Medicare bro
Guru
- 447
Just got an email saying Manhattan life is discontinuing all sales and is dropping out of all states.
Manhattan life is getting out.
- Thread starter Medicare bro
- Start date
Packerland
Guru
- 592
Med Supplements are under so much pressure … rates have to go up drastically or many other carrier are going to be doing the same thing …
A local agent posted this and I found it interesting and a heads up for you at the same time Noticed that MyQuote is updated with 2024 analytics. Loss ratio and market share.
Losers:
2024 Loss Ratio
Cigna 112.15%
Allstate 104.48%
Omaha Insurance 109.23%
Medico 101.02%
Aetna 99.70%
Manhattan Life 101.37%
Humana 100.58%
GTL 95.65%
Loss ratios for 2024 remain higher than normal for most carriers.
Keep in mind:
AARP still pending 6/1/25 rates. Not on portal or MyQuote.
Market share does not compare parent company data, just carrier data. So, WPS and AARP will always show higher.
I would like to say I am this smart but a quick google search defines loss ratios and how it my affect future premiums
Evaluating Profitability:
A lower loss ratio (typically below 70%) indicates that the company is retaining more of the premiums collected, signifying profitability.
A higher loss ratio (typically above 80%) suggests that a significant portion of premiums are going toward claims, which can indicate financial instability.
2. Pricing and Premium Adjustments:
If the loss ratio is too high, insurers may increase premiums to cover the higher-than-expected claims.
If the loss ratio is low, insurers may reduce premiums to stay competitive or expand market share.
3. Assessing Risk:
Insurers analyze loss ratios to understand the risk associated with specific policies or customer segments.
High loss ratios may indicate that the insurer underestimated the risk, prompting adjustments in underwriting criteria.
4. Regulatory Compliance:
Some regulators (like state insurance departments) mandate a minimum loss ratio to ensure policy
NOTE none of these Loss Ratios above are below 70% thus not good future outlook for this …
A local agent posted this and I found it interesting and a heads up for you at the same time Noticed that MyQuote is updated with 2024 analytics. Loss ratio and market share.
Losers:
2024 Loss Ratio
Cigna 112.15%
Allstate 104.48%
Omaha Insurance 109.23%
Medico 101.02%
Aetna 99.70%
Manhattan Life 101.37%
Humana 100.58%
GTL 95.65%
Loss ratios for 2024 remain higher than normal for most carriers.
Keep in mind:
AARP still pending 6/1/25 rates. Not on portal or MyQuote.
Market share does not compare parent company data, just carrier data. So, WPS and AARP will always show higher.
I would like to say I am this smart but a quick google search defines loss ratios and how it my affect future premiums
Evaluating Profitability:
A lower loss ratio (typically below 70%) indicates that the company is retaining more of the premiums collected, signifying profitability.
A higher loss ratio (typically above 80%) suggests that a significant portion of premiums are going toward claims, which can indicate financial instability.
2. Pricing and Premium Adjustments:
If the loss ratio is too high, insurers may increase premiums to cover the higher-than-expected claims.
If the loss ratio is low, insurers may reduce premiums to stay competitive or expand market share.
3. Assessing Risk:
Insurers analyze loss ratios to understand the risk associated with specific policies or customer segments.
High loss ratios may indicate that the insurer underestimated the risk, prompting adjustments in underwriting criteria.
4. Regulatory Compliance:
Some regulators (like state insurance departments) mandate a minimum loss ratio to ensure policy
NOTE none of these Loss Ratios above are below 70% thus not good future outlook for this …
- 31,259
I've had them from the beginning because of the Family Life contract, but never used them. I was gun shy after Family Life.
Those loss ratios seem off.
See the 4/3 newsletter - loss ratios are in the 80%s (except Aetna in low 90s)
I know we discussed this in the past, it seems like there may be a sweet spot to exiting the market. Like LUMICO exited, and plans to come back later (and americo). There may be some model where a company enters the market and gets enough target enrollment, then exits with stable rate increases.
The companies that exit don't have to worry about getting a bunch of terrible health open enrollment members. Too many of those enrollments will ruin a risk pool.
I imagine some of the agents that have been in this market a lot longer than me, would have better insights into this.
The companies that exit don't have to worry about getting a bunch of terrible health open enrollment members. Too many of those enrollments will ruin a risk pool.
I imagine some of the agents that have been in this market a lot longer than me, would have better insights into this.
- Thread starter
- #7
Medicare bro
Guru
- 447
The people at Americo had no clue what they were doing! None! They blew through so much money. When they exited they were 50mill in the hole.
The "sweet spot" is when new biz sales are lagging. At least that is the way it appears with Omaha, Aetna and others that like to shuffle issuing carriers every 3 - 5 years.
As for re-entry, I think for GA carriers can return after 5 (or maybe) 7 years. Other states may be different.
Open enrollment, 10/15 to 12/7, isn't usually a problem for Medigap carriers because AEP does not create a GI situation for Medigap.
And IEP (usually T65) doesn't automatically equate to a bunch of sick folks. Most of them have been covered by EGH or Obamacare and are generally in better health than the older folks.
- 7,384
I have met folks who have NO health insurance (and have not had for some period measured in years) and are waiting to age into Medicare. I have no idea of the relative quantity of folks like that compared to "healthy" folks you are mentioning above.
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