Med Sup Pros---"is this True???"

[vic120]

Yuk. Pass

BTW...how happy are you with Aetna? They just came in with great rates in TX for 67 and above.

I'm not happy with them at all. They never were competitive here with Aetna Health and now they just announced an 11.5% increase on Plan F and 7% on Plan G. They seem to want to push Plan D. I haven't written a Med Supp with them since they closed the ACI block. I'm having to move that business, as they're getting too high.

As Far As increases, I give up on guessing who is going to be most consistent, Working multiple States, I have had high increases in some state with everyone including NewEra/ Phil and Equitable as well as all the others and I have low increases as well, I still have Mutual of Omaha clients for over 3 years that I can't get too much lower rate with another carrier for them to care about changing

I am convinced its a crap shoot whatever Is company is used

 

[goillini52]

As Far As increases, I give up on guessing who is going to be most consistent, Working multiple States, I have had high increases in some state with everyone including NewEra/ Phil and Equitable as well as all the others and I have low increases as well, I still have Mutual of Omaha clients for over 3 years that I can't get too much lower rate with another carrier for them to care about changing

I am convinced its a crap shoot whatever Is company is used

Working multiple states, I'm sure it's a lot harder to keep up with which companies for which states, because I'm sure the mix is different in every state.

 

[vic120]

Working multiple states, I'm sure it's a lot harder to keep up with which companies for which states, because I'm sure the mix is different in every state.

I have Same CSG quote engine, I look at 5 year record, Just saying its unpredictable, One that shocked me I signed a woman and Aetna plan N at $86 (forget which state but I think it was ILL but could be wrong) Aetna had showed low increases over the last 5 years but after year one, she was increased to over $100

I only really started really focusing on states like Ill, NC, SC TX,IN ,TN, since 2014, I had sold some there before but didn't make it a focus till then, But seems like all of the companies can be unpredictable. I believe equitable is having some bug increases in some area's this year, There are some others I didn't expect big increases from.

what are you going to do, I do the best I can with the Info I have and try to do the best by the clients, I feel good about what I do but still there will be some that get hit regardless.

 

[goillini52]

I have Same CSG quote engine, I look at 5 year record, Just saying its unpredictable, One that shocked me I signed a woman and Aetna plan N at $86 (forget which state but I think it was ILL but could be wrong) Aetna had showed low increases over the last 5 years but after year one, she was increased to over $100

I only really started really focusing on states like Ill, NC, SC TX,IN ,TN, since 2014, I had sold some there before but didn't make it a focus till then, But seems like all of the companies can be unpredictable. I believe equitable is having some bug increases in some area's this year, There are some others I didn't expect big increases from.

what are you going to do, I do the best I can with the Info I have and try to do the best by the clients, I feel good about what I do but still there will be some that get hit regardless.

I really liked ACI and Equitable, they're both raising their rates so much that I have to move them. I've never used New Era, they're supposed to have stable rates. Every time they start looking competitive because everybody else has gone up...they go up. CSI Life seems to have stable rates, but I don't like the way they pay. They're like UHC, they pay a flat rate. UHC's rates seem stable, but they start out so high.


I think you're just as well to go with the lower rates now, because they all go up. As far as CSG(I wouldn't be without it), how many of the Med Supps have a 5 year rate history? CSG shows none. I just scrolled through all the Med Supps available in Illinois(there's a bunch)and about 1/3 go back 3-4 years, 1/3 go back 1-2 years and about 1/3 are brand new.

 

[Midlevel]

That's what is so nice about MAPD's. Don't have to constantly be changing people and they pay lifetime renewals. Also don't have to mess with the PDP's every AEP either. I have a mix of about 50/50 and glad I do or I would get nothing done but change people to a new Med Sup every 2 years.

 

[goillini52]

That's what is so nice about MAPD's. Don't have to constantly be changing people and they pay lifetime renewals. Also don't have to mess with the PDP's every AEP either. I have a mix of about 50/50 and glad I do or I would get nothing done but change people to a new Med Sup every 2 years.

I don't mind switching them. It makes me a little more money per month, because even though I'm saving them money with the new one, the premium's more than the policy they have was when they took it out, not to mention a fresh 6 years of FYC. Also, with the savings on the new Med Supp, I can often sell them FE, dental, etc. It really doesn't take that long and you need to have contact with them anyway, which often results in referrals.

If you don't want to mess with PDP's, Ritter has a referral program where they take care of it for you.

 

[Mike Siegal]

First off....Thanks to everyone for commenting under my Thread. And Thank you FLM for highlighting some of the concerns about marketing med.sups exclusively in an area with HUGH MA saturation. I totally agree with you that in my area, having both products available is a must.

...
I have no problem with established agents writing Med Supps six months out but still think it's a great way for a newbie to fail, particularly in states with MAPD penetration of 40%+. I see no reason to write an application unless the prospect is 100% convinced that is the way to go.

QUESTION:I don't believe (unless mistaken) that MA rules allow you to direct mail for Med.supps and then switch the conversation to MA products....Is this correct? LOL....you can't tell me that Banker life agents aren't doing this...and circumventing the MA rule. (unless i am totally wrong about this rule of mailing MA prospects?????)

????

 

[Midlevel]

I don't mind switching some Med Sup clients either because of all the reasons you stated but sure is nice to have half of the book of business stable and making the same I would if they were on Med Sups. My worst fear is if my MAPD company pulls the plug I will have a bunch of GI Med Sup business and we all know what that means.

 

[goillini52]

I don't mind switching some Med Sup clients either because of all the reasons you stated but sure is nice to have half of the book of business stable and making the same I would if they were on Med Sups. My worst fear is if my MAPD company pulls the plug I will have a bunch of GI Med Sup business and we all know what that means.

Yep, $25 each.

 

[Chazm]

First off....Thanks to everyone for commenting under my Thread. And Thank you FLM for highlighting some of the concerns about marketing med.sups exclusively in an area with HUGH MA saturation. I totally agree with you that in my area, having both products available is a must.



QUESTION:I don't believe (unless mistaken) that MA rules allow you to direct mail for Med.supps and then switch the conversation to MA products....Is this correct? LOL....you can't tell me that Banker life agents aren't doing this...and circumventing the MA rule. (unless i am totally wrong about this rule of mailing MA prospects?????)

????

My first appt to see a client from my DM is just fact finding and education. At the end of the appt if I can tell they can't afford a med supp or if I'm not sure which way they are going I have them do a SOA. I don't show them any plans. When I come back a month or two later I go over the options and figure out what they want. With a scope already in hand.