Competive Med Supp plans

Apr 29, 2007

  1. Insuranceman
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    I been selling United World Med Supp plans in Ohio. Because of their rate increase I'm not as competitive as I would like to be. I was woundering if anyone knows of some good Med Supp companies with competive rates?
     
  2. senior-advisor-indiana
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    How much of an increase did you get? IF you aren't as competitve then join the company that is beating you, as long as it isn't banker's life. Try sterling though. They have a pretty tough app in indiana.
     
  3. Frank Stastny
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    That is a question that can only be answered by other agents who sell in Ohio. What may be great in Missouri may be way off the board in Ohio.

    I would suggest that you go to the Ohio DOI and look at all the companies offering Med Supps. Don't just look for the least expensive ones. They could be the most expensive next year. (I'm sure you have already discovered that.) I generally stay away from companies new to the state for a couple of years just for that reason. I hate chasing clients.

    Look at premium increases over the last 6 to 10 years. How often have they increased and how much was the increase.

    Continental Life isn't the cheapest in Missouri, but they are the best when you look at the last seven years. I point that out to prospects and tell them they aren't the least expensive but they are the best investment of their premium dollar. Sell your prospects long term value, not just the newest, cheapest kid on the block.

    Last time they had an increase, Plan F went up 25% but Plan D only went up 9%. I only sell Plan D. My clients don't even call me when they get a 9% increase, they don't cancel either. I stay in touch with them and they trust my judgement.

    Many times I will send them a letter telling them about the increase before the insurance company does. They like hearing it from me first.

    Pick some good, stable companies and you won't have to chase your existing clients every time the rates go up a little.
     
  4. Cenla Agent
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    Even after a 10% rate increase, United World is still the cheapest or next to cheapest in the areas of LA that I work, and the company that is cheaper in some areas has more expensive premiums past age 65. Of course OH may be different. LA has a Med Supp comparison guide put out by the DOI (SHIIP) where they survey the companies to get their current rates every year. Perhaps you could check with the OH DOI to find out whether they have a similar publication. If so it may be available on their website.

    If "you're not as competitive" as you'd like to be, that suggests to me that you are already aware of other companies that are cheaper, etc.
     
  5. senior-advisor-indiana
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    On wiess ratings site you can look up the rates of every company in the state. You have to have a password and username though.
     
  6. sman
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    Nice Jay. You bump a thread that hasn't been commented on in nearly 3 1/2 years only to offer contracts. There is an offers section on the forum for that kind of stuff. Take it there.

     
    sman, Aug 20, 2010
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  7. GoCubsGo
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    And why do have to be such a dick, a little one too I would guess. Can't you nicely inform him on a first offense? Geezzz
     
    GoCubsGo, Aug 20, 2010
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  8. sman
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    Well you followed that up quite well fast pitch. Are you the pot or the kettle? I think I'll start calling you Richard Cranium.
     
    sman, Aug 20, 2010
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  9. GoCubsGo
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    Newbie's are always getting jumped on here. Can't we cut them some slack if they are new and don't know proper Ins Forum Protocol. Save the **** for repeat offenders like Jimmy Spammer. Had to stick up for my fellow Buckeye. hehe

    As the upstanding noble scholar Rodney King once said; Can't we all just get along?
     
    GoCubsGo, Aug 20, 2010
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  10. moonlightandmargaritas
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    Have to agree. The poor bastard is already living in his own private hell...in Ohio.
     
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