Anyone going to be selling the new Medico Medigap product?

BibH

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Neishloss just did a podcast with the national sales director . Rates in almost every big city 5-7% cheaper than the next competitor. Bill was so excited he was drooling . Has medico been in the medigap space before? The question is are they buying business and will they jack rates to the moon or play the shell game . I have a good contract with them and even street commissions on the medigap 23% plus there offering $150 an app bonus threw yr end.
 
Caveat, not an agent.

My comment is for G, particularly because the GI business would be coming into G now. Not sure if it would relate to F and N as well.

I think they are buying business and will raise rates in future years. I think they are relying on four things to retain the business when they do raise their rates.

1) Being the incumbent carrier in the household.

2) The household discount-and if it was like the policy I had, I think their discount just requires another household member, not another policy holder.

3) Multipolicy discounts and placing dental coverage with medigap coverage. The dental then becomes some additional incentive to retain the medigap.

4) For at least a year or two of raising rates, if they start from almost the lowest price position, they should still be able to maintain "competitive" price position in the lower third of rate ranges for a particular policy type.
 
Neishloss just did a podcast with the national sales director . Rates in almost every big city 5-7% cheaper than the next competitor. Bill was so excited he was drooling . Has medico been in the medigap space before? The question is are they buying business and will they jack rates to the moon or play the shell game . I have a good contract with them and even street commissions on the medigap 23% plus there offering $150 an app bonus threw yr end.
They've already played the shell game before. Not very lenient on the UW. Lots of carriers have that bonus.
 
Unfortunately many people will develop health issues and won’t be able to switch in 3-5 yrs as rates explode. Their only alternative is mapd.
 
They've already played the shell game before. Not very lenient on the UW. Lots of carriers have that bonus.

Thanks for perspectives. I had just watched the video not long before I saw the thread.
It's hard for me to judge reality and gloss.
 
Glad you had a chance to check out the video!

Medico is an A rated company and is part of the American Enterprise family. This isn't a B or B+ rated "Scarecrow Mutual" product that no one has ever heard about and has little to no financial backing.

The re-rating of their Medico Corp product takes into account the experience they've had on it over the last 15+ years. This is not new paper or a new entity.

And to be clear, in the states and scenarios we've run, the rates in the initial launch states are not marginally less expensive than #2...they are mostly $3-10 less expensive. That's a big play that agents should feel good about. Just my opinion...
 
And to be clear, in the states and scenarios we've run, the rates in the initial launch states are not marginally less expensive than #2...they are mostly $3-10 less expensive. That's a big play that agents should feel good about. Just my opinion...

If the medicare agents that post here regularly are a representative sample of the medicare agents in the country you want to reach, you are in an uphill battle to convince them that $3- $10 is a big play they should feel good about.

Pounding me for complaining about a 5-10 percent increase in an HDF premium is a team sport here. The main reason given being "10%, of what?, a $50 premium, is only $5 a month".

You Medicare professionals may not have it both ways, telling me in one place $5 doesn't matter, and in another, it does.
 
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