Med sup claims skying and enrollment falling . Next yr premiums jump big

[Bevo]

You should recommend Plan N. It’s a great plan. It’s “the road less traveled “, most people take G. Plan N rates tend to increase much more gradually than G. It stays affordable longer.

Even Plan N could be looking at double-digit increases with many carriers soon, however this is correct.

 

[Cenla Agent]

N is a hard sell because normally it is only about $15-$20 cheaper than G, not factoring in office and ER visits. You'd have to get a spreadsheet or something to demonstrate the rate increases over time. YMMV but in my experience in no way is this the slam dunk that G vs F was for so long.

 

[Duaine]

Medicare Supplement rate increases continue to be one of the hottest topics in the market. Charts and tables below are updated with 2024 Q1 activity.

Note that data pertains to open blocks of business and excludes instances where companies are implementing large rate decreases as they re-enter the market using old paper.

Medicare claim trends continue to be elevated and carriers have begun implementing larger rate actions to help manage their loss ratios.

The following chart shows the average Plan G rate increases for the largest carriers in the market plus a grouping of all the other carriers (labeled as “Other”). All companies have larger increases in 2024 than in 2023.



[EXTERNAL LINK] - Medicare Supplement Rate Actions – 2024 Q1 Update — Telos Actuarial

 

[StevenjKSU]

N is a hard sell because normally it is only about $15-$20 cheaper than G, not factoring in office and ER visits. You'd have to get a spreadsheet or something to demonstrate the rate increases over time. YMMV but in my experience in no way is this the slam dunk that G vs F was for so long.

It definitely can be, but my savvy clients can understand that small copays will keep the plans more stable over time, which has held true so far. Some of them just don't want to deal with it and would rather pay a little more and that is okay too. My BoB is 10% HDG(F), 40% Plan G, 40% Plan N and the last 10% would eat cat food before they gave up their Plan F's. I imagine over the next 24 months about half of the Plan G's will either become Plan N's or MA depending on the client.

 

[Bevo]

N is a hard sell because normally it is only about $15-$20 cheaper than G, not factoring in office and ER visits. You'd have to get a spreadsheet or something to demonstrate the rate increases over time. YMMV but in my experience in no way is this the slam dunk that G vs F was for so long.

We sell Plan N and easily explain the benefits by phone all day long to people. It's only a hard sell if you make it one. Give it a try, because if you're only pushing Plan G due to this limitation, and we or other seasoned agents talk to them and determine Plan N is a better fit, we'll get them.

 

[Bevo]

Medicare Supplement rate increases continue to be one of the hottest topics in the market. Charts and tables below are updated with 2024 Q1 activity.

Note that data pertains to open blocks of business and excludes instances where companies are implementing large rate decreases as they re-enter the market using old paper.

Medicare claim trends continue to be elevated and carriers have begun implementing larger rate actions to help manage their loss ratios.

The following chart shows the average Plan G rate increases for the largest carriers in the market plus a grouping of all the other carriers (labeled as “Other”). All companies have larger increases in 2024 than in 2023.



[EXTERNAL LINK] - Medicare Supplement Rate Actions – 2024 Q1 Update — Telos Actuarial

Great chart. Jared Strock at Telos is a data wizard. Every agent should be following him on Linkedin.

 

[hockeyday]

If MOO has a highly competitive rate and you don't write em', someone else (cough) will. It's a new game folks...

Also if you use moo as a rewrite company at 68-72, you don't see the stupid rate increases that you do on a t65 At age 68, 69, 70

 

[GoPokes]

No, from UHC to a new carrier plan G

(MoO if curious - I know I know but everyone is going up and Cigna wouldn't take her husband at preferred b/c PSA in 2019 was high... It is what it is I don't think we can avoid MoO indefinitely)

If you re-write UHC to UHICA you don't get new trail and if you weren't original AOR you don't become AOR.

I spoke with a lady in commissions at UHC, via the producer helpline, and she contradicted what you are saying.

This was a couple weeks ago. She said replacing UHC with UHICA is commissionable because it is a different entity...

So, I took a closer look. The 2024 Annual commission amendment update does address the issue. Im not gonna copy paste it, or screenshot it, because UHC would probably hunt me down. It's in "Exhibit 2. III. 1. D. i." (page viii)

Commission will be paid to the replacing agent only if the writing agent of the original policy is not active, at the time the application is taken for the replacement policy and the replacing agent is active, certified, licensed in the state of the replacement policy, and appointed....

It also says something about the commission on the replaced policy being paid at 90% of the schedule, an the amount for year 1 will equal 90% the year 2 amount

It appears if you are the writing agent, you do in fact get paid, however I cannot see anything specific about the trails.

 

[sshafran]

I spoke with a lady in commissions at UHC, via the producer helpline, and she contradicted what you are saying.

This was a couple weeks ago. She said replacing UHC with UHICA is commissionable because it is a different entity...

So, I took a closer look. The 2024 Annual commission amendment update does address the issue. Im not gonna copy paste it, or screenshot it, because UHC would probably hunt me down. It's in "Exhibit 2. III. 1. D. i." (page viii)

Commission will be paid to the replacing agent only if the writing agent of the original policy is not active, at the time the application is taken for the replacement policy and the replacing agent is active, certified, licensed in the state of the replacement policy, and appointed....

It also says something about the commission on the replaced policy being paid at 90% of the schedule, an the amount for year 1 will equal 90% the year 2 amount

It appears if you are the writing agent, you do in fact get paid, however I cannot see anything specific about the trails.

Ok, so there is an exception of original writing agent is not active. Good to know!

 

[GoPokes]

Ok, so there is an exception of original writing agent is not active. Good to know!

Yeah, I am submitting one of these, so I just looked into it, hoping to get paid.