F,G,N Vs Other Plans???

[LostDollar]

I pulled this question out of another thread because I thought the possibility of rational response there was shut off:

Generally speaking, if you go beyond F, G, N and possibly HDF, do the premium rates on the other plans allow them to cost effective coverage considerations for a client?

There must be reasons each of those plans was put into play originally, but it seems like small pools of utilization, leading to higher premiums lead to them not being useful to consider for coverage. Right, wrong .... ?

 

[myinsurebiz]

I pulled this question out of another thread because I thought the possibility of rational response there was shut off:

Generally speaking, if you go beyond F, G, N and possibly HDF, do the premium rates on the other plans allow them to cost effective coverage considerations for a client?

There must be reasons each of those plans was put into play originally, but it seems like small pools of utilization, leading to higher premiums lead to them not being useful to consider for coverage. Right, wrong .... ?

Rationally speaking - you are right . . .

 

[jdeasy]

I pulled this question out of another thread because I thought the possibility of rational response there was shut off:

Generally speaking, if you go beyond F, G, N and possibly HDF, do the premium rates on the other plans allow them to cost effective coverage considerations for a client?

There must be reasons each of those plans was put into play originally, but it seems like small pools of utilization, leading to higher premiums lead to them not being useful to consider for coverage. Right, wrong .... ?

There used to be even more plans than now. And many carriers only offer F, G and N except where they are required by a state to offer more.

Plan M came in with N 6 and a half years ago. I've never heard of anyone pushing M as an agent and I've never run across an M plan in the field.

They were introduced to compete against MA plans. But that 50% co-pay on the Part A deductible on plan M doomed it from the start.

I learned from Frank Statsny many years ago to educate prospects and clients on the value of plan G, {D back then}. And then I sold quite a bit of N until the last couple years.

I still show N and explain it but the carriers that are competitive here only have a premium difference between N and G of $8-10/mo. Most just don't see that as enough premium difference to chose N over G.

I will still have on occasion a person that wants F over G even with a $30+/mo premium difference and fully understanding that they are paying upwards of $400/yr for a $166 benefit.

By occasion I mean maybe once a year.

Having all those plans is really overkill and it leads to some of the confusion.

Why CMS chose to have the plans A, B, C, etc. when they already had Part A and B and then part C and D. With 26 letters in the alphabet they could have easily avoided duplication.

Even calling Medicare Advantage that name has created tons of confusion.

Here we are 10 years into part D and proliferation of part D and the public still does not get the difference for the most part. I run 500+ appointments a year. I ask everyone I meet with who they have their med sup with.

I have yet to have someone tell me they don't have a sup but an MA plan. They all say who their med sup is with. And since I run FE leads over 90% of them are on MA plans. They call it their sup. Many will argue with me when I tell them they don't have a sup.

Is that the fault of the agents? The carriers? CMS?

The Medicare and You booklet spells out the difference. Why aren't people reading about such an impactful decision?

Especially when they will listen to the mailman or the barber or the landscape guy for Medicare advice.

 

[myinsurebiz]

There used to be even more plans than now. And many carriers only offer F, G and N except where they are required by a state to offer more.

There's your answer Lost . . .

I will still have on occasion a person that wants F over G even with a $30+/mo premium difference and fully understanding that they are paying upwards of $400/yr for a $166 benefit.

It's $183 now. $400 a year difference and the client should take the G. But - some just don't care it seems. My comparison pool is small at the moment. I'll have a better feel for how the client feels by this time next year . . .

I run 500+ appointments a year. I ask everyone I meet with who they have their med sup with.

I have yet to have someone tell me they don't have a sup but an MA plan. They all say who their med sup is with. And since I run FE leads over 90% of them are on MA plans.

Of your MA's - how many are MAPD and how many are SNP would you project JD??

They call it their sup. Many will argue with me when I tell them they don't have a sup.

Is that the fault of the agents? The carriers? CMS?

TV and Direct Mail's fault . . . CMS could fix the Medicare Advantage confusion - but, instead they make it hard for the Senior to understand.

The Medicare and You booklet spells out the difference. Why aren't people reading about such an impactful decision?

You actually expect to read all that mess? Not a chance in hell . . .

 

[LostDollar]

----> jdeasy. Thank you for the time you took with that post. I appreciate it.

 

[jdeasy]

There's your answer Lost . . .



It's $183 now. $400 a year difference and the client should take the G. But - some just don't care it seems. My comparison pool is small at the moment. I'll have a better feel for how the client feels by this time next year . . .




Of your MA's - how many are MAPD and how many are SNP would you project JD??



TV and Direct Mail's fault . . . CMS could fix the Medicare Advantage confusion - but, instead they make it hard for the Senior to understand.



You actually expect to read all that mess? Not a chance in hell . . .

It's $166 now. That won't change until Jan 1.

Probably most are MAPD. We have very few stand alone MA plans in this area now. We have zero SNP's in this area.

I don't sell MA/MAPD plans so it would be a guess as to the exact number. Most of my FE clients are on less than $1000 month income so it's a safe assumption that most get extra help and have a continuous SEP. We really haven't had a good plan for duals since Wellcare left the area in 2009.

 

[G.Gordon]

The variances in all the plans can simply be broken down to makes sense or not based on the premiums of that plan. With multiple companies x every plan design x 50 states = every plan probably has a sweet spot somewhere that makes it a good value in comparison.

That said, companies and agents alike typically will settle down to a select few plans and prices that will be more readily understood and accepted by the consuming public.

Some plans like K/L will never make sense at the prices they have been since they came out in 2006 considering the closeness to the out of pocket risk of those plans and Ma plans.

 

[myinsurebiz]

That said, companies and agents alike typically will settle down to a select few plans and prices that will be more readily understood and accepted by the consuming public.

Finally - a man that makes sense . . .

 

[jacobtn]

Finally - a man that makes sense . . .

Why the red font??????

 

[goillini52]

Why the red font??????

If you prefer, he also comes in blue, green, orange and purple.