As Earned Versus Advance

[4theloveoffe]

Great advice. Adding Med Sups at least to FE is a no brainer. And if you can do what I did and drag your spouse into the biz to handle most of the Medicare stuff that you throw at her it will really become a monster.

I brought my wife into the biz against her will 10-years ago. After a couple wrong paths we discovered that handling the Medicare part of what I do would free me up the most. And fit best with her because she had no natural sales ability at all. Zero. But she could teach. And that fit with the Medicare presentation.

Now 10-years later she has 4-double wide file cabinets full of Medicare clients. And she just told me she is out f file space. She does 80% Med Sups and 20% Med Advantage.

But the beauty is the combo of Med Sup renewals and FE first year.

View attachment 3230

Interesting... I've never done med supps. What are the FYC and renewals like. What percentage could a new agent reasonably expect?

 

[TDFnCali]

Interesting... I've never done med supps. What are the FYC and renewals like. What percentage could a new agent reasonably expect?

Quite diff for everyone....depends on your location, companies you're with, and the products you offer. I'll give u my exp here in Socal....

Med Advantage (80% of my biz)- $500+ FYC if new to medicare, 1/2 if just switching plans & maybe prorated depending on the month they signed up. LIFETIME Renewals $20-22/mo which typically start the following Jan.

Med Supps - $300 FYC, $25-30/mo renewals for T65, but because its like FE, the premiums would be A LOT more if you got someone on a supp plan say at 75, so FYC & renewals a lot higher....6yr renewals start 10mos later assuming 9mo adv.

Hope that helps!

 

[Todd King]

Great advice. Adding Med Sups at least to FE is a no brainer. And if you can do what I did and drag your spouse into the biz to handle most of the Medicare stuff that you throw at her it will really become a monster.

I brought my wife into the biz against her will 10-years ago. After a couple wrong paths we discovered that handling the Medicare part of what I do would free me up the most. And fit best with her because she had no natural sales ability at all. Zero. But she could teach. And that fit with the Medicare presentation.

Now 10-years later she has 4-double wide file cabinets full of Medicare clients. And she just told me she is out f file space. She does 80% Med Sups and 20% Med Advantage.

But the beauty is the combo of Med Sup renewals and FE first year.

View attachment 3230

I understand an agent only wanting to do FE, but at the same time I don't understand it those agents that don't at least carry a couple of Supp companies in their bag. I've preached it for years. Sometimes they listen and sometimes they just don't. To each their own I suppose.

Scott, somehow I just can't see Jo getting licensed totally against her will! She probably did it just to shut you up!

 

[jdeasy]

I understand an agent only wanting to do FE, but at the same time I don't understand it those agents that don't at least carry a couple of Supp companies in their bag. I've preached it for years. Sometimes they listen and sometimes they just don't. To each their own I suppose.

Scott, somehow I just can't see Jo getting licensed totally against her will! She probably did it just to shut you up!

It's good to have them available but they will run across very few opportunities to cross sell med sups when running FE leads.

MA is a different story. Also a whole different can of worms to open.

 

[SPUR CITY]

It's good to have them available but they will run across very few opportunities to cross sell med sups when running FE leads. MA is a different story. Also a whole different can of worms to open.

I agree. MA people tend to be FE people.

 

[Birdman300]

I understand an agent only wanting to do FE, but at the same time I don't understand it those agents that don't at least carry a couple of Supp companies in their bag. I've preached it for years. Sometimes they listen and sometimes they just don't. To each their own I suppose.

Totally agree with this. We're all insurance agents. The purpose of being in this biz is to make a profit. I don't understand why an agent would intentionally turn down profit right in front of them. If you're in the home, and you happen to come across a Med Supp buyer (this is rare) why not try to save them a little money and put some of it in your pocket? You can lead a horse to water, but you can't make them drink I guess. The longer I do this, the more attractive Med Supp becomes.

I like the idea of having the wife do that side of it though. Med Supp is fast and simple enough to do yourself, but the MA is much more time consuming.

 

[TDFnCali]

I understand an agent only wanting to do FE, but at the same time I don't understand it those agents that don't at least carry a couple of Supp companies in their bag. I've preached it for years. Sometimes they listen and sometimes they just don't. To each their own I suppose.

Scott, somehow I just can't see Jo getting licensed totally against her will! She probably did it just to shut you up!

I hope my wife never ask to join me!!

 

[rousemark]

Totally agree with this. We're all insurance agents. The purpose of being in this biz is to make a profit. I don't understand why an agent would intentionally turn down profit right in front of them. If you're in the home, and you happen to come across a Med Supp buyer (this is rare) why not try to save them a little money and put some of it in your pocket? You can lead a horse to water, but you can't make them drink I guess. The longer I do this, the more attractive Med Supp becomes.

I like the idea of having the wife do that side of it though. Med Supp is fast and simple enough to do yourself, but the MA is much more time consuming.

It is called specialization... If you go to a podiatrist, he will not do surgery on your shoulder even though he may know how and is qualified. He will pass you on to an orthopedic specialist so he can continue to concentrate on what he does best.

Some people want to be generalists in the insurance field but others wan to focus on just one part of the business. I have seen a lot of guys who are successful in one area branch out loose their focus and end up making less money.

 

[TDFnCali]

Interesting... I've never done med supps. What are the FYC and renewals like. What percentage could a new agent reasonably expect?

I forgot I made this awhile back & just ran across it again....I was doing a simple comparison between FE & Medicare. Its not exact, FE pros #'s maybe better, while newbies would be worst, but the BIG differences is highlighted & in red.

See attached, could be helpful to you.

 

[Todd King]

It is called specialization... If you go to a podiatrist, he will not do surgery on your shoulder even though he may know how and is qualified. He will pass you on to an orthopedic specialist so he can continue to concentrate on what he does best.

Some people want to be generalists in the insurance field but others wan to focus on just one part of the business. I have seen a lot of guys who are successful in one area branch out loose their focus and end up making less money.

Knowing FE and Med Supps/Med Advantage doesn't even come close to being the equivalent of becoming a doctor, even in one field.

In other words, none of it is rocket surgery. Med Supps are even easier than FE to learn. The two fields are tied so closely together that I don't really consider them as separate fields. It's all the senior market. Nothing hard about it.

Now, over the years I've talked with many an agent that thinks they just can't learn more than one thing. I guess you just don't know what you don't know. If an *** like me can learn FE, Med Supps, LTC, & Annuities all at the same time, then surely most agents could at least learn FE and Med Supps.

I personally think that being an expert in both the FE and Medicare side is not that hard if you are a student of the business.