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What are you planning to do with all that extra money?
Guranteed Issue ---Med. Sups Commissons?
- Thread starter Mike Siegal
- Start date
What are you planning to do with all that extra money?
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Nothing now. After all the work I got a call from them yesterday and a federal judge has put the ending of the benefits on hold. I had to withdraw those applications.
There went $3 a month!!
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Thanks Jimmy,...I think i see what you are saying.
Open enrollment is the 6 mth period after turning 65 and signing up for medicaid (nothing to do with GI). GI is addressed in the (7 conditions) where insureds qualify based on those conditions.
ANYONE outside the 6 mth window and doesn't qualify under the 7 conditions, is underwritten completely.....CORRECT?
Anyway, thanks again!
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technically i think there is a difference betweeb iep - initial enrollment period -- which happens once and an open enrollment which can happen multiple times, IEP is the 7 months around turning 65. three before, the month of, and three after.
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https://www.medicare.gov/sign-up-ch...parts-a-and-b/when-sign-up-parts-a-and-b.html
https://www.medicare.gov/sign-up-ch...join-a-health-or-drug-plan.html#collapse-3190
a couple of links for you.
I assume you mean Medicare. At least I hope you do. If you are going to be selling Medicare Supplements and/or Medicare Advantage plans you really need to make sure you know the difference and use the correct terminology. Medicare and Medicaid are not the same.
In most states and with most carriers, yes, outside of OE and not meeting a GI provision they will be fully underwritten. UHC (AARP branded Med Supp) will treat someone who has been enrolled in Part B less than three years close to OE guidelines (they do have to answer a couple of health questions). This may not be the case nationwide. Only speaking of the states in which I write business.
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Yes thank you (typo error).
That United Plan sounds interesting...but what i'm hearing, they pay peanuts. I haven't heard back from my United Rep, but i hear (as was mentioned) $0-$25. I'm not sure which plan it is, but i would imagine its limited as well???
SOME agents will go ahead and write a GI Medigap for $0 - $25. They feel they can make up for it by writing the PDP, ancillary and referrals.
That's fine if you want to handle it that way.
Others will only write the app if they are paid a "livable wage" for the app. That means they are only pitching the one that pays vs. the one that may or may not have the best rate.
Regardless of how you handle it keep in mind you have the same E&O exposure whether you are paid or not. Same amount, or possibly more, service work.
Also some carriers put you through a grind to write GI apps. Most, if not all, keep score. If your GI apps is "out of line" with T65 and underwritten apps they may terminate your contract.
To me GI is a snake pit and I avoid it. Would much rather send them to UHC (where I am not appointed) than mess with it.
Last year when Aetna was paying half comp on GI I did write a few cases but always gave the client the lower numbers from other carriers and let them choose.
Most took Aetna.
To me, Aetha was a PITA to deal with on GI business. Glad I am not writing it any more.
That's fine if you want to handle it that way.
Others will only write the app if they are paid a "livable wage" for the app. That means they are only pitching the one that pays vs. the one that may or may not have the best rate.
Regardless of how you handle it keep in mind you have the same E&O exposure whether you are paid or not. Same amount, or possibly more, service work.
Also some carriers put you through a grind to write GI apps. Most, if not all, keep score. If your GI apps is "out of line" with T65 and underwritten apps they may terminate your contract.
To me GI is a snake pit and I avoid it. Would much rather send them to UHC (where I am not appointed) than mess with it.
Last year when Aetna was paying half comp on GI I did write a few cases but always gave the client the lower numbers from other carriers and let them choose.
Most took Aetna.
To me, Aetha was a PITA to deal with on GI business. Glad I am not writing it any more.
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Also, just because somebody qualifies for GI, doesn't mean that you have to write it as GI. I think there are agents that don't realize that. If they can pass UW, don't write it GI...but make it clear to underwriting that the policy is to be fully underwritten. That way you get paid full commission.
UHC (AARP) pays 50% of their normal commission for GI. This means if you normally get $242, you'd get paid $121.
Here's the wording:
For any individual/applicant who is eligible for guaranteed issue coverage outside of his/her open enrollment period as of the plan effective date, commissions for all levels will be paid at 50% of the above “AARP Medicare Supplement Commission Schedule 65+” rates, except in the following states, where required: CO, CT, FL, MA, MO, NY, OR, SC, VT and WA. Where required by these or any other states, the full 65+ commission rates will apply.
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The best way to do that is to answer the health questions. I recently had a group of ladies who are retirees of a company who terminated their employer sponsored plan so they had to get Med Supps (company giving them $500 in an HRA to use for buying own coverage). There were 5 ladies in all. Three qualified through underwriting. The other two had to be GI. Point being, they all could have been GI, but I wanted to get paid so I explained to the three ladies that we would submit them to be underwritten and if for any reason they were declined we would resubmit as a GI. Underwritten cases were Plan G and GI cases were of course Plan F.
