Health CoverageShould You Offer It?
The Pandemic has magnified the need for health coverage.
As Independent Financial Professionals (IFP’s) it is crucial we counsel our clients on the biggest dangers to their financial lives…SICKNESS. And the stats today are frightening:
- 70% of lawsuits being filed in some states are for medical debt.
- 30% of the average healthcare bill now comes from the patient’s pocket.
- U.S. health care spending increased 4.6 percent to reach $3.6 trillion, or $11,172 per person.
- Patient healthcare costs – including both deductibles and out-of-pocket maximum payments – have increased by almost 30% in the last 5 years.
- 83% of Physician Practices said the slow payment of high-deductible plan patients are their top collection challenge, followed by the difficulties that practice staff have at communicating patient payment accountability (81%). 67% of Americans are either very worried or somewhat worried about unexpected medical bills.
- According to a TransUnion report, in 2020, it is expected that 95 percent of patients will not fully pay off their medical bill balances.
For the above reasons Pegasus is now offering an alternative to the current ACA health care program in effect today. This program I believe can really complement your already targeted market of life insurance. The use of life insurance with a Critical Illness (CI) component completes the overall protection many are seeking. Consider the following aspects of the overall situation.
The government in the Affordable Care Act requires a minimum level of coverage for ALL citizens, referred to as Minimum Essential Coverage (MEC). We have a coverage product providing the level of coverage most prospects need and or want. We provide add-ons to meet those needs and wants of prospects with life insurance with CI being a prime add-on.
My experience, and I’m sure yours also, is that many people try to find the extra funds to pay for the life coverage they need. Because of the significant savings in our health platform vs your client’s current ACA Plan, they will be able to use that additional money to fund their life insurance coverage, or even start a cash accumulation plan.
Those who are or will be looking for an alternative will be significant. These prospects will be middle income and above as they don’t qualify for the tax credits of the ACA program, so none of the high current costs or the coming premium increases can be offset. The higher-level income prospects will open the door to higher value cross sales of insurance, maybe IUL instead of term. This situation will open the door to building the agents client base. This program will open the door to existing clients whose programs can be upgraded with the savings.
Agency builders/maintainers are always looking for ways to provide opportunities for their agents. This is an opportunity for you to support your current agents and attract new agents with a unique program, probably not being offered to these agents currently. I of course really can’t say for sure but trusting your agents aren’t captive to you alone, there may be a chance that they have been or will be approached by another marketer in the future. You need to be their “Mentor” on this opportunity.
Do The Math:
Significant income to all involved can be attained. The developers of this program will discuss with you how your situation can be structured to provide you and your field force with the financial fruits of this once in a lifetime opportunity. Let them explain how they will support you in this effort in both training (removing the burden from you) and follow up on administration/service.
Pegasus Health Insurance in Action
How The Plan Works
Founder - Pegasus Group of Companies
JD Moya has been in the insurance industry for over 46 years. Starting out selling door-to-door he quickly outpaced all agents in his region selling over 500 policies in his first year. With the remarkable success he experienced he quickly realized the impact he could have with other agents and increasing their sales as well. Pegasus was founded in 1992 and has been a leader in the Hispanic market ever since.