Med supp -need experienced view here

[Frank Stastny]

WTF: Senior, you and the others really need to know what the competition is doing. Just approved here in Illinois by Sterling Life Insurance was an enhanced F plan. This adds dental and vision and other stuff to the F. So I figure if Sterling is in other states they probally have applied for that plan in those states also. I know the DOI approved it here. So.....

I try to keep up with my own and also keep an ear to the ground to find out what is coming in and going on.

Senior: I believe that you once said that one has to contribute to this board to receive back....

Tag your it....LOL

Senior is right, the standard plans were developed by the govt and benefits cannot either be deleted from or added to.

I suspect what they have done is a marketing thing. Continental Life use to require their agents so add $1,500 of life to each Med Supp policy. Agents marketed it as a Med Supp with life insurance but in reality it was two separate policies sold as a "package". The client received a Med Supp policy and a separate Life policy although they only paid one premium.

Anyone who tells you that they have a Med Supp policy with benefits beyond what the fed has approved in the standardized plans is blowing a whole bunch of smoke.

That is, unless the fed has come out with new standardized plans which is very doubtful.

Ask to see the actual policies and I am willing to bet that there are additional policies beyond just the Med Supp policy.

If I am wrong and he fed has approved a new standard plan that none of us are aware of please let me know. I would still like to see the actual policy though.

 

[senior-advisor-indiana]

Damn Senior, you did it again. Got to say once more, what you said.

Aw shucks! Thanks Frank. I see you spelled my name right this time

 

[Frank Stastny]

The original reason for the fed to standardize Med Supp plans was for the sole purpose of preventing insurance companies from designing what they thought a Med Supp policy should contain.

Before standardization some seniors had as many as five different "Med Supp" policies. An agent would call on a senior and try to sell a "Med Supp" policy. The senior would say he already had one, the agent would look it over and say it was a pretty good policy but there are gaps in it. Now, if you also have mine it will fill those gaps and you will be "fully covered".

The only way to keep those agents who were doing that from ripping off seniors was to develop the Standardized Plans. I believe that took place in either 1992 or 1993. Since then it has been illegal for insurance companies to do anything to change one of those policies.

That is why I think it is highly unlikely that only one insurance company has been allowed to make up a policy that no other company has.

 

[GreenSky]

Now that my memory has been jogged, Blue Cross of California has what they call an enhanced plan as well.

It combines a high deductible F with the option of adding a LTC "rider". It adds $100 a day for 365 days. Although marketing as a part of the same policy it is really a separate policy.

Rick

 

[senior-advisor-indiana]

Did you know that here in IN United American agents are selling High Ded plan F's and also opening an annuit account. They fund the annuity by paying extra for the plan. How rediculous. Their HD plan F cost $100 a month. MOst other companies are only like $40.

 

[Frank Stastny]

Did you know that here in IN United American agents are selling High Ded plan F's and also opening an annuit account. They fund the annuity by paying extra for the plan. How rediculous. Their HD plan F cost $100 a month. MOst other companies are only like $40.

I think we are going to see more and more of this as Med Supp companies begin feeling the crunch that the PFFS plans are having on their sales.

You know that they have to be seeing a decline in sales as well as a loss of policy holders. Now might be a good time to start talking to them about doing a little more for their agents.

I have never understood why after six years they decrease commissions. All it does is encourage agents to move their clients to another company to keep from taking a pay cut. If anything, they should reward agents who can keep their policy holders beyond six years.

I'm going to have to go. I just took Jacqueline a glass of water and two aspirin. She asked me what the aspirin were for and I said, "for your headache", she said, "I don't have a headache".

 

[senior-advisor-indiana]

 

[sman]

I'm going to have to go. I just took Jacqueline a glass of water and two aspirin. She asked me what the aspirin were for and I said, "for your headache", she said, "I don't have a headache".

Well that must mean it's

 

[tommyk]

Okay, for the sake of this discussion. Are all F plans the same? Well if you buy that principle, then the high deductible F plan must be the same as the Standard F plan, and the Select F plan must be the same as the standard F plan. Now, are they the same///oh, I think not.
Now, there is the enchanced F plan, just like the high deductible, and select F. So, have a 40 and chill. When this goes in Indiana you will be behind the times. Other people on this site know what is going on. Check it out for yourself, it goes into effect on the 27th of August 2007.
Just because you never heard of it, does not mean that it does not exist.

 

[Frank Stastny]

Well that must mean it's YouTube - Flight of the Conchords- Business Time

That was so cool. Jacqueline and laughed through the whole thing.

Thanks, gave us a good laugh this morning. But, wow, he can last a full two minutes?