Episode Summary
The podcast discusses how Pivot Health's short-term medical plans can help provide affordable health insurance coverage for people in the years leading up to Medicare eligibility at age 65. This pre-Medicare niche of 60-64-year-olds is an underserved market segment with growing needs.
Pivot Health operates in the alternative individual medical insurance space. They are not carriers but develop and manage short-term medical products and then partner with A-rated insurance carriers. Their focus is on the pre-Medicare 60-64 demographic who often face high premiums on ACA plans or loss of group health benefits after retiring early.
The host asks why brokers should focus on this market. The Pivot representative highlights several reasons:
- It increases the lifetime value of clients by earning higher short-term medical commissions versus lower ACA commissions.
- It provides value by saving clients money compared to ACA plans. The premium savings allow them to purchase ancillary products like dental, vision, and gap plans for more comprehensive benefits.
- It secures leads by offering coverage to bridge to Medicare eligibility at 65. This builds a broker's book of business.
The 60+ market includes baby boomers aging into Medicare, early retirees losing employer coverage, and spouses under 65 with Medicare-eligible partners. There are also opportunities with level-funded groups and non-citizens needing non-ACA coverage.
Pivot's short-term medical plans can be extended up to 3 years in most states. This allows simplified underwriting to reapply without new health questionnaires. It locks in coverage before transitioning to Medicare. Open access plans have no networks and include bill negotiation services.
Adding ancillary products increases the lifetime value of clients. Dental and vision plans have no waiting periods or exclusions. Latitude gap plans supplement high deductibles and offer cash benefits for hospitalization, accidents and critical illness.
The Pivot representative highlights features that make their short-term medical plans unique:
- Multiple duration options from 30 days up to 3 years
- Simplified underwriting with no health questionnaires to renew extended durations
- Open access plans with any provider reimbursement and balance billing protection
- Specialty programs for student-athletes and non-citizens
- Free telemedicine services, including dermatology
In summary, Pivot Health aims to provide a lower-cost alternative to ACA plans for pre-Medicare individuals needing temporary yet comprehensive medical insurance. Their plans offer customized benefits and simplified underwriting for extended protection. Adding ancillary coverage improves loyalty and lifetime value. Short-term medical can be an affordable bridge to Medicare while earning higher commissions for brokers.
Timestamps
(0:00:03) - You're in the business of bridging your clients to Medicare
(0:00:30) - Broker link discusses the under 65 market with Pivot Health
(0:01:24) - Pivot Health helps insurance agents sell more, earn more, and stay independent
(0:09:08) - Calling all Texas Medicare and ACA brokers to attend our annual kickoff
(0:10:15) - You can help 60 and up clients transition to Medicare more affordably than ACA plans
(0:12:56) - Who makes up the pre-Medicare market or the 60-plus crowd
(0:16:57) - Extended durations protect your clients for years before they enroll in Medicare
(0:20:28) - What would you say makes Pivot Health's products unique
(0:24:49) - Pivot Health helps insurance agents sell more, earn more, and stay independent
