Med Supp Rate Increases

[Frank Stastny]

Lol.

Frank is moving YOUR clients... not his.

I move both "yours" and mine. I don't have to replace each of my clients policies every year. Only when premiums get too high. A company can have an increase and still be competitive.

Replacing my existing client's policies is a lot more efficient than having them cancel and have to try to find someone to replace them. However, I encourage agents to ignore

MOO is actually taking a premium decrease in MO next month.

 

[Todd King]

I dont think the question was "if" companies have rate increases, it was about which companies have more reasonable increases hystorically over time.

Frank, you can only replace so many policies a year. there are only so many hours in the day and you need to sleep for 8 of them. I would much rather have 800ish policies renewing every year and sell an additional 200ish completely new policies. Replacing 800 policies a year seems to be a little inefficient. Not to mention the fact that if your only thinking about first year commission with your clients you might end up putting some people with preexisting conditions in a awkward spot down the road when they get stuck on one of mutual of omahas shell games.

This is a good reason why all of your 800ish clients shouldn't be with one company. But if you aren't keeping up with the ones that get the "big" rate increases, you'll lose them. I would rather retain a client than try to replace, just like Frank says.

I've said it time and again, there is no product in the industry that will build you a better renewal base than med supps, but you better stay on top of the game and service your clients correctly or you'll lose them over time. This is why you should educate them that you are an independent agent and will be there WHEN a company has the big rate increase that just doesn't make sense for their pockets.

 

[Fisher]

MOO is actually taking a premium decrease in MO next month.

Where'd you hear that, Swami?

 

[Frank Stastny]

Where'd you hear that, Swami?

I have crystal balls.

 

[GreenSky]

I have crystal balls.

Jaqueline told me they're more like minature marshmallows.

Rick

 

[KarenW]

Hi everybody. I have been a "silent follower" on this site for awhile now. I recently ( 1 year ago January) went independent after captive stint with a company who shall remain nameless as I really dont want to get beat up. This is something that is hitting close to home now as I had written quite a few Loyal American plan J's and they have had a pretty substantial increase on the standardized block. I have been bombarded with upset clients over the increases and moved them to a modernized plan F with a couple of different carriers. Now I am am being threatened with a lawsuit and losing my contract because of their no compete clause. Count me as a newbie or whatever but I thought that I was doing right by the client which is why I chose this route instead of staying put. I dont understand how they can do that when its the clients choice. I showed them the premiums for Loyal along with two other companies and let them pick . Does anyone here disagree with what I did or should I have just placed them staright back with loyal ( with which I would be knocked down to 1/2 of the renewal)

 

[Todd King]

Hi everybody. I have been a "silent follower" on this site for awhile now. I recently ( 1 year ago January) went independent after captive stint with a company who shall remain nameless as I really dont want to get beat up. This is something that is hitting close to home now as I had written quite a few Loyal American plan J's and they have had a pretty substantial increase on the standardized block. I have been bombarded with upset clients over the increases and moved them to a modernized plan F with a couple of different carriers. Now I am am being threatened with a lawsuit and losing my contract because of their no compete clause. Count me as a newbie or whatever but I thought that I was doing right by the client which is why I chose this route instead of staying put. I dont understand how they can do that when its the clients choice. I showed them the premiums for Loyal along with two other companies and let them pick . Does anyone here disagree with what I did or should I have just placed them staright back with loyal ( with which I would be knocked down to 1/2 of the renewal)

First off, let me say...I am not a lawyer! No compete clauses usually won't hold up in a court of law especially when you are putting your client in a better position.
Is it actually Loyal American that is threatening the lawsuit or your upline? Either way, I don't think they have a leg to stand on.
This has been my experiences anyway.
Once again, I am not a lawyer, but have challenged a couple of companies along the way. I stood my ground and they silently went away.

 

[senior-advisor-indiana]

I assume you worked for GASB. I also worked there. If I were you I would replace those policies as fast as I could. If you don't then someone in your upline will first. The most they will do to you is cut your renewals off.

 

[KarenW]

Yes I worked for GASB but in November 10 we became American Senior benefits . I was with another company prior to that where I was a captive . Ive been happy with the companies that have been brought to table through them until this deal. Yes it is LOYAL that is threatening not my upline because I know these people well, through personal and business. I am not new enough to understand there are ghosts in the upline at times. Would that make a difference by being ASB contracted for Loyal? I really dont want to come across as stupid but there are so many things to learn and grasp ... I just feel

 

[senior-advisor-indiana]

I wouldn't worry about the company. Just do the right thing for your clients.