How do you diffuse the prospect who wants to challenge you? I will volley with them a few times and then move on. Most of the time I remember a snappy comeback . . . but only AFTER I have hung up.
Here are a few that have been successful.
All carriers are the same.
You are correct. That is why I only use one carrier.
The last time I had (insert carrier name) they didn't pay my claim.
So which carriers do pay claims the way you want them to?
I really need a copay plan and a lower deductible.
My wife just loves it when I find clients like you. She can spend more time at the mall. The small commission checks I earn when a client buys a high deductible plan just don't last as long.
I just got a rate increase and I didn't even use the plan last year.
I feel your pain. The last time I filled my tank, gas was $3.49 a gallon. Today it was $3.58. I think the oil companies are in cahoots with the carriers to stick it to us.
I don't need a plan with Rx benefits since I don't take any medicine.
Good for you. Which carriers allow you to buy homeowners insurance after your house catches fire?
If your plan doesn't cover (insert medicine name) then why do I need your plan?
What was I thinking? Your medicine is $180 per month, but I can show you how to get the same for $110 per month . . . even less if you want generics or equivalents. I have another plan that is $150 per month more and will cover your meds, after you satisfy the $500 Rx deductible. Once you do that, your monthly copays will run you $100 per month.
I don't mind the higher deductible, but I still need my copays.
How much is your copay for brakes, new tires or gutters for your home?
Isn't THAT the friggin' truth! I showed a perfectly healthy 32m and 27f couple how to reduce their premiums (they'd been paying 350 a month with Unicare) with an HSA and they said they need to have copays - even though they never go go to the doctor. It's maddening! What are these people thinking???
I'll give them what they want, and I'm confident that I've explained the whole thing (being a big HSA fan), but sometimes logic is defied and they need those stupid copays.
Bottom line is people like known costs. Copays are easy on the budget, even if the premium is higher. After all, isn't that what insurance is all about, transferring the risk from you to the insurance carrier? If you have to pay $5000 to see the doctor before the insurance pays, how much risk (day to day, not catastrophic) have you really transferred?
You can solve the copay question really fast.... ask them how much money they have in their savings account. If $0.00, they will need copays to protect their non existent budget. HSA's won't help.
It's the same with deductibles in P&C. Higher deductibles (to an extent) make a lot more financial sense, but, it amazes me how many people want $100 deductibles (or lower). I point out that they pay the difference every six months between the $100 deductible and a $500 deductible but they still want the lower deductible.
Then others want a very high deductible, since they want the lowest payment possible (wouldn't have insurance if the bank didn't make them). But then, they can't afford the deductible if something happens, so the insurance isn't working for them as it should.
Logic doesn't play into peoples finances. It's funny when I have these conversations with both mom and dad at the same time. Mom wants to be 'logical' about making it easy to take the kids to the doctor (i.e., copay) and dad wants to be 'logical' about the family finances. Different points of view of logic. It's a matter of knowing what is important to the client, and helping them get that, along with a little education.
Back on topic though, Somarco's comeback list is great!
If you have to pay $5000 to see the doctor before the insurance pays, how much risk (day to day, not catastrophic) have you really transferred?
If the copay is $35 and the office visit cost is $70 they still have to pay $2,500 for the $5,000 of office visits. (Who the hell has 80 office visits in a year?)
The premium for this $35 per visit savings is probably $200 a month - or just about the $2,500 they "saved." Even in this VERY unlikely situation of 80 office visits, at best dollars are being traded.
What risk has been transferred? The only good that has happened is that the premium is higher and therefore so is the commission every month.
I have sold copay plans mainly for children or where the policy only offers 3 or 4 office visits before the deductible for people who really won't benefit from the tax implications of an HSA. But the majority of my clients for the past few years are on HSA plans and are very happy with them.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
You're preaching to the chior. I'm a big fan of the concept of HSA's, though it's hard to get mom to be for some reason. I don't push clients to hard to get out of their comfort zone on this. I walk them through it, some get it, some don't, some don't want to, some don't like the idea. I don't beat them over the head, it's their health insurance, not mine.
Office visits in my area (bay area, ignoring Walmart) are more like $150 to $200 if not repriced, so your math still works, but different numbers apply. This is also why people like group coverage, people who have been on group don't understand what your talking about.
Office visits in my area (bay area, ignoring Walmart) are more like $150 to $200 if not repriced, so your math still works, but different numbers apply. This is also why people like group coverage, people who have been on group don't understand what your talking about.
Dan
But office visits ARE repriced in an HSA. Which insurance carrier allows $150-200 for an in-network office visit?
If logic doesn't work, I just sell them what they want. If it's a policy with a hole in it (prescription limit), I have them sign a sheet of paper saying I discussed this with them and they are going against my recommendation. By far most go with my recommendations because they are unhappy with their current situation (emotion) and I always recommend what is in their best interest. I'm not going to sweat the people too stupid to see it otherwise.
