Anyone have clients on High-Deductible Plan F Supp?

Jul 30, 2018

  1. JJ2713
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    JJ2713 Guru

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    The medicare supplement high-deductible Plan F is a great value.

    Yes, the deductible is $2,200, but the client would need to incur $11,000 in Part B charges to reach that (or less if Part A costs are also incurred).

    The difference in premium between the Hi-D Plan F and the regular Plan F, Plan G, or Plan N is quite a lot. I've seen as high $2,000 in premium difference, and other lower amounts as well.

    In other words, for example, it's like paying an extra premium of $1,100 in premium (Plan F) to protect against a possible deductible of $2,200 (Hi-D Plan F). Obviously, that's not ideal.

    I understand that the client would have to pay out of pocket and some clients don't want to do that and would rather just pay a simple premium every month and be done with it, even if the premium is higher.

    Just curious to see if anyone has any clients on the Hi-D Plan F, which can be a great value if the client is OK with it.
     
    JJ2713, Jul 30, 2018
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  2. Devin01
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    Devin01 Guru

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    Most of our clients that Choose Hi-F are either considering a MED Advantage or just do not want to pay a Med Supp Premium. Sometimes they question why they even need to be on Medicare at all.. There is a very specific profile fo the Hi -F Consumer. We probbaly have 75-100 clients on Hi-F in our agency. In general they tend to be very healthy and like the flexibility of original Medicare and do not want to be stuck in a MAPD Network.
     
    Devin01, Jul 30, 2018
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  3. LostDollar
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    LostDollar Guru

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    (Not an agent.)

    The most common issue I have seen agents raise with the HiF plan is their commission. They apparently do not pay a very high commission, so from that perspective agents prefer to sell a plan N or plan G.

    Another significant issue is, that regardless of what consumers say they understand about the HDF plan, many agents that have several of those plans in force in their client base have experienced the calls from consumers saying their plan F didn't pay anything when they had a medicare service, or did not pay for a medicare service like their best friend's plan F did when they had a medicare service.

    From the perspective of your business, you should consider the sophistication of your potential HDF client and your time requirements to place the policy in force.

    One possible advantage to the agent I have seen discussed with the HDF plan is the possibility that the lower Medigap premium may facilitate your ability to make one or two add-on sales of complimentary products.

    For persons with some cash reserves, and the ability to manage them and medical paperwork, an HDF plan can be a great choice. For persons with no cash reserves, poor cash flow and poor paper management skills, an HDF plan would be a complete disaster.
     
  4. myinsurebiz
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    myinsurebiz Guru

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    ^ ^ ^ Lost is a DOI plant most def . . .
     
  5. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    Fixed that for you. :yes:
     
  6. YouGotMyMoney
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    YouGotMyMoney Guru

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    I have only sold United American HI-F to old pre-Obama care self-employed clients aging into Medicare.

    This was before I saw their 16% commission level, GTFO.

    As long as the savings is being placed into a commissionable ancillary product (CI, Life, Annuity) then were good, it's better for the senior to use that savings for additional insurance protection - otherwise though just wasted on their grandkids, SMH.
     
  7. DS4
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    DS4 Guru

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    $2000 difference?? The highest I've seen is $1000-1100.
    I have about 100 clients on HD F.
     
    DS4, Jul 31, 2018
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  8. GreenSky
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    GreenSky Guru

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    I have a dozen or two. My wife and I will both be T65 before the end of the year. HDF for both of us.

    Best value generally of any plan. After the high premiums caused by the sh*t hole democrats I’m happy to only pay $2,200-2,300 OOP with a $32 premium.

    Rick
     
    GreenSky, Jul 31, 2018
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  9. Devin01
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    Devin01 Guru

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    Rick give me a call in a couple of months will get you a great rate on a high f
     
    Devin01, Jul 31, 2018
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  10. GreenSky
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    GreenSky Guru

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    Standard Life used to be about the lowest priced and now UA is (unfortunately) the company I use. Since most business is in CA I always have the birthday rule to move someone.

    So why am I calling you in 2 months for a great rate? You think you can beat $32/mo in Southern California? Better idea. Contact me.

    Rick
     
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