This week we are reading about Federal Life partnering with Senior Market Sales, Independence Holding Company launching Medigap plans underwritten by IAIC, and facts on Medicare Advantage plans in 2020.
Federal Life Insurance Company partners with Senior Market Sales, Inc. to expend into Medicare Supplement Market | GlobeNewswire | April 30, 2020
Federal Life Insurance Company (Federal Life) is pleased to announce it will be offering new Medicare Supplement products through a distribution partnership with Senior Market Sales, Inc. (SMS). Federal Life will offer a competitive High Deductible G plan in addition to the other plan types, including A, F, G, and N. The new plans will be available for sale in select states starting June 8, 2020.
“Federal Life is excited to offer a suite of competitive Medicare Supplement insurance plans in partnership with the senior market experts at SMS,” said Bill Austin, CEO of Federal Life Group, Inc.
Read the full press release here.
Independence Holding Company Announces Launch of Medicare Supplement Underwritten by Independence American Insurance Company| GlobeNewswire | April 29, 2020
Independence Holding Company (NYSE: IHC) announced today that it has entered the Medicare Supplement Insurance Market (Medigap), with an initial launch by Independence American Insurance Company (IAIC) in Iowa, Mississippi, Oklahoma and Utah. By July, we expect to have 15 states, including Texas, and by the 2021 Annual Enrollment Period (AEP) that begins on October 15, 2020, IAIC intends to have Medigap plans in approximately 30 states. IAIC Medicare Supplement has a variety of plans for consumers that will provide coverage that best meets their needs. IAIC’s first core Medicare Supplement offering will include plans A and F, as well as plans G and N. The plans have competitive rates, point-of-sale underwriting, easy-to-use e-application with voice signature and e-signature capabilities.
“This is an important milestone in the execution of a broad senior-market initiative for IHC,” said Roy Thung, IHC’s CEO. “The population in the United States is aging with approximately 10,000 people per day turning age 65. IHC is pleased to add Medicare Supplement plans to an impressive portfolio of supplement products that reimburse for expenses not covered by traditional Medicare, such as Dental, Vision, Hearing, and Hospital Indemnity with Transition and Recovery Care. Medicare Part’s A and B cover many healthcare expenses, and our products help pay for many costs not covered by traditional Medicare. IHC will market plans through IHC Specialty Benefits call centers and career agents, and through select third party distribution channels, using a sophisticated buyer propensity and health model developed by our recently acquired MarTech division. By the beginning of the 2021 AEP, we expect to have 150 licensed call center agents selling senior products, including IAIC’s new Medicare Supplement plans.”
A Dozen Facts About Medicare Advantage in 2020 | KKF | April 22, 2020
Medicare Advantage enrollment has grown rapidly over the past decade, and Medicare Advantage plans have taken on a larger role in the Medicare program. This data analysis provides current information and trends about Medicare Advantage enrollment, premiums, and out-of-pocket limits. It also includes analyses of Medicare Advantage plans’ extra benefits and prior authorization requirements. The analysis also highlights changes pertaining to Medicare Advantage coverage that have occurred in 2020 in response to the COVID-19 crisis.