The Cost of Getting into Selling Med Supps
- Thread starter Buff Minorcan
- Start date
- Thread starter
- #22
- 264
That's good to hear Dix. What's your preferred marketing method? Which carriers are you using?
MedicareBear
Expert
- 40
I'm late here but have to agree with Medicare training 101 and medicare agent training. You can't fail unless you don't try at that point. I use those two a lot.
I write United health and United American mostly... direct mail still pulls well in the less populated counties, so being willing to drive a bit is a good thing, at least for us. We get 3-3.5% return on our pieces. Like I said, we target the counties that have little to no MA option.
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- #25
- 264
That's cool, thanks for the info. Do you find your close ratio to be pretty good?
The FE guys will tell you out of 20 DM leads you should be able to sell 4-5 of them. Would you say that's right for Med Supps as well or a little better?
I got over 4.5% on a mailer to a couple counties with 0% MA penetration. There is plenty of business if you are looking for it. If you get 20 med supp leads, close ratio will vary a lot on health, because folks that can get final expense, can't always change med supps. Apples and oranges here. I do think 4 to 5 apps out of 20 is very doable however if you have the right mix of carriers and sales ability.
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- #27
- 264
Speaking of carriers, would you guys mind just naming off a few I'm going to need for Georgia and Florida?
In Florida, you want United Healthcare for sure. As for Georgia, someone like SMAN or Somarco can answer that better. I believe Equitable and Philadelphia American are both good there. I Know Mutual Of Omaha has plans there as well. If I can help, feel free to reach out to me and I will run CSG and give you some idea based on zip code what rates well.
Thats funny, i knew you guys come over there just to cause trouble lol, i do like hanging here sometimes though
Philadelphia American isn't offered here, but the sister company, New Era Life of the Midwest, is. They've done a great job of keeping rate increases to a minimum. Equitable is competitive. The new State Mutual plan is competitive. Omaha Insurance Company is competitive on Plan G, but proceed with caution. The MoO carriers don't have the best history when it comes to rate increases. Although OIC has done pretty well since starting in Georgia. Rate decrease after the first year on Plan G and no rate increases the following two years. That is definitely different from what they've done in the past and according to CSG, their loss ratio in Georgia is pretty good (65.56%). There's also Manhattan Life, but I refuse to write them.
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