Just want to get you gentlemen's opinion on this. Had a married couple on med supps for several years when they suddenly decided during this past AEP to "try" an MAPD plan due to the "low cost". Of course they didn't contact me as I would have gladly put them into that type of plan if they truly wanted to try it. Anyway, the guy called me a couple of days ago and said they wanted to switch back after finding their doctor was not in the plan's network as supposed, and their relatives pounded home the higher possible exposure should their health decline. Their health is still good, so my question is, should I go ahead and write them fully underwritten to see if they can get approved while saving them a few dollars from their previous company plan prices? I suppose they would still be able to go the guaranteed-issue route with their same company should they somehow get declined. I also know the GI method doesn't pay much if anything, and I'm not sure if they would go back to the same company if my renewal commissions would start back up or not.
First time enrolling in MAPD SEP for getting back into a Medsupp
- Thread starter Speck
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- 29,488
Try to write it fully underwritten. If you put them back with the same company, You won't get your old renewals back, as it would be GI.
StephanieCJ
Guru
- 660
I would try the fully underwritten to get them a lower price with a different company. You have time for underwriting to give a response so that you can GI if not.
- 16,881
Yep. Write them a different company fully underwritten. Every time.
If they get declined you can always go with plan B which is GI. I always treat the GI people just as good as anyone as long as they let me try to help them attempt an underwritten plan 1st. But if they won't try that route 1st, then they are on their own.
Unless they are obviously not going to be approved. If it's obvious and they had been a good client up until they got switched, I would help them with the GI app.
- Thread starter
- #5
Do you actually tell this to them that youre going to try underwritten first? If so how do you explain this to them without mentioning you want paid lol
I usually take them back to the company that they left to do the GI Plan, and accept the $2.98 commission. This year I had one that genuinely benefited by being FU with another carrier, like a $27 difference in the New Biz rate.
I explained to her that we could GI her back to whence she came, or do the FU plan and see if she passes. She passed UW with no problem. I have very few that ever want to go back to Med Supp, once they leave it, but this time it worked out all the way around.
This only happens about once every other year, so I'm not losing a client over a low GI commission...referrals, life insurance, etc.
I explained to her that we could GI her back to whence she came, or do the FU plan and see if she passes. She passed UW with no problem. I have very few that ever want to go back to Med Supp, once they leave it, but this time it worked out all the way around.
This only happens about once every other year, so I'm not losing a client over a low GI commission...referrals, life insurance, etc.
I had a couple where we went this route and the husband was declined, but the wife was approved. We then used the GI right for the husband.
I told them up front that I'd like to see if we can go the traditional underwritten route first in hopes of saving them some money. I explained all potential outcomes (approved, declined, GI). In the end, saved them about $25 per month overall.
Just be honest with people. You don't have to say, "I want to try this route so I can get paid". Usually if someone has gotten to the point where their Med Supp is too expensive for them, there's a likely another carrier who has a lower premium assuming they can qualify. No harm in trying that path first as it does not harm the client.
- 16,881
If I have a good working relationship with them yes. They want you to be paid. If they don’t then what kind of a client would they be?
You should have a conversation with every client as to how you are paid. They should know.
Just explain that the GI is a safety net so they don’t get stuck in something they can’t get out of. However the companies won’t pay brokers to help you with that because they know people will make a lot of mistakes trying it on their own. And mistakes are profitable to the companies.
What I can do is to help you apply into a regular underwritten plan and help you understand your options. It pays me and that comes at no additional cost to you. If for any reason you are not accepted due to a health concern, we still have the GI backup plan which I will also assist you with if it turns out to be needed.
Rarely an issue. On the rare case where it is, you just avoided an unreasonable client.
- 1,741
Interesting thread. Realizing the GI may not be the only option for my client couple who both T65 mid summer 2023 who have substantial IRMAA just couldn't resist the free stuff/no front end MAPD cost. Now finding non network situations and probably will pass underwriting. Put them off until after open enrollment. Should get started on the underwritten option. Maybe the new higher income limit threshold for IRMAA will be in their favor too.
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