Covered in this webinar are updates on Mutual of Omaha, CIGNA, Equitable, Stonebridge Life Medicare Supplements. <!@split@> Resources: Update 06-22-16 on Medicare Advantage penetration: CIGNA Text Alerts on Your Business – instructions CIGNA Mobile Quotes Instructions CIGNA Instant Text Quotes…
Why?
Because even if the rate is not drastically better today, the renewals surely will be better (for Plan G) tomorrow.
Mutual of Omaha on February 12, 2014 had a post purporting the benefits of Plan G.
See the Mutual Express blog on the topic.
And here is our webinar on this topic.
This was covered in depth for our members in this webinar, where not only are the benefits shown, but the salesmanship to go along with it are explored. The only company in the market paying commissions on the Part B deductible is New Era (and sister company Philadelphia American). This means, with the other companies, you are not getting paid commission on the deductible, anyway.
In my opinion, it is far better to separate yourself from the competition by saving your client the most money today, and at renewal time, by strongly recommending Plan G.
Remember, though, that many seniors just won't get it. Some are not capable of understanding the numbers and just want the convenience of Plan F. Don't be discouraged when you encounter this. They just don't want to be bothered. In the end, the customer is always right, and I'm happy to sell them what they are looking for.
-CW
Last night I was out with my wife and saw, on a restaurant's TV, a commercial playing on the ESPN channel.
The commercial was for SelectQuote Senior – their new senior division, selling Medicare Supplements to seniors.
Upon reviewing their site, they have a very limited, and somewhat outdated, list of carriers that they represent in the Medicare Supplement market. For instance, they're still selling Gerber Life and GPM Life's Medicare Supplement plans, neither of which are competitive anymore.
The fact that such a large company is entering the Medicare Supplement marketplace reinforces that this is definitely the place to be!
The recent report by CSG Actuarial said that the outlook for 2014 and beyond for the Medicare Supplement market is very good.
Proving once again, selling Medicare Supplements by phone CAN be done!
Update since the post:
Comment from Paul in KC:
__________________________________
On Sun, Feb 2 at 11:35 AM , Paul wrote:
A new study by the CSG Actuarial folks says that it is a very good time to be in the Medicare Supplement market.
By Doug Feekin on January 31, 2014 —
Now that we’ve put a wrap on 2013, here’s a 2014 Medicare Supplement market forecast from CSG Actuarial. All in all, it is a very good time to be in the Medicare Supplement market. The market is expanding due to the demographics in the United States and the risk issues of the past few years seemed to have settled down. Most companies are realizing additional profits from lower claim trends and attempting to increase market share.
Claim Trends Stay Lower
CSG Actuarial is projecting that overall Medicare and Medicare Supplement claim trends will continue the pattern from the past three years and remain lower in 2014. Along with the overall lower claim trends, Medicare Supplement Plans C and F should experience further dampening of their claim trends due to the Part B Deductible not increasing in 2014.
Lower Claim Trends | Lower Premium Increases
CSG Actuarial is projecting that these lower claim trends will continue to drive lower and/or delayed premium increases. Overall premium rate increases have declined the past three years and we expect 2014 rate increases to be generally in line with the level of increases implemented in 2013.
Plan G
CSG Actuarial is projecting a continued emphasis on Plan G from some of the primary companies in the Medicare Supplement market. In most instances, the premium savings for Plan G versus Plan F is substantially greater than the out of pocket cost of the Part B Deductible and some agents are starting to put more focus on plans other than F.
Sales, Sales, Sales
CSG Actuarial is projecting continued growth in the overall sales in the Medicare Supplement market. Our current estimate for overall 2014 Medicare Supplement annualized new premium sales is between $3.5 and $3.6 billion. CSG Actuarial expects that at least 10 companies will have Medicare Supplement sales greater than $50 million in 2014.
New Market Entrants
CSG Actuarial is projecting an increase of new entrants into the Medicare Supplement market in 2014. The pipeline appears to contain at least 10 and possibly as many as 15 companies attempting to put new Medicare Supplement products on the street in 2014.
About CSG Actuarial
CSG Actuarial is a leading provider of actuarial and competitive information for supplemental products. CSG has more than 50 years of actuarial experience with pricing, product development and competitive intelligence within the Medicare Supplement, Critical Illness, Cancer, Final Expense, and Hospital Indemnity markets. Call 855-861-8776 or email [email protected] to learn more.
(Remember, you can utilize the CSG Quote engine for free using our tools. See the Tools page.)
As mentioned in the first webinar of 2014, we have a study going on with the following lead sources for the first quarter of 2014.
1) Internet leads targeting Medicare Supplement online leads
– Using AllWebLeads / InsuranceLeads.com
2) Direct Mail to 68-72 year olds. 4,000 pieces mailed, split between:
– Using Kramer Lead Marketing's “Medicare Comparison” piece and
– Using LeadConnections.com “E-80” lead piece
3) Telemarketed Leads using the new discount with the phone room with USA operators.
The study is well underway and updates will be sent to all members when ready.
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“Yeah, but, can I sell Medicare Supplements successfully?”
This is the question I'm answering in this video.
If you've been in construction, retail sales, or customer service – it does not matter.
If you focus on the skillset necessary to become an interested salesperson – interested in what the client's needs are, you can succeed.
Christopher Westfall
Updates regarding: Sentinel Life, Aetna, American Continental, Continental Life, New Era Life, Philadelphia American, CIGNA, Oxford Life, Stonebridge Life. Please click the image for the webinar replay: ALSO: Video update on Manhattan Life's underwriting, mentioned in the webinar:…
This webinar was on considerations in building trust in the Medicare Supplement sale, using off-the-shelf technology and learning how to speak the language of today's Med Supp buyer. There are ways to effortlessly build trust, using technology, that is…
The AFLAC Medicare Supplement product hit the market in October, 2012.
It was just annoucned today, September 16, 2013, that the product will no longer be offered, effective October 1, 2013.
This is a disappointing move by AFLAC and its distributor, AIMC. There is, as of yet, no explanation for the sudden move and no field communication has been made prior to this decision that might have helped independent agents get positioned for such a potential transaction with applications currently in process.
This sort of non-communication and rull-pulled-from-under agents and clients is not typical in the industry and will affect future decisions on what companies to market from these higher distribution channels in the future.
Notice sent to the field:
In a recent post, we covered guaranteed issue situations in general.
You can see that post on guaranteed issue Medicare supplements here.
Here, I've extracted some good content from one of the carrier's underwriting guides that helps to break down the guaranteed issue rules for California, the guaranteed issue rules for Missouri, and the Guaranteed issue rules for Oregon.
See the graphics below.. the rules on the underwriting dates in advance of the effective date, are specific to Stonebridge Life's Medicare supplement. The Enrollment starts on the birthday and lasts 30 days, not 30 days on each side. All that means is you have to take the app on the birthday or 30 days after to be GI. I am sure Stonebridge will accept apps on either side of the birthday, but no other carriers in CA that I know of will.
See this latest update from the California Dept. of Insurance:
http://www.insurance.ca.gov/0200-industry/0120-notices/upload/NoticeMedigapChanges2010.pdf
{From Stonebridge:}
State of Washington:
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