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Started By
Message
Supplemental Insurance - pending Federal elimination
Posted on 8/31/23 at 8:17 am
Posted on 8/31/23 at 8:17 am
Without AFLAC, how will Saban make ends meet? In all seriousness, the post below is taken from another board, and was written by a poster who works in the realm of supplemental insurance. A lot of you baws have this as an employer benefit. The government, in its infinite wisdom, has decided that supplemental insurance is racist, sexist, homo- and transphobic, and must be eliminated. Here's a link to send the government your comments. Here's the post:
This is fricking unreal.
They want us all destitute - and eliminating the personal financial protection offered by companies like Aflac, Colonial, Combined, et al, a health emergency can quickly becoming a financial catastrophe.
Here's just a little bit of what they want to do.
The proposed rule would:
1. Impose new taxes on individuals and small businesses by:
a. Treating cash benefits as wages — not health benefits — and taxing employees for
the full benefit received rather than just the amount exceeding the cost of the related
medical expense.
b. Raising payroll taxes (FICA/FUTA) on small employers by treating these plans as
taxable wages, reversing their long-standing treatment as health insurance benefits.
2. Prevent employers from offering supplemental insurance to employees if they offer any other
form of group or individual coverage, including major medical insurance.
3. Eliminate the ability for insurers to provide benefits for medical services in the individual
and group markets. Currently, benefits can be triggered by type of service and time
period, both of which are factors that impact out-of-pocket costs faced by policyholders.
4. Require existing policies to conform to the new requirements by 2027, causing a breach
of contract with current policyholders by significantly altering their benefits and policy
design.
5. Reduce Short Term Disability to a 3 month maximum benefit.
And more!
This is the most egregious overreach I've ever heard of after a decade in the industry. My career will instantly be over and, as someone with a physical disability, my ability to provide for my household will simply end. In that ten years, I've saved people's vehicles, homes, marriages and probably lives too through the funds provided when so desperately needed when something goes terribly wrong - especially in the case of catastrophic injuries, heart-attacks, strokes, cancers... on and on!
We're in the public comment period now. Please, click the link below and tell those bastards to knock this shite off and to get back in their lane!
Thank you.
Tell Regulators NOT to frick With Supplemental Insurance!
As an aside, Aflac has existed since 1955 (68 years!) and now it's a problem?!? These new rules will, not only eliminate lumps sum benefits for major illnesses, but also the individual benefits for travel, treatments, therapies... It will absolutely destroy an industry that has kept tens and tens of thousands of policyholders from losing everything. (Hell, Aflac has over 50 MILLION individuals covered to one degree or another - nearer 55 MILLION!)
Nothing is to be grandfathered, either. It'll all be wiped out - even policies which have been building cash value for years and years and years. This is criminal, intentionally hurtful, malfeasance, in my opinion. It must be stopped! These unelected pricks don't give a flying frick about you, me, or anybody else!
OMG!!! I'm so enraged I can barely see straight!
Please, don't muddy up this thread with bullshite about how you didn't get paid. If you didn't, you probably didn't gather the necessary paperwork, didn't understand what was/was not covered, didn't seek treatment in a timely manner, your medical condition was pre-existing (within 12 months of your coverage effective date), or you had a shitty agent who didn't/wouldn't lend a hand (Yes. That happens, I'm sorry to say.).
I have been nationally recognized and had customer testimonials posted on carrier's national websites, attesting to my level of customer service/claims assistance - something I am not required (nor paid) to do (in fact, carriers actively dissuade agents assisting - and some prohibit the practice entirely) but, because of how my disability crushed me financially (I was a construction sub-contractor), it's a calling/passion to me. None of my clients ever needs to call an (800) number. They call me!
Thank you for taking the time to read this post and even greater thanks if you took the time to comment at the link.
This is fricking unreal.
They want us all destitute - and eliminating the personal financial protection offered by companies like Aflac, Colonial, Combined, et al, a health emergency can quickly becoming a financial catastrophe.
Here's just a little bit of what they want to do.
The proposed rule would:
1. Impose new taxes on individuals and small businesses by:
a. Treating cash benefits as wages — not health benefits — and taxing employees for
the full benefit received rather than just the amount exceeding the cost of the related
medical expense.
b. Raising payroll taxes (FICA/FUTA) on small employers by treating these plans as
taxable wages, reversing their long-standing treatment as health insurance benefits.
2. Prevent employers from offering supplemental insurance to employees if they offer any other
form of group or individual coverage, including major medical insurance.
3. Eliminate the ability for insurers to provide benefits for medical services in the individual
and group markets. Currently, benefits can be triggered by type of service and time
period, both of which are factors that impact out-of-pocket costs faced by policyholders.
