Everest MO Med Supp Rate Change

Everest has made recent changes to their Missouri Medicare Supplement program.  

To Access the Missouri Guaranteed Issue Agent Checklist, click HERE 

To Access the Missouri Medicare Supplement Insurance 2018 Rates, click HERE

To Access the Missouri Medicare Supplement Insurance 2018 Outline of Coverage, click HERE

Everest Announces Missouri 2018 Rate Adjustments and Administrative/Underwriting Updates

Everest obtained Missouri approval for a rate adjustment as noted. This is Everest’s 1^st rate adjustment since our product was filed in June of 2016 (with 2017 release). As of January 1, 2018, rate adjustments will be 0% on Plan G and 3.5% increase on Other Plans (see chart below).

New Business & Underwriting staff reporting items creating processing delays:

1. Applications are still being submitted with the “old” 2017 rates 
2. Please refer back to our November 2, 2017, announcement (see attached)
3. Agents can access our “State Forms/Documents (Supplies)” website to obtain the new 2018 Missouri Rate packet, 2018 Outline of Coverage and the revised Missouri Guaranteed Issued Agent Checklist (all attached) or order these through your Field Marketing Organization
4. Some GI applications are missing required GI documentation. 
5. Refer to page 6 of the current New Business & Underwriting Manual for the following details on what documentation is required for Everest to process GI applications.
6. The current carrier’s policy schedule page is considered sufficient proof as long as it contains: policyholder name; plan; and, a policy effective date within the last two years
7. A copy of the Medicare Supplement Policy ID Card is acceptable, but only if it includes the policyholders name, plan and a policy effective date within the last two years.
8. If the schedule page is more than 2 years old, proof of the policy’s current paid to date is required in addition to the policy schedule page (or Policy ID Card). This can be a:
9. Copy of the applicants bank statement showing premium paid in the past 60 days;
10. Voided premium check showing premium paid in the past 60 days (exceptions may be considered if the premium check reflects a non-monthly premium); or,
11. Copy of a commission statement showing commission paid on the policy being replaced (#3 is accessible only if the agent writing the Everest application is the agent of record on the replaced policy).
12. Also, review the “Message Center”, located on the Everest Agent Portal, on a regular basis for information about missing or incomplete business requirements.
13. Applications for external plan downgrades (Plan-to-Lessor Plan) are being signed and submitted PRIOR to the authorized date of January 1^st, 2018
14. The team has had no choice but to decline these applications

IMPORTANT:  Please open, read and adhere to specific details on page 2 of the “GI Agent Checklist Missouri, Form GICL 01-2018 rev.” related to Everest’s NEW program allowing Missouri Anniversary Date replacements to lessor plans. 

In addition to information communicated in the November 2, 2017, announcement and on the GI Agent Checklist for Missouri, we have been asked several questions and felt it appropriate to highlight the following:

• As it applies to EXTERNAL“Anniversary Date” Replacements:
  • All applications submitted for External replacements will be subject to the $25 Policy Fee
  • External replacements will be paid commissions per the “Replacement” rates published in your Everest Commission Schedule
  • No plan is available for Medicare SELECT replacements

• As it applies to INTERNAL“Anniversary Date” Replacements:
  • Internal plan change will require a new application AND be subject to a new $25 Policy Fee
  • Internal replacements will be paid commissions as noted in Everest Commission Schedule footnotes, which states:

• Internal Replacements & Plan Changes: If applicable, commission will be calculated at the applicable commission rate when an Everest affiliate company Medicare Supplement policy replaces an existing Everest affiliate company Medicare Supplement policy. The commission on the new policy shall be calculated as though the new policy was issued on the date the original policy was issued and subject to the commission rate in effect on the application date of the new internal replacement policy.

We hope this communication addresses the various questions that may have been presented and will help guide your activity with Everest.