Myth busters of buying health insurance direct
Download
1 / 14

Myth Busters of Buying Health Insurance Direct - PowerPoint PPT Presentation


  • 107 Views
  • Uploaded on

Myth Busters of Buying Health Insurance Direct. Susan McGinnis, RHU Vice-President BenEx Insurance Agency. Myth No. 1. “I can save money by purchasing direct.” Wrong : In most cases, the products cost the same as if you purchased through an Agent/Advisor.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Myth Busters of Buying Health Insurance Direct' - margot


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Myth busters of buying health insurance direct

Myth Busters of Buying Health Insurance Direct

Susan McGinnis, RHU

Vice-President

BenEx Insurance Agency


Myth no 1
Myth No. 1

  • “I can save money by purchasing direct.”

    • Wrong: In most cases, the products cost the same as if you purchased through an Agent/Advisor.

      • Insurance companies file rates with OID

      • Lose your advocate

      • Agent/Advisor usually saves your money by shopping and implementing strategic strategies


Myth no 2
Myth No. 2

  • “I can buy online and save money.”

    • Wrong:

    • This is the same as purchasing direct with even more opportunity for discontentment.

      • Health insurance is not like buying music or a book

      • Benefits are complex, critically important and are different among insurers

      • Strong possibility for losing your Agent/Advisor


Myth no 3
Myth No. 3

  • “I have a policy which I purchased direct and am locked-in.”

    • Wrong:

    • Typically an AOR is acknowledged but not paid if received during the first 12 months of the policy.

    • Advantage for you is that you have an Advocate/Advisor if/when needed.


What to expect from your agent
What to Expect From Your Agent:

  • Work with you to evaluate your needs for insurance coverage.

  • Explain the details of different plans

    - Group Health - Long-Term Care

    • Vision - Group Life

      - Dental - Worksite Marketing

      - Disability - COBRA/§125

  • Make specific recommendations based on your needs and budget.


What to expect from your agent continued
What to Expect From Your Agent:(continued)

  • Serve as your advocate.

  • Communicate the benefits to your employees.

  • Review, Shop and Renew your plans annually.

  • There for you every day when you have issues arise with insurer.


Insurance company ratings
Insurance Company Ratings

  • Insurance companies are rated for a reason

    • AM Best

    • Weiss

  • Regulated by the Oklahoma Insurance Dept.

    • www.OID.ok.gov


Individual vs group
Individual vs. Group

  • Legitimate Tax Deduction

  • Portability

  • Guarantee Issue

  • Pre-Existing Condition Waiting Period(Federal Law limit is 6/12)


Employer size does matter
Employer Size Does Matter

  • Cannot receive a Decline to Quote

  • Cannot get claims info

  • Can receive a Decline to Quote

  • Can Self-Insure

  • Can get claims info

  • Employer Decides

  • Definition of Full-Time

  • Employee Waiting Period

  • Contribution Amount/%

Small Group (2-49)

Large Group (51+)


Oklahoma coverage options
Oklahoma Coverage Options

http://www.coverageforall.org/pdf/matrix/OK_Matrix.pdf


State federal subsidized options
State/Federal Subsidized Options:

  • Group –

  • Individual –

    • Oklahoma High Risk Pool

    • Temporary High Risk Pool


Ppaca what s up
PPACA (What’s Up?)

  • Patient Protection and Affordable Care Act

    • 2,500 page law

    • Phased-In over 8 years

    • US Supreme Court review

    • Health Care Exchanges per state

    • MLR


Selecting a agent broker
Selecting a Agent/Broker

Consider the following:

  • Bio (length & type of experience)

    • Employee Benefits Specialist (not P&C)

    • Professional Association activity

      • Look for active members vs. just members

  • Carriers appointed with

  • Licensee Look-up

    • https://sbs-ok.naic.org/Lion-Web/jsp/sbsreports/AgentLookup.jsp

  • Physical location/office

    • Support Staff

    • Nat’l Broker Agency vs. Locally Owned

  • Client Referrals