Selling personal health insurance plans can be a challenging task for many advisors due to the time-consuming process of gathering and calculating quotes, as well as the varying eligibility requirements and plan designs. Furthermore, since personal health insurance plans are not high-commission products, advisors may not find it worthwhile to spend a significant amount of time quoting and comparing plans. However, CompareHealth, a new platform launched on April 1, aims to revolutionize the way advisors quote and compare personal health insurance plans.
CompareHealth offers a simple and streamlined process for advisors to input client details and select desired benefits, providing instant matching health plan designs with the correct optional benefits priced in (when applicable). Advisors can easily add or remove benefits to see alternative plan design scenarios and can view detailed comparisons of the benefits clients want most, such as prescription drugs, paramedical practitioners, travel, and dental.
Moreover, CompareHealth provides advisors with relevant plan information, such as how some plans calculate premiums using only the client’s date of birth or how certain health plans could waive waiting periods for select benefits if a client had prior coverage. Furthermore, the platform highlights that plan designs can vary between provinces for the same plan, and that one provider defines a ‘year’ differently in one province versus another. Additionally, one provider charges a $1 per month administrative fee on its health insurance products, which may not be communicated until the payment portion of the application.
CompareHealth is free for advisors through their MGA, although a paid MGA subscription is required. By simplifying the process of quoting and comparing personal health insurance plans, CompareHealth aims to help advisors save time and effort while ensuring that clients have access to the best plans and benefits for their needs.