Medicare Supplement policy persistency

[jesseslome]

A question for agents who've been selling Medigap for at least 5 years (or longer). WHAT WOULD YOU ESTIMATE IS THE AVERAGE PERSISTENCY FOR A MEDIGAP POLICY? (How long does it stay on the books?).

I'm looking to gather informal info because can't seem to find any statistical data from insurers, etc.Many thanks.
Jesse Slome
American Association for Medicare Supplement Insurance

 

[somarco]

A question for agents who've been selling Medigap for at least 5 years (or longer). WHAT WOULD YOU ESTIMATE IS THE AVERAGE PERSISTENCY FOR A MEDIGAP POLICY? (How long does it stay on the books?).

I'm looking to gather informal info because can't seem to find any statistical data from insurers, etc.Many thanks.
Jesse Slome
American Association for Medicare Supplement Insurance

Depends on how you define persistency . . .

Staying with same carrier or same agent.

Other than visits by the grim reaper, my Medigap persistency is over 95% . . . probably close to 98%.

Persistency by carrier is lower . . . probably closer to 80%. Still my client, different carrier.

 

[MedicareAgent]

I'm at 97% staying on the books.

 

[goillini52]

Got you both, I'm at 99%.

 

[somarco]

Got you both, I'm at 99%.

I said "probably" close to 98% . . . also could probably be 103%.

In any given year I probably rewrite clients with the same plan, different carrier. Those clients are not "lost" . . . they are still mine . . . but they are not paying premiums to the same carrier. So those folks are 100% (or maybe 122%) persistency with me but carrier persistency drops off.

I estimate that I rewrite maybe 5% of clients but that can vary by year and the carrier where they were initially placed.

Last year I managed to get one client away from Silac . . . the few I have left can't be moved due to health issues and have no desire to change to a PPO plan. My guess is the number of remaining Silac clients is around 30% of what I had when Equitable was the issuing carrier.

Manhattan clients are about 50% of what I had before they went off the deep end. Might have 10% of Omaha clients but I haven't written anything new with them in 10 years.

 

[kgmom219]

99% for all the policies. I don't count people who get a job or are termed for reasons out of their control. Like death.

 

[DonP]

99% for all the policies. I don't count people who get a job or are termed for reasons out of their control. Like death.

hold up hold up . What your saying is less than 1 out of every 100 people you write die yearly ? I call you on that . We deal with a lot of old sick people .That's mythical!!!

 

[kgmom219]

hold up hold up . What your saying is less than 1 out of every 100 people you write die yearly ? I call you on that . We deal with a lot of old sick people .That's mythical!!!

No, I am saying that I don't count death as a persistency issue. They didn't leave ME. They left Earth.

I only count people who left ME. But I also have a lot of rich people. They die later.

 

[DonP]

A question for agents who've been selling Medigap for at least 5 years (or longer). WHAT WOULD YOU ESTIMATE IS THE AVERAGE PERSISTENCY FOR A MEDIGAP POLICY? (How long does it stay on the books?).

I'm looking to gather informal info because can't seem to find any statistical data from insurers, etc.Many thanks.
Jesse Slome
American Association for Medicare Supplement Insurance

medigap total enrollment is flat for the past 7 years . So even as the over 65 population grows fast enrollment flat . On the other hand mapd skying . It means most medigap only agents are not growing their book or it's actually declining as some being poached and natural death erosion . Those loses are not being made up

 

[kgmom219]

medigap total enrollment is flat for the past 7 years . So even as the over 65 population grows fast enrollment flat . On the other hand mapd skying . It means most medigap only agents are not growing their book or it's actually declining as some being poached and natural death erosion . Those loses are not being made up

Don, you are such a know it all, mansplaing ******.

I just looked. I'm up 84 Medigap policies since 1/2/22. I've lost 3 O65's total in 2022 due to death and they were all on MAPD. 2 resulted in a significant chargeback. Got to love those chargebacks.

Stop assuming you know what my or anyone else's book looks like. You have no idea. Stop thinking if you don't sell MAPD as your primary goal, you will suffer. What a bunch of horse manure. You are over there half ass compliant and bitching about the new CMS rules. While I'm sitting here, with the new marketing rules already implemented, doing ZERO marketing, while people feed me new clients. I'm at 132 new clients total since 1/2. So I am 32 past my goal for 2022 and its still September. WHO CARES???

You do your business

I will do my business

But stop being such a know it all ******. There's more than one way to win this game.