Think Outside the Box: Hospital Indemnity for ACA Clients

Here at RBI, we are using the month of January to focus our thinking outside the standard AEP-box, with lots of training and materials to increase your sales. Earlier this week we heard from Tom O’Neil with a closer look at Hospital Indemnity products, with a highlight on Guarantee Trust Life (GTL). But there’s more to Hospital Indemnity.  Let’s go deeper.

Why Hospital Indemnity for ACA clients?

Young Indemnity Couple

Some carriers have very affordable options for people under age 65.

As senior insurance agents, we often don’t think about folks in the age group under age 65. These folks are “young people,” and therefore usually outside our focus.  But many are struggling with health plans under the Affordable Care Act that feature high deductibles and out of pocket expenses. These folks are looking for alternatives.  And if you have a Hospital Indemnity product, like GTL, Medico, or Equitable, these clients could actually be a gold mine.

Hospital Indemnity is a great gap product for people in this age group. Most of the time, Hospital Indemnity carriers have very affordable options for people under age 65, often as low as $30-40.  Furthermore, most clients would be willing to pay this monthly premium, just so that they are protected from getting hit by a high deductible payment if they needed to visit the hospital.  In my opinion, overlooking this demographic is the same as leaving money on the table.

Where to find these clients

The best way of reaching this type of client is to talk about what you do.  For example, I actually got a client during AEP simply from wearing my button down shirt with my business logo on it.  A gentleman at the next gas pump asked me about it, and before you knew it, he asked for a business card. When the time was right, he called me up and I was able to get him enrolled in a plan that fit his needs.  Agents tend to minimize their experience and ignore the people around them every day. People who know you, people who you meet in your daily life, have no idea what you do. Spend 3 minutes with these people, tell them exactly what it is that you do, hand them a business card.  It will be the least expensive lead you ever have.

Brand Package Image

RBI can help you update your business cards and more!

 RBI can help you get started with Hospital Indemnity for ACA clients

We can help you plan out your approach to getting into Hospital Indemnity products. If you are thinking, “well, I don’t have a Hospital Indemnity plan,” contact RBI at 1-800-997-3107 for information about contracting with carriers in your area. RBI works with a great design team who can help you updateyour business cards, letterhead and so on, at discounted prices.  Above all, get comfortable talking about your own expertise, and practice your elevator speech.  I know you’ll see results.

Keep an eye on our event calendar for great webinars and in-person events to up the ante with your business this year! Click here to see full details.

King v. Burwell Update — Lawmakers await King v. Burwell ruling

King v. Burwell Update — The Affordable Care Act (ACA) was subjected to a third round of scrutiny when the Supreme Court decided to hear King v. Burwell, whose focus is the validity of the federal Health Insurance Marketplace. Lawmakers are anxious whether the court will side with the plaintiffs and invalidate the federal exchange or uphold one of ACA’s primary means of increasing health care access and affordability by siding with the federal government when it delivers its final word by the end of the month.

HHS Secretary Sylvia Burwell says it will be up to governors and Congress to respond if SCOTUS strikes down the federal health care exchange. Image of Congressional assembly during President Obama’s 2015 State of the Union address courtesy of Creative Commons and Flickr user NASA HQ Photo

Speaking at the Catholic Health Association Assembly on Tuesday, President Obama said his signature health care law “is now a part of the fabric of how we care for one another,” according to the New York Times. “It seems so cynical to want to take health care away from millions of people.”

Obama’s remarks were interpreted by many to be directed to the court’s nine justices as they near a ruling that would impact millions of people in the 37 states that use the federal exchange. They were dismissed by Republican leaders, who retorted that the president was “divorced from reality” as they argue ACA has produced more negative effects than positive. The New York Times also notes ACA and health care will be a major issue during the 2016 presidential election.

Governors and Congress will need to be the first responders if the court invalidates the federal exchange, Health and Human Services secretary Sylvia Burwell said Wednesday according to Kaiser Health News. She told the House Ways and Means Committee as the government would not be able to keep the federal exchange online or even available in a different form.

Republicans grilled Burwell over what legislation the GOP-controlled House and Senate could put together that would survive the president’s veto power. According to Kaiser, Burwell said the president will not accept any measure that calls for a repeal to ACA as part of a strategy to mitigate consumer losses if the court rules in favor of the plaintiff. Sen. Ron Johnson, R–Wis., has drafted a bill that would make federal subsidies available until August 2017, but do away with the individual mandate and other parts of ACA that have been contested by its opponents.

Kaiser has reported that Pennsylvania and Delaware are the only states that have already begun to develop alternative means of delivering federal subsidies to eligible individuals in the event the Supreme Court strikes down the federal exchange.

Subscribe to The Agent’s Advantage blog to receive the latest in King v. Burwell Update, HHS and CMS news as well as senior market sales tips.