Mega Strikes Again NASE/UGA/HEALTHMARKETS

[Crabcake Johnny]

I knew a lot of the top UGA producers Scott and trust me when I say they're not on message boards posting. In order to be successful at UGA you really need to work hard.

Huge chance this Eric guy barely writes any business and is bitter. He can't be writing business if he's posting here - he's supposed to be on appointments. I think he's forgetting that we sign our clients up online. We can post a message, submit an app, then post again.

Hurry up Eric - it's Thursday and you still need to make REAP this week. And remember that NASE memberships don't count!

Just remember Eric - this is how my clients run quotes and see rates: http://healthsolutions.mymedicalquotes.com I don't get in my car and drive an hour. I can also write business all over the country from my house.

Clients? Do you think they enjoy my method where they can see the plans, see the rates and have some breathing room to decide with no money down to apply? Or do they like your system - see no rates, see not plan details and get hard-closed, money down with a $75 app fee?

Hmmmmmmm

 

[midwestbroker]

After reading all this...I have a question for Eric.

How long have you and your fellow sales reps been with Mega? If you come to the Kansas City office, every week is new employee orientation.

Sure, some do not cut it because people do not realize that selling insurance is hard work and takes a lot of persistence & perseverance, but most leave for the fact that the product they sell is sub par to the other offered out there.

I remember my Mega days and the take away with underwriting, “We only take the health people to help control rates.” If you are healthy and want to save money, get a H.S.A. plan with 100% co-insurance, or a major medial PPO with a $5000 deductible. I would rather know I am paying the bulk up front and know that the rest will be taken care of, rather then get a $50,000 surprise bill in the mail. Mega targets health people, and this is not a good plan for them.

 

[Crabcake Johnny]

Here was UGA when I was there:

10% commish Premium PPO w/5 month advance
15% commish on Health Choice w/6 month advance
Did NOT get commission on the entire premium - just on the base premium - certain riders were not payable.
I think ongoing renewals were 2.25%
Could only write for Mega
12% interest on debt account
Can only meet with people. Driving literally all over Maryland.

That was obviously commissions for non senior agents. Wouldn't know - didn't last 9 months.

Independent:

25% commish Assurant and Golden Rule with a full year advance
Level commissions - doesn't matte which plan I sell. No "punishment" for selling more comprehensive plans.
Paid on the entire premium
7% 2nd year, 5% ongoing renewals
Can write for anyone I want
Zero interest - no debt account
Can meet with clients or sign up online. No driving all over Maryland.

Really tough choice.

 

[producer]

John, will you be at the next Crown Conference? Where will it be? How much Time Business have you written this year so far?

 

[Crabcake Johnny]

I will be at the next Crown Conference. It's going to be Palm Springs in 2008. My production? Well put it this way, to qualify you need $500,000 - which is quite easy.

 

[producer]

Wow, That is alot of production. So have you written over $500,000 this year alone with Assurant Health? Huge Number. Top Producer? Awesome!!

 

[STIBROKER]

http://www.nh.com/apps/pbcs.dll/article?AID=/20061110/BUSINESSREVIEW05/61108026/-1/BUSINESSREVIEW

N.H. weighs probe into Texas health insurer
Mass. is already investigating the marketing practices of MEGA Life

Published: Friday, Nov. 10, 2006

A Texas-based low-cost health insurer, under investigation by the Massachusetts attorney generalÂ’s office, is now being scrutinized by the New Hampshire Insurance Department.

Massachusetts Attorney General Thomas F. Reilly filed suit Oct. 23 in Suffolk County Superior Court, alleging that the firm, MEGA Life and Health Insurance Co. and an affiliated company, Mid-West Life Insurance Co. of Tennessee, used deceptive marketing practices, did not adequately explain the limited scope of its coverage and improperly denied medical claims.

In the wake of the Massachusetts lawsuit, New Hampshire Deputy Insurance Commissioner Alex Feldvebel told New Hampshire Business Review, his department was “evaluating MEGA Life to see if we want to initiate” an investigation in the Granite State.

“Their business is growing in New Hampshire, and we do have some concerns,” Feldvebel said.

Mid-West does not do business in New Hampshire.

Both MEGA Life and Mid-West Life are owned by HealthMarkets, which sells limited-coverage insurance plans nationwide.

At least 30,000 Massachusetts residents have MEGA Life and Mid-West policies.

According to court documents, the Massachusetts suit seeks an injunction to stop the companies’ allegedly “unfair and deceptive practices” and to force them to make payments to policyholders.

According to the suit, MEGA Life and Mid-West broke a Massachusetts law that requires all health insurers in that state to cover certain outpatient contraceptive services.

Additionally, the suit says, MEGA Life and Mid-West allegedly wrote policies excluding coverage for pre-existing conditions beyond six months. Massachusetts law prohibits insurers “at all relevant times” from extending such a period beyond six months from the effective date of coverage.

If found guilty in Massachusetts, the insurers could be required to pay $5,000 in civil penalties for each violation.

Feldvebel said MEGA Life has about 3,000 policyholders in New Hampshire, and about 20 complaints have been filed against it between January 2005 and June 2006. Of those, 12 were resolved in favor of the consumer.

MEGA Life has been under the scrutiny of New HampshireÂ’s Insurance Department for some time, said Feldvebel. The department initiated an exam in 2002 regarding complaints in the small group market similar to the issues named in the Massachusetts complaint.

He said the 2002 exam was folded into a larger ongoing, multi-state investigation led by the state of Washington.

“The danger with limited-coverage, low-premium plans is consumers might find the coverage is very different from what they were expecting,” said Feldvebel. “It might not be such a good deal.”

He also said that unscrupulous insurers sometimes will exclude conditions after claims related to those conditions are filed.

“We are getting more of these types of complaints and we’re looking into that practice,” he said.

Feldvebel added that if New Hampshire decides to move forward with a new investigation of MEGA Life, it would be separate from the multi-state exam.

According to the state insurance department Web site, MEGA Life is one of just 10 insurers licensed to provide individual health plans in New Hampshire.

 

[schoolofhardknocks]

Independent:

25% commish Assurant and Golden Rule with a full year advance
Level commissions - doesn't matte which plan I sell. No "punishment" for selling more comprehensive plans.
Paid on the entire premium
7% 2nd year, 5% ongoing renewals
Can write for anyone I want
Zero interest - no debt account
Can meet with clients or sign up online. No driving all over Maryland.

Really tough choice.[/quote]



Hey John...Golden Rule just came on in NC and seems to be very competetive. However, the best commission I've seen them offer is 22% first year and 5% renewals. AS EARNED. Any recomendations on how I can go about getting advance commissions with the higher compensation? Thanks for your insight!

 

[STIBROKER]

5% renewals.

and thats on org. prem. not current prem.......

 

[moonlightandmargaritas]

Here in Florida, Golden Rule pays renewals on current premium.