March 31 marks the end of open enrollment for consumers looking to purchase health insurance plans to avoid the Affordable Care Act penalty, but the deadline doesn’t mean your opportunities to sell Assurant Health individual major medical plans end then.
You can continue to sell Assurant Health plans after March 31, but a consumer filing after that date will have to go through underwriting and may still be subject to the penalty for not having creditable insurance by March 31. (Policies are only guaranteed issue if Assurant Health receives them by March 31.) Assurant Health will allow a consumer whose application is received by March 31 to pick an effective date of April 15 or May 1. However, even those who are issued an April 15 or May 1 effective date may still have to pay the penalty for not having creditable insurance by March 31.
You can sell individual medical plans year-round — outside of open enrollment — to applicants with qualifying life events. In fact, historically, 60 percent of the individual medical business sold by agents comes after a life event. Such events include starting a new business, losing employer coverage, dependents turning of age, and divorcing — just to name a few.
With healthcare reform, the number of individuals seeking major medical coverage will grow as employers dissolve their group coverage and send employees to the individual marketplace to reduce cost. Assurant Health is already showing employer’s significant savings by moving their employees to new guaranteed-issue individual plans. These plans include all the essential health benefits, such as maternity, preventive care, pediatric dental and vision coverage as well as mental health coverage. Assurant Health has the tools to assist you when contacting employers to sell these Individual Plans at Work (IPAW), including a list bill agreement, cost savings analysis and a combined premium form. You will hear more about our focus on Individual Plans At Work (IPAW) as we move through this year.
Assurant Health also offers agents a free website or a sales link to add to your existing website — as well as electronic enrollment, which approves applications almost instantly during this Open Enrollment period. Don't miss the opportunity to earn individual commissions selling to groups. Please call Senior Market Sales with any questions or for more information: 1-877-888-9980.
Here are a couple of other reminders of what Assurant Health has to offer in 2014:
The bottom line — Assurant Health has broader access for your clients than the competition!
For more information or to get contracted, please contact SMS’ Major Medical Department today at 877-888-9980!