OK.. That is what I wasn't asking. If they are paying a lower rate, they must be considered a new block of business.
Equitable (almost) Calls it Quits in Medicare Supplement Market
- Thread starter Justin Bilyj
- Start date
- Thread starter
- #22
That is correct...
Bob I liked Equitable too! Had great underwriting, allowed me to help people with some health problems, that were in higher BCBS and MOO plans, move on to something less expensive. Is their premium gonna go up now? Can't say for sure, but I do know they still saved money switching to Equitable compared to what they woulda been paying if they stayed...
Also - I didn't see it in the back-office either..
Okay, here's another issue with this change. You would think that they would automatically switch agents from Equitable over to Equitable National. This is not necessarily the case.
Here is what I was told. If you were already with Equitable as of August last year, you should have Equitable National available now. However, they said you should call to verify that!
For anyone that was contracted with Equitable after last August will need to do a contract with Equitable National.
Yes, I did let them know this wasn't the most intelligent decision on their part! As a matter of fact...it's pretty stupid.
Here is what I was told. If you were already with Equitable as of August last year, you should have Equitable National available now. However, they said you should call to verify that!
For anyone that was contracted with Equitable after last August will need to do a contract with Equitable National.
Yes, I did let them know this wasn't the most intelligent decision on their part! As a matter of fact...it's pretty stupid.
- 1,453
I would imagine the rates could only go up, since the risk pool can only get smaller from here. And as it gets smaller, it will tend to be less healthy people left in it, assuming the less healthy dont all die. Obviously this is just speaking theoretically.
I only have 2 customers on Equitable, one of them was paying $140 year ago, and is now paying nearly $180. Her health wont permit a change.
Just contacted agency services. You cannot continue to write Equitable Life and Casualty even if Equitable National has not been approved in your state. I asked about my state in particular and they had no idea when Equitable National is going to be approved here in Oklahoma.
Devin01
Guru
- 430
They will eventually be in most states EQ National. has Been in NJ since Feb. Have the Lowest Price Plan N, and super cometitive for Plan G. We have started writing them here in NJ, rates are great. IEP cases are approved the same day and they pay commissions amost immediately. They have also like many carriers have have an underwritten app bonus of 100 if you do 4 in a month. The underwriting interviews with our clients have been a little rough I have listened to a couple of them. So just prep your clinets and make sure you got through the questions with your clients.
- 29,503
After seeing the memo, I think this is all about nothing. Equitable's not getting out of the Med Supp business. They aren't going to sell Equitable Life and Casualty any more in the states as Equitable National is approved. It's no different than Aetna and Cigna have done. When their new company's approved in a state, they stop selling the old company.
Nothing's changing as far as TPA . Yes, last I heard Equitable's also reinsured by MOFO. At one time they were reinsured by Aetna on the Med Supps. I believe they're still reinsured by Americo on their FE.
- Thread starter
- #28
Well my bad...changed the title for you.
- 29,503
I was told when they 1st introduced Equitable National, that when it's available in my state I don't have to do anything, it's automatic. It's still not available in Illinois. I've been looking forward to it because they've got a competitive premium and I've always like dealing with Equitable. Personally, I like the POS PHI with a decision before I go.
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