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The new state birthday rules will give people who already have Medicare supplement insurance policies, or “Medigap” policies, a chance to switch Medigap policies for a few weeks every year, around the time of their birthday anniversaries. Jesse Slome, the director of the American Association for Medicare Supplement Insurance, put out an alert about the new state birthday rules. He emphasized, in a comment included in the alert, that Medigap users who want to switch policies should talk to insurance agents who regularly sell Medicare plans. “This is probably one of the least-known opportunities available to seniors,” Slome said. Getting professional advice is important, because each state has different rules, and understanding and meeting a state’s requirements is critically important, Slome said. What the New Birthday Rules MeanThe start of the states’ new “Medigap” policy birthday rules could give insurance agents and brokers a new chance to reach out to Medigap users. The new rules could also help insurance producers in the affected states present Medigap policies as attractive alternatives to Medicare Advantage plans. For the affected health insurers that issue Medigap policies, the new rules will create a framework for offering plan switches on a guaranteed-issue basis, which may reduce the odds that sudden gushers of claim risk will cause some issuers to capsize. But, because many of the plan switchers will be people with serious illnesses, hoping to get access to the best care providers for their conditions, the new rules could also add claim cost management headaches, at a time when the COVID-19 pandemic is already complicating efforts to predict and manage health care costs. Medigap policies can help consumers pay their Medicare Part A deductible and meet the traditional Medicare copayment and coinsurance requirements. Consumers can also buy Medicare Advantage plans. Those policies tend to offer enrollees broader coverage than the traditional Medicare program, in exchange for giving the enrollees financial incentives to use in-network providers and requiring the enrollees to get preauthorization for some medical procedures. Many producers strongly prefer selling consumers Medigap policies, because they see both the rules for producers and the coverage rules for the patients as being more flexible. For producers, one obstacle to selling Medigap policies has been higher monthly premium costs for Medigap coverage. Another obstacles has been the difficulties unhappy Medigap users have with switching policies. Source: https://www.thinkadvisor.com/2021/12/29/new-birthday-rules-to-help-some-medigap-users-switch-plans  |
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Tags: medicare supplement insurance, Idaho, Illinois, Nevada
Atlantic Coast Life Medicare Supplement"Transforming the Agent & Customer Experience"
PSM is proud to be an exclusive distributor for Atlantic Coast Life's (ACL) Medicare Supplement Plans. We are excited to introduce their new Med Supp product to you along with an agent experience like no other! With state of the art features and technologies, securing Medicare Supplement coverage for your clients has never been easier. Along with competitive rates,excellent commissions and writing agent bonus, you don't want to miss this exciting opportunity. Atlantic Coast Life Insurance Company(ACL) is a premier provider of Medicare Supplements, Life Insurance and Annuity products for families throughout the United States.
ACL's products are flexible and competitive, and are able to meet the changing needs of their clients. ACL is proud of their ability to stay attuned to the needs of their clients – not only giving them choices that best fit their situation, but by listening to each individual. BONUS PROGRAM for Writing Agents
What Makes Atlantic Coast Life Unique?
As an independent agent, we realize you have lots of choices to make. We feel Atlantic Coast Life's Medicare Supplement plans offer a unique advantage and will help set you apart in the market. For Agent Use Only. B01191903 Learn more about selling Med Supps with Atlantic Coast Life. PSM offers an array of the best Medicare Supplement contracts along with ideas on Medicare Lead Generation and the most effective way to sell Medicare products. Contact us today to learn more about growing your business with us. |
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Tags: medicare supplement insurance, product spotlight, atlantic coast life medicare supplement
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Medicare Supplement 1st Quarter 2018 Results
Aetna Reports Medicare Supplement Results for 1st Quarter 2018 For 1st quarter 2018, Aetna reported Medicare Supplement member in-force counts of 748,000, up 8,000 from 4th quarter 2017 and 37,000 over the past 12 months. The 8,000 increase in membership during 1st quarter 2018 is 69% lower than the membership growth in 1st quarter 2017. Aetna’s Medicare Supplement membership growth rate slowed considerably since 2016 due to an overall weakening of competitive positioning and increased competition from other market leaders on Plan G. The table below shows Aetna’s Medicare Supplement enrollment counts by quarter since 4th quarter 2011 and annual increase in Medicare Supplement enrollment counts by quarter since 4th quarter 2012. CSG Actuarial projects Aetna’s overall Medicare Supplement sales at 4th in the overall market over the past 12 months.
