In recent day a new Fiduciary Rule has gone into effect. To sum up this rule it basically states that people in the insurance and financial sectors need to put the clients needs ahead of their own by only recommending products and services that are appropriate for the client’s situation and to disclose how the agent/broker is compensated. Honestly there needs to be a rule for this – I always just thought that was good business. Putting clients first is just the way we do business at my firm and there are no secrets on how we are compensated. Quite simply since we are not fee based, we are compensated by the companies should we enroll a client in a product. The compensation is explained up front and there is never a load on your investment. What this means to our clients is that every dollar they want deposited is credited at 100% to their investment.
Like all things we are not right for everyone, our focus is on preservation and distribution of ones accumulated assets. This does not mean we do not work with younger clients as at some point they will want to distribute and preserve their gains. What it does mean is contact us and have a discussion and we can decide together if we are a good fit. We often speak with clients who don’t know how to read their own statements and we are happy to educate and provide services. We expect loyalty not obedience from our clients as we are loyal to them. This is one of the many reasons many financial advisors, stockbrokers and many times other insurance agents contact myself or one of my associates to review and identify areas of exposure they themselves may not be familiar.
Many products we work with are already regulated and pricing and benefits are set by the insurance companies themselves. Whether you us or enroll on your own – you will pay the same price. However, using professionals like us, does not add anything to your cost, allows you to make sure you are purchasing the correct coverage and gives you the ability to consistently speak to the same person should questions or issues arise. Let’s face it, peace of mind adds value.
If you are starting out in life, between jobs, looking to enroll in Medicare or protect your assets from the high cost or care, even a simple review or question please do not hesitate to contact us or schedule an appointment online at: www.richardgweiss.com we look forward to being of service.
Short Term Health
In recent weeks we have been contact by several young men or more to the point their wives and “significant others” regarding the need for some type of health insurance. Many have tried going onto the Marketplace during open enrollment and did not understand what they were purchasing or did not see the value. Let’s face it, like my own sons they are not going to a doctor unless truly necessary and usually it is to the urgent care or the ER. Many in this category think they will just deal with the costs later as they can work out a payment plan or don’t have much to lose anyway. Honestly, I empathize with them as that is how I felt at that age. Who wants to spend money on something they think will never be used?
What many do not realized there is an entire product segment that is a great solution for this situation. The time spent working with providers to get things covered or make payment plans has value and the low cost of many of these plans is less than a nice dinner and drinks. Not to mention the piece of mind know if you are sick, not just hurt you have options. One of the nicest complements I have gotten recently is the stress reduction at home – not from the sense or relief of having insurance but knowing that they will not be asked everyday if this was taken care of today. Silly as that is it was one of the most honest benefits of their purchase.
Insurance can be very confusing and many people just don’t know who to ask. I am very fortunate that my children are starting off on their own and when they come to ask questions, they still don’t listen to me – but their friends do. Eventually you make a choice take care of it or don’t, everything always works out maybe not the way you want it to but let’s have the discussion so you know your choices and the potential consequences and benefits of those choices. Remember there is never any pressure or fee to have the conversation with me or my associates.
Thank you in advance and we look forward to working with you.
Annual Enrollment Period
As we approach the halfway point of the annual enrollment period (AEP) and am struck by the contrast to years past. As we are confused about where we stand on COVID-19 and the government confusion on what is going to happen to Medicare many people are taking a wait and see attitude. There have been significant changes to many products in the NE Ohio area and it is always a good idea to have an annual review. I cannot help but notice the increase television advertising announcing many benefits that may be available to Medicare Beneficiaries has confused them profoundly.
Many of my prospects do not understand that there is a tradeoff between traditional Medicare and these advantage plans (a distinction where my clients have been educated) or that not one plan has all the benefits listed. Medicare beneficiaries are continually being bombarded with mail, phone calls and infomercials. The agents on the other end of the line when they call have no loyalty to these people only the incentive to meet enrollment goals. Anonymity plays to the benefit of the agent in these cases. Much of the compliance put in place by Medicare is easily circumvented and the agents in these cases more often than not (even if they represent a variety of plans) paint a rosy picture to entice enrollment. They do not point out any negative consequences of the change or how to reverse the process if it does not meet a client need – in short, they do not advocate for their new client their primary goal is the new enrollment.
Developing relationships with your professionals is a very important to your personal long-term success. The value of professionals who work together as a team to make sure your concerns, needs and goals are met cannot be understated. The decisions made during this open enrollment can have far reaching implications that may not be able to be reversed. The enticement of hearing aids or comprehensive dental may meet a specific short term need but at what expense?
In short – ask questions, make a plan and review!
Thank you for reading and we look forward to being of assistance.
Welcome to the initial blog of The Richard G. Weiss Agency, LLC. Over the coming days, months and years we will cover a variety of topics related to the health and wellness industries as well as ideas on how to preserve and distribute one’s assets. As an independent insurance agency, we are constantly asked questions that concern a broad base of people but generally they don’t have a place to turn. We pride ourselves on being educators to our clients, prospects and community.
The insurance and financial industries are continually going through changes, and we hope to keep you up to date on those changes, how they can impact your personal situation and also to provide resolution and who to contact on how to better understand your personal situation. We partner with a variety of financial planners, brokers, attorney’s, social workers and other professionals. These professionals offer unique insights and solutions that can be applied to many individuals needs and concerns. We want to offer a broad prospective and be your resource to current and correct information.
The Richard G. Weiss Agency, LLC is a boutique agency where we develop long term relationships with our clients. We create solutions that are specific to you – always putting your needs first. There is never a fee to use our service or ask a question; we only want you to feel comfortable with the process. Should you choose to implement the solution provided we hope you consider us for the implementation. If after a review, we will give you an honest assessment where we often mutually agree there is nothing to be done at this time. Our honesty and integrity are where our foundation lay.
As the principle of the firm, I want to personally thank you for considering us for your insurance needs and look forward to continually being of service.