Is It Worth the Effort to Market Med Supps in Hawaii with a 49% MA Penetration Rate.

[DaKine]

I am really attracted to the opportunity to help seniors save money on their Med Supp premiums.

My area is Honolulu County and according to the CMS website the MA penetration is 49%. I have too things against my area the high MA participation and it's a small island so network doctors are available within 30 miles.

Would it be a total waste of effort to cold call 67-75 aged seniors in my area?
Does it make sense to call T65s?
Would you recommend attempting to start selling out of state over the phone?

Will I likely need to focus on life/annuities only sell med supps only to existing clients and referrals. It sure would be easier to help them save money on a supplement and then have a reason to come back each year and offer a full review and discover needs for life/annuities.

Thanks in advance for your guidance. I'm guessing that the majority will say forget trying to sell supplements in Honolulu.

 

[JimmyUt]

I am sure there are some doing it. My counties are close to 40% and I am able to sell supps. I do a lot of MA as well however. Plenty of folks who have money have never been educated on the value of a medigap plan. It may not be easy, but can be done. Being that you are basically captive to the islands, I would sell both.

 

[rousemark]

Look at it this way.. if 49% have MAs, then 51% don't..A good portion of them are med supp customers.

 

[GreenSky]

Look at it this way.. if 49% have MAs, then 51% don't..A good portion of them are med supp customers.

I'm running into the same issue where my telemarketer is calling. I've pretty much exhausted the areas with under 20% MA penetration and have to increase my "tolerance."

The only change is to up the minimum income slightly. We'll see what happens.

Rick

 

[rousemark]

I'm running into the same issue where my telemarketer is calling. I've pretty much exhausted the areas with under 20% MA penetration and have to increase my "tolerance."

The only change is to up the minimum income slightly. We'll see what happens.

Rick

Hope you are feeling better today! You sounded terrible last night.

 

[GreenSky]

Hope you are feeling better today! You sounded terrible last night.

Thanks. I'm being tested for Ebola in an hour. Can't be too careful.

Or it could just be a cold.

Rick

 

[thomasm]

The secret to getting in the door in a high MA penetration county is ancillary products. (Hospital Indemnity, Short Term Care, Home Health Care, etc.)

A good place to start is bring up the daily hospital and skilled nursing co-pays and let them know there's a program now available to help mitigate some of those costs.

The first app is the toughest! Get in the door, show them something their agent didn't show them, and write it up!

Service them better than the other guy and maybe you'll earn the right to handle all their life & health insurance someday!

 

[JustinTime]

I know these stats are a little older, but the link below shows the top 4 Med Supp companies in Hawaii with AARP being the largest Med Supp carrier (by far) with only 4,235 clients in ALL of Hawaii. Also, the latest US Census statistics show that there are approximately 152,432 people 65 and over in Honolulu county, Hawaii.

While the Med Supp enrollments are low in Hawaii, I think having a Medicare Supplement is still a good idea - AARP would be the one I would recommend having. They also have a great generic flyer that you can download for FREE from their website that has Medicare Advantage, Medicare Supplements, and PDPs.

There are no doubt significantly more enrollments in MAs than Med Supps, but you certainly don't want to miss a Med Supp sale. Remember people like to have options, and when you as the agent give them great options there's a greater chance you can be their agent.

https://www.aarpsupplementalhealth.com/content/dam/uhcmedsupstats/UHC_Medigap_Report_2013_Hawaii.pdf

Honolulu County QuickFacts from the US Census Bureau

 

[Norwayguy]

Look at it this way.. if 49% have MAs, then 51% don't..A good portion of them are med supp customers.

Your forgetting employer coverage and Medicaid.

 

[yaknow1]

Which in HI is bound to be high; lots of government retirees and Medicaid.

OUCH! read that report... only 5,200 Medigap plans issued in the entire state.