Friday, March 31, 2017

Interesting "Solution" (Not For Faint of Heart)

Recently, Co-Blogger Bob clued me into a new (?) strategy some agents are using to help their clients. The idea is pretty simple and straightforward: combine an inexpensive Medishare (healthcare sharing ministry) plan with a commercial Short Term Plan. The Medishare component means one dodges the fine penalty tax, and the STM plan undergirds the Medishare (to be fair, I'm not really clear on how, but that's another post).

Bob then wondered if "a Jewish agent would offer Medishare plans to clients?"

Actually, that's an interesting question. The answer is "yes, but no."

Let me explain:

I have no objection to selling plans available only to Christians. After all, I've sold MediGap plans and I'm under age 65. But that's not why I wouldn't sell them:

I'm an insurance agent, and I hold myself out (semi-)professionally as such. So if I sell a Medishare plan, which is specifically not insurance, I'd be concerned about an E&O claim in-the-making.

Why is that?

Well, what happens when my client has a claim that the Medishare folks decline? He's going to come back to me and ask why I sold him an insurance plan that wasn't insurance. And how do you think the court's going to decide?

So yeah, I'll pass.
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