Isn't THAT the friggin' truth! I showed a perfectly healthy 32m and 27f couple how to reduce their premiums (they'd been paying 350 a month with Unicare) with an HSA and they said they need to have copays - even though they never go go to the doctor. It's maddening! What are these people thinking??? I'll give them what they want, and I'm confident that I've explained the whole thing (being a big HSA fan), but sometimes logic is defied and they need those stupid copays. Craziness...
One just has to sell what the customer wants even if it doesn't make any sense. However, me I like the $11,000 plus in my HSA that is growing everyday. It is a lot better that I have it at my disposal rather than my insurance comapny having it.
How do you diffuse the prospect who wants to challenge you? I will volley with them a few times and then move on. Most of the time I remember a snappy comeback . . . but only AFTER I have hung up.
Here are a few that have been successful.
All carriers are the same.
You are correct. That is why I only use one carrier.
PI: Yes, they all have their good MM plan and they all have their limited bennie plan, I dont deal with the little limited bennie plans.
The last time I had (insert carrier name) they didn't pay my claim.
So which carriers do pay claims the way you want them to?
PI: Then we best not deal with those dogs again, thats why i'm a broker, I get u what u want.. not what i want u to have
I really need a copay plan and a lower deductible.
My wife just loves it when I find clients like you. She can spend more time at the mall. The small commission checks I earn when a client buys a high deductible plan just don't last as long.
PI: no problem, they are the most popular, always have been and always will be... now, whats the highest deductible u can stand if I write a policy that pays for pap, mammy prevent care physicals and routine dr visits and drugs with a co-pay?
I just got a rate increase and I didn't even use the plan last year.
I feel your pain. The last time I filled my tank, gas was $3.49 a gallon. Today it was $3.58. I think the oil companies are in cahoots with the carriers to stick it to us.
PI: I hear u and it sucks, whee s your agentand why has he not shopped the business when that happens? See, every year, weather u want it or not, i'm calling u to discuss options cause I promise u WILL get a rate increase and I also promise that as a broker I will shop the business and recomend what we need to do. Heres the deal, I get paid every month on your policy, if the rates go up and u hop on the internet shopinf insurance some slick talking agent is gonna try and take the business from me. I have to call u to protect my paycheck I don't need a plan with Rx benefits since I don't take any medicine.
Good for you. Which carriers allow you to buy homeowners insurance after your house catches fire?
PI:I didnt either, untill I was 40 yrs old and told I had polycithemia vera di to prior use of preformance enhancing drugs. Now i'm stuck with 600 bucks a month in drug expenses, bet u wish u had drug coverage then
If your plan doesn't cover (insert medicine name) then why do I need your plan?
What was I thinking? Your medicine is $180 per month, but I can show you how to get the same for $110 per month . . . even less if you want generics or equivalents. I have another plan that is $150 per month more and will cover your meds, after you satisfy the $500 Rx deductible. Once you do that, your monthly copays will run you $100 per month.
PI: (i assume this is a pre-x condition?) throw the lead in the trash or get credit on the lead and change the filtering on the leads. Also, just sell Aetna or some other carrier that is favorable towards that medication and wont pre-x it
I don't mind the higher deductible, but I still need my copays.
How much is your copay for brakes, new tires or gutters for your home?
PI: Great, no problem, our most popular plans have about a 2500 deductible and co-pays for dr's and drugs... will that work? ok, gimmie a sec and i am gona run rates from about 700 different plans, whomever is the cheapest providing they are A rated and all have pert near the same bennies then we will go with them. I will call u back in about 5 minn. I will need your social security numbers and dob and doctors names when I call back cause after we get comfortable with the plan selection we will log onto the carriers secured website and complete the app.
When I call back, I get the client to go to my website then we go over the prices... once we pick a plan, I make them look the plan over with me. then we do the app with the help of web conferencing tools. I spend less that 100 bucks per sale, yes I said sale... if i get u on the phone... your sold... providing u didnt lie when u filled out the lead about pre-x... i also say, u must be local to pull this off
In 16 years I have never told anyone how I sell.... for some reason I felt compelled to do it now. The key, be a broker, have several plans(all the big boys) even if u never use them, u got to have them. people buy when they know they are getting the best deal out there based on what THEY say they want. Give 'em what they want, not what you want.
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I can't spell, I can't write..... and I can't be bothered if you dont like it... got it???
When I call back, I get the client to go to my website then we go over the prices... once we pick a plan, I make them look the plan over with me. then we do the app with the help of web conferencing tools. I spend less that 100 bucks per sale, yes I said sale... if i get u on the phone... your sold... providing u didnt lie when u filled out the lead about pre-x... i also say, u must be local to pull this off
In 16 years I have never told anyone how I sell.... for some reason I felt compelled to do it now. The key, be a broker, have several plans(all the big boys) even if u never use them, u got to have them. people buy when they know they are getting the best deal out there based on what THEY say they want. Give 'em what they want, not what you want.
