Med Sup Carrier Prices

[MedStar]

How do agents go about getting all the carriers Medicare Supplement prices for the plans each year to determine the cheapest one?

 

[somarco]

CSG Tools | Sign In

tools.csgactuarial.com

If you only sell on low price you may have a retention problem

 

[Newby]

How do agents go about getting all the carriers Medicare Supplement prices for the plans each year to determine the cheapest one?

Med sup prices change all year long. You have to run a quote comparison each time you quote them. They aren’t January 1st to December 31st like MA.

Also age, gender and smoking status all play a factor in the rate.

 

[MedStar]

If you only sell on low price you may have a retention problem

Doesn't the standardization of Supplements make price the only determining factor?

 

[MedStar]

Med sup prices change all year long. You have to run a quote comparison each time you quote them. They aren’t January 1st to December 31st like MA.

Also age, gender and smoking status all play a factor in the rate.

Ah right thank you

 

[bluediamond]

Doesn't the standardization of Supplements make price the only determining factor?

Nope, loss ratio's and participation of a particular company determines the price. Should say that is not the only factors.

 

[somarco]

Doesn't the standardization of Supplements make price the only determining factor?

No . . .

As @bluediamond noted, there are other factors. Longevity in the market is a key test for me. Market size, parent company (usually a negative), reinsurance participation, etc.

 

[MedicareWAA]

No . . .

As @bluediamond noted, there are other factors.

Does it really matter in the states with anniversary or birthday rules? (Putting agent comp aside.) In these areas, what’s the real risk to the enrollee should a company leave or get silly with prices?

About 10% of my book is SUP and my recommendations are biased toward rates although I usually skip the absolute lowest carrier because it’s always a company I’ve never heard of before.

My question isn’t a leading question. I’m interested in hearing more from agents who write tons of SUPs. Thanks.

Walter

 

[somarco]

Does it really matter in the states with anniversary or birthday rules?

Perhaps, but not as much. Depends on how much you want to do to shop rates every year for clients.

Of course you also need to shop PDP as well.

FWIW 100% of my business is Medigap . . .

 

[Baseball7]

all of the major carriers are also on Insurance tool kits