Phyllis Van Wyhe
CPCU, CIC, CSP
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The Van Wyhe Group
E-NewsLetter | PO Box 4130
Waukesha, WI 53187
Phone (800)326-4741 Fax (800)476-2945 December 1, 2008
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| Foreign TravelWould you like to spend a week or two in Singapore or Thailand and have an insurance company pick up the tab? Simple! Go there for your elective surgery. It’s a concept called Medical Tourism and it is growing exponentially. What was once used by the affluent to get an affordable face lift or tummy tuck is now catching on for knee, hip, and back surgery. Last year alone, over 500,000 U.S. residents traveled abroad for their treatment. What is the attraction? Cost-savings, higher physician-to-patient ratios, and hospital suites that rival a four-star hotel. The benefits are so attractive it’s popping up all over. A state legislator in West Virginia is proposing a bill to offer state employees the foreign option: it could save the state about $2 million each year. The incentive for the employee is extra sick leave and 20% of the money saved. Despite significant reservations, insurance providers and self-insured employers are analyzing the pros and cons. Blue-Cross Blue-Shield of South Carolina has added a Medical Tourism subsidiary with network providers in Turkey, Thailand, Costa Rica, and Ireland. Concerned about going under the knife when it is held by a doctor in another country? You’ll get over it when you see the cost savings. A U.S. trained and board-certified doctor can perform a procedure in India or Thailand for about 80% less than what it would cost in the U.S. And foreign hospitals, working hard to tap into this new market, know how to control staff infections!
Who’s Next?While AIG continues to cash welfare checks and the Hartford buys a Florida bank to qualify for federal bailout funds, agents are wondering who else is in trouble. Since we may be the last to know, we all need to tread lightly. I have three simple suggestions. Don’t badmouth anyone; it is unfair marketing practices in most states and is actionable by the insurance commissioner. Give options; include another company’s quote even if it is higher; let them choose. Provide ratings; these are the most recognized resource we have and we should be using them. At a time when loss ratios are heading north, investment income is heading south, and carriers are still cutting prices to gain market share, everyone is vulnerable. Be careful.
New Year’s PointerHere’s another impact of technology. Some phone numbers you have used for years no longer work. People are giving up their land lines or now the decision-maker only uses his cell. The new year is a good time to start updating contact information in your files. Simply start verifying the number you currently have and determine if it is still the best one to use. At the same time, you may want to update their email address; some people change those more often than they change their minds.
Quote of the Month: “Life is not about how high you climb or how far you go; it’s about how well you bounce.”
Ian Lingle
We Are:InsuranceCe is brought to you by The Van Wyhe Group, an education firm coaching agents in ways to add value to the insurance transaction. Agents who master adding value attract business rather than chase it. | |
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