GR Locking Rates Now...!

[2112Greg]

Golden Rule was one of the first to drop the rate locks late last year with a Jan 1, 2013 effective date.

Just got this email that they are now locking in their plans until December of 2014. I can only imagine that business dropped like a stone when brokers couldn't tell potential clients that their premiums would be locked in for the first 12 months. This was why I dropped them...

Any opinions on this?

When your clients select a UnitedHealthOneSM personal health plan with an effective date up through December 31, 2013, they can feel secure knowing their plan/benefits will stay the same until the end of 2014.

You can feel secure knowing your commission earned on this business will not change, as determined by your schedule.
So why should your clients apply for a UnitedHealthOneSM plan?
Many carriers in the individual health insurance market may be discontinuing coverage, or changing health insurance benefits for your clients beginning January 1, 2014. Your clients may feel forced to make a decision about their health insurance they're not ready to make.

Help give them some peace of mind with a UnitedHealthOneSM plan.
With it, your clients can keep the same benefits they choose today through December 30, 2014 and avoid price increases associated with new health care reform benefits. Or they can choose a health care reform plan during open enrollment this year or next.

The time to ensure your clients have quality health insurance is now! Deductible Credit


For clients with an effective date by June 30, 2013, they could also benefit from our Deductible Credit feature!

Available in most states; see a product brochure for details, visit E-Store.

 

[Yagents]

Golden Rule was one of the first to drop the rate locks late last year with a Jan 1, 2013 effective date.

Just got this email that they are now locking in their plans until December of 2014. I can only imagine that business dropped like a stone when brokers couldn't tell potential clients that their premiums would be locked in for the first 12 months. This was why I dropped them...

Any opinions on this?

Read more carefully, it says NOTHING about locking rates, it only states locking in benefits and the rates tied to those existing benefits. They could raise rates for inflation "trend" and premium tax, which is not tied to benefits. This has nothing to do about dropping the rate increase, it's all about allowing clients to renew late in 14' and avoid the Obamacare price spikes due to benefit mandates, age rating, GI, etc.

 

[2112Greg]

Hmmm, the only thing that makes me think otherwise is this...

With it, your clients can keep the same benefits they choose today through December 30, 2014 and avoid price increases associated with new health care reform benefits.

I see what you're saying, but, well, this is a little confusing...!

 

[AllenChicago]

Sadly, the Illinois department of Insurance rushed out a ruling last week that prohibits insurers from manipulating renewal dates on Illinois plans. Hopefully it's not the beginning of a national trend.
-ac

 

[stuy119]

Sadly, the Illinois department of Insurance rushed out a ruling last week that prohibits insurers from manipulating renewal dates on Illinois plans. Hopefully it's not the beginning of a national trend.
-ac

I wonder how and/or if they will review "churn" among agents based upon their decision to not allow wholesale blocks to change effective dates.

 

[timsip]

Hmmm, the only thing that makes me think otherwise is this...



I see what you're saying, but, well, this is a little confusing...!

There are different reasons for rate increases. If you have a plan that will automatically convert to an Obamacare plan, the rate increase is expected will be anywhere from 50-150%, or so it is speculated. With GR and this release, your clients will face rate increases just as they have for the previous years. Who knows what that percentage will be, but I would think it will be better than going to an Obamacare plan.

If you want rate increase protection through 2014, Assurant is the only one I am aware of as of today.

 

[2112Greg]

Yes, and that's why I'm selling Assurant - because of the lock. So when I saw this email from GR, I was thinking it was the same thing.

I don't know what it is, now that I've stopped marketing health insurance, I'm selling it like crazy. Loads of referrals and existing clients needing it. Weird...

 

[AllenChicago]

I wonder how and/or if they will review "churn" among agents based upon their decision to not allow wholesale blocks to change effective dates.

If Exchange enrollment by the healthier members of society is sufficient, I don't expect any witch-hunts. But, since that's unlikely, I expect the people who have the most to lose (Feds? State?) to try and find scapegoats to publicly punish. Or, they may begin paying us BIG BONUSES to find and enroll healthy people. Wouldn't that be nice?
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Yes, and that's why I'm selling Assurant - because of the lock. So when I saw this email from GR, I was thinking it was the same thing.

I don't know what it is, now that I've stopped marketing health insurance, I'm selling it like crazy. Loads of referrals and existing clients needing it. Weird...

Greg, I think you may be benefiting from TaterPeelers efforts there in Texas. He's got a non-stop campaign going right now that's reverberating across the Lone Star state... "NOW IS THE TIME to get in a good stable plan, ahead of the massive 2013/2014 "rate shock!"".

 

[2112Greg]

heh...that Tater, he's such a kook!