The top dogs of Texas's Medicare Supplement market are getting a run
for their money. Two competitive carriers have entered the stage, and
are clawing to the top in most Texas zip codes. Cigna, insured by
American Retirement Life Insurance Company, and Manhattan Life have been
catching the eyes of Texas agents and consumers of late. With low
premiums and speedy processing, it's no wonder that these two carriers
are succeeding in drawing enormous amounts of new business and notoriety
so quickly.
American Retirement Life Insurance Company, a
subsidiary of Cigna, began selling Medicare Supplements in Texas early
February of 2013. In the past year, ARLIC has delivered highly
competitive rates-- improving the Texas Medicare Supplement landscape
drastically. Prior to the Cigna brand, only three carriers could really
offer the lowest premiums: Omaha Insurance, Oxford Life, and Continental
Life (Aetna). These carriers each have their own zip codes that they
pursue competitively. Your chances of getting more than 1 or 2 "good"
rates in each zip code were low a year ago. You either got Omaha,
Oxford, or Continental, alongside one of the less-competitive brands. It
was slim pickins.
Now that Cigna has been added to the mix,
consumers are finding better rates, as well as more options for
selecting a quality carrier.
Cigna also offers a quick and easy
application process, as does Manhattan Life. Via an electronic
application, agents are able to submit new business and save their
clients money effortlessly. New business is typically issued anywhere
from 3 days to 2 weeks (they boast policy issues of 3-5 days). Of
course, this is also dependent on the time of year the application is
being submitted-- Open Enrollment months are busier, inevitably.
Due
to their inexpensive rates, Cigna has seen a boom in demand. They are
quickly hiring more staff to keep up with the demand for their product.
This growth in their company within the first year of business is
extraordinary, and can only mean success. If you are a consumer, and are
worried about the financial outlook of this company, this should
reassure you that ARLIC's low rates and the Cigna brand are here to
stay.
Located in Austin, Texas, ARLIC's rates are highly
competitive for residents of Travis county and surrounding areas. There
are also a few other "hot" areas, such as zip codes in and around North
Texas. If you are a Medicare Supplement policyholder living in one of
these areas, it may be time to call an agent and have your current
policy reviewed.
ARLIC offers plans A,F, G, and N-- which are also available in 18 other states. You can check availability at ARLIC's website.
A
more recent addition to the Texas Medicare Supplement market is
Manhattan Life. A few months ago, Manhattan Life did not sell in Texas. I
was completely unaware of this company, to be frank. Then, slowly, I
began to see their name pop up on my quote engine-- and now when I
search Texas zip codes, Manhattan Life is definitely top 5 in most
areas, even top 2 in some. I suspect this will change (for the better)
as they grow in the next year.
Similar to Cigna, Manhattan Life is
a reputable and financially sound carrier, which is part of a larger
family; Central United Life, Western United Life, and Family Life are
all close relatives, and trusted brands in the industry.
Along
with Texas, Manhattan Life offers Medigap plans in AZ, GA, IL, IN, MI,
MS, NC, NE, PA, SC, TN, TX, and VA. The plans available for purchase
include A, B, C, D, F, G, M, and N, offering more breadth than ARLIC
(although not all are offered in each state).
Both Cigna and
Manhattan Life are leading in many areas around Texas. While Cigna is
still number one out of the two, I suspect Manhattan Life to target more
specific niches if it hasn't already done so. I also expect both
companies to evolve in the next few years-- whether this means steadying
their rates and focusing on specific areas or perhaps in Manhattan
Life's case, pushing Cigna out of the top spot; only time will tell.
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