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Medicare Blog | Medicare News | Medicare Information

Mutual of Omaha: Medicare Solutions Product Portfolio

Posted by www.psmbrokerage.com Admin on Wed, Jun 12, 2019 @ 01:04 PM


As people approach age 65, they’re bombarded with insurance offers. While some companies continue to add to the clutter and confusion, Mutual of Omaha is focused on helping you guide your clients through the complexity of selecting Medicare coverage. So, when they turn to you for help, turn to Mutual of Omaha’s Medicare Solutions portfolio.

Medicare-age clients are looking to stay physically and financially healthy. Considering they need to make their savings last, they want to know what’s covered and how much things will cost. They want to feel confident that the coverages they choose will help protect their health and budget.

Mutual of Omaha’s Medicare Solutions can do just that.

Take a look at their products that help solve your clients’ needs during their retirement years:

  • Medicare Supplement Insurance. Competitive pricing, premium savers and fast policy issue
  • Dental Insurance. Guaranteed issue, two plans available (both with optional vision rider), backed by a network of about 375,000 provider locations
  • Mutual of Omaha Rx. Two national prescription drug plans with affordable premiums, Value plan has $0 deductible for Tiers 1 & 2 prescriptions
  • Cancer, Heart Attack/Stroke Insurance. Limited underwriting, direct payment upon diagnosis, policies up to $100,000

Mutual of Omaha’s great senior product offerings and unparalleled service are the perfect complement to your clients’ needs.

If you have questions or would like to get contracted, please call us at (800) 998-7715 or complete our online request form.

Mutual of Omaha Rx (PDP) is a prescription drug plan with a Medicare contract. Enrollment in the Mutual of Omaha Rx plan depends on contract renewal.

Additional Updates:

Tags: Medicare Supplement, Medicare Part D, Mutual of Omaha Medicare Supplement, dental plans, MACRA

Benefit Chart of Medicare Supplement Plans Sold on or after January 1, 2020

Posted by www.psmbrokerage.com Admin on Wed, Jun 12, 2019 @ 08:32 AM


With MACRA right around the corner, this chart should be helpful if you are currently selling Medicare Supplement plans.

Here is a link to the PDF document.

2020 med supp benefits


Image: www.Canva.com

Additional Updates:

Tags: Medicare Supplement, MACRA

The Need for Dental Insurance

Posted by www.psmbrokerage.com Admin on Wed, Apr 17, 2019 @ 02:00 PM

the need for dental insurance.jpg

Mutual of Omaha offers two dental plans
* Mutual Dental Preferred and Mutual Dental Protection insurance policies with an optional vision care rider** underwritten by Mutual of Omaha Insurance Company. The dental product is available in all states except: New Mexico, New York, Virginia and Washington.

While this product is positioned for individuals who are Medicare eligible the issue age is 19 – 99 for these policies. For more information and to see rates view the Dental Insurance Product and Rate Guide.

Medicare supplement and Dental Insurance – Better Together
You have a built-in target market. If you are selling Medicare supplement, there are a number of reasons you should be offering your Medicare clients a dental policy.

First, good dental care is important to overall health. But do you know Medicare doesn’t cover dental services? That means dental bills have the potential to take a bite out of people’s savings.

Second, there is a need among individuals age 65 and older for dental insurance.

  • 87% of this group still have their natural teeth
  • Due to cost, 1 in 5 of them has untreated tooth decay and fewer than half see a dentist even once a year
  • Only 12% have dental insurance

Third, it is an easy sale. If you are taking a Med supp e-App the dental plans are quoted up front and with a few simple questions at the end of the app you can complete a dental sale. Also, all Med supp paper apps have the dental application included in the application book.  And with our mobile quote app you can provide your clients a quote on the spot.

Not appointed with Mutual of Omaha. Request details on both their competitive Medicare Supplement and Dental Plans.

Image: www.Canva.com

Additional Updates:

Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement, dental plans, MACRA

Mutual of Omaha: Your Guide to MACRA

Posted by www.psmbrokerage.com Admin on Wed, Apr 17, 2019 @ 01:46 PM

What is MACRA?

The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) changes some of the Medicare supplement plans people new to Medicare can purchase. The rule says that as of January 1, 2020, newly-eligible Medicare beneficiaries won’t be able to purchase Medicare supplement plans that cover the Part B deductible. These are Medicare supplement Plans C, F, High-Deductible F and Minnesota and Wisconsin Part B deductible coverage. For MACRA purposes, “newly-eligible” people are those who become eligible for Medicare on or after January 1, 2020.

Download the Flyer here


Additional Updates:

Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement, MACRA


Posted by www.psmbrokerage.com Admin on Mon, Mar 11, 2019 @ 11:30 AM


Aetna Med Supp Texas

Have you heard? MACRA is a hot topic this year for the Medicare Supplement industry. Legislation and regulations can often be hard to understand, so we’re going to break it down into small pieces to help you get ready for the changes that will happen January 1, 2020.

Today, we’re sharing some frequently asked questions, which are also available to download here.

What is MACRA?

The Medicare Access and CHIP Reauthorization Act (MACRA) is a federal law with changes to Medicare Supplement plans in all states, which goes into effect January 1, 2020.

What’s changing?

