Best Plan For Med Supp

[Success]

I am a "new" agent...

I sell based on what the prospect "feels good" about. No, I don't give them a choice, but I read their feelings and go with what I think they will be comfortable with. If I had to recommend one certain plan, ceteris paribus, I would recommend plan D (in Ohio). However, it HIGHLY depends on what the client's needs are. Selling a plan with the lowest premium may be "financially" a good investment, however having the lowest premium is not always in the clients best interest (in my opinion).

"old" people can get very confused and "hassled" with paying the part B deductible themselves, and for an extra $5-10 per month, they will have the luxury of "not worrying about it", and having the policy pay for it.

If a "prospect" is more comfortable paying more for a policy that pays a once-a-year $155 deductible, then I think Plan F (in Ohio) is best.

In Ohio, Plan C & F are within 2-3 dollars difference, and plans D & G are generally within $1 difference. (depending on the company) So... there is not really many different plans to choose from.


I would rather sell the client a policy, and write them under the same plan they currently have until I can "show" them the benefits of being a client with me (other than lower premiums). After I have established trust, then I may recommend a different plan if I see the benefit present.

After all, selling insurance is not exactly about giving someone the absolute best "financial" investment. It is about making them feel secure and worry free. Again... In my opinion.

 

[arnguy]

My favorite Latin phrase is non illegitimus carborundum!

 

[VaDwayne]

I am a "new" agent...

I sell based on what the prospect "feels good" about. No, I don't give them a choice, but I read their feelings and go with what I think they will be comfortable with. If I had to recommend one certain plan, ceteris paribus, I would recommend plan D (in Ohio). However, it HIGHLY depends on what the client's needs are. Selling a plan with the lowest premium may be "financially" a good investment, however having the lowest premium is not always in the clients best interest (in my opinion).

"old" people can get very confused and "hassled" with paying the part B deductible themselves, and for an extra $5-10 per month, they will have the luxury of "not worrying about it", and having the policy pay for it.

If a "prospect" is more comfortable paying more for a policy that pays a once-a-year $155 deductible, then I think Plan F (in Ohio) is best.

In Ohio, Plan C & F are within 2-3 dollars difference, and plans D & G are generally within $1 difference. (depending on the company) So... there is not really many different plans to choose from.


I would rather sell the client a policy, and write them under the same plan they currently have until I can "show" them the benefits of being a client with me (other than lower premiums). After I have established trust, then I may recommend a different plan if I see the benefit present.

After all, selling insurance is not exactly about giving someone the absolute best "financial" investment. It is about making them feel secure and worry free. Again... In my opinion.

I disagree with you "not giving them a choice". If you don't share with them what plans may work for them, and let THEM make a decision of which plan THEY think best takes care of THEIR needs, another agent is going to come along, show them why YOU guessed wrong, and away goes your customer. I know that you have pobably been trained to not give choices, but your trainer is wrong.

I am not saying to go over EVERY plan with them, but show them Plan F, Plan D, and Plan G, or whatever, show them how each will affect their situation, and let them decide, then agree with their decision.

Develope a well oiled presentation that shows them their choices, so their mind is made up when you ask for the sale.

When they say "I like Plan D best" simply say great, I will need your Red,White,and Blue card to get this started for you. And watch them go get it.

 

[Success]

I disagree with you "not giving them a choice". If you don't share with them what plans may work for them, and let THEM make a decision of which plan THEY think best takes care of THEIR needs, another agent is going to come along, show them why YOU guessed wrong, and away goes your customer. I know that you have pobably been trained to not give choices, but your trainer is wrong.

I am not saying to go over EVERY plan with them, but show them Plan F, Plan D, and Plan G, or whatever, show them how each will affect their situation, and let them decide, then agree with their decision.

Develope a well oiled presentation that shows them their choices, so their mind is made up when you ask for the sale.

When they say "I like Plan D best" simply say great, I will need your Red,White,and Blue card to get this started for you. And watch them go get it.

Well, ultimately it is their choice as to take the polcy or not.

There have been many studies showing that when consumers are given too many choices, they end up becoming "overwhelmed" and making no choice at all. And the person who trained me wasn't "wrong", we just happen to agree on an effective and efficient sales method.

 

[VaDwayne]

Well, ultimately it is their choice as to take the polcy or not.

There have been many studies showing that when consumers are given too many choices, they end up becoming "overwhelmed" and making no choice at all. And the person who trained me wasn't "wrong", we just happen to agree on an effective and efficient sales method.

You are correct. Giving TOO MANY CHOICES is not good at all, but 2 or so, will make the customer comfortable with their decision, will eliminate buyers remorse, and will keep your client from researching to make sure they made the right choice after you leave.

