Supp Enrollment before A&B eff date; pricing hold

[SRee973]

When you enroll someone in a MedSupp months before their A&B effective date, is the premium pricing fixed at that time?

So, let's say the premium is $120 /month and you enroll the person 6 months before their A&B eff date.
At the eff date 6 months later, the same $120 /month premium is honored even if current premium has changed up/down?

 

[mickeyma]

Call the company and find out. I would guess that the rate is fixed from the initial start date and not the date of the app.

 

[Chazm]

Highly depends on the company.

 

[vic120]

Highly depends on the company.

Have you ever seen a premium change on a policy after it is signed approved and paid before effective date

 

[Chazm]

Have you ever seen a premium change on a policy after it is signed approved and paid before effective date

I write 99% United healthcare for Med Supp‘s and there was never a rate lock guarantee for six months or a year. Supposedly, they now have a one year lock rate but I can’t find it in writing.
In the past, I’ve always told clients that they can get a rate increase at any time including before it’s effective and I’ve seen it

 

[fishfortwo]

Where I am Anthem has a rate increase in July. You can write someone with a June 1 effective date and their rate will go up to what was approved. You could write them in June with a July 1 effective and I let them know it will go up to what is approved. As Chaz said it depends on the company.

 

[goillini52]

When you enroll someone in a MedSupp months before their A&B effective date, is the premium pricing fixed at that time?

So, let's say the premium is $120 /month and you enroll the person 6 months before their A&B eff date.
At the eff date 6 months later, the same $120 /month premium is honored even if current premium has changed up/down?

Most companies go by effective date, but I've never seen the premium change on a new to Medicare after the premium is paid before it becomes effective.

 

[goillini52]

Have you ever seen a premium change on a policy after it is signed approved and paid before effective date

They'd adjust the premium before issue base on the effective date.

 

[vic120]

They'd adjust the premium before issue base on the effective date.

True but once the premium is paid usually well in advance I have not seen changes

Maybe UHC is different I could see that

But I don't think another company would change premium after issued and paid

Most companies have online apps, Even the ones I do paper are usually generated by the same method, Would generally, show any premium adjustment based on an effective date by the time App is either printed or set for esigg

 

[somarco]

I have never written an app that far in advance of the effective date, so can't comment. Most of mine are within 60 days, occasionally 90 days. Some the day before the effective date.

That said, I have "replaced" a number of apps on folks who "already bought" and did so before the effective date. I get a lot of folks through my funnel who already bought but for some reason, are still looking around.

I always ask "Why are you still looking?" and they tell me they are just making sure they got the best deal.

Sometimes I can offer the same plan at a lower price, but a few times they were willing to pay a few $$ more to get a carrier with some tenure in the market.

Also get quite a few folks who have been looking for months and just haven't been able to pull the trigger. "Why haven't you bought yet?"

Most of the time it's because they don't have a lot of confidence in the agent. That becomes an easy sale for me.