2009 Medsupp Premium Increases

azmedsupagent

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So, as we get into 2009 Im sure all med supp agents are thinking about those inevitable premium increases. What type of increases has everyone seen so far with the major carriers I.E Mutual of Omaha, AARP/United, Bankers Life, BCBS, American Republic Etc...?
 
Genworth's AIC product took 18% on all but plan J.

Sterling took 15% effective Jan.1 and 15% effective July 1. They are out of this market to say the least.

Blue Cross of KC took a good hit, but I don't know the percentage.

Golden Rule took what looks like a 11-14%.
 
I believe you will find that increases are state specific. Just because increases with an individual company occur in one state does not mean that it will be the same nation wide. Increases are triggered by claims filed.

You will get better information if you identify a specific state.

In Missouri Continental Life took a 25% increase and I believe American Continental is going up 18%. They are both owned by Genworth. I believe that Continental Life was a much better company with it was still owned by Randall Baskins. They have definitely fallen out of grace with me.

American National and National States are currently the ones who I am writing for, however, National States has filed for a rate increase which may put them on my "also ran" list.
 
... National States has filed for a rate increase which may put them on my "also ran" list.

And how long has National States newest MedSupp been in your market and how big of an "filed" increase?

Who did you go through for National State and American National or did you go direct?
 
I'm with Frank on this one. They are usually state specific. For example, AARP had a rate increase of 5% in Georgia and 6.4% in Alabama for Plan F. I haven't seen anything yet for United World. They generally have their rate increase in June. Blue Cross Blue Shield of Georgia had a rate increase of 9%.

Just because a carrier has a 15% rate increase in one state doesn't mean they will have the same increase in another state.
 
Hey SMAN...Admiral is coming into GA mkt. Any idea if their premiums are competitive?

AARP/Plan F is $165/mo plus change(community rating)

MOO/PlanF for N-S is $125 + change female(age 65)
$144 + change male " "

New Era only has Plan E avail N-S is $103(age 65)
 
I believe Admiral is already here. At least according to the rating tool I use. In my zip code, a male age 65 would be $166.92 plus $20 policy fee. A female would be $145.17. Looks like Royal Neighbors is the closest to United World at $125.78 for the same female and $144.69 for the male. RNA does have a policy fee of $20.

I contacted New Era last year about getting contracted. I had a client whose husband had New Era and she wanted it as well. I couldn't get anyone to return a call. I started leaving messages of how busy they must be to not be able to pick up a phone and call. On two separate occasions over the course of about 1 month, they said they mailed me the paperwork. When I finally got to speak with someone again I was told they weren't contracting new agents in Georgia anymore. I suspect I had pissed them off and they just didn't want to contract me. If you are contracted with New Era in Georgia, more power to you. I finally told the client just to contact them direct.
 
Perhaps you should go thru an FMO. Their rate increases are very modest based on my history with them (8 yrs or so ). Hope that continues since they have limited their plans to one.
 
What FMO do you use? Also, when did they limit their plans? The client I was talking about went on Plan D (I think - I know that's what her husband has).
 
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