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I have 3 pending applications with a medicare supplement carrier in Tennessee. The day the applications were taken I printed a rate sheet from their website, did the applications, signed, dated, mailed to the carrier (as per their requirement).
At first they tried to deny that U65 was GI right now, I confirmed with DOI that there was a 6 month open enrollment window, got documentation, called them back. Now they're saying they changed the rate from $162 per month to over $300 per month and they will not honor the rates they had posted.
The claim they're making is that the state DOI required them to put their U65 rates at 366% of the over 65 rate, and they had no choice, and that they had posted unapproved rates on their own website because if they didn't put a rate on the sheet that the DOI would make them wait another year before they could offer U65 policies.
Any suggestions about what the hell I should do here? I'm trying to get the carrier to commit to offering the rates they quoted, so I can go back to the clients and explain they can have the rate for 1 year but it will increase to the new rate or go with another carrier, but I feel like the carrier should have to honor these rates since it was them that posted and offered the rates to the client.
They can't just turn around and say they're not going to honor rates that they posed after the application is signed and turned in can they?
At first they tried to deny that U65 was GI right now, I confirmed with DOI that there was a 6 month open enrollment window, got documentation, called them back. Now they're saying they changed the rate from $162 per month to over $300 per month and they will not honor the rates they had posted.
The claim they're making is that the state DOI required them to put their U65 rates at 366% of the over 65 rate, and they had no choice, and that they had posted unapproved rates on their own website because if they didn't put a rate on the sheet that the DOI would make them wait another year before they could offer U65 policies.
Any suggestions about what the hell I should do here? I'm trying to get the carrier to commit to offering the rates they quoted, so I can go back to the clients and explain they can have the rate for 1 year but it will increase to the new rate or go with another carrier, but I feel like the carrier should have to honor these rates since it was them that posted and offered the rates to the client.
They can't just turn around and say they're not going to honor rates that they posed after the application is signed and turned in can they?