Apps Written in First Year for Medicare

[sshafran]

Thanks, CW. I saw a video that the guy on their was pretty much saying exactly how I felt about final expense. It's a rat race where you may get charge backs and you have to drive far out and waste time and gas. At least medicare you don't deal with charge backs it doesn't seem nor the deadbeats so much. I mean it's early and I just did my first campaign but it looks like medicare is the best option.

Chargebacks are close to non-existant. not even sure what the percentage would be, but its low.

Maybe a little higher for MAPD when a lis is involved... but even that is lower than FE.

Not to over-sell the idea of selling supps....but they are great to sell.

 

[JimmyUt]

Chargebacks are close to non-existant. not even sure what the percentage would be, but its low.

Maybe a little higher for MAPD when a lis is involved... but even that is lower than FE.

Not to over-sell the idea of selling supps....but they are great to sell.

I have written hundreds of thousands in final expense premium, and I would sell Medicare all day every day including sunday given the opportunity. I prefer the people and the fact they rarely if ever charge back.

 

[MedicareBear]

I have written hundreds of thousands in final expense premium, and I would sell Medicare all day every day including sunday given the opportunity. I prefer the people and the fact they rarely if ever charge back.

It doesn't seem like chargebacks happen, but I didn't want to make it seem like Medicare is the perfect niche to jump into. I'm sure every niche has it's pros and cons. I have heard you don't make as much on the front end, but I'm totally fine with that after seeing the residuals. The residuals are higher than final expense. What annoyed the hell out of me was driving such ling distances and wasting my time and gas just to hope to not get a chargeback. If I can sell medicare over the phone and not have to worry about chargebacks, then I'm all in.

 

[JimmyUt]

It doesn't seem like chargebacks happen, but I didn't want to make it seem like Medicare is the perfect niche to jump into. I'm sure every niche has it's pros and cons. I have heard you don't make as much on the front end, but I'm totally fine with that after seeing the residuals. The residuals are higher than final expense. What annoyed the hell out of me was driving such ling distances and wasting my time and gas just to hope to not get a chargeback. If I can sell medicare over the phone and not have to worry about chargebacks, then I'm all in.

It is very possible. The money isn't as lucrative upfront, but over the long haul it evens out. I would offer MA as well as med supps if you live anywhere near a metro area. Lots of guys will argue the restrictions are too much to be able to sell MAPD effectively, but the last thing I want is some agent writing my client a final expense plan and then rolling them during AEP. I ask everyone I sell final expense to, so I know what to watch for, because I have poached others clients due to lack of service.

 

[MedicareBear]

It is very possible. The money isn't as lucrative upfront, but over the long haul it evens out. I would offer MA as well as med supps if you live anywhere near a metro area. Lots of guys will argue the restrictions are too much to be able to sell MAPD effectively, but the last thing I want is some agent writing my client a final expense plan and then rolling them during AEP. I ask everyone I sell final expense to, so I know what to watch for, because I have poached others clients due to lack of service.

I agree. I'm a firm believer in supps, but I'm not going to argue with a client. If the client wants an MA plan I'll do it. The only thing I'll do is let them know up front of the limitations and if they have no problem with those limitations, then I'll move forward.

This is the same thing as term v whole life. I believe in whole life over term, but I'm not arguing with a client. Whatever makes them happy and if it's affordable and I tell them the limitations and they are aware of it I won't try to fight them; only advise them.

 

[JimmyUt]

I agree. I'm a firm believer in supps, but I'm not going to argue with a client. If the client wants an MA plan I'll do it. The only thing I'll do is let them know up front of the limitations and if they have no problem with those limitations, then I'll move forward.

This is the same thing as term v whole life. I believe in whole life over term, but I'm not arguing with a client. Whatever makes them happy and if it's affordable and I tell them the limitations and they are aware of it I won't try to fight them; only advise them.

Every new client I see gets Medicare 101 from me explaining the differences of how each work. That way I have the piece of mind knowing they were informed before making the decision. It amazes me how few people know about medigap because all they hear about are their friends $0 premium "supplement".

 

[MedicareBear]

Every new client I see gets Medicare 101 from me explaining the differences of how each work. That way I have the piece of mind knowing they were informed before making the decision. It amazes me how few people know about medigap because all they hear about are their friends $0 premium "supplement".

I agree. THERE'S A REASON THEY ARE 0 PREMIUMS lol I just saw a guy right now who just went into the hospital for issues regarding cirrhosis and the insurance company declined to pay it. I have to return on Monday to see them since the daughter was the person who mailed the info about it (a final expense lead turned medicare). The only thing is they are paying +130/mth for their Amerihealth HMO plan. I don't know why they would choose such a terrible plan.

 

[JimmyUt]

I agree. THERE'S A REASON THEY ARE 0 PREMIUMS lol I just saw a guy right now who just went into the hospital for issues regarding cirrhosis and the insurance company declined to pay it. I have to return on Monday to see them since the daughter was the person who mailed the info about it (a final expense lead turned medicare). The only thing is they are paying +130/mth for their Amerihealth HMO plan. I don't know why they would choose such a terrible plan.

People don't know what they don't know. We have a PPO plan out here that went from $165 to $224 last year and I had an agent try to convince me how good it was for the customer. Many customers won't even think of changing. To give you an idea, a plan F for a 65 year old male is under $130. Lots of idiots for agents out there. I went to a face to face certification for a local plan this morning and the questions being asked were almost unbearable. At 41, I was 20+ years younger than 80% of the folks in the room. The future is bright for agents with a clue and passion to assist folks with the right coverage.

 

[danaubol]

It doesn't seem like chargebacks happen, but I didn't want to make it seem like Medicare is the perfect niche to jump into. I'm sure every niche has it's pros and cons. I have heard you don't make as much on the front end, but I'm totally fine with that after seeing the residuals. The residuals are higher than final expense. What annoyed the hell out of me was driving such ling distances and wasting my time and gas just to hope to not get a chargeback. If I can sell medicare over the phone and not have to worry about chargebacks, then I'm all in.

I have been in insurance since 2004, taken my hits, driving around iowa for a year building a nice residual check, only to realize I was spending way too much money. When I got down to brass tacks and found out I could do med supps over the phone, with an e app, I was all in! Good luck to you. I will give one piece of advice tho. If it's at all possible, I would go full time from the start. Get your living expenses way down, if you rent, find something dirt cheap to live in for a while. You will build business alot faster.