Senior Group Retiree Benefits

[Northeast Agent]

Is anyone here working in this space? I've been running into a lot of beneficiaries lately who are on one and I can't match it with an individual MAPD. The Aetna PPO with the passive EPO network has a low MOOP, no hospital co-pay and the other co-pays aren't bad, either. I didn't realize until recently that about 25% of beneficiaries are on a group plan. During AEP I was helping enroll at sales seminars for a regional Blues carrier and a lot of the attendees were on group plans. They just came to do a comparision (and probably for the snacks) and hardly any switched.

I prefer Med Supps over MAPD, but after a couple of years the rates creep up and they start complaining about the price increases. Lately it seems I've been meeting Type II diabetics who are on more than two meds each for HBP and sugar. I can move them, but not to a carrier that will save them money.

I'm now contracted with Aetna to start offering group and am meeting with a rep from The Hartford this week to talk about their plan. I know UHC and Humana are also in this space and some other carriers are as well. I know the commissions are less, but if you get a nice sized group it could be lucrative.

 

[somarco]

Every once in a while I will run into a true group MA plan. The groups are usually quite large, several hundred to 1,000+ members tied to a single employer. You can work (quite literally) for years trying to crack into this market. Agents who are associated with these plans are usually very well connected politically.

 

[Devin01]

Are you a group agent? I agree with Somarco replacing or adding on is difficult and takes time to prospect . We sell a group Medicare product but we have a downline of group brokers that do Medicare part time and they offer it to their clients , especially to small groups less then 20 . 8 Percent commission on premium with no underwriting so it is a grantee issue product that pays commission. Must be employed for a company of 20 or less employees and Have A and B

In terms of the diabetics my philosophy is get contracted with as many carriers as possible so you do not loose a sale, and if offers greater flexibility in the replacement market. Many companies are ok to work with, if have 1-2 diabetic meds and less then three BP. Bankers Fidelity, New Era of the MidWest, Americo and maybe Everest, not sure with Everest, just picked them up.

 

[somarco]

What does 8% commission of a $0 premium work out to be?

 

[Devin01]

I made a promise to myself not to attack and be negative on this site. Your question is a silly one 0 of 0 =0

Group Medicare products have differences from individual med sups that we all write. especially when it comes to commissions. For example the group Medicare product I use is guarantee issue, meaning the company that underwrites it takes anybody and everybody no medical questions and there is no enrollment time period. . Even though they take anybody they pay commission, 8%. In addition it's lifetime as long as the client pays the premium and keeps the plan. You get a commission. Our agency has had this group medicare contract for 5 or so years. I would personally rather do an individual med supp, byt if you are a small group broker it has its place.

 

[somarco]

8 Percent commission on premium

Perhaps you should not make silly statements.

Or maybe more explanation, particularly about premiums, on this "group" plan.

Are you aware that individual MA plans are also "guaranteed issue" (except for renal failure) and many have $0 premiums.

What is magic about your "group" MA plan vs individual MA? So far you are not convincing me.

Try to explain without sounding silly.

 

[Devin01]

Lol, no magic. Not trying to convince you of anything. I should have clarified It follows original Medicare just like supplements we all write, not MAPD. Employers can legally pay premiums and you can customize it meaning you can make it like a Plan F or you can add a deductible on to it . You can bring the price down to 29 a month while staying in original Medicare . You can write this for one client in a group. It also comes with added benefits. People that take the group mapd have no idea on what they r signing up for.

If you only sell individual plans it's not a fit.

 

[jbage007]

It takes awhile for somarco to catch on ... if he ever does, and when he doesn't, he'll never admit it. Georgia pride thing. Like many others, I've found it best to just ignore him.

 

[somarco]

Thanks for the explanation.

Group Medicare supplement plans are indeed a different animal from group MA. I have never personally seen a group supplement plan but have noted other agents that have encountered them.

Group MA plans are more prevalent here but those are going away in favor of retiree HRA.