Is this IEP Med Supp sale valid?

[MrSockMonkey]

If you can only sell IEP Med Supps during the 7 month period...3 before 65, month turned 65, and 3 after, what about a sale taking place almost 4 months prior, minus 3 days, it appears.

What constitutes 3 months prior? Here is excerpt from email I got today:

Wife turned 65 on Mar 6, 2018.
(Agent xxxx) sold us and received a check for the policy on Nov 9, 2017. Company mailed out policy on Nov 30, 2017.
(Agent) said we have a 30 day look from when it starts in Mar, but company says we can look at received policy for 30 days and cancel, even though policy doesn’t take effect till Mar 1, 2018.
Was that too early to sell to us?

Was this policy sold within the correct time frame? Thanks. The free look/refund issue is another subject.

 

[somarco]

Most carriers accept applictions 60 - 90 day prior to the Part B effective date. A few will take apps up to 6 months prior to the B effective date. All accept apps in the month B is effective and the 5 months following.

 

[MrSockMonkey]

Most carriers accept applictions 60 - 90 day prior to the Part B effective date. A few will take apps up to 6 months prior to the B effective date. All accept apps in the month B is effective and the 5 months following.

Okay, thank you. Now....then why are we taught the 7 month "rule" if the carriers can deviate from that? Does accepting an app and issuing a policy not within the time frame of the 7 months...not matter...I just don't get this.
What is the point of 3 mos before, the month of, and 3 months after? Yikes, am I thinking of the wrong coverage? Why am I thinking this 7 month thing? I googled this after you, Somarco, and after policywunk. Now I see 6 months starting with month turning 65.

So you are saying that this policy was written within a valid time frame, right?

 

[policywunk]

If you can only sell IEP Med Supps during the 7 month period...3 before 65, month turned 65, and 3 after, what about a sale taking place almost 4 months prior, minus 3 days, it appears.

What constitutes 3 months prior? Here is excerpt from email I got today:

Wife turned 65 on Mar 6, 2018.
(Agent xxxx) sold us and received a check for the policy on Nov 9, 2017. Company mailed out policy on Nov 30, 2017.
(Agent) said we have a 30 day look from when it starts in Mar, but company says we can look at received policy for 30 days and cancel, even though policy doesn’t take effect till Mar 1, 2018.
Was that too early to sell to us?

Was this policy sold within the correct time frame? Thanks. The free look/refund issue is another subject.

IEP has nothing to do with med supps perhaps you are thinking of the open enrollment for med supp plan F etc. which runs 6 months starting effective date of part B

Some carriers like Bankers allow agents to sell more then 6 months prior to effective date of part B .Free look is 30 days after effective date.

 

[MrSockMonkey]

IEP has nothing to do with med supps perhaps you are thinking of the open enrollment for med supp plan F etc. which runs 6 months starting effective date of part B

Some carriers like Bankers allow agents to sell more then 6 months prior to effective date of part B .Free look is 30 days after effective date.

Okay....how did I get the enrollment period wrong? What is the 3 months before, the month of 65, and 3 months after? MA?

Re: Free look....so, is effective date the 1st of month turning 65? I thought it was 30 days from receiving policy? What if app was written 4 months prior, and carrier says Free Look was 30 days from receipt, yet "effective date" was 3 months after that?

What kind of mental block am I experiencing here....help me, please.

 

[goillini52]

If you can only sell IEP Med Supps during the 7 month period...3 before 65, month turned 65, and 3 after, what about a sale taking place almost 4 months prior, minus 3 days, it appears.

What constitutes 3 months prior? Here is excerpt from email I got today:

Wife turned 65 on Mar 6, 2018.
(Agent xxxx) sold us and received a check for the policy on Nov 9, 2017. Company mailed out policy on Nov 30, 2017.
(Agent) said we have a 30 day look from when it starts in Mar, but company says we can look at received policy for 30 days and cancel, even though policy doesn’t take effect till Mar 1, 2018.
Was that too early to sell to us?

Was this policy sold within the correct time frame? Thanks. The free look/refund issue is another subject.

You're confusing Med Supps and MAPD's. With Med Supps you can sell it 6 months before the 1st day of the month they turn 65(except for those whose birthday is the 1st of the month, then theirs takes effect the 1st day of the previous month). Most companies will let you write 6 months before their Part B starts. New Era will only let you write it 3 months before. Seems like one company started allowing a year before.

The Free Look starts the day they receive the policy.

 

[goillini52]

IEP has nothing to do with med supps perhaps you are thinking of the open enrollment for med supp plan F etc. which runs 6 months starting effective date of part B

Some carriers like Bankers allow agents to sell more then 6 months prior to effective date of part B .Free look is 30 days after effective date.

Bankers Fidelity is 6 months, not more than 6 months.

The free look starts the day the policy is received, not the effective date(this is covered in the Outline Of Coverage).

 

[senior-advisor-indiana]

Okay, thank you. Now....then why are we taught the 7 month "rule" if the carriers can deviate from that? Does accepting an app and issuing a policy not within the time frame of the 7 months...not matter...I just don't get this.
What is the point of 3 mos before, the month of, and 3 months after? Yikes, am I thinking of the wrong coverage? Why am I thinking this 7 month thing? I googled this after you, Somarco, and after policywunk. Now I see 6 months starting with month turning 65.

So you are saying that this policy was written within a valid time frame, right?

Just so you know, the free look isn’t as important with med supps as it is with other types of insurance. All med supps are identical so most people are not going to free look a policy unless they were flat out lied too about what plan they are buying or what the price is.

The free look option is a sales tool used by agents who can not properly sell and close the prospect. If you sell the right plans with competive companies you will rarely if ever have people use the free look on you.

 

[MrSockMonkey]

Thanks everybody for setting me straight here. The free look came into play because yes, the original agent was captive and did some fancy footwork with her sales technique. I know this because I also spent an hour on the phone with her after the fact. And the customers then learned the same plan could be had for a lot less with a different carrier.

I know not to sell rescission. I wonder if you need to mention the Free Look at all?

 

[Chazm]

Bankers Fidelity is 6 months, not more than 6 months.

The free look starts the day the policy is received, not the effective date(this is covered in the Outline Of Coverage).

Pretty sure he meant bankers life and casualty