Phycians Mutual "Innovative F"

[denver_mark]

Looking at Physcians Mutual Innovative F. Which is a High Ded F sold for around $150.00/yr for 3 years and then turns into a normal F. It's an issue age policy where the premiums arent supposed to go up much over the life of the policy due to issue age.

Seems like a pretty big pill to swallow to overpay $100 a month for something for 3 years just so the premium "wont" rise.

Any experience with PM or this innovative thing, sounds like the only innovative thing is an insurance company justifying an expensive insurance policy.

 

[LostDollar]

The Kansas Insurance Shoppers guide (April 2016) Shows:
Age 65 Phys Mutual
Plan F $3,000.74
HDF 559.79
Plan G 2,058.87

Their rates seem high compared to other choices in the Kansas market.
Unless their relationship to other companies in CO is different, it seems to me like you could do better.

I'm assuming you meant to say 150/ month. I think that gets you to plan G or N range in KS. I'm not an agent, but I can tell you I would have a hard time looking someone in the eye and telling them they should pay $1,800 a year for an HDF in the KS market. Don't know how the CO market differs.

 

[goillini52]

Looking at Physcians Mutual Innovative F. Which is a High Ded F sold for around $150.00/yr for 3 years and then turns into a normal F. It's an issue age policy where the premiums arent supposed to go up much over the life of the policy due to issue age.

Seems like a pretty big pill to swallow to overpay $100 a month for something for 3 years just so the premium "wont" rise.

Any experience with PM or this innovative thing, sounds like the only innovative thing is an insurance company justifying an expensive insurance policy.

I spent about 2 years with PMIC around the turn of the century. They haven't been competitive in the Med Supp market for a long time. This is just a gimmick they came out with a couple of years ago. The Innovative F has a few MA type benefits like dental(maybe covers a check up and a cleaning). I guarantee you that after 3 years, it'll be at least 50% higher than the other F's. Don't be a sucker.

 

[denver_mark]

Yes 150/mo.

Plan F in Colorado $150/mo, Plan G $129/mo.

PM sales guy doesn't seem to have a problem looking you in the eye saying it's the best thing since time began.

 

[goillini52]

Yes 150/mo.

Plan F in Colorado $150/mo, Plan G $129/mo.

PM sales guy doesn't seem to have a problem looking you in the eye saying it's the best thing since time began.

How much are the F"s and G's with other companies in CO? That's a lot of money to pay and have a $2,200(I think that's what it's going to)deductible. R U N!!!

 

[jacobtn]

How can they have a non standardized plan?

 

[Ron Van D]

I spent about 2 years with PMIC around the turn of the century. They haven't been competitive in the Med Supp market for a long time. This is just a gimmick they came out with a couple of years ago. The Innovative F has a few MA type benefits like dental(maybe covers a check up and a cleaning). I guarantee you that after 3 years, it'll be at least 50% higher than the other F's. Don't be a sucker.

OMG! That makes it sound so long ago! Wait...which century?

 

[LostDollar]

How can they have a non standardized plan?

I don't know the hows, but I'm sure there has been at least one other discussion of this type of plan in the last few months, so it is apparently allowed.

Perhaps as long as all the CMS mandated requirements are met, there is some leeway for additional features.

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Yes 150/mo.

Plan F in Colorado $150/mo, Plan G $129/mo.

PM sales guy doesn't seem to have a problem looking you in the eye saying it's the best thing since time began.

Mark,
I went somewhere and just asked for a quote for a Castle Rock Zip. I'm not going to do this regularly, but I just wanted to do a check on my judgement and what I think I have been picking up here. (And I'll have some emails to cope with as a result.)

I don't think it is appropriate for me to post precise rates, but I have these observations for a company that I believe many agents here would consider a sound choice:
HDF < $60
N and A < $150
G and F < $200

When I went into a thread in the consumer section and asked about an HDF plan, the consistent advice I got was buy G or N. I have seen that advice offered many times in other threads too. I chose to ignore that and buy an HDF. But.... I bought a pure HDF at competitive HDF prices and consistently stated to all comers that I was willing to accept HDF risk.

From the client's point of view, I don't think your PMI offering is a wise choice. I think you should quote an N, offer a G as a higher priced alternative and -- ONLY IF YOUR CLIENT HAS A HIGH RISK TOLERANCE ---- offer a pure HDF as a low priced alternative. Understand that I have seen a number of agent posts here that indicate it is quite difficult to make clients understand the money going out of their pocket with an HDF until the client actually has to disburse the funds.

 

[goillini52]

How can they have a non standardized plan?

They've been out for a couple of years. There have been about 5 threads on this so far.

http://www.naic.org/documents/commi...medigap_innovative_benefit_survey_results.pdf

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OMG! That makes it sound so long ago! Wait...which century?

Hahaha, that does sound old. At least I'm not as old as Rouse and Lost Dollar.

I guess that would be the 21st Century.

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I don't know the hows, but I'm sure there has been at least one other discussion of this type of plan in the last few months, so it is apparently allowed.

Perhaps as long as all the CMS mandated requirements are met, there is some leeway for additional features.

----------



Mark,
I went somewhere and just asked for a quote for a Castle Rock Zip. I'm not going to do this regularly, but I just wanted to do a check on my judgement and what I think I have been picking up here. (And I'll have some emails to cope with as a result.)

I don't think it is appropriate for me to post precise rates, but I have these observations for a company that I believe many agents here would consider a sound choice:
HDF < $60
N and A < $150
G and F < $200

When I went into a thread in the consumer section and asked about an HDF plan, the consistent advice I got was buy G or N. I have seen that advice offered many times in other threads too. I chose to ignore that and buy an HDF. But.... I bought a pure HDF at competitive HDF prices and consistently stated to all comers that I was willing to accept HDF risk.

From the client's point of view, I don't think your PMI offering is a wise choice. I think you should quote an N, offer a G as a higher priced alternative and -- ONLY IF YOUR CLIENT HAS A HIGH RISK TOLERANCE ---- offer a pure HDF as a low priced alternative. Understand that I have seen a number of agent posts here that indicate it is quite difficult to make clients understand the money going out of their pocket with an HDF until the client actually has to disburse the funds.

Hey LD, I think he's a consumer like you(well, nobody could be quite like you...lol). You are still a consumer...aren't you?

 

[LostDollar]

Hey LD, I think he's a consumer like you(well, nobody could be quite like you...lol). You are still a consumer...aren't you?

Yep, no change there. (And I was thinking about you not wanting me to recommend HDF as I wrote the above! I hope I got enough caveats and capital letters in there.)