Oxford Life Insurance releases new Medicare Supplement product portfolio

Jul 29 2010

Oxford Life Insurance Company® today announced the release of its new Medicare Supplement product portfolio. The Phoenix-based life insurance company has plans to market Plans A, C or F, and N in more than 35 states.

Medicare Supplement (or Medigap) is private health insurance that helps retirees fill the "gaps" in coverage left by Original Medicare.

"Fast-rising health care costs have made Medicare Supplement insurance more important than ever to retirees," said Don C. Smith, Vice President and Chief Marketing Officer for Oxford Life. "More than 10 million Americans already enjoy the benefits of Medicare Supplement plans, and with the oldest baby boomers about to start turning 65, that number is only going to increase. It's an exciting time to be in the Medicare market."

Senior Market Sales, Inc. has been selected as the national marketer for Oxford Life's Medicare Supplement products and will support agents currently contracted with Oxford Life and its affiliates for other products.

"Senior Market Sales' history of successful product launches and their strong technology platform make them a solid fit for this program," said Smith.  

Oxford Life is one of many new carriers attracted to the Medicare Supplement market in 2010. According to Dwane McFerrin, Director of Medicare Solutions for Senior Market Sales, a number of factors have aligned in the product's favor this year. First, the new Modernized Medicare Supplement plans were introduced this year, becoming effective June 1st, 2010. Second, health care reform resulted in cuts to Medicare Advantage funding that could result in many seniors switching back to Original Medicare and buying Medicare Supplement. And then there is the growing senior population; 78 million people will become eligible for Medicare Supplement over the next 20 years.  

"What separates Oxford Life from other carriers in a very competitive market is the convenience and technology they offer to both the agents who sell their products and consumers who buy them," McFerrin said. "They simplify the process with quick turnaround underwriting, electronic enrollment platforms, point-of-sale telephone approval and online contracting. Their technology is really unrivaled."

McFerrin also said that Oxford Life's technology will make it a natural fit for the group market and for companies employing a Medicare Coordinator model, which aids retirees in the transition from group coverage to the individual Medicare health plan of their choice.