Medico No Longer Drafting Initial Premium on Approval

[azmedsupagent]

Medico No Longer paying commission on Approval for abw applicatons

I was expecting commissions from medico this week and noticed i didn't see a statement generated. I called them up to find my money and they said as of
10-1-2014 they no longer drafting upon approval and will only draft initial premium on the effective date. Ofcourse this means if you write a t65 with an effective date 6 months out your not getting paid any time soon.

Anyone else encountered this yet?

 

[JimmyUt]

I was expecting commissions from medico this week and noticed i didn't see a statement generated. I called them up to find my money and they said as of
10-1-2014 they no longer drafting upon approval and will only draft initial premium on the effective date. Ofcourse this means if you write a t65 with an effective date 6 months out your not getting paid any time soon.

Anyone else encountered this yet?

I would much rather a company draft on the effective date, at least for the clients sake. Now if Medico would lower their rates, I might write them.

 

[somarco]

Medico takes an application 6 months in advance? Never knew that.

Doesn't matter since they are not competitive here, but maybe in 6 months ..............

Drafting on the eff date isn't a bad idea unless the client forgets and then wonders what happened to their bank account when there is less money.

 

[medsuptage]

I'm surprised they told you it was effective 10/01. They've been doing this for a long time, several months at least. I even called in to see if they would draft on approval if I requested it and they told me no.

All of my business this year with them has only drafted on effective date.

 

[Bevo]

Medico Corp (Medico's new spin-off to offer lower rates..sound familiar?) is coming up a lot with the lowest rates in my quotes over several states. PA and AZ most notably.

 

[somarco]

Medico Corp (Medico's new spin-off to offer lower rates..sound familiar?) is coming up a lot with the lowest rates in my quotes over several states.

Not here.

Medico and Medico Corp tied in a dead heat here, right smack in the middle. Medico Corp rates showing as eff 7/1/14.

Looks like CSI is lowering rates 11/1 by 6%. Nothing to write home about. Their G plan in some areas is higher than Manhattan's F plan.

Waiting on Manhattan to blow up. Probably next summer, about the time that OIC starts handing out surprises.

 

[policy doctor]

I don't ever remember Medico being competitive in Ga...and I'm going back 15 years according to memory. And the one year they were just a few dollars more per month....within a year they jumped those medicare rates. Then they stopped selling.

 

[Bevo]

Not here.

Medico and Medico Corp tied in a dead heat here, right smack in the middle. Medico Corp rates showing as eff 7/1/14.

Looks like CSI is lowering rates 11/1 by 6%. Nothing to write home about. Their G plan in some areas is higher than Manhattan's F plan.

Waiting on Manhattan to blow up. Probably next summer, about the time that OIC starts handing out surprises.

I wore out the "x" button next to Manhattan on my CSG quote engine. In fact I've never written a policy with them, will be interesting to see where they end up.

 

[somarco]

Manhattan is marketed by AIM.

The same folks that brought us Assured, Sterling, Family Life, AFLAC and several others. AFLAC just barely made it out of the gate before they folded their tent and went home.

 

[WCMason]

I was expecting commissions from medico this week and noticed i didn't see a statement generated. I called them up to find my money and they said as of 10-1-2014 they no longer drafting upon approval and will only draft initial premium on the effective date. Ofcourse this means if you write a t65 with an effective date 6 months out your not getting paid any time soon. Anyone else encountered this yet?

Aetna CLI offers a choice on their application. I always choose effective date even on far out T65'ers. Can't see asking clients to pay that far in advance. Makes for one huge check the start of every month. But losing the other option isn't cool