Sure is Nice of the Banker's Agents to Offer Bundling

[eharriett]

I remember losing a case as a new independent. Sold client a supplement for around $95/month (this was back around 07). Cancelled within one week because a guy came around selling an Anthem plan for $66. Asked him what it was he got. He said he got medical, RX, and they "gave him some free life" all bundled into one. When I pressed further, it looks like he got a $0 MAPD plan and a $66 life. When I tried to explain it, all he said was the life was just one more thing I wasn't able to give him for half the money.

I've learned a lot since then.

 

[senior-advisor-indiana]

I talked with prospect tonight who I thought I was on track to get an in home appointment since I followed the rules and prospect expressed interest in plans I offer but tonight she tells me that Banker's door knocked and got to her kitchen table first.

She told me she was interested in looking in to MA and Medigap on our initial conversations but she tells me today that she signed up with a new plan in town this agent was offering called Colonial Penn.She thought it was great because it comes with Life,Vision,dental and prescription all for 183.00 per month.When I asked her was it the plan N she said she wasn't sure.( Banker's rates are very high in Fl so it might be Hi Deductible F) When I asked her did she sign you up for part D she said the agent is still working on that and will come back this week to finish that up.When i asked if she was told what part D plan she was enrolling her in and the premium of the plan etc. she said the only thing she knows is she has to pay 26.00 a month for her 3 generics .She wasn't aware that there will be a separate part D premium because that too was " bundled" in the 183.00 monthly package deal.

How is it that these agents can sell a supplement and the client doesn't know which one they bought and don't know anything about their part D plan other than the total co payments for their 3 generics is 26.00 I imagine the reason the agent has to come back to finish the part D is because they think they are getting around the MIPPA rules by transacting the part D enrollment on a different day then the day the cold call door knock took place for the Med Supp.Since Banker's agents methodicaly door knock T65 the agent can't claim she wasn't aware the consumer might ask about buying part D or that she didn't give a part D presentation as a direct result of cold call - a door to door cold call no less!

This lady has no idea what she has because she hasn't got her copies of the brochures mailed yet.I actually have seen this many times before where the Banker's agents transacted deals without leaving any materials with client.

I am gong to see client next week.This should be fun.

I don't see anything wrong here. He could have easily got a scope after the lady asked about a pdp. Of course we know the intention but it appears he could be following the rules.

 

[yogooglethis]

I don't see anything wrong here. He could have easily got a scope after the lady asked about a pdp. Of course we know the intention but it appears he could be following the rules.

Compliance issues aside, the consumer should know specifically what supplement and part D plan they bought after an agent leaves their home.

The state of Florida DOI says an outline of coverage and Medigap consumer guide is to be left with consumer when a Med supp is sold and CMS says a summary of benefits for the part D plan is suppose to presented and left with consumer as well.

After thinking about the 183.00 package price she got for her Med Supp, part D, Life, Vision and Dental I think the agent put this package together knowing that I had been talking to her about plan F at 179.00 so the only way she could make her product more competitive was to package it all together to make it look like she was getting so much more for only a few dollars more.