4. Require existing policies to conform to the new requirements by 2027, causing a breach
of contract with current policyholders by significantly altering their benefits and policy
design.
5. Reduce Short Term Disability to a 3 month maximum benefit.
And more!
This is the most egregious overreach I've ever heard of after a decade in the industry. My career will instantly be over and, as someone with a physical disability, my ability to provide for my household will simply end. In that ten years, I've saved people's vehicles, homes, marriages and probably lives too through the funds provided when so desperately needed when something goes terribly wrong - especially in the case of catastrophic injuries, heart-attacks, strokes, cancers... on and on!
We're in the public comment period now. Please, click the link below and tell those bastards to knock this shite off and to get back in their lane!
Thank you.
Tell Regulators NOT to frick With Supplemental Insurance!
As an aside, Aflac has existed since 1955 (68 years!) and now it's a problem?!? These new rules will, not only eliminate lumps sum benefits for major illnesses, but also the individual benefits for travel, treatments, therapies... It will absolutely destroy an industry that has kept tens and tens of thousands of policyholders from losing everything. (Hell, Aflac has over 50 MILLION individuals covered to one degree or another - nearer 55 MILLION!)
Nothing is to be grandfathered, either. It'll all be wiped out - even policies which have been building cash value for years and years and years. This is criminal, intentionally hurtful, malfeasance, in my opinion. It must be stopped! These unelected pricks don't give a flying frick about you, me, or anybody else!
OMG!!! I'm so enraged I can barely see straight!
Please, don't muddy up this thread with bullshite about how you didn't get paid. If you didn't, you probably didn't gather the necessary paperwork, didn't understand what was/was not covered, didn't seek treatment in a timely manner, your medical condition was pre-existing (within 12 months of your coverage effective date), or you had a shitty agent who didn't/wouldn't lend a hand (Yes. That happens, I'm sorry to say.).
I have been nationally recognized and had customer testimonials posted on carrier's national websites, attesting to my level of customer service/claims assistance - something I am not required (nor paid) to do (in fact, carriers actively dissuade agents assisting - and some prohibit the practice entirely) but, because of how my disability crushed me financially (I was a construction sub-contractor), it's a calling/passion to me. None of my clients ever needs to call an (800) number. They call me!
Thank you for taking the time to read this post and even greater thanks if you took the time to comment at the link.
4
Posted on 8/31/23 at 8:31 am to TigerHornII
But mean tweets
Posted on 8/31/23 at 9:26 am to TigerHornII
Seems like a bot thread.
Can you cite the actual regulations up for comment?
Can you cite the actual regulations up for comment?
Posted on 8/31/23 at 10:20 am to SlowFlowPro
quote:
Seems like a bot thread.
Can you cite the actual regulations up for comment?
I am familiar with the OP, first time he's ever posted anything much about what he does. He's a regular on that board.
The link embedded has some information. EDIT: Here's the Federal Register page for the proposed reg. Someone on the other board had already done the research, including the gem below.
Here's a key excerpt from that page:"Similarly, clarifying the tax treatment of benefit payments in fixed amounts under hospital indemnity or other fixed indemnity coverage purchased on a pre-tax basis when those benefits are paid without regard to the medical expenses incurred is also an important means by which to distinguish that coverage from comprehensive coverage and should serve to promote the purchase of comprehensive coverage in the group market."
Bolded portion is code for "We will force you to use Obamacare".
This post was edited on 8/31/23 at 10:30 am
Posted on 8/31/23 at 10:25 am to TigerHornII
Sorry it's going to be harder for you to sell shitty insurance.
Posted on 8/31/23 at 10:29 am to tigeralum06
quote:
Sorry it's going to be harder for you to sell shitty insurance.
I see your reading comprehension is "shitty". I don't sell insurance, nor am I involved in the industry in any way, the poster who wrote that is in customer service for an insurer.
If you think AFLAC and the like are bad, wait until you see the government version.
Posted on 8/31/23 at 10:43 am to TigerHornII
The best thing that the government can ever do is nothing.
Example 7,469,236,814
Example 7,469,236,814
Posted on 8/31/23 at 8:48 pm to SlowFlowPro
quote:
Can you cite the actual regulations up for comment?
Yes, let's see this official proposed legislation. I'm calling bullshite.
Most health care indemnity companies are owned by massive insurance industry giants, and it's an extremely profitable segment of their business.
We're talking deep fricking pockets here. I don't expect them to sit idly and allow sweeping legislation that would negatively impact their earning power in any significant way.
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