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jacodaro said:As of Feb 14. Just received the email. Apparently, membership goals have been met for 2007.
They grew so fast that you couldn't get through on the agent line. When you did it was India.
g1bass said:Firstly I'd like to say after selling Universal Products through 2 open enrollment periods that it is not a bad product. It has been sold basically on the merits of returning the part B premium. This is strictly a marketing ploy and is offset by high per diem of hospital benefits, a not very good drug formulary, and larger than average maximum out of pocket.
I've always targetted a specific group for sales of Universal, turning 65s, people with very few chronic illness, and folks in the VA. This however has not been true with many agents involved with this company, I am not saying anyone on this list has acted unprofessionally. I was a captive in an organization that condoned co-ercion of seniors in these plans and recently consulted on a case where the enrollee had medicaid, leukemia,and colon cancer and was coerced into enrolling in Universal. I, until recently have had nothing but trouble servicing my enrollees, and God forbid an enrollee needed to speak to an english speaking service associate. I, myself, enrolled my turning 65 spouse in this plan in May of 2006 and we have yet to receive our partB refund. Even after calling the company and being assured it was taken care of no less than 4 times.
I live in Florida, and this was in the St. Pete Times Tuesday:
Universal Health Care Inc. of St. Petersburg, which has attracted Medicare enrollees to its managed care plans by offering everything from zero premiums to money back, is under investigation by Florida Office of Insurance Regulation.
According to a division spokesman, state officials are concerned the privately owned insurer has grown too rapidly and does not have sufficient financial reserves as required by law.
"We have strong suspicion they may be out of line with most, if not all, of the state's solvency guidelines," said insurance office spokesman Bob Lotane. "We got word on the street that they may have sold far more than their original plan of operation or that their financials would allow them to do. And we have strong reasons to suspect that's the case."
Despite all of this I believe Universal will survive, they just received $30m in investment money from Warburg Pincus and are pursuing an IPO. There will be an inevitable correction in the market and those seniors who should really be in a chronic illness SNP or dual eligible SNP now will be moved into the products that will best serve them and Universal will resume a more realistic growth arc.
just my humble opinion