Anyone ever heard of this? Medigap quoting

[ValeRosso]

So I was talking to a seasoned agent I met at an event, and he mentioned something that I had to say ‘uhhh….huh??” Never heard of this before.

He said if someone is (for example) 70 and retiring and enrolling in part b and then a supplement, that you should quote the age at 65 regardless of their actual age, “because the supplement companies must sell the policy at the best available rate which would be at 65 when new to Medicare”.

Thoughts?

 

[Chazm]

Definitely not something in FL, that’s for sure

 

[T Sparks]

Do what! LOL

Was this a Drinking event?

 

[LostDollar]

So I was talking to a seasoned agent I met at an event, and he mentioned something that I had to say ‘huh??” Never heard of this before.

He said if someone is (for example) 70 and retiring and enrolling in part b and then a supplement, that you should quote the age at 65 regardless of their actual age, “because the supplement companies must sell the policy at the best available rate which would be at 65 when new to Medicare”.

Thoughts?

I think your acquaintance might be misinterpreting "best available rate".

As you know, I am NOT an insurance agent, so the following is just my personal experience. (In Kansas)

When I lost employer group coverage in my 70's and had to enroll in Medicare and Medigap, I chose a carrier and I received the "best available rate" the carrier offered on their issue age HDF plan for a person of my age at that time in the state of Kansas. That was NOT the rate for that plan for a person aged 65 in the state of Kansas.

(And I did make that Medigap purchase through an insurance agent with over 10 years of experience in the Medicare markets.)

So I see "best available rate" to mean the carriers will price the insurance with an adjustment for the purchaser's current age bracket, but without any further pricing adjustments they would make for persons with unusual health conditions.

I will be watching your thread to see what agents say about your question.

 

[Fisher]

Dude is wrong, seasoned or not.

 

[ValeRosso]

Do what! LOL

Was this a Drinking event?

They did have a cocktail hour…but he seemed completely sober. Maybe I should have realized anyone with gator boots and a green suit should be taken with a grain of salt regardless. But dude was in business for I think 10 years so who knows.

I think your acquaintance might be misinterpreting "best available rate".

As you know, I am NOT an insurance agent, so the following is just my personal experience. (In Kansas)

When I lost employer group coverage in my 70's and had to enroll in Medicare and Medigap, I chose a carrier and I received the "best available rate" the carrier offered on their issue age HDF plan for a person of my age at that time in the state of Kansas. That was NOT the rate for that plan for a person aged 65 in the state of Kansas.

(And I did make that Medigap purchase through an insurance agent with over 10 years of experience in the Medicare markets.)

So I see "best available rate" to mean the carriers will price the insurance with an adjustment for the purchaser's current age bracket, but without any further pricing adjustments they would make for persons with unusual health conditions.

I will be watching your thread to see what agents say about your question.

That makes complete sense to me…best available rate at their actual age. Maybe he took this concept and just forgot that it also includes “ant their age” part? Who knows. It was so bizarre that I thought for a minute that he could be correct and Ive been doing it wrong all this time LOL

Dude is wrong, seasoned or not.

Good to know that I wasn’t going crazy.

 

[somarco]

Seasoned with bourbon . . .

If using an e-app the age will autocorrect.

Using a paper app, the age will autocorrect when processed.

In either case the BILLED rate will be different from what gator guy quoted.

 

[Newby]

So I was talking to a seasoned agent I met at an event, and he mentioned something that I had to say ‘uhhh….huh??” Never heard of this before.

He said if someone is (for example) 70 and retiring and enrolling in part b and then a supplement, that you should quote the age at 65 regardless of their actual age, “because the supplement companies must sell the policy at the best available rate which would be at 65 when new to Medicare”.

Thoughts?

Maybe he was talking about a plan that had Community Rated pricing or something. But either he was confused. Or you were.

 

[somarco]

Community rated plans don't price by age . . . entry or attained.

 

[rmhaire]

Maybe he was talking about a plan that had Community Rated pricing or something. But either he was confused. Or you were.

Gator boots and a green suit. And add cocktails. What could possibly go wrong.