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Medigap Persistency Data Reported by Medicare Supplement Insurance Association

LA, CA, September 10, 2022 –(PR.com)–Seniors who purchase Medicare Supplement (Medigap) coverage seem to be content with their plan choice in accordance with a report just conducted by the American Association for Medicare Supplement Insurance (AAMSI).

Medigap persistency is really a way of measuring plan satisfaction, says Jesse Slome, director of the business. AAMSI surveyed independent Medicare insurance agents who’ve been selling Medigap plans for 5 years or longer.

The number of hundred agents taking part in the analysis shared that 53% of these Medigap policies remained on the books for 9 years or longer. Some 41% had a persistency of between 5 and 7 years.

Theres so much attention on Medicare Advantage also it could seem that seniors are abandoning their Medigap coverage, Slome shares. That is clearly false. You can find currently 14 million Americans with Medigap coverage in accordance with AAMSI. The quantity is likely to grow to 18 million by 2030.

For agents the persistency data is really a powerful reason to spotlight selling Medigap plans. Whenever a policy remains on the books every year, you are creating a book of business and renewal income, Slome notes. Each Medigap sale can yield commission income for 5 or even more years.

Medigap plan participants dropped their coverage for just two primary reasons, Slome reports. Some 41% of these switching changed into a Medicare Advantage plan. A comparable percentage (42%) switched to a lesser cost Medigap plan.

The agents taking part in the survey remain actively in touch with their Medigap clientele. Half (50%) review plans annually making use of their current clients. A fifth (20%) only consult with clients who get in touch with them.

Medigap agents indicate that the tv screen ad campaigns featuring celebrity spokespeople promoting MA plans have prompted calls from current Medigap clients. Over 25 % of the agents (28%) said that a lot more than 20% of these clients have called them because of seeing ads.

Access the entire Medigap persistency study data on the Associations website at

https://www.medicaresupp.org/medigap-persistency/.

Established in 1998, the American Association for Medicare Supplement Insurance advocates for the significance of consumer awareness and supports insurance and financial professionals who market Medicare solutions. Go to the organizations website at https://www.medicaresupp.org to find out more.

American Association for Medicare Supplement Insurance

Jesse R. Slome

818-597-3205

https://www.medicaresupp.org

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