United of Omaha Raising Med Supp Rates

[LadyYaYa]

I am getting bombarded with calls from clients about getting hit with a large rate increase (effective June 1) From United of Omaha in Missouri. Some are as much as $50/month. This is a after a small rate increase after the first of the year.

Anybody else experience this?

 

[Norwayguy]

I am getting bombarded with calls from clients about getting hit with a large rate increase (effective June 1) From United of Omaha in Missouri. Some are as much as $50/month. This is a after a small rate increase after the first of the year.

Anybody else experience this?

Seems to be SOP with the MoO companies expect a new MoO company soon.

 

[rousemark]

Mine went from150 to 181 effective with the May premium... Hope that doesn't mean there will be another with the June premium. I can't change at this time since it has only been 18 months since my last radiation treatment.

 

[Mink]

And the sun will come out tomorrow.

 

[Russ]

They always let you know about increases on M of O's website....at least 45 days in advance.

 

[jdeasy]

I hate the way OoO, MoO, United World or whatever their name of the month is does business.

They are the Humana of the med sup world.

I may eat these words but I intend to never place another client with their shell game companies.

By contrast, AmCon just announced a 10% decrease in Ky on all plans except F effective June 1. Plus they are easier to deal with than the Omaha whatevers.

 

[windi]

right now, with the 'new' MoO company, it's the cheapest rates out there, which is appealing to clients, and they know the name. Plus they offer a spousal discount, and that pretty much sealed the deal for the one couple I wrote last week. Saved her over $60 a month, and she's only 67. I explain to people that it's because it's a brand new pool of people, and the rates WILL go up. They know the deal, and that if they became unhealthy, they were stuck with it, so what can ya do? Although, even the old MoO company, United of Omaha, was still quite competitive in my area, so I'm hoping it won't be too bad for them down the road.

 

[Seniorgirl411]

They went up 23% in Illinois. Now, the parent company MOO is out with super low rates. You know how that will go. Start out low then jack it all up.

 

[Daytona_Guy]

On the other side of that wave, yes, we're getting lots of calls from southern states where we have lots of clients and had done prospecting in the past. Those folks held on to their follow-up greeting cards we had sent them (the leads) and now they're very upset about their new rate increases (18.5 in SC for instance).

It also has validated our point of why they should be looking at Plan G as opposed to Plan F because of the lower utilization bringing consistently lower rate increases year after year.

We show our prospects this spreadsheet as a trend line (when they're on our screen doing a screenshare) and it's quite effective to show them this continuing trend of F vs. G rate increases over time.

When UofO starts to get phased out, and OIC comes into an area, this closed risk pool of UofO folks that do not change and sit on the sidelines, will witness larger and larger rate increases. When no T65's or healthy folks can enter the risk pool, it begins to self-destruct with only the aging and sick folks that can't go elsewhere remain. This is not a good scenario for those who have their head in the sand.

It does create more opportunities for those who effectively reach the masses with a much better alternative, though!

Anybody else experience this?

 

[jacobtn]

I won't fool with the Mutual companies any longer. I can't understand why they continue this business model. You would think they would rather try to keep rates down, and maintain their block, instead of churning them out every couple years.

Makes no sense. Bill Chen is a wise old man. Wonder why more carriers don't follow his way of thinking.