How Many Med Supp Carriers in Your Bag?

[somarco]

How many Med supp carriers do you represent? I understand the plans are standardized and based on some of the posts I read it seems like agents approach this in much the same was a U65 sales.

Look for the carrier with the lowest price.

But unless someone is in an open enrollment period, or other situation where the Med supp is guaranteed issue, there is some underwriting.

Looking through some underwriting guides it appears that one needs more than just a couple of "low price" Med supp carriers.

 

[Frank Stastny]

I stay licensed with what I consider to be the three or four most competitive. That can and sometimes does change from year to year.

Reading the underwriting guides and especially the health questions on the app will help. Most health questions from one company to another are going to be similar in nature, however, sometimes one company has a question or doesn't have a question different from the others.

One may not always be able to sell the prospect the cheapest one in the state but may still be able to save them money.

 

[somarco]

Thx Frank.

As you know I am trying to learn this side of things and may be making it more complicated than it needs to be. In the U65 someone can be rejected by one carrier because they are too short while they can be accepted, even with a rate up, with another carrier.

In looking at Gerber & MOO I notice that Gerber is accept/reject based on ht & wt tables, while MOO has +10%, +20% then decline.

All other things being equal, one might get a better rate from Gerber even though MOO has a better starting rate.

I am sure there are other considerations as well, including medication and existing medical problems where one carrier might be more aggressive than others.

 

[Frank Stastny]

Thx Frank.

As you know I am trying to learn this side of things and may be making it more complicated than it needs to be. In the U65 someone can be rejected by one carrier because they are too short while they can be accepted, even with a rate up, with another carrier.

In looking at Gerber & MOO I notice that Gerber is accept/reject based on ht & wt tables, while MOO has +10%, +20% then decline.

All other things being equal, one might get a better rate from Gerber even though MOO has a better starting rate.

I am sure there are other considerations as well, including medication and existing medical problems where one carrier might be more aggressive than others.

Although all of that is true it doesn't come into play as ofter as you think it may. Familiarize yourself with the information but don't fret over it. Deal with it if and when it arises.

I very seldom have to turn someone down. The underwriting is very liberal compared to individual health and LTCi.

Just go out and start selling it. Once you get the hang of it you will be amazed at how much easier it is than other kinds of insurance.

You are the underwriter.

 

[arnguy]

Bob, I carry as many as I can just so the bag doesn't get too heavy!

 

[DS4]

Last week, I had 7 applicants declined that were under 65. With all the various GI scenarios, and, if you know your way around underwriting, it's almost impossible to have a med supp client get declined. California has the annual birthday rule. I haven't had a med supp declined in over 3 years.

 

[ksigmtsu]

I carry the BlueCross Med Supp just so I can say I have it, then show them the rates to show them how crazy expensive it is, compared to everything else. AARP for community rated and GI till 68, MOO/Gerber for lowest rates, UNL, Loyal American and Genworth for specific underwriting purposes, and United American for under 65 med supps and issue age.

Then BlueCross MA for PFFS (Which I hate) and PPO, and Healthspring for the HMO here. Bunch of part D plans. The commissions on those suck so bad it isn't even worth sitting through the training.

I think if I was bringing in someone to work with me, which I'm about to bring two guys in (I'm not recruiting they basically begged me to train them), I'd have them get Moo/Gerber, Loyal American, and Genworth. The AARP training takes FOREVER. Same the the Healthspring training. I've needed that underwriting exemption from AARP 4 times this year though, for people that were 65-67 and not GI, but weren't possible to get issued by ANY other company for COPD or Diabetes w/ insulin. Now that Moo has the N supplement as GI it's not nearly as important anymore. Still nice to have for those specific cases but a bit pricey in comparison.

 

[somarco]

UNL, Loyal American and Genworth for specific underwriting purposes

Care to elaborate?

 

[Franz Kafka]

Last week, I had 7 applicants declined that were under 65. With all the various GI scenarios, and, if you know your way around underwriting, it's almost impossible to have a med supp client get declined. California has the annual birthday rule. I haven't had a med supp declined in over 3 years.

Can a carrier doing business in CA not honor the birthday GI rule? Thank you.

 

[ksigmtsu]

Care to elaborate?

All 3 have different criteria for type 2 diabetes plus combination of heart medications, which is a super common underwriting issue it seems, and different height/weight charts.

Sorry to dig up a 2 month old thread.