Posted by Frank Chin on November 05, 2005 at 10:45:55:
Wes:
Didn’t get the impression you were pushing for them.
I did read in the local papers not long ago that MEGA had some issues with local regulators, which is why I checked when you mentioned it. Several states are investigating them. Then, we got sales people working for them that didn’t have kind words to say, including one who posted on this board. This goes beyond some disgruntled insureds filing lawsuits.
Since I now administer a plan for my business, I keep my eys and ears open on health care issues. One BIG issue is in the search for CHEAP options, people don’t check what the plans cover if anything, and whether its even a real plan to begin with.
I read stories of people paying into plans, thinking they’re covered, and its when they need a major operation, is when they find out the plan they’re paying into is a scam, and its too late to join another plan.
Things are changing in the health insurance industry for the better. I’m an advocate of healthy people getting their own individual/family health insurance separate from their employer(s). This individual insurance has become quite affordable with the HSA (Health Savings Account) qualified plans that have larger deductibles. If you lose your job or choose to quit and just do real estate investing on your own, you don’t lose your medical insurance as long as you continue to pay your premiums. It’s also good because if you get badly injured off the job or real sick and can’t work you typically lose your job because you can’t work anymore plus you also lose your job’s paid medical insurance which then could put you into a real bind because your premiums would probably go sky high.
Most health plans are state-specific. I’d like to be able to move around and live/work and invest in more than one state without having to reapply in each state for medical insurance coverage. How do those snowbirds do it? Does anyone here know of any good individual/family medical insurance, hopefully HSA qualified, that one could get at a reasonable price and that is portable not only from job to job but also from state to state?
Re: Portable medical insurance? - Posted by Kathryn
Posted by Kathryn on November 05, 2005 at 22:12:42:
I agree with Darren. I had just received my license and joined Mega Health and Life Insurance. What a joke. I could not believe what was going on and I was new. It wasn’t until went back to school and talked to my teacher that I realized that they are not reputable and the only thing they are good at is taking your premiums. I called up all my “clients” and told them to cancel. It cleared my concience & they all thanked me. I helped them find another company through my school and I advise you to shop around and only do business with reputable companies with a track record.
The MEGA Life and Health Insurance Company, has offered health insurance to small business and the self-employed for years. One of the big pitches has always been the fact that most of their plans are (portable).
Also, last I heard, premiums were not based on you as an individual. More like a large group plan so that your small business (or family) premuims do not go from hundreds per month to thousands due to one or two big claims…
Not cheap but you have different plan options.
In some states you have to join “The National Association for the Self-Employed” for access to the insurance. Other states do not require it.
Not that I am trying to defend this company because I am not.
However, we could go on for quite some time listing all the lawsuits and complaints against virtually every major insurance company in the US.
I only listed this company because the question was asking about “Portable Insurance” and as I stated, I knew that company has been offering policies that satisfy that request.
For any small business or self employed individual that finds themselves traveling outside their coverage area (especially crossing state lines), they really need to investigate just how “portable” their current insurance policy really is.
As JT mentioned, many policies are basically specific to an area/network, etc. and while you might not be totally without insurance if you find yourself out of the area or network, you can definitely find that your insurance company will expect you to pick up a much higher percentage of the co-payment or in some cases, no coverage at all.
I’m sure there are other good companies that sell these type policies to self employed and small businesses.
One of the most important things you want to look at with any insurance company is their Financial Strength Rating which is basically the ability for the company to pay its obligations to policy holders.
A.M. Best is the most recognized rating in insurance.
a rating of A++, A+ is considered (Superior), A, A- is considered (Excellent) and B++, B+ (Very Good).
Anything below that level and you are dealing with a company that for some reason is financially weak and might have trouble paying your claim…
Posted by Darren on November 03, 2005 at 15:05:32:
Great find Frank. I sold for Mega Health and Life for a year. The practices described in the article were identical to the office I worked out of. I left there to go sell Kirby vacuums. Just kidding! As a former sales agent, I can’t recommend them. Check out E Heathinsurance.com instead.