Attention Med Supp agents in Indiana! We do a lot of business out of Indiana and decided to share the best carriers as we head into the second quarter of 2020.
This is our second edition of this article, and we'll continue to update it as long as Indiana guys and gals find it useful. Share any feedback you might have in the comments section below.
A Few Notes on Indiana Med Supps
We realize that Indiana is really split up into two rate bands:
- The higher band, which includes Indianapolis and the two counties in the northwest corner with 463 and 464 zips
- The lower band, which is basically the rest of the state
Rates aren't different between these two bands every time, but they often are. We'll be accounting for these rate differences with our recommendations.
Also, we're really focused on Plans F, G, and N. There are some great buys on Plan F right now, and don't discount Plan N. Lots of carriers, including Aetna, Accendo, and Capitol Life are giving more commission on Plan N (typically 4 or 5 more points).
If you have questions on that specifically, give us a call at 888-780-7676 and ask for myself (John) or Ginny.
Finally, the majority of the rate samples we're giving are for a 70-year-old female. Our average customer is 71 years old, so that's why we use that for our examples.
Without further ado, if you offer these four Med Supp carriers in Indiana, you'll be rock solid for this second quarter of 2020.
Hot Med Supp Carrier #4: Mutual of Omaha
We are doing a lot of Mutual of Omaha Plan G in Indiana. You have a trifecta right now:
- Brand name
- Consistent underwriting
- Great rates, especially in the higher band
Mutual of Omaha has the No. 1 G rate in Indianapolis right now at $98.97.*
You'll also find a great rate on Plan N in the higher band at $81.33.** Mutual of Omaha is in the second slot for that Plan N rate in Indianapolis.
Mutual of Omaha isn't as competitive in the lower band, but it's still up there. If you're a Plan G guy, MOO is a great carrier to be focusing on right now.
*Plan G, 70yo F, non-tobacco, effective Date 4-13-20
**Plan N, 70yo F, non-tobacco, effective Date 4-13-20
Hot Med Supp Carrier #3: Great Southern Life
When you turn on the household discount, GSL is hanging right in there in the lower band, particularly on Plan F. If you have clients that want a good buy on F, GSL is a great choice.
For a 65-year-old female in the lower rate band, GSL comes in at No. 3 for $116.26.* For a 70-year-old female, they're also at No. 3 at $122.45.**
In the higher band, you'll find GSL is very competitive on Plan G, coming in second to Mutual of Omaha at $101.02 for a 70-year-old female.***
This is assuming you apply the HHD, but keep in mind that pretty much everyone will qualify for it. Here's the qualification:
- The client must reside with at least 1 but no more than 3 other adults at least 60 for the last 12 months.
- If the other adult is a spouse, the 12 month and 60 year old age requirement is waived.
- Civil union or domestic partner will be considered a legal spouse when the state recognizes this.
While they aren't at the very top of the heap, they have so many benefits for the writing agent, and really, it's only a few dollars difference between GSL and the No. 1 carrier on Plan F.
Here are some reminders on why GSL is one of our top Indiana picks:
- GSL makes it incredible easy to do business with them – check out what other agents have to say
- Instant underwriting decision – you and your client will appreciate this
- No need to enter prescriptions or doctor information on the app
- Easy e-application (takes 10 minutes)
- UFirst Rewards Program, which earns you a 10% cash bonus if you hit at least $30,000 in production
*Plan F, 65yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
**Plan F, 70yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
***Plan G, 70yo F, non-tobacco, effective date 4-13-20, Indianapolis
Hot Med Supp Carrier #2: Capitol Life
If you live in the lower rate band in Indiana, Capitol Life is a must-have carrier. Here are some samples for a 70-year-old female:
- $119.85 for a Plan F (second to Accendo)*
- $96.27 for a Plan G (third place, but within a dollar of the cheapest carrier)**
- $79.30 for a Plan N (fourth place, within 3 dollars of the cheapest carrier)***
Capitol is also very competitive in the lower band for 65-year-olds:
- $114.93 for a Plan F (second to Accendo)^
- $69.55 for a Plan N (second to Accendo, within a dollar)^^
Like GSL, Capitol Life has a fantastic underwriting system which is called "red, yellow, and green." While an instant decision is fantastic, there can be pitfalls, like a client getting declined for something frivolous that just requires a little explanation.
Capitol Life has solved that underwriting problem by offering this new system where green light is approved, red light is denied, and yellow light is a quick phone interview to clarify some details.
We're confident that if you give Capitol Life a go, you won't look back.
*Plan F, 70yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
**Plan G, 70yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
***Plan N, 70yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
^Plan F, 65yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
^^Plan N 65yo F, non-tobacco, effective date 4-13-20, zip code sampled 47901
Hot Med Supp Carrier #1: Accendo/CVS Health
As you might have already guessed, you can't deny that Accendo/CVS Health has some of the best Medicare Supplement rates in Indiana right now, particularly on F and N. They also have a 14% household discount, which is the highest in the industry.
Here are some samples from the higher rate band, which includes Indianapolis:
|Plan F||Plan G||Plan N|
|65-year-old female||$106.16 (No. 1)||$91.62 (No. 2)||$68.77 (No. 1)|
|70-year-old female||$118.34 (No. 1)||$102.15 (No. 3)||$76.86 (No. 1)|
Non-tobacco, Effective Date 4-13-2020, Indianapolis, HHD applied
And here are the samples from the lower rate band:
|Plan F||Plan G||Plan N|
|65-year-old female||$106.16 (No. 1)||$91.62 (No. 6)||$68.77 (No. 1)|
|70-year-old female||$118.34 (No. 1)||$102.15 (No. 12)||$76.86 (No. 1)|
Non-tobacco, Effective Date 4-13-2020, zip code 47901, HHD applied
Besides the rates, Accendo has some other nice perks:
- Brand recognition – Accendo is part of the CVS Health® family of companies and an Aetna affiliate
- 14% HHD – highest discount from any carrier today
- Great about instant decisions
- Super user-friendly e-App – same platform as Aetna and Capitol Life
- Med Supp Bonus Program – You can combine your Aetna and Accendo production for the bonus program
If you are contracted with Aetna, you don't need to get contracted again to sell Accendo.
Do You Have the Hottest Indiana Med Supp Carriers In Your Portfolio?
The quoter is so nice, because it's easy to shop around. Take a few minutes to try some different scenarios in your zip code.
If you don't have these 4 Medicare Supplements carriers in your portfolio, we'd love to help you get set up. We make the contracting process easy – the gals in our office are some of the best in the game!
In addition, these four carriers are featured in our State of the Union on 2020 Medicare Supplement Companies. Check that out for even more info on why these companies are red hot right now.
Let us know if we can do anything else to support your efforts, and good selling!