Thrivent Financial To Leave the Medicare Supplement Market
Effective December 31, 2020, Thrivent has made the decision to no longer offer for sale any new Thrivent Medicare Supplement Insurance plans. The commodity nature of these products, Thrivent’s lack of scale, and the product’s regulatory framework prompt our decision to no longer offer Thrivent proprietary Medicare Supplement products. All solicitation of this product must cease as of December 31, 2020, and all marketing materials must be removed from distribution and disabled from online viewing by December 31, 2020.
While this change impacts agents currently appointed to sell the Thrivent Medicare Supplement product, there is absolutely no impact on existing business. Thrivent will continue to service all existing policies by providing the high level of service that policy holders and agents currently receive.
Here are the key dates and milestones:
- Advanced payment of commission related to sales of the Thrivent Medicare Supplement Insurance product is discontinued as of the date of this communication. Commissions for all Medicare Supplement Insurance business in existence as of the date of this communication will be paid on an as earned basis.
- Commissions will continue to be paid as earned for all previously issued business.
- All new agent contracting ceases as of the date of this communication.
- Medicare Supplement appointments for all contracted agents will be terminated as of state appointment renewal.
- Your state appointment to sell Thrivent Medicare Supplement Insurance plans will not be renewed. You will receive a copy of your termination letter, not for cause, when your state appointment comes up for renewal.
Medicare Supplement Applications
Thrivent’s administrative office may be contacted as follows:
Applications for prospective policyholders must be signed, dated, and received in the Administrator’s office by December 31, 2020 to be considered for approval. Any new applications, including plan changes, received after December 31, 2020 will be returned.
In the event an application is received by the Administrator on or before December 31, 2020 but is incomplete, all pending application requirements must be fulfilled and received by the Administrator on or before January 19, 2021. Applications that remain incomplete as of January 19, 2021 will be withdrawn from consideration.
After December 31, 2020, Medicare Supplement Insurance contract holders may apply for reinstatement of a lapsed contract, in accordance with contract provisions, only if an application for reinstatement with all premium due is received by the reinstatement timeframe specified in the contract. If an application for reinstatement, with all premium due, is not received in the timeframe specified in the contract then reinstatement coverage will not be available. Any reinstatement of a lapsed contract may not cause the reinstated contract term to exceed the contract term held prior to the lapse.
Thrivent apologizes for any inconvenience this may cause. Your support and business are greatly appreciated by Thrivent. If you have any questions regarding this termination of new sales, or questions regarding the administration of any existing Medicare Supplement Insurance policies, please contact us at 1-844-221-7813.