In Your Opinion, Which Is The Best Medigap Plan?
- Thread starter Kenneth82
- Start date
- 6,469
Caveat, not an agent.
When you use the word "pushing", I think you are starting to have a focus away from doing what might be best for the client. However, from that perspective ......
The sense I have from reading a lot of posts here is that currently, a lot of agents will lead with Plan G, go to Plan F if the client insists on it, or roll out Plan N if the client looks like they are going to go MAPD rather than Medigap + PDP.
There is some implied suggestion underlying a lot of recent posts that some agents may start to rethink that in 2020 and beyond, if Plan G premiums start to increase because it is the new GI plan. I don't know what the change point from current price relationships would be, but I have the sense that if Plan G premiums rise enough, some agents may seriously consider leading with Plan N, going back to F or G if asked, and using HDG as the "last ditch" Medigap presentation.
Personally, as a consumer just reading the Medigap comparison chart, I would rather have a Plan M than a Plan N, but carrier pricing of the two products make the M unrealistic in comparison to the N.
High deductible is the best deal going, imo. But you need to be good cross seller to make it work for you.
a guy I work with does 95% HDF plans and does between 20-30 month. It’s not much money but he prefers to get the annuity sale with them. Averaging 25 hdf a month plus $2mill annuity this year makes the low commission hdf ok
HDF/HDG pays me about $10/mo per client.
Haven't written annuity in years for many reasons including suitability requirements. At one time carriers like Allianz were paying double digit commissions . . . 18% or so. It's what, half that now or less? Say 7%.
On $2M that's $140k with no renewals.
Sounds too much like work to me.
sounds like $140k plus 25% comm on $50 premiums is doing probably better than 90% here to me.
im not saying I do it. But I’m not knocking him
I wasn't knocking what he does. Just not for me.
I know that rules have changed over the years because of sales abuses. Especially true with "investment" product such as annuities.
It used to be that buying an annuity would solve your problems, regardless of what it was.
I know that rules have changed over the years because of sales abuses. Especially true with "investment" product such as annuities.
It used to be that buying an annuity would solve your problems, regardless of what it was.
- 6,469
F is NOT going away. The market will just be segmented into two groups, those who can purchase it and those who can't.
Most of my prospects already know they want a Medigap plan, and they want plan G. But sometimes they want to know what else is out there.
At one time the N plan in my area saved about $15+ per month. Now it is more like $10 or less.
When they ask about something less expensive I don't bring up N but rather go direct to HDG.
They almost always pick G.
Even when I quote them an N they still want G.
That being said I have written apps for 4 HDG plans , 2 N plans and 1 F plan this month.
The rest were G.
At one time the N plan in my area saved about $15+ per month. Now it is more like $10 or less.
When they ask about something less expensive I don't bring up N but rather go direct to HDG.
They almost always pick G.
Even when I quote them an N they still want G.
That being said I have written apps for 4 HDG plans , 2 N plans and 1 F plan this month.
The rest were G.
HDF is a better buy, even if you don’t see the value. Educated people would be smart to buy it, but agents don’t push it.
I don’t sell it much because yes, the commissions are low. But I think I already mentioned it once, if you do $2mill in annuities and 150 HDF you are doing better than 90% here posting...its easily high $100k first year then the lifetime renewals come in.
No one here is trying to impress you. I never said he was a heavy hitter, but you took it that way.
