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I have a training session tomorrow morning at 7am. It will probably last a couple of hours. I will try to call you after that if you are going to be in the office. Is it too late for me to call you now?
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- Thread starter Frank Stastny
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I have a training session tomorrow morning at 7am. It will probably last a couple of hours. I will try to call you after that if you are going to be in the office. Is it too late for me to call you now?
Frank,
Thanks for returning my call yesterday and taking some time to talk.
I am working out of a Pennlife Senior Solutions office in the Philly area and have sold some med supps, FE and annuities. I am with them now for about 8 months and can see the opportunity in the med supp market. I've sold some med supps with Pennlife although the commissions are not always the best or pricing is not competitive. I can offer Pennlife Plan C or D (4% commish) or plan G (13% commish), or Marquette Nat'l (15% commish). The problem I run into is that Pennlife in the Philly area is somewhat competitive on pricing but depending on the plan, I make little money. The Marquette product is competitive on pricing with their ultimate rates for a T65, however if switching from another carrier, pricing is not the best.
We get company leads, however they are cards seniors fill out to get 2009 medicare information. When I call and do get someone to pick up the phone, 3/4 of those who pick up the phone have MA plans. I still try for an appt., and go talk about medicare, do a fact finder and try and sell an FE policy or annuity, if possible.
Our office has struggled, even though the branch manager has 30 years experience in insurance, 17 of which were selling med supps with United American. He knows medicare and can sell but is not the best on marketing ideas. We go through new agents in the office like "s**t" through a goose. I've stayed to learn b/c I plan to be in this business, but I think it is time for me to go on my own, but am looking for any additional guidance. Any would be appreciated. As you suggested I will call Todd King and look for carriers in my state which are priced the best and will go through the lists of seniors I have.
I have download your demo and like what I see.
Jeff
Thanks for returning my call yesterday and taking some time to talk.
I am working out of a Pennlife Senior Solutions office in the Philly area and have sold some med supps, FE and annuities. I am with them now for about 8 months and can see the opportunity in the med supp market. I've sold some med supps with Pennlife although the commissions are not always the best or pricing is not competitive. I can offer Pennlife Plan C or D (4% commish) or plan G (13% commish), or Marquette Nat'l (15% commish). The problem I run into is that Pennlife in the Philly area is somewhat competitive on pricing but depending on the plan, I make little money. The Marquette product is competitive on pricing with their ultimate rates for a T65, however if switching from another carrier, pricing is not the best.
We get company leads, however they are cards seniors fill out to get 2009 medicare information. When I call and do get someone to pick up the phone, 3/4 of those who pick up the phone have MA plans. I still try for an appt., and go talk about medicare, do a fact finder and try and sell an FE policy or annuity, if possible.
Our office has struggled, even though the branch manager has 30 years experience in insurance, 17 of which were selling med supps with United American. He knows medicare and can sell but is not the best on marketing ideas. We go through new agents in the office like "s**t" through a goose. I've stayed to learn b/c I plan to be in this business, but I think it is time for me to go on my own, but am looking for any additional guidance. Any would be appreciated. As you suggested I will call Todd King and look for carriers in my state which are priced the best and will go through the lists of seniors I have.
I have download your demo and like what I see.
Jeff
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Jeff,
Although I started captive I really think that any agent who is serious about building a career in the senior market is going to have to be independent. Seniors pretty much only buy based on price. Agents need to have the flexibility to represent the company or companies that offer the best value for the prospects premium dollar.
All companies have increases. When a company prices themselves beyond what is considered competitive then the agent must be able to license with the the new companies that are the most competitive.
The only reason I became an independent agent is that the captive company I started with had three years in a row of 35% premium increases. I just couldn't sell it anymore.
Jeff, are you up there in the same office with Bree? Sounds like him anyway. Churn, churn, churn is SS's motto. That and they want to make you a manager! They're going to eventually make everyone a manager.
I can't believe the commissions you get on your med supps. They must like doing the limbo...how low can you go!!
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Jeff, selling Med Supps in the Philly area is tough. You will find that many seniors go for the MA's from Independence Blue Cross (Keystone) and Aetna. There are a few other players in the MA market, but those two are the biggest. With the zero premium offered by Keystone 65 and Aetna there is not much of a market left. I know that some of the agents on this forum have expressed displeasure with the MA programs from the client's point of view, but apparently there is a high satisfaction rate among customers in the Philly area for both Keystone and Aetna.
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I had a chance to speak with Frank this week, and have to say he truly knows his stuff. I also would recommend his insurance office software and talk to him about it, he will teach you how to use it and also gives great pointers on getting your own leads without having to buy leads.
Thanks for the conversation Frank, I appreciated you taking your valuable time and spending it with me!
Thanks for the conversation Frank, I appreciated you taking your valuable time and spending it with me!
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Being prepared to sell Med Supps NOW is a great idea. When the premiums rise and the benefits decrease on MA plans, supps might well be hot sellers.
Rick
Rick
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It isn't only the Philly area. Ever since HMO's have gained a foothold Med Supps have been difficult to sell in any large metro area. It happened in the St. Louis area around 1995.
Med Supps up until now have pretty much been a rural sale. However, as Rick just pointed out that may come to a screeching halt. Rick isn't the only one who believes that. I have talked to veteran senior market agents all over the country and they also agree.
I'm convinced that we are going to see a huge explosion in Med Supp sales. Part of that explosion I believe will happen in the metro areas.
If the government stops subsidizing them they are not going to have any choice except to make drastic changes. I believe those changes will be a contributing factor that will cause people to take a much harder look at Med Supps.
It is now that agents need to begin positioning themselves to take advantage of it
"Jeff, are you up there in the same office with Bree? Sounds like him anyway. Churn, churn, churn is SS's motto. That and they want to make you a manager! They're going to eventually make everyone a manager."
Todd,
I'm not in the office with Bree, but they still want to make me a manager. I'm tired of working for free though. Frank's posts about med supps caught my attention. I have traveled to the rural areas of Northeastern PA and have some success with med supps, although I believe it would be better with a better priced plan.
There are a lot of seniors with Keystone and Aetna. I run into it alot. When the plan is zero premium and the hospital closest to you accepts it, it is hard to beat. Changes to the MA plans may change the landscape.
Jeff
Todd,
I'm not in the office with Bree, but they still want to make me a manager. I'm tired of working for free though. Frank's posts about med supps caught my attention. I have traveled to the rural areas of Northeastern PA and have some success with med supps, although I believe it would be better with a better priced plan.
There are a lot of seniors with Keystone and Aetna. I run into it alot. When the plan is zero premium and the hospital closest to you accepts it, it is hard to beat. Changes to the MA plans may change the landscape.
Jeff
I can personally vouch for Frank's Medicare knowledge. He offered to help me and I spoke with him 3 times last week for aboout 1 1/2 hours each time.
I was knocking on doors Saturday, because I was bored and I love doing it because I want to stay busy, and on the 5th door, I spoke to a lady at her front door. She is 71 and she had her Med Supp with M.O.O ,and she said that "she was very happy with their service". I used information Frank had given me in one of our conversations to overcome the objection, was invited in and sold her a Med. Supp.
, got referrals, and it turns out this lady knew many members of my family.
I was knocking on doors Saturday, because I was bored and I love doing it because I want to stay busy, and on the 5th door, I spoke to a lady at her front door. She is 71 and she had her Med Supp with M.O.O ,and she said that "she was very happy with their service". I used information Frank had given me in one of our conversations to overcome the objection, was invited in and sold her a Med. Supp.
, got referrals, and it turns out this lady knew many members of my family.Similar threads
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