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Reply to Mutual of Omaha Medigap Rate Action     
Old 10-19-2011, 08:29 AM   #1
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somarco on Mutual of Omaha Medigap Rate Action - Insurance Forum
 
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Mutual of Omaha Medigap Rate Action Mutual of Omaha Medigap Rate Action
Prospect and wife have United (Mutual) of Omaha Medigap plans. Policy anniversary is in December. Birthdays in January and February.

We are looking at making a change that will save them over $1,000 per year in premiums based on current rates. Uneasy about change since UOO has "paid every one of their claims" the prospect called UOO and was told the following.

Their premiums will increase in December on the policy anniversary to $175 + $143.

Also, there will possibly be an increase in January for the wife and one in February for the husband due to an age change.

Is this correct?

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Old 10-19-2011, 08:36 AM   #2
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Get out now! There is no future. (Did I answer a different question?)

I believe you are correct. The more better answer is that MoO has a history of lowballing and then increasing premiums dramatically. Get them into a carrier with more rate stability, if that even exists.

Rick

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Old 10-19-2011, 09:27 AM   #3
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
I know it's hard to believe a company with the distinguished animal lover, Marlin Perkins could be a shill for a lowballer but I agree with Gsky that they buy business.

They all say they like their present company because all their claims get paid.

I'm interested to hear who everyone thinks is the most stable carrier. Arouind here BC BS has been but they are kind of high right now and i'm not sure where I want to put em'.
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Last edited by Dowejonez; 10-24-2011 at 12:48 PM.
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Old 10-19-2011, 09:29 AM   #4
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Originally Posted by somarco View Post
Prospect and wife have United (Mutual) of Omaha Medigap plans. Policy anniversary is in December. Birthdays in January and February.

We are looking at making a change that will save them over $1,000 per year in premiums based on current rates. Uneasy about change since UOO has "paid every one of their claims" the prospect called UOO and was told the following.

Their premiums will increase in December on the policy anniversary to $175 + $143.

Also, there will possibly be an increase in January for the wife and one in February for the husband due to an age change.

Is this correct?
Not quite Bob. They won't get a rate change because of a birthday (at least that's how it works here in Georgia). The first rate change is at policy anniversary and then whenever the carrier has a rate increase.

I believe the last rate change UoO issued was in August. So assuming they don't make any changes until next August, that is when these people would see a new rate increase following their December rate increase.

Since this couple is having a rate increase in December, I'm willing to bet this is their first renewal with UoO. Moving forward, they will get a rate increase whenever UoO has a rate change.
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Old 10-19-2011, 09:32 AM   #5
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tins on Mutual of Omaha Medigap Rate Action - Insurance Forum
 
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Originally Posted by somarco View Post
Prospect and wife have United (Mutual) of Omaha Medigap plans. Policy anniversary is in December. Birthdays in January and February.

We are looking at making a change that will save them over $1,000 per year in premiums based on current rates. Uneasy about change since UOO has "paid every one of their claims" the prospect called UOO and was told the following.

Their premiums will increase in December on the policy anniversary to $175 + $143.

Also, there will possibly be an increase in January for the wife and one in February for the husband due to an age change.

Is this correct?

Yes, after the initial 12 month rate guarantee, it is possible to have multiple raises each year.
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Old 10-19-2011, 09:43 AM   #6
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Originally Posted by tins View Post
Yes, after the initial 12 month rate guarantee, it is possible to have multiple raises each year.
That wasn't the question. The question was, will they get an increase due to them having a birthday?
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Old 10-19-2011, 09:59 AM   #7
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tins on Mutual of Omaha Medigap Rate Action - Insurance Forum
 
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Originally Posted by sman View Post
That wasn't the question. The question was, will they get an increase due to them having a birthday?
Oh, then if it is an attained age state, yes. If issue aged or community rated, then no.
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Old 10-19-2011, 10:09 AM   #8
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Moo doesn't like to give the client one lump sum rate increase. They'll give them the first rate increase and then 2 months later they'll give a second rate increase. It really upsets the clients and makes them think that they'll be getting rate increases every couple of months
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Old 10-19-2011, 10:39 AM   #9
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somarco on Mutual of Omaha Medigap Rate Action - Insurance Forum
 
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action somarco is the thread starter for: Mutual of Omaha Medigap Rate Action

I'm willing to bet this is their first renewal with UoO.
Supposedly been with them 3 yrs (both are 68 now).

if it is an attained age state, yes. If issue aged or community rated, then no.
Issue age, except for a few community rated plans but MOO is not one of those.
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Old 10-19-2011, 10:47 AM   #10
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Mutual of Omaha Medigap Rate Action Re: Mutual of Omaha Medigap Rate Action
Originally Posted by somarco View Post
Supposedly been with them 3 yrs (both are 68 now).
UoO didn't hit Georgia until December 2009 so not sure how they could be with them for three years. You sure it's not United World?
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