Rapid Underwriting Tips

Rapid Underwriting Tips

You’ve done your due diligence and have a list of medications and conditions to check for underwriting.  Here’s the quickest way to process that information and what you’re looking at.

1. Application: Start with conditions: do a cursory glance through the application looking for conditions that are on the application.

2. Medication Guide: Any condition that caused rated results (like a graded or modified), check the meds for those conditions first.  Don’t forget to check the generics as well for each of the meds if they don’t appear on medication guides.

3. Underwriting Guide: If you have 2 or more medications for the same condition, check to see if there are any medication combination restrictions.

4. Medication Guide: Check the remainder of the medications and their generics for product restrictions.  Often times, the medications will match the rating of their commonly used conditions (COPD meds usually match the underwriting rating of COPD).

 

A couple of “Gotchyas”:

1. Watch out for “double knockdowns” on applications.  An example of this is if you check 1 box, apply for graded, if you check 2 boxes, apply for modified.

2. Some med guides have typos for medication names

 

Underwriting systematically is very possible.  In fact there are software systems that help with it (like Best Plan Pro).  As you do more and more, underwriting will get simpler and simpler.

 

  

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