Mutual of Omaha Medigap Rate Action

Discussion in 'Senior Insurance Forum' started by somarco, Oct 19, 2011.

  1. somarco
    Offline

    somarco Well-Known Member

    Posts:
    26,581
    Likes Received:
    75
    State:
    Georgia
    Prospect and wife have United (Mutual) of Omaha Medigap plans. Policy anniversary is in December. Birthdays in January and February.

    We are looking at making a change that will save them over $1,000 per year in premiums based on current rates. Uneasy about change since UOO has "paid every one of their claims" the prospect called UOO and was told the following.

    Their premiums will increase in December on the policy anniversary to $175 + $143.

    Also, there will possibly be an increase in January for the wife and one in February for the husband due to an age change.

    Is this correct?
     
  2. GreenSky
    Offline

    GreenSky Well-Known Member

    Posts:
    14,828
    Likes Received:
    27
    State:
    Nevada
    Get out now! There is no future. (Did I answer a different question?)

    I believe you are correct. The more better answer is that MoO has a history of lowballing and then increasing premiums dramatically. Get them into a carrier with more rate stability, if that even exists.

    Rick
     
  3. Dowejonez
    Offline

    Dowejonez Well-Known Member

    Posts:
    208
    Likes Received:
    0
    State:
    Iowa
    I know it's hard to believe a company with the distinguished animal lover, Marlin Perkins could be a shill for a lowballer but I agree with Gsky that they buy business.

    They all say they like their present company because all their claims get paid.

    I'm interested to hear who everyone thinks is the most stable carrier. Arouind here BC BS has been but they are kind of high right now and i'm not sure where I want to put em'.
     
    Last edited: Oct 24, 2011
  4. sman
    Offline

    sman Well-Known Member

    Posts:
    6,247
    Likes Received:
    11
    State:
    Georgia
    Not quite Bob. They won't get a rate change because of a birthday (at least that's how it works here in Georgia). The first rate change is at policy anniversary and then whenever the carrier has a rate increase.

    I believe the last rate change UoO issued was in August. So assuming they don't make any changes until next August, that is when these people would see a new rate increase following their December rate increase.

    Since this couple is having a rate increase in December, I'm willing to bet this is their first renewal with UoO. Moving forward, they will get a rate increase whenever UoO has a rate change.
     
  5. tins
    Offline

    tins Well-Known Member

    Posts:
    3,533
    Likes Received:
    0
    State:
    Missouri

    Yes, after the initial 12 month rate guarantee, it is possible to have multiple raises each year.
     
  6. sman
    Offline

    sman Well-Known Member

    Posts:
    6,247
    Likes Received:
    11
    State:
    Georgia
    That wasn't the question. The question was, will they get an increase due to them having a birthday?
     
  7. tins
    Offline

    tins Well-Known Member

    Posts:
    3,533
    Likes Received:
    0
    State:
    Missouri
    Oh, then if it is an attained age state, yes. If issue aged or community rated, then no.
     
  8. insurance0707
    Offline

    insurance0707 Well-Known Member

    Posts:
    1,230
    Likes Received:
    2
    State:
     
    Moo doesn't like to give the client one lump sum rate increase. They'll give them the first rate increase and then 2 months later they'll give a second rate increase. It really upsets the clients and makes them think that they'll be getting rate increases every couple of months
     
  9. somarco
    Offline

    somarco Well-Known Member

    Posts:
    26,581
    Likes Received:
    75
    State:
    Georgia
    Supposedly been with them 3 yrs (both are 68 now).

    Issue age, except for a few community rated plans but MOO is not one of those.
     
  10. sman
    Offline

    sman Well-Known Member

    Posts:
    6,247
    Likes Received:
    11
    State:
    Georgia
    UoO didn't hit Georgia until December 2009 so not sure how they could be with them for three years. You sure it's not United World?
     
Loading...

Share This Page