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- #21
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The wife called in and cancelled her policy. The cancellation date was
2-1-07. I signed him up for MA on 3-22-07, effective 4-1-07.
I have a HUGE problem, How do i fix this? no coverage!
- Thread starter senior-advisor-indiana
- Start date
The wife called in and cancelled her policy. The cancellation date was
2-1-07. I signed him up for MA on 3-22-07, effective 4-1-07.
- Thread starter
- #22
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Pyramid refunded her premium in feb. from what the client told me. They were on PAC. That is to protect clients from lapse due to non payment. I don't know why it said lapse on the E.O.B.
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- #23
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they did not refund his premium
- 7,066
Kyle you are right. The thing that puzzles me is that Pyramid doesn't have supp policies, at least not in Missouri. The supp policies are written through American Pioneer. My agent number with Am Pi is the same as it is with Pyramid.
Am Pi does not have one policy for both husband and wife. Although, the agent can write one app that includes both of them but they get separate policies. By putting them both on the same app they get a 5% discount.
If it has been less than 60 days since he policy lapsed they can get it reinstated by sending a letter to Am Pi. More than 60 days a new app is required.
The problem most likely occurred if she went to the bank to cancel her automatic bank draft and told the bank to cancel all payments to Am Pi. There is a huge danger in the agent calling the company and cancelling. Also, in addition to the agent asking that a policy be cancelled Am Pi requires a written statement from the policy holder. I always assist them with that statement especially if both husband and wife have their supps with the same company and only one of the two are cancelling.
Regardless of why it all happened if it is within 60 days call Am Pi and then have the client send a letter requesting reinstatement.
If Pyramid sells supps and I am not aware of it then all the above info may be worthless.
Am Pi does not have one policy for both husband and wife. Although, the agent can write one app that includes both of them but they get separate policies. By putting them both on the same app they get a 5% discount.
If it has been less than 60 days since he policy lapsed they can get it reinstated by sending a letter to Am Pi. More than 60 days a new app is required.
The problem most likely occurred if she went to the bank to cancel her automatic bank draft and told the bank to cancel all payments to Am Pi. There is a huge danger in the agent calling the company and cancelling. Also, in addition to the agent asking that a policy be cancelled Am Pi requires a written statement from the policy holder. I always assist them with that statement especially if both husband and wife have their supps with the same company and only one of the two are cancelling.
Regardless of why it all happened if it is within 60 days call Am Pi and then have the client send a letter requesting reinstatement.
If Pyramid sells supps and I am not aware of it then all the above info may be worthless.
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- #25
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I dont believe pyramid sells supps anymore. They did last year though. They stopped selling because they were way outta the market and not making money on them.
- 7,066
I guess I was way off base on that one.
There is an example where it would have been a lot better to let people think I didn't know anything about the thread, than to open my mouth and remove all doubt.
I still have never seen an app from a supp company that issues only one policy for both husband and wife. Also that they don't give the policy holder a reasonable amount of time to reinstate the policy. Lapses can happen for all kinds of reasons.
That also is a new one to me. Thanks, I learned a lot from that thread.
There is an example where it would have been a lot better to let people think I didn't know anything about the thread, than to open my mouth and remove all doubt.
I still have never seen an app from a supp company that issues only one policy for both husband and wife. Also that they don't give the policy holder a reasonable amount of time to reinstate the policy. Lapses can happen for all kinds of reasons.
That also is a new one to me. Thanks, I learned a lot from that thread.
G
Guest
Guest
Then you did not cancel the policy and are therefore off the hook as far as that goes. It sounds like the facts are a little unclear on this really. But, I do not think you have anything to worry about as long as you have not touched their supplements yourself nor encouraged either of them to lapse their supps without applying for other coverage--which according to you, you didn't.
As Frank said, he should be able to reinstate. But, do not count on him getting back in after 60 days even if he is trying out the MA plan for 2 months. An MA plan does not guarantee a new open enrollment or guarantee issue...the law just states that seniors can leave a supplement to try an MA plan and within 12 months can go back to the same supplement and carrier they previously had if it is available.
- 1,704
Folks, reinstatement provision does not mean that client will have his claims paid. Reinstatement does not mean retro-active for liability.
- 7,066
Doc,
I agree with you if back premiums are not paid.
With all the companies I represent they can get all claims paid when reinstated if they also pay the premiums for those months and usually the current premium as well as the next months premium.
At least in the cases where I have had that happen that is how it was handled.
I'm talking about the lapse of a med supp policy for 60 days or less. Not getting their med supp policy after having been on an Advantage plan for several months.
I agree with you if back premiums are not paid.
With all the companies I represent they can get all claims paid when reinstated if they also pay the premiums for those months and usually the current premium as well as the next months premium.
At least in the cases where I have had that happen that is how it was handled.
I'm talking about the lapse of a med supp policy for 60 days or less. Not getting their med supp policy after having been on an Advantage plan for several months.
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- 1,183
I have never heard of a "dependent" with med supps either. Maybe when she cancelled it messed up something with his bank draft? Often companies will draft the policies in one lump sum for husband and wife, sometimes including LTC or other products as well.
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