Med Supp Feedback from the Pros: What Are You Looking At?

[just some f.e.llow]

My background is med advantage and final expense. Certainly I understand MedSupp, but never from the perspective of someone who sells them consistently.

What are the medigap pros looking at when they decide which carrier to sell? I'm guessing you're looking at price first, then underwriting second (or you can flip flop no. 1 and 2), and lastly I would guess is rate increase history. This is what I'm getting from reading old threads here at the forum.
What else would you encourage looking at when deciding who to carry in my bag, and who to sell?

 

[Newby]

My background is med advantage and final expense. Certainly I understand MedSupp, but never from the perspective of someone who sells them consistently. What are the medigap pros looking at when they decide which carrier to sell? I'm guessing you're looking at price first, then underwriting second (or you can flip flop no. 1 and 2), and lastly I would guess is rate increase history. This is what I'm getting from reading old threads here at the forum. What else would you encourage looking at when deciding who to carry in my bag, and who to sell?

Choose a company that makes your life easy, has competitive current premiums and pays you well for your work and business costs. Move away from that company only when you need to. It's not complicated.

Reasons to trigger away from your main:

1. Won't approve case but other will
2. Client's current coverage is with old version of your main or sister company (won't pay you).
3. Not price competitive in certain age bands
4. Pays bad for GI business (if another company pays better for GI and is not way out of range on premium)
5. Client is strongly pre-sold on a Specific brand (sell them what they want unless it's a horrible choice)

These are pretty much the rules I live by.

One last rule, when your main goes nuts on rates (they all do eventually) get a new main.

 

[somarco]

I look for carriers with at least 5 years history in the Medigap business. If they haven't been writing Medigap that long I can wait until the blow up and come back later.

I also look for carriers that have flawed rating at certain ages and/or zips. If they are way out of line I point that out and sell against it. Did that yesterday and convinced someone to buy someone other than MOO plan G.

I don't study underwriting like some, but do on a case by case basis. Other than some of the big items, like diabetes where the market fluctuates a lot, I don't pay much attention. Too much to keep up with in my tiny brain.

I don't write GI business. The few carriers that pay enough to make it a consideration are not competitive. I look at the rates and tell them to call the carrier direct.

Electronic apps are a must with me. I don't use paper apps.

 

[just some f.e.llow]

I look for carriers with at least 5 years history in the Medigap business. If they haven't been writing Medigap that long I can wait until the blow up and come back later.

I also look for carriers that have flawed rating at certain ages and/or zips. If they are way out of line I point that out and sell against it. Did that yesterday and convinced someone to buy someone other than MOO plan G.

I don't study underwriting like some, but do on a case by case basis. Other than some of the big items, like diabetes where the market fluctuates a lot, I don't pay much attention. Too much to keep up with in my tiny brain.

I don't write GI business. The few carriers that pay enough to make it a consideration are not competitive. I look at the rates and tell them to call the carrier direct.

Electronic apps are a must with me. I don't use paper apps.

Great points. Thanks!
You too, newby.