Introducing BRAND NEW Specified Care Rider from

Kyle Henry

Allstate has finally released an incredible product that when attached to their Health Access plan – makes it bulletproof.

We first found out about the plans to come out with this rider last summer when our own Lucas Zerbe attended the Allstate agency seminar held in Milwaukee, WI for their top agencies in me and my father, President of Compass Health Bruce Henry’s absence as we were out of state at the time.

Lucas informed us of all the things Allstate had planned for this year – including this Specified Care Rider. Details were scarce at the time, but we knew it had something to do with covering critical illnesses in addition to what their Health Access product already covers – mainly the back-end costs of a costly hospital stay God forbid a client were to suffer from cancer, heart attack, stroke etc.

Now that the SCR is finally released – we know now that it is so much more than we imagined!

As many of you know who have sold the Health Access product to customers, that plan is phenomenal up front for doctor visits, urgent care, hospital visits and much more due to the plan having NO deductibles and pays first dollar benefits. It also has no network restrictions – paying out fixed benefits regardless of where you go. However, it does have the First Health PPO network attached to it so you get an even better deal if you go to a participating provider.

The one downside with Health Access was in the event you had a severe critical illness and therefore an extended hospital stay, you could possibly not have enough with the network discount and fixed benefits to cover all the costs associated with such an event.

The Specified Care Rider (SCR) is meant to be sold alongside the Health Access or Foundation Health fixed benefit plans with four plans that have episodic deductibles to choose from. Plan 1 has a $30k deductible, Plan 2 has a $60k deductible, Plan 3 has a $75k deductible and Plan 4 has a $100k deductible.

Once the deductible is met, SCR will pay up to $250,000 per episode for a first-time ever medical event and a plan maximum of $2,000,000.

One example would be this:

Mike has a coronary artery bypass surgery.

  • The total cost for Mike’s treatment is $123,000.
  • He receives an estimated in-network discount of $43,050 from his paired Access Fundamentals Plus plan, bringing his remaining treatment cost down to $79,950.
  • Mike’s Fundamentals Plus plan pays him the following set cash benefits for a total of $27,475:

       – $8,000 for Tier 1 Surgeon.

       – $3,500 for Tier 1 Assistant Surgeon.

       – $2,000 for Tier 1 Anesthesia.

       – $750 for Hospital Admission.

       – $6,000 for two days of ICU – Sickness confinement.

  – $6,000 for three days of Inpatient Hospitalization – Sickness confinement.

      – $375 for five Health Practitioner visits.

      – $500 for four Office visits.

      – $350 for seven lab tests.

  • Since his Fundamentals Plus benefits apply toward his Specified Care deductible, Mike only has to pay the remaining $2,525 to meet his $30,000 deductible ($30,000 – $27,475 = $2,525).
  • At this point, Mike’s Specified Care plan kicks in and pays the remaining $49,950 of his treatment costs.
  • Additionally, because Specified Care has an episodic deductible, Mike’s deductible doesn’t reset on January 1st , so all his follow-up doctor visits are covered through 270 days after his surgery!

So, what does it look like commission wise? Here are a couple of compensation examples: Single 50-year-old male who is a general contractor.

He could buy a bronze ACA plan for $1046 per month with a $9100 deductible. You would be paid around $125 for that as an agent.

OR

He could purchase a Health Access Fundamentals plan for $339 and pair it with the SCR (100k deductible) for $210.52 bringing his total to $549.52.

Your 6-month commission advance paid the next week is $1687 – your total annual commission is $3374! It’s a no-brainer for you and the customer.

Let’s say you have a 40-year-old married couple and they own a restaurant making around $220,000 per year. They could purchase an ACA bronze plan for $979.16 per month with a $9100 deductible. As an agent, you’s make around $250 in commission.

OR

They purchase a Health Access Fundamentals plan for $370.09 + the SCR ($30k deductible) for $263.10. Their total monthly cost would be $633.19.