You have to qualify your prospect properly so you can give them good direction. I sold new vehicles to people who wanted one when they could have bought a two year old model and saved a lot of money.
It's important to maintain objective. Your beliefs aren't important. HSA accounts are for the clearer thinkers, those who save and take care of themselves.
ask them how much money they have in their savings account. If $0.00, they will need copays to protect their non existent budget. HSA's won't help.
If they don't have $5k (cash or credit) to fund an HSA they wont have $5k to pay their OOP on a large claim on their $2500 deductible + coinsurance copay plan either.
Fact is, most folks have less than $500 per year in OOP expenses.
They might as well pocket the premium differential (or spend it on lottery tickets).
I make a very good living showing folks how to maximize their health care dollars, which includes cutting their premium outlay by anywhere from 20 - 70%. I make less per sale than I would if selling everyone that wanted it a copay plan, but I get more referrals because of the way I educate the consumer.
Wrote 4 apps this week off referrals.
though it's hard to get mom to be for some reason. I don't push clients to hard to get out of their comfort zone on this. I walk them through it, some get it, some don't, some don't want to, some don't like the idea. I don't beat them over the head, it's their health insurance, not mine.
That's almost verbatim what I tell folks . . . and the majority (about 80%) of my clients are wives.
"I will show you the differnce in two plans. One you picked, one I would pick. It's your plan and your money. You decide."
Works (almost) every time.
But office visits ARE repriced in an HSA. Which insurance carrier allows $150-200 for an in-network office visit?
ALL procedures from par providers are repriced. Doesn't matter if it is HSA or not.
If you have a plan with limited copays (say 2 per year) and you have to go a third time, most of the time the additional visits are repriced.
Note I said MOST of the time.
On plans like the GR Copay Saver, once you use up your 2 visit limit, future visits are not repriced nor do they accumulate toward the deductible.
Bummer.
Check the consumer tools for carrier repricing in your area. I realize different fee schedules apply in each area, but most PCP visits in Atlanta are in the $50 - $70 range. Add $20 or so for a routine visit to a specialist.
Bounce that off a $40 copay and we find that what you pay the carrier for the privilege of only paying $40 never makes financial sense.
"Betty, here is the way it stacks up. Your family premium for the plan you chose is $640 complete with doc copays (unlimited visits) and Rx copays after you satisfy the $300 per person deductible."
"The premium for the same plan, but without copays for doc or Rx is $480."
"Every month you go to the doc you pay the carrier $160 (the difference in the premium for the plan you like vs. the one I recommend) PLUS you pay another $40 to the doc. That office visit really cost you $200."
"Even though office visits here rarely exceed $70, let's say your situation is unusual and you end up paying $100 for a visit not covered by a copay."
"How much have you saved with plan #2? You saved $100, right?"
"So how much does an office vist cost in the months when you DON'T go to the doc?"
"$160."
"So in months when you go to the doc you pay $200 and in months when you don't go you still pay $160. Are you OK with that?"
Then I shut up and let them decide.
In 16 years I have never told anyone how I sell.... for some reason I felt compelled to do it now.
Because in spite of your crusty attitude you really are a sweetheart . . .
I so relish the times I get to spar with my know-it-all clients, though I know I shouldn't. It's very hard, and certainly not wise, to allow for any notion of the "customer is always right" when it pertains to Healthcare. In fact, they're almost always wrong.
I had a guy telling me last year that he was King Insurance, sold it years ago, ran an HR department, invented Insurance, forged BCBS with his own smelter, etc., etc and he's challenging/arguing every point with me (I am trying to illustrate the logic of switching from a $1675/mo Oxford plan with co-pays and insanely low Hosp deductible to a $525/mo Assurant ODPPO HSA). Tells me high deductible/HSA plans are crap, they don't pay anything, it's always better to pay a higher premium and have "more coverage" blah blah blah. I finally stopped the guy and said "You know what Mr.______________, I just checked my Insurance License on the wall here and it actually has YOUR name on it! I am so sorry, I thought I was the one who did the tests and all the continuing education!" Yes, he hung up...but the story continued...
About 2 months later his wife calls me at my office and wants to apply for "One of those HSA plans". I recognized the last name/address and I mentioned to her that I think I spoke with her husband and she plays dumb and says "Ohh, maybe, but we got your name from the Internet." I am certain that after he hung up on me and I sent him articles raving about HSA plans as well as a spreadsheet detailing the insane amount of cash he would save annually he decided he was "owned" but then was too much of a p***y to call me back directly so he had his wife do it. I really wanted to send him a copy of my Insurance license with my name blown up like 400x magnification but I figured I'd like to keep the advance.
Oh well, that was an anomaly because usually when it gets to that point the customer has already issued death threats and I am telling them to show up at my LA Boxing class so we "can discuss things in person." I really have a problem...
Last edited by CT Insure Guy : 05-10-2008 at 10:47 PM.
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