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Medicare Blog | Medicare News | Medicare Information

New Virginia Medicare Supplement Release from Mutual of Omaha

Posted by www.psmbrokerage.com Admin on Wed, May 08, 2019 @ 10:18 AM

Mutual Med Supp Virginia

We have some exciting news to share!

Mutual of Omaha is releasing a new Medicare Supplement in Virginia.
Request details today and be ready
when the product roles out for new sales.

Call us at 800-998-7715 and one of our marketing representatives would be happy to share this valuable information with you.

Get to know MACRA

 
Additional Updates:
 

Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement

New Wyoming Medicare Supplement Release from Mutual of Omaha

Posted by www.psmbrokerage.com Admin on Wed, May 08, 2019 @ 10:15 AM

Mutual Med Supp Wyoming

We have some exciting news to share!

Mutual of Omaha is releasing a new Medicare Supplement in Wyoming.
Request details today and be ready
when the product roles out for new sales.

Call us at 800-998-7715 and one of our marketing representatives would be happy to share this valuable information with you.

Get to know MACRA

 
Additional Updates:
 

Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement

64% Of Agents Report Increased Medicare Supplement Sales

Posted by www.psmbrokerage.com Admin on Wed, May 08, 2019 @ 08:36 AM

64 Of Agents Report Increased Medicare Supplement Sales

Nearly two-thirds of insurance agents reported increased sales of Medicare supplement insurance in 2018 and a higher percentage expect continued growth in 2019, according to a survey conducted by the American Association for Medicare Supplement Insurance.

"The vast majority of agents (64.1%) experienced increased Medigap sales in 2018 compared to the prior year," reports Jesse Slome, director of the association.

The organization polled 1,000 insurance professionals who market Medicare insurance in advance of the association's national Medicare Supplement industry conference. Over 300 agents completed the survey questions.

Some 64.1 percent of the agents reported increased or higher sales of Medigap insurance in 2018. Just over one-in-four (27.2%) indicated that their sales were about the same as the prior year with only 8.7 percent reporting decreased or lower sales.

The association asked agents to predict their 2019 sales compared to 2018.

"An ever greater majority of agents (68.6%) were more optimistic that their Medigap sales during the year would be higher," Slome said. "The percentage who expect decreased sales dropped to 3.8 percent.

"With 11,000 Americans turning 65 daily, it's no wonder why more agents are focusing on selling Medicare Supplement and Medicare Advantage products," he added. "There is every reason to be optimistic about the future and the continued growth of the industry."

Source: https://insurancenewsnet.com/innarticle/nearly-65-of-agents-report-increased-medicare-supplement-sale

Image: www.Canva.com

Additional Updates:
 

Tags: Medicare Advantage, Medicare, Medicare Supplement

Industry Updates: Medicare Supplement Market Premium Grows 4.9% to $32.4 Billion

Posted by www.psmbrokerage.com Admin on Tue, May 07, 2019 @ 04:04 PM

CSG Actuarial Blog Header

By Taylor McDonald – CSG Actuarial – May 7, 2019

CSG Actuarial, with information from the NAIC and other sources, reports total earned premiums in the Medicare Supplement market in 2018 totaled $32.4 billion, a 4.9% increase over 2017. The total Med Supp lives covered in 2018 increased to 14.05 million, up 3.9% from 2017. The top 12 carriers in terms of 2018 Medicare Supplement premiums were:

1 United Healthcare
2 Mutual of Omaha
3 Anthem
4 HCSC
5 CVS Health
6 Cigna 
7 CNO Financial
8 BCBS of Massachusetts
9 Humana
10 Wellmark
11 BCBS of Michigan 
12 BCBS of Florida

The 2018 overall Med Supp market loss ratio of 79.0% reflects a continued trend in the market of the overall loss ratios creeping back up towards “Pre-Modernized” levels of around 80%.

Source: https://www.csgactuarial.com/2019/05/industry-updates-medicare-supplement-market-premium-grows-4-9-to-32-4-billion/

Additional Updates:
 

Tags: Humana, Cigna, Medicare, Medicare Supplement, UnitedHealthcare, CSG Actuarial, aetna, mutual of omaha

Medicare Agents and Cross-Selling

Posted by www.psmbrokerage.com Admin on Fri, Apr 26, 2019 @ 11:15 AM

Medicare Agents and Cross-Selling

By Allison Bell – ThinkAdvisor – April 24, 2019

Agents who focus on selling Medicare supplement insurance seem to be a lot more likely to cross-sell many other life, health and annuity products. Agent Link found that 29% of insurance agents surveyed are active in the Senior Market: about one-third of them sell Medigap, and about one-fifth sell Medicare Advantage. Both types of agents were equally likely to sell indexed universal life (IUL) policies: 27% of Medigap specialists and 27% of M/A sell IUL. About 65% of Medigap agents sell permanent life and term life and 8% sell variable annuities. Only 47% of M/A specialists said they sell term life, and just 40% offer permanent life.

