My Assurant (Consumer - not Agent) Story

[CHUMPS FROM OXFORD]

Chumps, with all due respect I think your "complaint ratio" comment is grossly unfair, and surprising to me from a veteran of your experience level.

The premiums are obviously high.

Are "high premiums" cause for a complaint to the Ohio Department of Insurance?

Maybe I should have worded my comment differently. The combination of high complaint ratios and VERY high premiums are two reasons I don't use them.

But in fairness, when their rates were decent a few years ago, I still rarely ever considered them. Other brokers in my office had problems with them and some just dropped them completely...even when their rates were good.

 

[moonlightandmargaritas]

I'm sure Assurant has paid out much more than we have paid them in premiums. My son's surgeries totaled over $100,000 and my husband's surgeries, chemotherapy, radiation and follow-ups somewhere around $80,000 if I remember correctly.

Believe me, I will be forever grateful to Assurant for the policy we had and for the coverage provided. Without them we would have been bankrupt. But I am shaken by their decision to discontinue the entire product and wondering if the same thing will happen again with another company.

The health problems must have been a nightmarish situation for your family. My heart really goes out to you.

I'm glad to hear the policy paid like it was supposed to. While I'm no fan of Assurant, it sounds like your family got the care they needed, and the claims got paid, sparing you financial ruin.

Under the system in which we operate, yours is a tough situation. Assurant Health is a "for profit" company whos main allegiance is to their shareholders (as it should be - it's their capital at risk) to produce a profit.

While I have an Ohio non-resident license, I don't have enough knowledge of the market to dream about advising someone in this area.

I do believe though, even with another company's individual health insurance, the scenario could in fact repeat itself.

 

[somarco]

Carriers discontinue product lines with some frequency. The average "shelf life" of a policy form is 5 - 7 years, so discontinuing the old with a new plan is not uncommon.

The increases you have experienced with Time (or Fortis which was probably the name on the faceplate when you originally purchased) are legend. Yes, they have priced themselves out of the market in most states and have used all kinds of tricks to continue writing business. The rate decreases are usually not statewide but by zip and only apply to certain plans and deductibles.

As for the Blue Cross offers, I can't say if they are fair or not. Chumps may have an idea since he writes business in PA. I know you feel like you have been "burned" by high deductibles, but $1200 is a very low deductible in today's market and what you get for what you are paying is probably not worth it.

Depending on the type of cancer, the staging, etc your husband might qualify for an underwritten policy.

And just to reiterate what has been said, 20% is the first year commission, not renewal.

 

[TXINSURANCE]

Carriers discontinue product lines with some frequency. The average "shelf life" of a policy form is 5 - 7 years, so discontinuing the old with a new plan is not uncommon.

They do this for a lot of reasons, mainly to start with a clean slate because after 5 to 7 years the only people left in this "block" are old and unhealthy. The young people obtained jobs and so did most of the healthy.

Individual Health Insurance is going to be on the chopping block for years to come unless there is reform relating to blocking. It is a dirty hidden secret.

Chumps - can your write a 1 man / women group in PA?

 

[CHUMPS FROM OXFORD]

Tx...I sent you an email regarding the Pa situation.

 

[Bob_The_Insurance_Guy]

My heart does go out to you.

I sit on the fence, in situations like this. Yes, there is enough "blame" to go around, between the insurance companies and the pharmaceutical companies, when it comes to profit-raping. I just wonder why noone complains about paying $1.25 a bottle for water, and complaining to Coke?

I digress...

What happens to you, happens to others. I'm going to attack this from another avenue. You are an intelligent individual, who runs their own company. My question to you is: When you noticed you were not getting the service you felt you deserved from your agent, why did you not look for another agent to provide you competitive quotes? Would you not do that with a vendor, who promised delivery, but did not come through?

I don't mean to sound harsh, but this is an everyday topic.

You said you didn't hear from this agent, but did receive literature, or calls, asking you to work with him on other products. Was there any attempt on your part to contact him, recieving this literature, and asking, "listen, we need to talk about the health plan. When can we meet?"

While I'm not defending him, he was sending you invites to meet with him, which you did not take advantage of. Now, if he was non-responsive, that's one thing.

The increases you received were horrid. However, I must say that it's not just Assurant. You can google ripoffreport.com and find the same complaint about every insurance company.

The one thing I do find a bit offensive is that you said that by watching this forum, you came to the conclusion that he made 20% off you every year. Did he earn it? NO.

I agree with what's been posted previously. I am not in your state, and am not licensed for your state, so I will not make any claims, representations, or guidance as to what you need to do.

I don't mean to sound cruel, but hopefully, going forward, if you are not receiving response and service as you expect, shop around for another agent. You can even keep the same plan, but can change the agent. It's called an AOR, Agent of Record change. Find out which companies in your state offer it. The honest, service-oriented agents in your state will not be threatened by it.

Though not in your case, based on the information you provided, this is what happens when clients keep agents at arm length, until it is too late, then expect them to sweep in and help.

I recently had a couple ignore my calls for three months, when the insurance company did not recieve their monthly premium. This was for April. I finally got a frantic call on June 25th, demanding I step in and fix it.

It was too late. Not bad for the husband, he's okay. The wife has several pre-existing conditions that will make it near impossible to get coverage.

The last thing they told me, is probably the same thing you're thinking, "Now we know why so many people are uninsured."

I may be worth you're while to grab an attorney, and see if you can get them for price gouging. Insurance companies HATE bad publicity.

 

[The Rabbi]

Look around for a local broker and get the scoop where you live.

 

[moonlightandmargaritas]

Yes, there is enough "blame" to go around, between the insurance companies and the pharmaceutical companies, when it comes to profit-raping.

Profit-raping? What in the hell planet are you on?

This person already told us that a couple of hundred thousand dollars in claims have been paid on this policy.

Good gawd, get a clue!

 

[J.R.]

What's the word Ed??? Can you do it or are you thinking something else?

 

[pipedream]

Carriers discontinue product lines with some frequency. The average "shelf life" of a policy form is 5 - 7 years, so discontinuing the old with a new plan is not uncommon.

I did not know that. I guess I had an unrealistic expectation based on the assurances that we would not be singled out for premium increases - that price increases would affect the entire group. It never occurred to me that the entire policy would be discontinued.

The increases you have experienced with Time (or Fortis which was probably the name on the faceplate when you originally purchased) are legend. Yes, they have priced themselves out of the market in most states and have used all kinds of tricks to continue writing business. The rate decreases are usually not statewide but by zip and only apply to certain plans and deductibles.

Yes, they were Fortis when we signed up.

As for the Blue Cross offers, I can't say if they are fair or not. Chumps may have an idea since he writes business in PA. I know you feel like you have been "burned" by high deductibles, but $1200 is a very low deductible in today's market and what you get for what you are paying is probably not worth it.

I know $1200 is a low deductible but not much different since we will have 3 individual deductibles rather than one family deductible of $4500

Depending on the type of cancer, the staging, etc your husband might qualify for an underwritten policy.

I wondered about this too. But every insurance person to whom I have mentioned this, has immediately said he is uninsurable. It has been 5 1/2 years, it was colon cancer, stage 2 and he is cancer free and has been since the surgery to remove the tumor. The chemo and radiation were precautionary, providing another 7% increase in rate of survival.

And just to reiterate what has been said, 20% is the first year commission, not renewal.

I misunderstood - thanks everyone for setting me straight. Based on 20% commission on renewals I was considering changing professions.... ;-)