Your 6-month advance paid the following week would be $1255.50 – your total annual commission would be $2511! Again, a no-brainer for you and the customers.

This product came out this month – so you can quote the SCR under the critical illness tab in your Allstate enrollment portal right now if you are selling in Florida.

For agents in Maine, July 1st this product launches. I will update all agents as we get word of new states as they come

Myself, President & CEO Bruce Henry, and Lucas Zerbe hosted a SCR Launch Webinar this week and I recorded it if you would like to learn more about this product. I will include the link in this article.

Be on the lookout for Compass email and text notifications that we send out for future Allstate webinars me, and the team will be hosting – I am planning on doing one per week going forward as I have fully stepped into the role of running the Allstate department here at Compass Health.

If you have any questions, need help with quoting or enrolling, or want to plan a call for individualized training, please don’t hesitate to reach out to me via email or by calling me at the home office.

Kyle Henry
Director of Allstate
772-546-2299 ext.113
khenry@compasshealthinc.com

More Blog Posts

Medicare Annual Enrollment Period Begins 

The Medicare Annual Enrollment begins October 15th and ends on December 7th. The Annual Enrollment Period is an opportunity for people who are enrolled in Medicare to review and make changes to their current Medicare coverage. This opens a Great sales opportunity to...

Selling Season is upon us – here we GROW again! 

Wow – I hope everyone is excited as we are for the upcoming Selling Season (AEP & OE) with the opportunity to build up your BOB with our Best-in-Class Companies and products!  Of course – we have the privilege of leading the way with Florida Blue – the Premier...

Planting Seeds During AEP and OE

We are getting ready for the busiest time of year for Health Insurance sales (AEP & OE) and all of you are hopefully getting ready to renew all your clients and add 100s more new clients. Hopefully, you have goals to sell dental and ancillary products during this...

Allstate Health Solutions STM Plans now Compatible with Health Savings Accounts

Finally, Good News for STM Plans - AHS has now rolled out four new STM plans that are HSA (Health Savings Accounts) compatible.  What are Health Savings Accounts: A Health Savings Account (HSA) is a tax-advantaged account created for or by individuals covered...

Specified Disease Rider has Changed the Indemnity Market

The AHS Health Access plan has always been a great product that fits many people's needs. So why do we sell so many STM plans and barely any Health Access plans? The reason most given by agents is “What if my client has a huge medical expense and they exceed the...

Allstate Benefits now available at Compass!

Allstate Benefits is the group benefits division of Allstate – Steve Ramsey our Director of Group Sales here at Compass has made sure we are appointed with their product lines, and they are now available for agents to quote. If you need any assistance with quoting or...

Allstate Health Solutions is a Game Changer

The Allstate BRAND is one virtually known to all Americans. We were so fortunate to have Allstate acquire National General last year. Not that National General is not a terrific company – they certainly are. However – having the ability to use the new Allstate Health...

The Dynamic Health Insurance Space facilitates New Product Offerings & Opportunities

Whatever the name – Major Medical, ACA, Medicare Advantage (MA), Medicare Supplement, Short Term Medical, Hospital Indemnity (Access plan), Small Group and more – the Health Insurance marketplace has proved to be ever evolving – mostly for the better. What has been...

Living Benefits is Not an Option, but the 2nd Half of any Health Insurance Plan

When we sell Florida Blue Health Insurance plans to our customers the number one item we discuss is almost always “Network”. The reason we do that is so if our clients become ill especially if it is serious that they can get treatment at the Nation’s top hospitals...

Expand Your Client Base, Retain Existing Business, and Increase Commissions by Adding Supplemental Insurance to your Portfolio

Deductibles, Co-insurance and coverage gaps in your client’s health insurance are distressing. With that being said, what could you do today to make a sale with an ancillary product? The easiest path would be to offer every one of your clients the opportunity to get a...

Call For a Free Quote