Has Anyone Sold a Plan M or N Yet

[insurance0707]

I've been telling my clients (during AEP/OEP) that there will be two new plans and I'll let them know about it when they come out....well there out, for the most part and I really wish the premiums were a bit lower.

The few clients I've told the new rates and what the tradeoff is from going from their Plan G or Plan F have passed....the response is "I'll just stick with what I have"

I feel like I should still try and let my clients know about the plans, but I have a feeling I'll be getting alot of the same response. I was thinking about sending out a letter letting them know. I have a lot of clients. How are some of you guys letting your clients know about the new plans and premiums?

 

[GreenSky]

I'm in limbo here in CA. I have clients turning 65 in June and I can't help them yet.

The only carrier that has released rates is MoO but they are still subject to the DOI and are higher than current pricing.

Can't wait for CMS, I mean the Feds to take over all control of health insurance.

Rick

 

[Russ]

I've been telling my clients (during AEP/OEP) that there will be two new plans and I'll let them know about it when they come out....well there out, for the most part and I really wish the premiums were a bit lower.

The few clients I've told the new rates and what the tradeoff is from going from their Plan G or Plan F have passed....the response is "I'll just stick with what I have"

I feel like I should still try and let my clients know about the plans, but I have a feeling I'll be getting alot of the same response. I was thinking about sending out a letter letting them know. I have a lot of clients. How are some of you guys letting your clients know about the new plans and premiums?

How much of a difference is there in your state, with the companies you write for, between plan F and plan N? What state are you talking about?

Here in Florida, MoO has filed for N at a little over $40 a month less than plan C or F. I'm curious what the commission w/MoO on plan N will be in Florida.

I haven't seen anything yet to deter me from continuing to write plan F vs. a plan N. I'm mainly dealing w/T65's though. If someone is willing to pay $120+ for a supp(plan N in my area), why not pay $40 a month more for 100% coverage? Then again, other agents may try and undercut a plan F by offering plan N with a competing company. May not be that big of an issue though.

Maybe N is better suited to knock out MAPD plans in 2011 if those MAPD plans cut back on benefits and raise premiums.

 

[insurance0707]

I'm in Mi. I get 24% on F and 29% on N. On a female 65 it's 101.73 for Plan F, $86.47 for G $80.88 for M and 75.79 for N.

Males F 107.08, G 91.02, M 85.13, N 79.78

See, it's not that much of a savings. I wish it was priced a little cheaper

 

[Russ]

I'm in Mi. I get 24% on F and 29% on N. On a female 65 it's 101.73 for Plan F, $86.47 for G $80.88 for M and 75.79 for N.

Males F 107.08, G 91.02, M 85.13, N 79.78

See, it's not that much of a savings. I wish it was priced a little cheaper

I see what you mean. Difference of $25.96 for a female and $27.30 for a male. Agree...if needs to have a bigger difference to be worth it.

 

[Frank Stastny]

I'm in Mi. I get 24% on F and 29% on N. On a female 65 it's 101.73 for Plan F, $86.47 for G $80.88 for M and 75.79 for N.

Males F 107.08, G 91.02, M 85.13, N 79.78

See, it's not that much of a savings. I wish it was priced a little cheaper

You are only looking at the zip codes with the lowest premiums, 490-491, 493-499.

If you look at zip codes 486-489 which include what appear to be rural towns like Beaverton, the "middle priced" zip codes, and age 70 which for me is more realistic than age 65, the premium for a Plan F is 139.74 and Plan N is104.10. A difference of $427.68 per year. I'm not sure about seniors in MI but in Missouri that is a significant amount of money.

For seniors who are chronically ill and visit a doctor or multiple doctors several times a month then Plan N may not be the best investment of their premium dollar. However, that would still give them 20 plus visits to the doctor at the full $20 copay before they would use up that amount of savings. That is a lot of doctor visits for my average client.

You may want to rethink how you are presenting Plan N and find out how often they do go to the doctor.
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I see what you mean. Difference of $25.96 for a female and $27.30 for a male. Agree...if needs to have a bigger difference to be worth it.

Russ,

I know you only basically sell to T65 but I don't know the zip codes you work in. I just did a comparison between Plan F and Plan N with the newly filed standardized rates and found the following.

In zip codes 322, 335-337, 346, 349 which include the Ft. Pierce area, Plan F for a female age 65 is $2,443.39 and for that same female a Plan N is $1,583.68 or a savings of $859.71 per year.

In my opinion that is a whole lot of money and well worth them considering a Plan N. That would cover over 42 visits to a doctor at the full $20 copay.

 

[Russ]

Russ,

I know you only basically sell to T65 but I don't know the zip codes you work in. I just did a comparison between Plan F and Plan N with the newly filed standardized rates and found the following.

In zip codes 322, 335-337, 346, 349 which include the Ft. Pierce area, Plan F for a female age 65 is $2,443.39 and for that same female a Plan N is $1,583.68 or a savings of $859.71 per year.

In my opinion that is a whole lot of money and well worth them considering a Plan N. That would cover over 42 visits to a doctor at the full $20 copay.

That's down in the peninsula of Florida where the rates are higher so the savings is more. I'm up in the panhandle of Florida.

It's still a decent savings here w/MoO, comparing F with N.

 

[insurance0707]

In that scenario your right Frank, Plan N is $427.68 cheaper than Plan F. You forgot to deduct the $155 deductible from that savings though...which brings it down to $272.68. The Plan F clients have gotten spoiled with the $0 ded and $0 copays. Plan G clients might be more receptive to it. Although the savings is even less with the Plan G clients

I think the MAPD people will be the ones to really appreciate Plans M and N because they're paying copays on everything, at least on N it's basically just office calls

 

[Frank Stastny]

In that scenario your right Frank, Plan N is $427.68 cheaper than Plan F. You forgot to deduct the $155 deductible from that savings though...which brings it down to $272.68. The Plan F clients have gotten spoiled with the $0 ded and $0 copays. Plan G clients might be more receptive to it. Although the savings is even less with the Plan G clients

I think the MAPD people will be the ones to really appreciate Plans M and N because they're paying copays on everything, at least on N it's basically just office calls

Yep, I sure did forget to figure in the Part B deductible.

I agree with you, I see Plan N as being a very viable alternative to those who have Part C plans beginning the fourth quarter of the year.

I don't anticipate Plan M being a big player. It requires them to pay 50% of the Part A deductible. I believe it is conceivable, but not probable, that they could have to pay that five times in a calendar year. I think M will be a much tougher sell than Plan N.

 

[insurance0707]

Have you presented this to any of your clients or prospects yet Frank? What kind of response are you seeing?