The top dogs in the Texas Health Insurance Supplement Market are vying for their money. Two competitors have entered the stage and are leading the way in most Texas postal codes. Cigna, underwritten by American Retirement Life Insurance Company and Manhattan Life, has recently attracted the attention of Texas agents and consumers. With low premiums and fast processing, it's no wonder that the two companies have succeeded in attracting a lot of new business and notoriety so quickly.
The US Retirement Life Insurance Company, a subsidiary of Cigna, began selling Medicare Supplements in Texas in early February 2013. In the past year, ARLIC has offered a very competitive price - a significant increase in the Texas Medicare subsidy. Prior to the Cigna brand, only three operators actually offered the lowest premiums: Omaha Insurance, Oxford Life and Aetna. Each of these operators has their own zip code and they are pursuing competitiveness. A year ago, your chances of getting more than one or two "good" rates in each postal code were low. You can choose Omaha, Oxford or the mainland, and one of the less competitive brands. This is a slim choice.
Now that Cigna has been added to the portfolio, consumers are looking for better prices and more choices for quality carriers.
Cigna also offers a quick and easy application process, as does Manhattan life. Through electronic applications, agents can easily submit new business and save customers money. New business is usually released within 3 days to 2 weeks [their policy issue is 3-5 days]. Of course, this also depends on when the application is submitted - the open registration month is more busy and inevitable.
Due to the cheap price, Cigna's demand is strong. They are quickly hiring more employees to meet their demand for products. The company's business growth in the first year is extraordinary and can only mean success. If you are a consumer and are concerned about the company's financial prospects, this should give you peace of mind that ARLIC's low interest rates and Cigna brand will continue to exist.
ARLIC's rates are located in Austin, Texas and are highly competitive for residents of Travis County and surrounding areas. There are also other "hot" areas, such as postal codes for North Texas and its surrounding areas. If you are a Medicare supplemental policyholder living in one of these areas, you may need to call the agent and review your current policy.
ARLIC offers programs A, F, G and N - also available in 18 other states. You can check availability on the ARLIC website.
The newest member of the Texas Health Insurance Supplement Market is Manhattan Life. A few months ago, Manhattan life was not sold in Texas. Frankly, I am completely unaware of this company. Then, slowly, I began to see his name appear on my quotation engine - now when I search for the Texas postal code, Manhattan life is definitely the top 5 in most areas, and even some of the top 2. I suspect that as they grow next year, this will change [for better].
Similar to Cigna, Manhattan Life is a reputable, financially sound operator and part of a larger family; Central United Life, Western United Life and Family Life are close relatives and a trusted brand in the industry.
Along with Texas, Manhattan lives in AZ, GA, IL, IN, MI, MS, NC, NE, PA, SC, TN, TX and VA to provide the Medigap program. Available purchase plans include A, B, C, D, F, G, M and N, providing a wider range than ARLIC [although not all states offer].
Cigna and Manhattan live in many areas of Texas. Although Cigna is still the first of the two, I suspect that if you haven't done so in Manhattan, you have to target a more specific niche. I also hope that the two companies will develop in the next few years - does this mean stabilizing their interest rates and focusing on specific areas or sometimes living in Manhattan, pushing Cigna out of the top; only time will give an answer.
Some consumers have expressed concern about buying policies from new carriers, and then allowing operators to raise "interests and conversions" by raising interest rates and putting their customers into large premiums. Although I don't guarantee anything, I don't think it is a smart technology for any company. Keep in mind that even if their rates are low, they still compete with the strong players who have been selling in Texas for many years. In domineering competitions, they take 5 to 10 years to get a good reputation.
Fortunately, for consumers, the emergence of these new products will only drive prices to be more competitive. If you have never considered reviewing your policies, now is the best time to convene an agent because the carrier is fighting for your business.
Orignal From: Texas New Medicare Supplement Competition
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