lacy_amy
Expert
- 71
I am wondering how I can find out which Med Supp companies have the most competitive rates in WI. I called the DOI and they had no idea where I could get this info.
Med Supp in WI
- Thread starter lacy_amy
- Start date
- 305
Here's a link to the WI DOI's publication on rates. It's a little old (1/09), so many increases will not be reflected here. . .
Medicare Supplement Insurance Approved Policies
Medicare Supplement Insurance Approved Policies
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Once you click the link to the website, you have to click another link that says the same "Medicare Supplement Insurance Approved Policies". It will be in a PDF format. For ease of use, click the last tab on the bottom of the PDF file... The one that talks about Medicare Supplement Policies.
- Thread starter
- #6
lacy_amy
Expert
- 71
Thanks for the link, I couldn't find it for the life of me. I took a look at the list and it seems that some of the companies that offer the best rates are companies I have never even heard of like Admiral Life, Continental General, Continental Life, Nat'l States Insurance, Order of United, Pacific Care. I would mostly be writing in 531 and 532, am I reading the pdf correctly? Has anyone had any experience with those, either good or bad?
- 305
Admiral Life - Took a rate increase on 7/1/09, offered through JSA JSAonline.com
Continental General - This company is a part of Great American Financial Resources
Continental Life - I believe they took a small rate reduction in 2009. This company is a part of Genworth Supplemental. I broker this company. If you want current rates to evaluate, just email or PM me.
National States - Small, Closely-held, Missouri-based company. I believe there are a number of agents on the board who write NS.
Order of United Commercial Travelers - Commonly called UCT. They are an Ohio-based Fraternal who is reinsured by GenRe. They've taken some oversized rate increases in 2009. Not sure about WI.
PacifiCare - Bought by United Healthcare a few years back.
Also, look into Family Life. In the state of Wisconsin, they are offered exclusively through JSA..
Medicareguy
Expert
- 68
Med supps in WI is like the wild wild west.
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Hey Medicareguy, is that Wisconsin Physician Services you are talking about? Is it the Medicare Companion plan? Interesting product. Is that how all Med Supps in Wisconsin work? Where you have a base plan and then add other benefits? Looks like they've had their share of rate increases as well.
https://ociaccess.oci.wi.gov/Companyfilings/document?docid=150628&filid=161771
Maybe not as much as some other carriers, but increases nonetheless. You'll also find that they have been losing market share (at least based on premiums received). Looks like they've gone from almost $31 million in 1992 to a little over $7.5 million in 2008. They may be the number one provider in Wisconsin, but they are definitely losing premium dollars compared to previous years.
I'm not knocking what you're saying, but there are VERY FEW carriers that don't have annual rate increases and cause the client to want to look elsewhere. If I don't shop for the client, someone else will. Trust me, I'd much rather be able to just have the client renew without doing any extra work. Usually there is no additional commission to change the client to a new plan. And some of us are fortunate enough to have a guarantee issue plan available in our state so if the client is "stuck" on a plan, once the premium gets higher than the guarantee issue plan (AARP), we can move them to that plan. And there are others who can switch their clients every year to the least expensive carrier based on the rules of their state.
I think you have come on here with your nose in the air thinking you are better than most of us and it appears you may not be aware of how other states work. My suggestion is you tone down the heir of superiority a little and offer constructive advice.
https://ociaccess.oci.wi.gov/Companyfilings/document?docid=150628&filid=161771
Maybe not as much as some other carriers, but increases nonetheless. You'll also find that they have been losing market share (at least based on premiums received). Looks like they've gone from almost $31 million in 1992 to a little over $7.5 million in 2008. They may be the number one provider in Wisconsin, but they are definitely losing premium dollars compared to previous years.
I'm not knocking what you're saying, but there are VERY FEW carriers that don't have annual rate increases and cause the client to want to look elsewhere. If I don't shop for the client, someone else will. Trust me, I'd much rather be able to just have the client renew without doing any extra work. Usually there is no additional commission to change the client to a new plan. And some of us are fortunate enough to have a guarantee issue plan available in our state so if the client is "stuck" on a plan, once the premium gets higher than the guarantee issue plan (AARP), we can move them to that plan. And there are others who can switch their clients every year to the least expensive carrier based on the rules of their state.
I think you have come on here with your nose in the air thinking you are better than most of us and it appears you may not be aware of how other states work. My suggestion is you tone down the heir of superiority a little and offer constructive advice.
Medicareguy
Expert
- 68
Med supps in WI is like the wild wild west.
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