Mutual of Omaha/United of Omaha

[BURKEMONT]

What is all this talk about no commissions for plan N sales? Or is this in regard to extemely long time to issue policy?

 

[insurance0707]

If you write the Plan N and they don't already have United of Omaha, United World or Mutual of Omaha you get paid a commission. If you're switching them from either of those 3 companies and another agent wrote the original plan than you don't get paid a commission. You're basically switching them for free, but usually you're substantially lowering their premuim, that's why agents do it. Your trying to help the client.

 

[G.Gordon]

I've noticed a difference in my Plan N apps and other plan apps. Plan N's are not a priority it seems.

 

[billyg]

So far, I have only written a very small number of Plan N. They have only been with MoO and to people with medical conditions (example, lady with BC/BS Plan F paying $250/mo who has COPD but is stable and sees the doctor only every couple of months - Switched to MoO Plan N for $140/mo). Any healthy client that would be a good candidate for Plan N I can usually get into a Plan D where the rate is within a couple dollars a month.

Of course, AEP may offer greater acceptance of Plan N for MA folks seeing large premium increases (or seeing their plans disappear / Cigna). I guess we will have wait and see...

 

[Focus LTC]

MoO has an auto issue for plan N's. If your app is absolutely clean 100% it will issue 2 days after app entry. If you miss a checkbox or forget a date, or didn't write down your commission code etc. etc. it gets assigned to an underwritter. Underwritters have a 12 day backlog, meaning it takes them about 12 business days untill they get to your app...

 

[crons79]

May 20th - I wrote an app and submitted it to Moo.

May 23rd - Bank draft came out.

June 1st - Client had coverage.

June 7th - Client was approved by Moo.

June 10th - I received the clients policy.

June 17th - I got paid by Moo.

The dates are not exact, but pretty close. The whole system seems kinda backwards to me, but what can you do? Crazy times.

 

[DS4]

The bigger picture - and bigger challenge for the clients, long term, is that Mutual is the only one taking everyone with limited or no underwriting at all for Plan N. This will necessitate huge rate increases in the future with a captive audience that came to them based on adverse selection (sickest of the sick) that will be stuck... leading to the death spiral of increases for that group on Plan N.

My crystal ball tells me the same.

 

[insurance0707]

I don't think so....I've written lots of very healthy people Plan N. They rarely use the doctor and they don't like paying the higher premiums with Plan F or Plan G. I think they'll have a mix of both sickly and healthy

 

[VaDwayne]

thanks for the responses....glad to know it's not just me

Consider yourself lucky.. MOO is about the only game(Anthem and AARP) in town in Virginia and I have 8 in underwriting, waiting to be issued. 3 are T65 GI and no plan N's. Only $20 difference between N and F in Virginia with MOO.

M.O.O has always been the slowest of the companies that I am appointed with.

There is no Gerber,WOW, Family Life, in Virginia right now.

 

[bourbonlegend]

The bigger picture - and bigger challenge for the clients, long term, is that Mutual is the only one taking everyone with limited or no underwriting at all for Plan N. This will necessitate huge rate increases in the future with a captive audience that came to them based on adverse selection (sickest of the sick) that will be stuck... leading to the death spiral of increases for that group on Plan N.

BINGO!!!