 

[Frank Stastny]

Well, ultimately it is their choice as to take the polcy or not.

There have been many studies showing that when consumers are given too many choices, they end up becoming "overwhelmed" and making no choice at all. And the person who trained me wasn't "wrong", we just happen to agree on an effective and efficient sales method.

Choices lead to indecision. A good presentation covers the alternatives and shows them the plan that is going to be the best investment of their premium dollar.

When done properly the prospect doesn't feel like they are being "sold" a policy. All the agent has done is help and guide them in making an intelligent, well-informed decision.

If after educating them about Medicare and Med Supps the prospect still prefers to make an emotional decision they do so knowing that there are other and possibly better alternatives to consider.

That will dramatically reduce the chance of another agent coming along and rolling that piece of business.

 

[crons79]

What do you gain in these questions?

What "we" do has little to do with you and your market. Look at the premiums for the plans you will be selling in the age ranges you'd most likely sale to... take the average. There ya have it.

Man you guys are tough on me. I am on here to help and get help when needed. I try to track sales and have a solid business plan. I am new to this and every dollar counts when getting started. I was just asking so I can see if I am selling above or below other peoples average. Thats all.

I like what Frank said "A good presentation covers the alternatives and shows them the plan that is going to be the best investment of their premium dollar."

Sometimes I have the mindset when researching "This plan is the best", but when talking with clients I like to educate them, give them the best options available, and let them choose the Plan. (F,D,G,N) For the ones who say "I still don't understand it all" I break it down even simplier and they usually choose one. (F, G, N). And for the one's who say "I don't know. I have to think about it." I say then "if you were my grandmother I would recommend Plan (G) to you because it will be the most coverage for you at the least possible price. Is that ok with you?!? (or how do you feel about that?"

They then say yes and now time for the app!

 

[VaDwayne]

I like what Frank said "A good presentation covers the alternatives and shows them the plan that is going to be the best investment of their premium dollar."



Is presenting alternatives not the same as presenting choices? Hummmmm!!!! Sounds like semantics to me. Frank says he offers altenatives but choices lead to confusion. HUH!!!

You and Frank and others that say you like educating your clients crack me up. SELLING IS EDUCATING, that is what good salespeople do regardless of what they are selling, A vaccum cleaner salesman educates his customer as to why his product is the best choice but he is gearing this education toward him selling a vaccum cleaner. A Honda salesperson educates people as to why he think his product is superior to Toyota. Medicare supplement agents do the same thing. Would you sit and educate a customer that plan ? is the best for them, but you don't carry it and they need to buy it elswhere, no way!!!

Again, SELLING IS EDUCATING and EDUCATING IS SELLING.

It's not anybodys fault because the word EDUCATING is a popular term in all forms of insurance, but thats because of the negative connotation of the word SELLING.

 

[G.Gordon]

Not being hard on ya Cron, but saying that what my average is in my "area" won't be comparable to the average in your area. Trying to make a business plan using apple/orange type information won't get ya far. That's all I'm saying about your question.

Like I said:
1. What plan are you more likely to sell based on your beliefs?
2. What age range are you targeting?
What is the average of that information? There ya have it. That will get you much closer to a usable answer than asking other agents in a national forum... "What is your average... "

Of course I say usable with a bit of scepticism. Study the information, develope a marketing plan that works with your personality... GET TO SELLING.

Spreadsheet construction doesn't have a commissionable value.

 

[Norwayguy]

How often you go to the Dr cannot be done. Crystal Ball? Explain the options, gain their trust, help them with drug plans and let them decide with guidance. By 2014, watch your renewals fade away as companies pull out. The question really is not what is the best plan for the customer, it may be what line of products is best for you. All the work you do today could be for not if loss ratios have to be tightened. I'm happy working for the largest Medicare and Tricare claims processor in the nation. I would not like to be on full commission when 2014 comes down.
It will be so interesting reading all the posts on this site in 3-4 years, including mine. Hope the the best, plan for the worst.

Medicare guy is right you can not predict what their future health will be like and because someone comes around after you and sells a plan $30 a month cheaper doesn't mean it will be better, remember if they go to plan N and their health changes and the cost sharing becomes more of an issue they will probably not be able to qualify for plan g or f later on.

Each case should be taken by itself and as you educate the consumer about their choices make the most appropriate recommendation not just for today but for possible contingencies...

I am a little bit lucky right now I can offer a modernized plan F for $153 per month and MOO is offering Plan N at $144 per month it is a no brainer and the GI laws in my state allow the consumer to move from like to like or lesser plan GI.

I recommend you knwo your laws and how that will effect your clients situation.