MedSupp, No EFT, Ugh! Mail/fax/overnight?

[yorkriver1]

So, mail, encrypted email/client sends back by mail, any other options?

Switching to some phone sales. Not as smooth as I thought it would be. Hoping for all electronic seamlessness.

Not so fast. Client: "I will never do EFT". 2nd one in recent days. OK, now let's add several layers of work to all this. If I had worked out an in person appt, would have been less time consuming. I had an e-app all set up. No way to print out and mail, have to do paper by hand. Both of these clients are responsible, plenty of money, just are going to do it their way.

Now, I have to do paper apps for medsupp and PDP, since there is no fillable pdf, send pages for signatures, collect a check for 1st year on MedSupp. I don't have a streamlined process worked out yet for this.

There is time, 7/1/16 effective date. Just set up e-fax for client to return signatures, checking if original sig required or fax OK, if sending in check.

 

[somarco]

I have been successful by getting them to agree to EFT for the initial premium (allowing e-app) then switch to quarterly direct bill once approved.

For those who refuse to go that far, Bankers Fidelity will do a monthly bill but initial premium (e-app) must be paid by credit card.

BX Georgia will also do a monthly bill and does not require money with app. (At least that is the way they used to do it about 4 years ago, last time I wrote Medigap with them). Perhaps your BX will do the same.

Most folks don't have a problem with EFT. I just "assume the close". When going over the app (by phone), after collecting name, address, phone, SSN, Medicare number, etc I tell them the premiums are set up on bank draft for their security. I might get push back half a dozen times a year if that.

 

[yorkriver1]

I have been successful by getting them to agree to EFT for the initial premium (allowing e-app) then switch to quarterly direct bill once approved.

For those who refuse to go that far, Bankers Fidelity will do a monthly bill but initial premium (e-app) must be paid by credit card.

BX Georgia will also do a monthly bill and does not require money with app. (At least that is the way they used to do it about 4 years ago, last time I wrote Medigap with them). Perhaps your BX will do the same.

Most folks don't have a problem with EFT. I just "assume the close". When going over the app (by phone), after collecting name, address, phone, SSN, Medicare number, etc I tell them the premiums are set up on bank draft for their security. I might get push back half a dozen times a year if that.

So, 2 down, 4 to go? Thanks for the info. Great clients, just have to let some of them "do it their way". I don't think any carriers have an e-app for print out. Some do have fillable pdf's. Not as many as would be ideal…

 

[vic120]

Everything Somarco said, Mainly it is the way it is done, That is why so many will only allow direct bill with quarterly payments and only after initial payment. When you explain that matter of factly they never really say no.

I might even mention what happens if you end up in the hosp when the payment is due? and go through medical stuff testing docs whatever and forget, If you lose cov at that time you probably wouldnt qualify underwriting to regain cov. Which is why when most things are auto paid from cable to phone. The Health Ins is probably the most important to have auto paid

 

[WCMason]

It's rare but I get one of those every few months who for "security reasons" won't "let anyone into my bank account." I just take a paper application if I am meeting with them or mail them one we're on the phone. For the sake of the keeping the sale I resist the temptation of telling them that a paper check is far less secure than an EFT as their information is being handled by more people and when the company gets that paper check they are going to scan the numbers and transmit the payment electronically anyway.

 

[kgmom219]

I'm not sweet on EFT. AT ALL.

I'm with Bob with the assumption, but if I get any pushback, I remind them that if for some reason they forget to pay the electric bill, you can always get it turned back on. But if they have become uninsurable, I probably won't be able to get them a new policy.

For the ones that REALLY hate EFT, we do it for month one and get a bank account set up with their retirement accounts and get it drafted out of there.

I have two clients not on autodraft and I let it go, because they are family. I can track them down if it hits a grace report.

IMO, seniors not on autodraft is just wrong. What if they are single, then 2 weeks inpatient with a stroke. Followed by 4 weeks of rehab. No way to contact them and the policies terms for non-payment.

 

[somarco]

Tagging on to what Vic and Jen said, about 4 months ago one of my clients had a massive stroke. I never would have known except for his ex-wife (they are still friends) called to let me know. It was the end of the month and she wanted to make sure his Medigap premium was current and how to pay it.

He was on autodraft so as long as there is money in the bank he was good. He went into hospice about a month after the stroke and died a week later.

Wes is right. Paper checks are a much bigger security risk than autodraft. So much can happen, including the old "lost in the mail" trick.

Because of the way I handle the app by phone it usually isn't a problem. They have given a total stranger enough information to steal their identity if I wanted but they balk at giving a carrier the bank info?

Equitable collects the bank info during their interview.

 

[saintstigers]

So, mail, encrypted email/client sends back by mail, any other options?

Switching to some phone sales. Not as smooth as I thought it would be. Hoping for all electronic seamlessness.

Not so fast. Client: "I will never do EFT". 2nd one in recent days. OK, now let's add several layers of work to all this. If I had worked out an in person appt, would have been less time consuming. I had an e-app all set up. No way to print out and mail, have to do paper by hand. Both of these clients are responsible, plenty of money, just are going to do it their way.

Now, I have to do paper apps for medsupp and PDP, since there is no fillable pdf, send pages for signatures, collect a check for 1st year on MedSupp. I don't have a streamlined process worked out yet for this.

There is time, 7/1/16 effective date. Just set up e-fax for client to return signatures, checking if original sig required or fax OK, if sending in check.

Feel your pain. Had one of those last week, fortunately Aetna's eapp can be printed and manually signed. And they allowed the person to send the first payment in by check.

 

[GoPokes]

I kind of learned this work around by accident. I put the incorrect banking info on an app once (I think it was a Moo paper app), and it got approved, then the payment didnt go through, so they sent a bill. So, to use that process, you could put down incorrect info intentionally, and a direct bill is generated.

 

[somarco]

Usually can't get away with putting a bum bank routing number.