Mutual of Omaha

[carroll]

Yep, I've had the same thing. Not a problem to handle.

I'm assuming you guys told your clients to ignore this?

 

[Frank Stastny]

I had just written this lady and told her how the plan covered all of the deductibles and copays to Medicare, then she gets the letter making her question what I wrote her. I reassured her that Medicare and the Medicare supplement policy would take care of specialists visits, chemo, mayo clinic, etc. etc.

Isn't the kind of "support" we get from insurance companies interesting?

I see evidence of this every day.

 

[G.Gordon]

I'm assuming you guys told your clients to ignore this?

That can open an agent to liability. I explain it the way Frank said. They are 100% covered for any charge that is medicare approved from having cancer. At most my clients will have $155 (part B ded) to pay. I explain that some people see the value in cancer insurance and that the money from that policy will be paid to them not the doctors. If they ask if I think they "should" purchase it I tell them I can't make that call for them, but I can say this: "If I were over 65, with a decent income, and I were looking at an offer for cancer insurance... I'd not buy."

What I'm saying here is if you tell a client not to buy a policy like that and they get cancer next month... you're open for a DOI complaint and/or a suit. Eliminate uncertainty at every chance.

 

[Lifeman09]

I agree they really should word the package better, the way I always explained it to clients back when I worked there was simply that the policies are not made to be a major supplement. For the type of pay it gives out and the fact that it pays money directly to client means that its primary use would be for personal expenses that otherwise wouldnt be covered like what Frank had mentioned.

Fun times.

 

[alphawave2k]

I agree they really should word the package better, the way I always explained it to clients back when I worked there was simply that the policies are not made to be a major supplement. For the type of pay it gives out and the fact that it pays money directly to client means that its primary use would be for personal expenses that otherwise wouldnt be covered like what Frank had mentioned. Fun times.

As everyone here has commented the insurance companies are trying to sell them a "supplemental" policy that would cover them should they get cancer in addition to the coverage. You are 100% correct that they would get payment, sometimes as lump sum depending on the specific policy. A lot more useful for someone who is still working and dependent on income to cover living expenses while laid up, etc. But a senior who is most probably living on guaranteed retirement income and will have 100% of their medical costs covered, would not gain much benefit. Sure, they'll get a lump sum should they get cancer, but what real benefit would that payoff give them?
I guess once we agents go out and find a customer for a particular carrier, they want to market to them as they please...with either intended or unintended consequence of making "our" client suspicious of our intent and eroding our credibility. Yes, it's wonderful support we get from them.

 

[hardwork]

Have you ever had a client that had one of these older cancer plans,the ones that they are paying some where around $50-$80
per yr!
You can tell them they are duplicating there coverage.If they have used it, you better pick your battles wisely!

All they remember is collecting and only paying a small amount in premium.

So let me ask,if one of "our" clients signs up for one of those cancer plans, will Moo send us a check?

IMO- This company has a long history of pooping on its agents!

 

[motorcyclegogo]

Have you ever had a client that had one of these older cancer plans,the ones that they are paying some where around $50-$80
per yr!
You can tell them they are duplicating there coverage.If they have used it, you better pick your battles wisely!

All they remember is collecting and only paying a small amount in premium.

So let me ask,if one of "our" clients signs up for one of those cancer plans, will Moo send us a check?

IMO- This company has a long history of pooping on its agents!

If they already have it I don't get involved. If they ask if they should keep it I use questions to make them answer that question themselves. Never will I tell a client that they need to drop a policy.

I had a client in this week that left MAPD. She brought in her MAPD supplement. You know... those policies MA agents sell to clients to make up for the loss of commissions due to CMS cuts. Basically she was asking if she should drop the plan. I returned with a question: Why did you buy it? She bought it to pay for out of pocket expenses that her MA plan had. I returned with: You don't have out of pocket expenses with the medsupp I got for you other than the premium. She returned with: I need to cancel it then. I pointed to the customer service number on the Equitable Life policy and offered to fax over a cancellation if she filled one out.

I'm dead serious guys. I had a buddy get sued by the family of a client when he told her to cancel some policies. She came down seriously ill the same month. Several months in the hospital, cancer, stroked out, blah blah blah. Her son was an accountant. He still had the old policies, called the companies, worked up a tally of what she would have claimed. He sued this agent for $50k+ in lost claims due to bad advise, and $100k in other charges. Those types of claims are not handled by E&O coverage. He lost the judgement and filed bankruptsy to wash the liability off his books. He left the business.

 

[Newby]

MOO tries to policies direct to the public. That's why agents should send them as few cases as possible.

 

[alphawave2k]

MOO tries to policies direct to the public. That's why agents should send them as few cases as possible.

That's good to know. I just got my appointment with MOO, Gerber and Woodsmen. Hopefully not all of these will engage in the same practices. But with all the hooping and hollering about MOO being competitive, the gap is not as great as I originally thought. Still looking into it, but on the face not much difference in the state of GA between MOO and UHC/AARP Med Supp.
If under 69 it looks as if MOO will be competitive, but it rapidly escalates at 70 and above for Plan F, with possible rate up depending on health issues. The UHC/AARP community rated Med Supp will be far less expensive for someone in their late 70's and beyond. I guess MOO will have its spot, but for simpler underwriting and better pricing, it seems UHC is better particularly for those older and with health issues.
Somebody stop me if I'm missing something here.

 

[Russ]

There's a pretty big cost of gasoline if one has to go for radiation or chemo treatments. Plus lodging charges for family members. I've written cancer policies since I first started selling insurance. It's a good thing for anyone to have, whether Medicare age or younger.
- - - - - - - - - - - - - - - - - -

MOO tries to policies direct to the public. That's why agents should send them as few cases as possible.

Sorry...I'll keep writing for them. The best company I write for.
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That's good to know. I just got my appointment with MOO, Gerber and Woodsmen. Hopefully not all of these will engage in the same practices. But with all the hooping and hollering about MOO being competitive, the gap is not as great as I originally thought. Still looking into it, but on the face not much difference in the state of GA between MOO and UHC/AARP Med Supp.
If under 69 it looks as if MOO will be competitive, but it rapidly escalates at 70 and above for Plan F, with possible rate up depending on health issues. The UHC/AARP community rated Med Supp will be far less expensive for someone in their late 70's and beyond. I guess MOO will have its spot, but for simpler underwriting and better pricing, it seems UHC is better particularly for those older and with health issues.
Somebody stop me if I'm missing something here.

STOP!

Quite a few are turned off to AARP because their backing Obama's health-care reform, which is soon to be history.