- 9,744
No fan of FLDOI (or any governmental body for that matter), but if the rate is not actuarially sound, it will only lead to rate volatility...
Florida Med-Supp Agents....
- Thread starter Russ
- Start date
No fan of FLDOI (or any governmental body for that matter), but if the rate is not actuarially sound, it will only lead to rate volatility...
- Thread starter
- #92
That seems to be the problem with the FL DOI approving it. It's been going back and forth for a month.
I'll buy that, it's a new company coming in and/or the rate is way off (20-25%). United Teacthers did that in North Carolina several years ago. Came in 25% less than any other company with the intentions of capturing clients and ratcheting the rate. That, I would consider abuse by the ins co. This is a company that's been here for years and has been relatively stable with the rates. Unless I'm wrong, I don't remember hearing about rate increases that were out of line with the rest of the industry.
- 7,066
That is a sound argument when presented regarding other kinds of insurance, however, we are talking about Med Supps. All plans are standardized. Companies are not permitted to add benefits to or delete benefits from any of the standardized plans.
That would lead one to believe that it can't be rocket science for any DOI to make that determination. Determining if a policy is "actuarially sound" is typically based on the benefits and provisions of the policy. A Plan F is a Plan F is a Plan F regardless of which company is selling it. The DOI in other states don't seem to have that problem, why does Florida? That is the question no one apparently has the answer to.
- Thread starter
- #95
Plans M and N are now approved in Florida with MoO. MoO gave in and raised their plan N rates 5-10%(in my area), from those proposed. Not sure about plan M.
The difference between plans D and N with MoO in my area for a 65 year-old non-smoking female...$17.76 a month! Why not pay $17.76 a month more and have no co-pays?
Thanks DOI!
Here's a link to see where it's approved...IFWS Filing Search ........Type in file #10-02826.
The difference between plans D and N with MoO in my area for a 65 year-old non-smoking female...$17.76 a month! Why not pay $17.76 a month more and have no co-pays?
Thanks DOI!
Here's a link to see where it's approved...IFWS Filing Search ........Type in file #10-02826.
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Russ when you say thanks DOI are you being sarcastic or what? Is this a good thing? Another words, are you happy?
gdoty
Expert
- 58
AARP & MoO are the two choices down here in Broward - depending on Male/Female, Smoke/Non smoke. Bankers shot themselves in the foot (both feet?) and are way higher than both of those (they partnered with Colonial Penn - CP didn't have any rate hist. & the prices went thru the roof). Can you say OOPS?
- Thread starter
- #98
I was being sarcastic. Not really worth fooling with N much w/MoO in Florida where I live unless you need the... almost GI, to knock something out.
I think Bankers made a business decision on that one. They sell WAY more med supps in Florida than any other state. The Sarasota office alone sells more than almost every other state, and there are a dozen or so offices/satellites here. I think they are thinking that it's time to raise the price and make more money per client. I think it was a terrible decision and that's the "straw that broke the camel's back" and prompted me to go independent. I think it will backfire on them.
gdoty
Expert
- 58
Well, the official position in Bankers was that CP give them better brand awareness (Ed McMahon sellng GBL on Wild Kingdom in the 60's). Probably wouldn't have made any difference - DOI would still have looked at their history & done the same thing - modernization or not. Just bad timing I guess.
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By the way, how's your independence going? I'm thinking of doing the same thing soon. Any advice? Any chargebacks on the books when you left? Here's hoping none of your previous clients drop their policy during the first year - you'll owe Big B some Bucks.
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