Apples & Oranges

Q. The plan you suggested is too expensive and they ask too many underwriting questions. I don’t have the time to chase down answers to their silly questions and get medical records. I found a plan with another carrier that is almost half the price you quoted and they didn’t ask as many questions. I see you represent this company. Why didn’t you tell me I could get the same plan at a lower price and with less hassle?

A. Because it’s not the same plan.

I didn’t tell you about the plan because it was not right for you . . . or for anyone else either. The reason why the plan is almost half price is because it only covers about half as much as the one we submitted to underwriting. Had you checked the benefits and found a plan that was virtually identical to the one I quoted, you would have found that the carrier you chose charges about 30% MORE for the same benefits.

The plan you have applied for (through another broker) does not pay for your prescription medications. Based on the meds you are taking, expect to pay about $200 per month out of pocket in addition to your premium. Also that carrier will place an ER (exclusion rider) for your high cholesterol. This means the money you are spending on meds will not apply towards your annual deductible.

And here is something to consider.

If you have a stroke, and the stroke can be tied back to your cholesterol problems, they won’t pay for your stroke either.

So the bottom line is this. The plan I recommended was about 40% higher than the plan you allowed the other broker to sell. But it WOULD cover your medications, and it WOULD cover any related illness.

What you got is like purchasing a car for a cross country trip, only to discover the car will die on you after 100 miles.

This entry was posted on June 16, 2006 at 3:42 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

| Print