Why should I choose The Krause Agency?
We have over 25 years of crisis Medicaid planning experience working with agents and helping build businesses across the nation. We have earned the distinct reputation of the “Pioneer of Medicaid Compliant Annuities.”
How do I work with you?
We understand time is very important when dealing with Medicaid benefits. Therefore, obtaining an annuity through us is an easy and streamlined process. Simply contact us to get started.
Which insurance carriers provide Medicaid Compliant Annuities?
Only a handful of carriers provide products that are Medicaid compliant. Our office works with several carriers nationwide that specialize in these products, many of which we have partnered with exclusively. For more information on the products and carriers available in your state, contact our office directly.
What's the difference between acquiring a comprehensive proposal and a quote?
Comprehensive proposals are detailed plans which outline how your client can use a Medicaid Compliant Annuity or other insurance product to accelerate their eligibility for benefits. These proposals include a product recommendation and the economic results of the plan. While this service is complimentary, should the client proceed with the recommendation and the sale produces a commission, there will be a commission split with our office.
If you already know the desired product, term, and premium amount your client is seeking, we can provide you with a quick quote and the necessary application paperwork. In these cases, if the sale produces a commission, there is no commission split.
What information do you need to obtain a proposal?
We require the client’s financial information (income, cost of care, assets), as well as their state of residence and date of birth. On a case-by-case basis, we may require additional information to provide a more appropriate proposal for your client.
How quickly will I get the proposal back?
We know timing is everything in these cases. Upon receipt of all the necessary information, we will return your annuity quote or comprehensive proposal within one business day. If we receive your request for a quote or a proposal, and we need some additional information prior to proceeding, we will contact you as soon as possible.
How do I obtain appointment paperwork?
The appointment paperwork is not available online and must be obtained directly from The Krause Agency. Feel free to inquire via telephone at (800) 255-1932 or [email protected]
Where do I send my appointment paperwork?
You may send the completed agent appointment paperwork via mail, fax (805) 683-6313 or email [email protected]
. Your paperwork should include the completed application, a copy of your insurance license(s), proof of E&O, and any other documents that were sent to you for completion. You will receive a confirmation upon receipt informing you that the documentation was received and if any further action is necessary.
When can I start submitting business? Are there any production limits?
Provided that all your agent application documents are submitted and approved, you may start writing business immediately. Note you may not be assigned an agent code until after you submit your first piece of business. There are no production limits but you must submit at least one piece of business every 12 months to stay active with most carriers.
Can I send business directly to the insurance carrier?
In most cases, no, the application paperwork must be sent to our office for processing. Please speak with a Benefits Planner to learn more about the circumstances in which an application may be sent directly to the carrier. Note that if your case is eligible to be sent directly to the carrier, we still strongly recommend sending the application to our office for a complimentary review and we will forward your application to the carrier via overnight mail.
When will I get paid?
Specific policies are dependent upon the carrier being used, however, commissions are usually provided from the carrier the week following the release of the contract. Please note timing may vary depending on the circumstances of the case. For more information, please contact our office directly.
Do I have to fill out a Processing Fee Acknowledgment for each case I submit?
Yes, even if no processing fee is due. This document contains important information beyond the processing fee amount that we require in order to ensure the contract is issued correctly.
How long does it take to receive the policy back?
Once our office receives the application and funds, the insurance carrier will begin the process of issuing the policy the next business day. Once we receive the policy contract back from the carrier, a copy is faxed to your office immediately, and the originals follow in the mail. Policies are typically issued within 5-7 business days from the time of submission. This time-frame varies based on the insurance carrier and the method of funding the annuity.
Is there a fee for the planning?
No – all proposals, quotes, and case guidance are complimentary and nonobligatory. A fee may only be due if the client chooses to proceed with the plan and submits an annuity application to our office. Most annuities 48 months in length or longer do not require a processing fee.
Who pays the fee?
The fee is paid by your client.
Do I include the fee in the annuity investment amount?
No – the fee must be in a separate check or wire.
Where do I send the fee?
The fee may be mailed to 1234 Enterprise Drive, De Pere, WI 54115. If you would like to initiate a wire please contact us at [email protected]
or contact your benefits planner.
How is the fee determined?
The fee is determined based on the term and investment amount of the annuity. If the annuity has a term of less than 48 months, the fee will be based on our fee schedule.
How do I get a copy of the latest fee schedule?
You may contact us at [email protected]
or contact your benefits planner.
Why do you charge fees?
For certain insurance products we offer, our company is not compensated by the insurance company. Rather, the insurance company charges us a fee to establish the annuity. In these cases, we charge a processing fee.
The processing fee covers the costs of our operation and allows us hire staff committed to providing you and your client unparalleled customer service. Further, on all cases, we work diligently to ensure the annuity being purchased conforms with state and federal guidelines. We expedite shipping of funds and application materials to the insurance company for policy issuance. Should your client receive a denial, we offer fair hearing support at no additional charge.