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FirstChoice Hospital Indemnity Agent Site

             how firstchoice benefits you!

As a licensed rep with FirstChoice, you should already be aware of the obvious – FirstChoice features the “best in class” products to address the peril in many HCR policies – the high Out-Of-Pocket costs! This article is intended to provide some insight on several benefits that FirstChoice provides you, the agent!

Back in 1965, Congress passed the landmark Medicare legislation, and many insurance agents at the time (I personally discussed this with MANY of them shortly thereafter) believed that there would be little or no more commissions to be earned in the senior market. In retrospect, how funny is that?! Fast forward to today; how different do you think HCR will ultimately be for us? Untold fortunes have been made selling Medicare Supplements, LTC, and more recently Med Advantage plans. Soon, the dust will settle, the fog will lift, and individuals will realize that their new highly coveted HCR coverage has an OOP hole that you can drive a truck through! Learn from history, embrace necessary supplement sales, solidify client relationships and be in position to ring the cash register!

If this sounds to you as though I’m suggesting that there will be a ton of commissions earned by agents who sell the FirstChoice Basic and Supplement plans, that’s correct, but the story goes much deeperConsider these points:

  • Ask yourself this question: “If you had to write a check tomorrow, would you rather it be for $44.15 or$6,350.00?” Pretty simple. Will the answer change next month, or next year? Likely not. The $6,350 figure represents the OOP associated (by law!) with the majority of Exchange based metallic plans, regardless of plan level or premium! The much smaller amount is the meager monthly premium necessary to enjoy the benefits of the Supplement plan, sufficient to reduce or eliminate the OOP with any plan design for an average period of hospitalization!
  • Here is another crucial question; “Do you think you will be hospital confined in the next decade?” When you ‘do the math’ you can easily see that a client who has ONE average hospital confinement with surgery in a 10 year period could collect more than the premiums paid for a Supplement plan!
  • The Annual Enrollment Period for qualified major medical plans will soon be upon us, and I hope you are properly positioned and prepared for it. Think of this; as time goes on, and consumers become increasingly aware, exactly what stops any or all of your clients from firing up their computer at 2:00 in the morning, reviewing each and every plan available in their market area, and making a determination by themselves, without you? Answer: Nothing! Can you think of a better way to maintain your value to the client than by providing them with valuable supplemental product(s)?  By keeping yourself viable, you remain in the decision process and the commission stream for the qualified plan, not just the supplement(s)!
  • In your state, there are hundreds (thousands?) of competing agents with loyal clients, (just like you have!) ones that you will not convince to change their basic qualified coverage. You can help them ‘fill the gaps’ in their existing program whether or not you were the agent that sold it, and, in the process, increase the chances of becoming their trusted advisor in the future. Or, ignore this opportunity, and let the competitors assist your clients, and risk losing them. Which makes more sense to you?

If you can identify any “gap plan” that enjoys simpler underwriting, contains superior benefits, requires less premium, is available down to one person or pays you a higher commission than FirstChoice, please sell that one instead. Good luck!

Mike Benke