself if you are really helping people or simply looking for a quick buck.

I wonder how many agents on this board actually sell this stuff.

Rick

 

[Guest]

Al -

Before you make a final decision, ask yourself if you are really helping people or simply looking for a quick buck.

I said earlier that this is not a debate I want this thread to have. If you want to argue the merits of a client having a mini vs. having nothing, fine... but please start it in another thread.

(To answer your question, I've made my decision on this. I believe I am helping people. You disagree. Fine. You will not dissuade me... so please don't try.... and especially not in this thread.)

Al

 

[TXINSURANCE]

Just FYI Assurant has a mini med out in about 1/2 dozen states with more coming 1/1/08. I forgot the name - but if you sell Assurant you might want to look into it, at least it is a reputable company.

 

[The New Guy]

Not taking any sides here, but what you do for somebody that has no coverage and no money for major medical, but could afford a mini med program?

Do you just pass on them, or do you give them something that's better than nothing, if that's their choice?

Everybody says they would never sell mini meds, but what do you do for the customer in that case? If you just pass on them, are you really doing them justice?

I brought this up, because my Doctor just asked me that question last week.

 

[Zydo]

You may want to look into Allstate's Workplace (American Heritage) mini med.