Tuesday, January 26, 2016

Obamacare Alternatives: Health Care Sharing Ministries

Health Care Sharing Ministries may be an affordable option to an Obamacare plan, in some cases saving 50-60% of premium, but what are they and what is the risk of enrolling?

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Health Care Sharing Ministries plans (HCSMs) are faith based plans for individuals and families.  These plans are considered to be a non-insurance related product.  Most of us are familiar with discount plans featuring savings for dental, vision, hearing and prescription drugs; these plans are not insurance.

Monday, January 25, 2016

Why Insurance Professionals Should Consider Targeting Millennials

Millennials are an interesting segment of the insurance market due to their unusual health care purchase behaviors. Their methods of information consumption and decision making has understandably been affected by the technology and conditions of their generation. So why should the healthcare industry focus their energy on this generation?

This year marks the first year millennials outnumber the Baby Boomers (by 7.7 million) according to the United States Census Bureau. Aside from sheer numbers, this is a relatively unpenetrated market. As of 2015 17% of Millennials did not have health insurance; compared with the 12.3% uninsured rate in 2015 for ages 18-64.

Monday, January 18, 2016

Ways Insurance Agents Should be Using Social Media

When you think of the ways you market yourself and your agency, social media may not be the first avenue you consider.  However, with nearly 1 in 4 people worldwide using social networks*, you are missing a huge opportunity if you choose not up jump on board with social media marketing.  See below digital snapshot to see how many people now have internet access, social media accounts, and note over half of the population are using mobile devices to access this information.

Knowing social media can play a key roll is obtaining new clients, how can agents harness this technology?

Here are 4 ways you can grow your business with social media.

Monday, January 11, 2016

Where Life Insurance Trends Are Heading in 2016

Recent studies have stated that life insurance sales are showing their strongest across-the-board growth since the year 2000. Policies are beginning to trend higher in premiums as well as sheer volume. Term, whole life, and guaranteed universal life policies have all been strong, with indexed universal life showing particularly strong. Variable life is the only area that seems to be lagging behind with clients becoming too nervous to make a gamble of that nature (and who can blame them with our government’s current state).

Tuesday, January 5, 2016

Alphabet Soup (What is MADP?)

Even experienced “Medicare Agents” sometimes will read MADP and just think it is a typo of the acronym for the Medicare Advantage Prescription Drug (MAPD) health plans.  But, though related, it is a point in another direction.

MADP is the Medicare Advantage Disenrollment Period, which takes place each year from January 1 to February 14.  It gives an individual enrolled in a Medicare Advantage plan the opportunity to leave their plan and switch back to Original Medicare. If that person decides to switch back to Original Medicare during this period, they'll have until February 14 to also join a Medicare Prescription Drug Plan to add drug coverage.  That coverage will begin the first day of the month after the plan gets your enrollment form.