I Am A Health Insurance Agent and Health Care Reform Is Killing My Buisness!
January 1, 2011 is nearing at an almost blink-of-an-eye pace, leaving many health insurance agents worried and wondering what is going to happen to their ability to thrive financially.
There are over 2,500 pages of information regarding health care reform which was recently passed and many health insurance agents- no, make that mostly all insurance agents have no time to sit down and sort through all of the jargon. So, what is the cliff notes version? What will affect you, the health insurance agent the most? Plain and simple: sooner rather than later, insurance companies will no longer be allowed to deny individuals medical coveragedue to medical conditions. As of September 23, 2010, insurance companies will no longer be allowed to deny coverage to children with medical conditions. Reality check? September 23rd is just 9 days away! Beginning in 2014, insurance companies will no longer be allowed to deny adults. In short, this means that if the insurance companies have to extend coverage to sick people, then two things have to happen. First, insurance premiums will most likely go through the roof in order to accommodate, or to make available more money to pay out on almost indefinite claims. The sicker the person, the more money will be spent on their medical care by the insurance company. Second, your commissions are going to plummet! In fact, starting January 1, 2011, insurance companies will begin to slash what historically allowed for a pretty lucrative lifestyle for agents down to, in some instances, barely making it. These insurance companies need to restructure their books and "trim the fat" so to speak. Where is the easiest place to take some of that fat from? YOU- the agent.
What is an agent to do? Should he or she move out of the financial sector and begin answering customer service calls at the local bank call center? Maybe. Should they go back to school and get a degree in another unrelated field? Maybe. However, most career insurance agents don't have the time nor the desire to tear down what they have built and start over and in this case- if you are that agent who doesn't want to start over, there are a few different options.
First and foremost, if you are not familiar with what exactly your license allows you to sell, become familiar and do it fast! Most health insurance licenses (depending on the state) go hand in hand with a life insurance license as well as a variable annuities license. If you do NOT have the life and annuities designation, do the homework and take the exams necessary to get them. These could literally mean the difference between you staying in the insurance industry and having to leave it to go join the circus. Once you have these designations, or if you already do, there is a particular school of thought that you are going to have to adapt to, and it is that health insurance sales alone are most likely not going to be your bread and butter any longer.
Second, get close and personal with life insurance. Nothing to do with health care reform touches the life insurance industry. In fact, the life insurance industry is still booming- and actually, always has been. It is known to bewhere the real money is as far as selling insurance goes. Most health insurance agents are used to a 15%-20% commission structure. Life insurance agents have been enjoying anywhere from approximately 55%-90% commissions and they have been doing so for years.
If you are a captive agent, contactthe go-to person within the company and see if life insurance is something they have available for you to offer. If it isn't, make your argument! Tell them why it should be especially now with what's going on in health care. If after that, it is still not an option, you may want to consider becoming captive with a new company- one who does make life insurance available for you to sell. If you are an independent agent, it is as simple as getting appointed with a life insurance company and then marketing their product. Many agents who sell both health and life sell them "together" which means that while you are selling health insurance, you are talking about life insurance and vice versa. Pitch both at the same time and more often than not, you will walk away with two deals and a lot more money in your pocket than if you only mentioned health insurance.
So, there is a silver lining in the dark cloud called health care reform. It doesn't mean you have to throw in the towel and find a new industry. You just need todiversify yourself by adding to the products you sellwithin the insurance industry and focus on maximizing your income while helping people.
What are the most efficient marketing strategies for a health insurance agent?
Health insurance agents as many other sales type occupations, businesses are an obvious transformation of an effort to market a product to an income from sales (clients getting medical insurance plans).
If you are experienced in either being an agent or being a marketing specialist what do you think are the most economically (ROI) and time (dollars invested per sales per week) efficient marketing methods?
Email marketing is pretty good.
how do I speak to a health insurance agent in TExas?
I’ve tried looking online for a local health insurance agent to talk to but I can’t find one. I live in corus christi Texas
The key is to find a TX health insurance agent that is independent (meaning that they can work with many different insurance companies).
Be sure that you shop around and compare quotes from at least 3 different insurance companies before you purchase.
Here is some more information on how to choose the best health insurance agent and then also some information specifically on finding the best Texas health insurance:
which state is easy and best to become a real estate and health insurance agent?
I would like to know which state has easy requirements to become real estate agent and broker. are there any states that doesn’t require 1 year agent experience to become broker or something like that.
Also, i would like to know which state is easy and best requirements to become health/life insurance agent?
It’s pretty easy in California. The school is only a couple of weeks and then you take the state test. And that applies to real estate agent or insurance license. The insurance license state test is more difficult to pass.
A good school for insurance license is Mike Russ. I don’t work there, but I went there and it was a good school.
How to become a life and health insurance agent in tx?
I am wanting to know where i should sign up to become a life and health insurance agent and any advice anyone has im in in tx and if their is a need for them thank you
To get the ball rolling, just call or walk into local offices of insurance companies in your area, and speak with the manager.
You could try these, not in any particular order of preference:
Liberty Mutual, Met Life, Prudential Ins. Co. of America, American General Life and Accident, American National (ANPAC), Monumental Life Insurance Co., New York Life.
These are a few, but it will give you an idea of where to start. I’m sure they all start a new agent out on a salary, and offer group benefits, 401K, and retirement.
Best wishes.
How do I find a good Health Insurance Agent In Texas?
Back in California where I am from I had a great Health insurance agent. He took care of everything. My health insuranc, home insurance, life insurance and auto Insurance. I get to Houston Texas and find out that most agents either deal with home and auto or life and health insurance. I now have a freat home and auto insurance agent but he does not deal with health insurance. His reason. He does not have time to keep updated with current trends in health insurance so he does not believe he would be a good health agent. I appreciate his honest but it kinda leaves me hanging. Does anyone have any agents they can recommend?
Hello JJ my name is Brad Tolar. I work for Insurance Advisors. We specialize in Health Insurance and offer coverage in Texas and Nevada. We have agents in many cities in both states that can help with all your health insurance questions and needs. We offer a wide range of companies including but not limited to Blue-Cross of Texas, Aetna, United Health, Unicare and Time-Assurant Health. We will take a look at your personal situation and find the company that best fits your current needs. You can go the website at http://www.lvhealthins.com and pick your own plan and purchase it online. You can call to speak with a live agent at 409-283-3393. I know how difficult it can be to find someone that will go the extra-mile in the insurance business. We are that agency and would love to help you. Give us a call or go to the website where you can quote and buy online without ever talking to an agent or you can call and we will be happy to help you select the company that’s best for you. http://www.lvhealthins.com