Medicare Initial Enrollment - Newby Question

[Russ]

In Missouri Mutual of Omaha, United of Omaha now, is only competitive if the agent enrolls both a husband and wife at the same time. Enrolling an individual in United of Omaha would be totally out of the question. Their rates for individuals are way "over the top". Husband and wife enrolling at the same time get a 12% discount. That is the only thing that makes them competitive, in Missouri.

AARP may be competitive "where you work" but that doesn't mean that they are in other states. This is why, when an agent asks for help, more accurate information can be given if the agent identifies the state he/she is working in.

Each company will have different rates and increases in almost every state that they do business in. I stated earlier in another thread that Continental Life in Missouri was going up 25%. That does not mean that Continental Life is going up 25% in all other states or that Continental Life is even having premium increases in other states. Premiums and premium increases are state specific.

Shenandoah Life is too high.



That is partially correct. However, the rate one pays is not the only consideration.

If the prospect already has Part B of Medicare, is not in the best of health and his company does not offer a continuation of group coverage after retirement, like GM use to, it may be in his best interest to look at Med Supp policies while still in the Open Enrollment period.

Let's assume that the prospect's company does have a "better rate" or premium that he is paying today. Group plans change almost every year. Many times deductibles go up along with co-pays. Many limit the individual to specific doctors and hospitals. (HMO's). Not everyone wants an HMO if they know that other options are available.

I have yet to see a company group plan that provided the flexibility and the level of coverage that a Med Supp has especially for the premium. I can put a 65 year old in a Med Supp policy for under $100 per month. The only additional charge to the client will be the Medicare Part B Deductible.

Premiums for med-supps...depends on the state or states you sell in. Mutual of Omaha is competitive here(Florida), and Shenandoah Life is very competitive in lower Alabama.


Frank...you actually said in the other thread...."Continental Life, before they became a part of Genworth, has for the last nine years been one of the best, most stable companies I could put my clients with. They have just, or about to, initiate a 25% premium increase for all their Med Supp plans."......

You didn't state it was just for Missouri......thanks for clarifying now.

 

[Frank Stastny]

Frank...you actually said in the other thread...."Continental Life, before they became a part of Genworth, has for the last nine years been one of the best, most stable companies I could put my clients with. They have just, or about to, initiate a 25% premium increase for all their Med Supp plans."......

You didn't state it was just for Missouri......thanks for clarifying now.

I guess I assumed that any agent who has been in the senior market for any appreciable length of time (more than just a few months) knows that Med Supp premiums and premium increases are state specific.

I will try to be more specific in the future for agents who are either new to Med Supp sales or still don't understand how Med Supps are priced. (Kind of hard to believe, that is Med Supp 101.)

I keep forgetting that there are agents out there working the senior market just for the high commissions Part C plans pay and don't have a clue about Medicare or Med Supp policies.

One such agent started a thread just a day or so ago who had a question indicating that he didn't have a clue beyond the rules and regs of MA plans. He sounded as though he didn't even know Med Supps existed.

I feel sorry for the prospects they talk to.

 

[Russ]

I guess I assumed that any agent who has been in the senior market for any appreciable length of time (more than just a few months) knows that Med Supp premiums and premium increases are state specific.

I will try to be more specific in the future for agents who are either new to Med Supp sales or still don't understand how Med Supps are priced. (Kind of hard to believe, that is Med Supp 101.)

I keep forgetting that there are agents out there working the senior market just for the high commissions Part C plans pay and don't have a clue about Medicare or Med Supp policies.

One such agent started a thread just a day or so ago who had a question indicating that he didn't have a clue beyond the rules and regs of MA plans. He sounded as though he didn't even know Med Supps existed.

I feel sorry for the prospects they talk to.

I've been writing them for 21 years....work mainly in Florida. If they were going up 25% in Florida I would state.....they have applied for a 25% rate increase in Florida. I understand it's state specific, but whose to say they couldn't apply for an increase in each state at 25%. Then again, you didn't say in all states, so maybe I shouldn't have assumed so.

 

[Franz Kafka]

Thanks so much for the education and Frank I will take up your kind offer - sorry I didn't see it sooner. The client says he will start getting SS check next April. He's working for the Fed and only pays $20 some for the group plan. I'll ask him if he wants a better coverage than his current HMO.
I've only begun selling health since I joined this forum and still learning about medicare. I'm not prospecting for health but still getting a lot of leads from existing and new clients.

 

[Frank Stastny]

I've been writing them for 21 years....work mainly in Florida. If they were going up 25% in Florida I would state.....they have applied for a 25% rate increase in Florida. I understand it's state specific, but whose to say they couldn't apply for an increase in each state at 25%. Then again, you didn't say in all states, so maybe I shouldn't have assumed so.

Sorry I didn't mean to sound like I was busting your ass, although I probably was just a little bit. Sometimes it makes posting here more fun.

I think you will agree though, there are a lot of "new kids" pushing Part C plans that don't have a clue about Medicare or what they are doing.

Again, sorry that I thought you might be one of them.

 

[retread]

Thanks so much for the education and Frank I will take up your kind offer - sorry I didn't see it sooner. The client says he will start getting SS check next April. He's working for the Fed and only pays $20 some for the group plan. I'll ask him if he wants a better coverage than his current HMO.
I've only begun selling health since I joined this forum and still learning about medicare. I'm not prospecting for health but still getting a lot of leads from existing and new clients.

Make sure you read this thread, if you are going to assist a government retiree...
FEHBP, group insurance, and Medicare

 

[Russ]

Thanks so much for the education and Frank I will take up your kind offer - sorry I didn't see it sooner. The client says he will start getting SS check next April. He's working for the Fed and only pays $20 some for the group plan. I'll ask him if he wants a better coverage than his current HMO.
I've only begun selling health since I joined this forum and still learning about medicare. I'm not prospecting for health but still getting a lot of leads from existing and new clients.

Knocking out a group Fed at $20 a month is next to impossible...when someone tells me they have that kind of coverage it's best to talk LTC or move on to the next client/prospect/suspect.
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Sorry I didn't mean to sound like I was busting your ass, although I probably was just a little bit. Sometimes it makes posting here more fun.

I think you will agree though, there are a lot of "new kids" pushing Part C plans that don't have a clue about Medicare or what they are doing.

Again, sorry that I thought you might be one of them.

That's okay....I shouldn't have assumed.