Read the full article: https://www.thinkadvisor.com/2019/04/23/medigap-agents-more-likely-to-sell-life-and-indexed-annuities-agent-link

Image: www.Canva.com

Additional Updates:
 

Tags: Medicare Advantage, Medicare, Medicare Supplement, cross selling

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

MACRA Chart

 
Additional Updates:
 

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

New Georgia Medicare Supplement Release from Mutual of Omaha

Posted by www.psmbrokerage.com Admin on Wed, Apr 17, 2019 @ 01:26 PM

We have some exciting news to share!

Mutual of Omaha is releasing a new Medicare Supplement in Georgia. Request details today and be ready when the product roles out for new sales.

Call us at 800-998-7715 and one of our marketing representatives would be happy to share this valuable information with you.


There are Medicare changes coming effective January 1, 2020 as a result of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA). The Act eliminates Medigap plans that cover the Medicare Part B deductible (Plans C, F and High-Deductible F) for people who are Medicare eligible on or after January 1, 2020.  That means those Medicare beneficiaries will not have a Medigap option with first-dollar coverage and will pay the Medicare Part B calendar-year deductible themselves.

How this impacts our new Mutual of Omaha Georgia Product:

  • Effective April 12th, you can now sell Plans A, F, G and N
  • Effective July 1st, you may begin selling the new High Deductible Plan G for applications with an effective date of January 1, 2020 or later
  • Until December 31, 2019 our High Deductible Plan F, underwritten by Omaha Insurance Company, will still be available in Georgia for individuals who are Medicare eligible prior to January 1, 2020. Only paper applications will be available for submission and can be downloaded on Sales Professional Access, Forms and Materials.

For more information on how MACRA impacts your clients, click here.

 
Additional Updates:
 

Tags: Medicare Supplement, Mutual of Omaha Medicare Supplement

Looking to boost sales? Don't forget about Plan N!

Posted by www.psmbrokerage.com Admin on Tue, Mar 26, 2019 @ 03:25 PM

Looking to boost sales?
Don't forget about Plan N!

boost sales.jpg

Don't forget to promote Plan N to your customers!  Plan N is a great value with low and predictable cost sharing, access to any doctor that accepts Medicare, and guaranteed to renew as long as the premium is paid.

Cigna is able to keep premiums low for Plan N through a cost-sharing platform. Policyholders will pay the Medicare Part B deductible and potential excess charges in addition to a copayment for office and emergency room visits.

For individuals who are financially conscious and overall in good health, Plan N may be the right option for them.

Check out all the things Plan N includes:

  • Part A deductible
  • Part A Coinsurance
  • Hospice Care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Part B coinsurance or copayment (copays are required after the Part B deductible)
  • Foreign travel emergency (Pays 80%)

Not appointed with Cigna? Request details here

Image: Freepik

Additional Updates:
 

Tags: Medicare Supplement, Plan N

New Study: Nine out of Ten Seniors Value their Medicare Supplemental Plan

Posted by www.psmbrokerage.com Admin on Fri, Mar 01, 2019 @ 02:23 PM

New Study: Nine out of Ten Seniors Value their Medicare Supplemental Plan

Enrollees agree that these plans offer improved  financial security and access to high quality care

WASHINGTON, D.C. – Seniors continue to be overwhelmingly satisfied with their Medicare supplemental insurance coverage. According to a study by Global Strategy Group on behalf of America’s Health Insurance Plans (AHIP), more than nine out of ten of enrollees value their plan because it protects them against unanticipated costs. Further, 95 percent say these plans allow them to see the doctors and specialists they know and trust.

Medicare Supplement plans offer coverage for out-of-pocket costs that are not covered by traditional Medicare, such as deductibles, coinsurance, and copayments. The study asked seniors about the value, benefits, customer service, and overall quality of care received through these plans.

Additional key findings include:

  • Seniors overwhelmingly express high levels of satisfaction with the process to enroll and renew a policy (92 percent), the services and benefits covered (91 percent), the communications received from providers (83 percent), and the value received for the monthly premium (83 percent).
  • More than 90 percent agree their Medicare supplemental plan allows them to receive high quality care; protects them against unexpected, unpredictable medical costs; and the vast majority believe their plan makes it easier to handle medical bills and paperwork.
  • More than 90 percent of respondents expressed concerns about potentially losing their plan or having to pay for potential increases in cost-sharing – reinforcing the value these plans continue to bring to American seniors.

Around 13 million seniors rely on Medicare supplemental insurance, and more than one third of those with a traditional Medicare plan choose to enroll in a Medicare supplemental plan because they offer enhanced protection, consistent coverage, and access to high quality care.

“Seniors should be able to get affordable coverage and care that protects their both their health and financial security,” said Tom Meyers, AHIP Vice President of Product Policy. “We continue to see this overwhelming satisfaction with Medicare supplement plans because they offer peace of mind.”

The complete findings from the Global Strategy Group study including feedback from enrollees, can be found here.

Source: https://www.ahip.org/new-study-nine-out-of-ten-seniors-value-their-medicare-supplemental-plan/

 

Additional Updates:
 

Tags: Medicare Supplement, Medigap

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