As of January 1, 2020:

  • Medicare Supplement plans with Part B deductible coverage (Plans C, F and high deductible F) cannot be sold to “newly eligible” Medicare beneficiaries.
  • The following guaranteed issue plans will be available for “newly eligible” Medicare beneficiaries: Plans D, G, and high deductible G (new!)

What is the definition of “newly eligible” Medicare beneficiaries?

Individuals who have attained age 65 or first become eligible for Medicare due to age, disability or end-stage renal disease on or after January 1, 2020.

How are current enrollees in Plans C, F, and High Deductible F affected by these changes?

Current enrollees (those eligible for Medicare prior to January 1, 2020) with Plan C, F or High Deductible F can keep their plan. And, they can continue to buy Plans C, F and High Deductible F after January 1, 2020. Current enrollees will also be able to buy the new Plan High Deductible G on or after January 1, 2020.

What will happen to high deductible plan options?

Since Plan High Deductible F cannot be sold to those “newly eligible” Medicare beneficiaries, a new Plan High Deductible G will be created. Plan High Deductible G will be available starting January 1, 2020. Both “newly eligible” Medicare beneficiaries and current beneficiaries will be able to buy the new Plan High Deductible G.

What will happen to Guaranteed Issue requirements?

Plans D and G will become two of the guaranteed issue plans for “newly eligible” Medicare Beneficiaries on or after January 1, 2020 (Plans C, F and High Deductible F of the current Guaranteed Issue plans will no longer be available for “newly eligible” Medicare Beneficiaries).

Current enrollees can remain with or buy Plans C, F and High Deductible F. Individuals who do not fall within the definition of “newly eligible” Medicare beneficiary will still be able to purchase Plans C, F and High Deductible F.

For more detailed information, you can review the NAIC implementation guidelines for MACRA.

Additional Updates:

Tags: Medicare, MACRA

MACRA and the future of Medicare Supplements

Posted by www.psmbrokerage.com Admin on Tue, Jan 08, 2019 @ 04:42 PM

Is Plan F going Away in 2020? Not Exactly

Recently passed legislation referred to as MACRA (Medicare Access and CHIP Reauthorization Act of 2015 ) will, among other things, affect the Medicare Supplement industry in calendar year 2020. Specifically, the Part B deductible can’t be covered. Therefore, Plan F will no longer be an option for individuals newly eligible for Medicare starting January 1, 2020. However, in-force policyholders will be able to keep their current versions of Plan F and individuals eligible for Medicare prior to January 1, 2020 (i.e., not “newly eligible”), can purchase the current version of Plan F on or after January 1, 2020.

For the Medicare Supplement market, the news is mixed. Overall loss ratio experience (and resulting premium rate pressure) could be more favorable for several years following the implementation of MACRA. However, retention dollars (premium less claims) will most likely be reduced due to MACRA. 

Individual carriers are in a position now to plan a course to proactively mitigate risks or exploit opportunities. We recommend analyzing the financial impact of MACRA implementation on your Medicare Supplement product portfolio to provide insight into appropriate next steps. Using a model built from our knowledge of the market, we have simulated the future policy issues of Medicare Supplement Plans F and G and observed some interesting insights. 

Medicare Supplement market will split into two distinct markets

What we now consider one market for Medicare Supplement will effectively become two markets starting in 2020. We will call them Newly Eligible (NE) and Non Newly Eligible (NNE). This is terminology from the regulatory language that specifies eligibility to purchase Plan F (or Plan C). The NE market will consist of individuals who reach the age of 65 on January 1, 2020, and later. Over time, this market will have an increasing maximum age and a minimum age of 65. The NNE market will consist of individuals who reach the age of 65 before January 1, 2020, and an increasing minimum age but no maximum age.

Overall loss ratio experience should be better for a few years following MACRA implementation

Based on modeling various reasonable scenarios of the Medicare Supplement market, experience on policies issued in 2020 and later should initially exhibit a loss ratio as much as 1.0% - 2.5% lower than would otherwise be the case. The reason is that exposure to the non-medically underwritten higher loss ratio open enrollees will shift from Plan F to Plan G, a lower benefit plan. Therefore, the higher loss ratio business has lower exposure and the overall loss ratio is lower all else being equal. This loss ratio improvement will likely last for a few years and then reverse with portfolio loss ratios realizing a steady increase in future years as Plan G exposure overtakes Plan F. Appendix A illustrates this pattern based on our overall projection of the market with and without the implications of MACRA.

Plan F sales, which will only be available to the NNE market, will consist of a greater portion of healthier underwritten business than under the current environment. Plan F will still be available to NNE individuals under guarantee issue provisions.

On the other hand, Plan G will likely comprise a greater portion of higher cost/utilization open enrollment and guarantee issue business from the NE market. As the NE market grows and the NNE market shrinks over time, the relative mix of Plan F and Plan G will shift and the market will be more reflective of Plan G experience.

Initially, the favorable underwritten Plan F experience issued at higher rate levels could offset the negative Plan G experience. As time goes by and Plan G becomes an even greater portion of the market, this relatively unfavorable experience will overcome the positive Plan F experience unless corrective action is taken. The aggregate impact may remain positive for numerous years.

Download the PDF / Read the full article

Questions / comments? We would love to hear your thoughts and how these changes might impact your current business.

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Tags: Medicare, Medicare Supplement, MACRA

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