Humana reported 1st quarter 2018 Medicare Supplement lives of 238,700, a 1.2% increase over 4th quarter 2017 and a 3% increase over 1st quarter 2017. The 2,800 increase in membership during 1st quarter 2018 is 78% lower than the membership growth in 1st quarter 2017. The table below shows Humana’s Medicare Supplement enrollment counts by quarter since 1st quarter 2011. Humana also reported 1st quarter 2018 Medicare Supplement premiums of $125 million, up 6% from 1st quarter 2017. Based on estimates from CSG Actuarial, Humana’s sales ranked 7th in the market over the past 12 months.
CNO Financial Group Reports Medicare Supplement Sales in 1st Quarter 2018 CNO Financial Group (parent company of Bankers Life & Casualty, Washington National, and Colonial Penn) reported 1st quarter 2018 Medicare Supplement sales of $12.9 million, down 20% from 1st quarter 2017. For the past 12 months CNO Financial Group reported Medicare Supplement sales of $62.7 million, ranking in the top 10 in the Medicare Supplement market. CNO Financial Group also reported 1st quarter 2018 Medicare Supplement earned premiums of $206 million, down $4 million from 1st quarter 2017.
Torchmark Reports Medicare Supplement Sales in 1st Quarter 2018 Torchmark reported 1st quarter 2018 Medicare Supplement annualized new sales of $15.7 million, up 22% from 1st quarter 2017. For the past 12 months, Torchmark reported Medicare Supplement annualized new sales of $69.1 million, ranking in the top 10 in the market.
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Tags: Aetna Medicare Supplement, UnitedHealthcare Medicare Supplement, medicare supplement insurance, humana medicare supplement
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Mutual of Omaha to Enter Medicare Advantage Market in 2019 I'm sure if you've spent even a short amount of time in the Insurance industry you will recognize the name Mutual of Omaha. But did you know that Mutual of Omaha will begin selling its first Medicare Advantage health plan in 2019? Mutual of Omaha will work in cooperation with Lumeris Inc., a St. Louis company that will arrange health provider networks and manage the plans. It’s a big step for the Omaha-based insurer, which got out of the individual and small-group health insurance business more than a decade ago, although it has sold Medicare Supplement plans since 1966 and is the second-largest source of those plans. But Medicare Supplement enrollment is declining and Medicare Advantage sales are increasing, said Brad Buechler, a Mutual executive vice president. Medicare Supplement insurance, also known as Medigap, is sold by private companies to help pay some costs not covered by government Medicare. Medicare Advantage plans also are sold by private companies but are an alternative to government-run Medicare, providing the traditional coverage plus other benefits. About one-fifth of Medicare recipients use Medicare Supplement coverage to augment their Medicare plans. About one-third use Medicare Advantage plans, and Kaiser Family Foundation predicts that share to pass 40 percent by 2027. “The goal here is to ensure that we’ve got all of the interests of all parties aligned through the whole health care delivery value system,” Buechler said. Between 2001 and 2007 Mutual got out of small-group, individual major and group health insurance, dismantling its health care provider networks. Lumeris has the expertise to set up new networks of providers that want to practice “value-based” care that depends on good medical outcomes rather than traditional fees for each medical service, Buechler said. Lumeris also will help identify metropolitan statistical areas — yet to be selected — where the new plans can compete for significant market share, he said. Mutual, which is likely to count more than $8 billion in revenue this year, will own the plans under the Mutual Medicare Advantage name and will provide brand, marketing and distribution expertise and capital. Mutual declined to reveal its financial goals for the Medicare Advantage business. Buechler said the plans will have “narrow” networks, meaning clients will choose from limited numbers of physicians, hospitals and other care providers. Such managed care networks are designed to reduce costs while improving efficiency and medical outcomes. The two companies expect the first plans to be ready for the Medicare open enrollment period that starts Oct. 15, with advertising leading up to that and plans taking effect Jan. 1, 2019. Precision Senior Marketing is a proud partner of Mutual of Omaha and we look forward to offer agents another quality Mutual of Omaha product as soon it comes available. |
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Tags: Medicare Advantage plans, medicare supplement insurance, mutual of omaha
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What to consider when selling Medicare Supplement insurance When you commit to selling Medicare Supplements, you’re trading the higher commission you may have earned selling final expense or other insurance products for the opportunity to amass a book of business that will eventually give you exponential residual commissions. That is the biggest pro of selling Medicare Supplements. Related: How To Get Started In Medicare Sales.
Good reasons to specialize Here are a few reasons that make Medicare Supplements a lucrative product to sell:
Agents who may be weighing final expense insurance sales versus Medicare supplement product sales will see obvious differences between commissions, the learning curve it takes to get up-to-speed to sell, the amount of annual service required, and the sales environment. A more experienced agent will not look at these two types of insurance in terms of having to sell one or the other, and may decide instead to sell both. If you’re catering to seniors in both instances, why not offer both products?
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Tags: tips on selling insurance to seniors, medicare supplement insurance
