IAS Readies Lifeboat for Medicare Supplement Companies Struggling to Get 2010 Plans Approved
Insurance Administrative Solutions has optimized the services it offers in order to help more MedSupp carriers meet fast-approaching filing deadlines for the new 2010 plans.
LARGO, FL, Nov. 6 2009 /InsuranceNews.net/ -- Effective June 1, 2010, two new Medicare Supplement (MedSupp) plans, M and N, will go into effect, with Plans E, H, I, and high-deductible J no longer being offered. MedSupp companies can begin soliciting for the new Plans M and N in December 2009. The new plans will feature copays and lower premiums in an effort to compete against the traditional first-dollar coverage associated with Plan F.
The regulations that go into effect next year allow companies the opportunity to refresh their rates, as well as new carriers to enter the market. Fierce competition between carriers jockeying for market share is expected in some states. However, many carriers could find themselves at a competitive disadvantage as they attempt to navigate the multi-faceted patchwork of state regulations to get their products filed in a compliant and timely manner.
The stakes are incredibly high for MedSupp carriers struggling to get states’ approval, which can take up to 120 days after filing. Companies that don’t meet the June 1, 2010 deadline in some key states could be locked out of those markets for five years. Other states are adopting a 12-month phase in rule and still others have yet to finalize the approval deadline. Insurance Administrative Solutions (IAS) has flagged those states for its internal monitoring systems so that it can respond swiftly to help its clients when a decision is announced.
“We’re ready and able to help companies file the new 2010 forms, handle claims, pay agent commissions and provide whatever level of administration a company desires,” said Victor Castellanos, senior vice president and chief marketing officer of IAS, a third party administration company that specializes in the senior market, with a particular focus on MedSupp. “We can handle all of a company’s MedSupp administration or just pieces of it, depending on the company’s needs,” Castellanos continued.
IAS employs a full-time compliance team with 75 combined years of experience in the industry. The team monitors up-to-the-minute regulatory updates in all 50 states, and has relationships with the various state departments of insurance offices which allows for a swift response to assist its clients.
Having already been through the filing process multiple times for the new 2010 products, IAS is already familiar with each state’s requirements in order to get approval as efficiently as possible for its clients. IAS prides itself on its speed-to-market time.
“Whether it’s from a compliance, IT, or accounting standpoint, the basic value proposition we offer carriers is the ability to piggyback on our economies of scale,” said Castellanos who notes the company’s experience as a third party administrator for the MedSupp market. “If you were to combine the in-force blocks of MedSupp lives that IAS currently services, we rival the largest carriers in the country.”
For more information about IAS, visit www.IASadmin.com.
About IAS:
IAS is a third party administrator that provides solutions to the insurance industry through innovative, custom-built platforms and strategic partnerships. While the company administers insurance products for people of all ages, it focuses on the senior market. With over 300 employees, staffing is flexible. While most organizations view their administration as a back office function, administration is IAS’s front office. The company performs most functions normally associated with an insurance company home office operation. IAS does not outsource your outsourcing; all IAS employees are located within the United States of America.
Contact:
Victor Castellanos
SVP, Chief Marketing Officer
Insurance Administrative Solutions, LLC
6996 Piazza Grande Avenue, Ste. 309
Orlando, FL 32835
Phone: 407-472-3905
Fax: 407-472-3919
Email: Victor.Castellanos@IASadmin.com
