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Individual Health

Using Short Term Medical Insurance to Bridge the Gap
By Mike Kuchar, Product Representative

• Between Jobs…
• Lower cost alternative to COBRA or State Continuation…
• Children ceasing to meet the definition of an eligible dependent on their parent’s policy…
• Waiting for Group Coverage to start…

All good reasons to consider a Short Term Medical (“STM”) policy!

Did you know that most carriers offering both STM and Permanent Major Medical coverage also offer a coordination feature if both products are purchased from the same carrier? We have all run into situations where a prospect is looking for alternatives to a costly COBRA premium and may be out of the job market for an extended period of time. The obvious solution is to recommend Permanent Major Medical coverage since Permanent Major Medical coverage requires full medical underwriting, which may create a gap in coverage while waiting for an underwriting decision.

Since most STM policies follow streamlined underwriting/policy issue, you can offer them coverage that can be bound as early as the next day. If taken in conjunction with a Permanent Major Medical plan with the same carrier asking for an ASAP effective date, the carrier will coordinate the plans effectively canceling the STM policy when the Permanent plan is approved and apply any unused STM premium towards the new Permanent policy.

Our agency can assist you in placing this business through BCBSIL or Assurant Health as both carriers offer this feature. Please give us a call for quotes or additional information!

Time Insurance/Assurant Health 2008 Changes
By Linda Medrano, Brokerage Coordinator

Underwriting Updates

• New paper express application—only 13 medical questions; five-year look back period means quicker application process.
  
  
• 10% deductible credits given to both new and existing clients (with proof of coverage) on Max Plan, CoreMed and One Deductible plans for 2/1/08 effective dates and later.
  
  
• Improvements to pre-ex limitations—if disclosed on application, no pre-ex.
  
  
• 36-month rate guarantee—buy-up option available on all plans with $3,750 and higher deductibles and costs approximately 6% more than the 24 month rate guarantee.
  
  
• Maternity wait reduced from 9 months (270 days) to 3 months (90 days) for conception available effective 1/1/2008.

Product News!

• Introducing KeyMed—if you have clients who are hard to insure due to a past or current medical condition, you’ll want to check out KeyMed, a new limited benefit, individual health insurance plan from Assurant Health.

Assurant—“The Sky’s the Limit” bonus program…earn unlimited bonus cash. Simply sell Assurant Health’s Individual Medical plans January 21 through April 30, 2008 and earn $50 bonus for EACH individual medical plan you sell—including the new KeyMed Plan.

BCBSIL True Blue Program Extended Through 2008
By Janine Skolmoski, Administration

• The True Blue program is for producers who sell more than 25 Under 65 permanent individual health policies in one calendar year.
  
  
• The Senior True Blue program is for producers who sell more than 25 Medicare Supplement policies in one calendar year.

That is only two or three policies a month!

The year following qualification, you will receive 20% commission on all new Under 65 policies sold and 12.5% on Medicare Supplement policies. Note each product carries its own qualification level. For example, if you sell 25 Under 65 policies, you qualify for True Blue status….or sell 25 Medicare Supplement policies, you qualify for Senior True Blue status. Sell 25 applications of each product and qualify for both True Blue AND Senior True Blue! And as a True Blue producer, you will be first in line for marketing support and lead generation.

Make 2008 your year for increased sales and commissions. Good luck!

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