Med Supp Newbies, Why You Should Cold Call

VaDwayne

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I have been in the business now for almost 5 years. During that time Frank Statsney trained me to cold call, which I did everyday.

Yesterday I wrote 2 med supps on a husband and wife that I wrote originally when I first started. This is the 3rd time I have switched their carrier in 5 years. If I didn't switch then again in the future, that is about 11 years of commission off of 1 cold-call (probably close to $5000 off of 1 call).

I guess my point is that you should look at the big picture when calling and build a career instead just trying to make it through to the next day and getting frustrated. I no longer market med supps because I like the commercial side of the business but I do maintain my current customers and work referrals and repeats for the extra income.
 
Unless you live in Ohio, isn't it illegal to cold call med supps?

No it is not illegal, or at least it wasn't when I did it. You just needed to have a scrubbed list. It was illegal to cold-call for Medicare Advantage plans.
 
Think that changed. Here is what Aetna says:

New Regulations Regarding Solicitation of Med Supp in Ohio

The Ohio Department of Insurance recently revised its regulation regarding the solicitation of Medicare Supplement insurance to more closely follow CMS's rules prohibiting cold calling, email blasts, leaving sales brochures/business cards on cars/doors and calling on prospects in care facilities. Keep the new regulations in mind when marketing Medicare Supplement insurance in Ohio.

Solicitation of Medicare Supplement Insurance
It shall be deemed an unfair or deceptive act or practice to commit or perform any of the following acts in Ohio:

Any unsolicited contact with a Medicare-eligible person including without limitation, telephonic or electronic solicitation, which includes leaving an electronic voicemail message on an answering machine, text message, or email contact; soliciting door to door; leaving information such as a leaflet or flyer on someone's car; approaching a Medicare-eligible person in common areas (e.g., parking lots, hallways, lobbies, etc.); and attempting to or contacting a Medicare-eligible person residing in a nursing home, long term care facility; assisted living facility, or other similar residence established for or primarily occupied by a senior citizen.
 
Think that changed. Here is what Aetna says:

New Regulations Regarding Solicitation of Med Supp in Ohio

The Ohio Department of Insurance recently revised its regulation regarding the solicitation of Medicare Supplement insurance to more closely follow CMS's rules prohibiting cold calling, email blasts, leaving sales brochures/business cards on cars/doors and calling on prospects in care facilities. Keep the new regulations in mind when marketing Medicare Supplement insurance in Ohio.

Solicitation of Medicare Supplement Insurance
It shall be deemed an unfair or deceptive act or practice to commit or perform any of the following acts in Ohio:

Any unsolicited contact with a Medicare-eligible person including without limitation, telephonic or electronic solicitation, which includes leaving an electronic voicemail message on an answering machine, text message, or email contact; soliciting door to door; leaving information such as a leaflet or flyer on someone's car; approaching a Medicare-eligible person in common areas (e.g., parking lots, hallways, lobbies, etc.); and attempting to or contacting a Medicare-eligible person residing in a nursing home, long term care facility; assisted living facility, or other similar residence established for or primarily occupied by a senior citizen.


So how the hell do you prospect for MedSups??? Telepathy?

I guess direct mail wasnt on the list
 
Think that changed. Here is what Aetna says:

New Regulations Regarding Solicitation of Med Supp in Ohio

The Ohio Department of Insurance recently revised its regulation regarding the solicitation of Medicare Supplement insurance to more closely follow CMS's rules prohibiting cold calling, email blasts, leaving sales brochures/business cards on cars/doors and calling on prospects in care facilities. Keep the new regulations in mind when marketing Medicare Supplement insurance in Ohio.

Solicitation of Medicare Supplement Insurance
It shall be deemed an unfair or deceptive act or practice to commit or perform any of the following acts in Ohio:

Any unsolicited contact with a Medicare-eligible person including without limitation, telephonic or electronic solicitation, which includes leaving an electronic voicemail message on an answering machine, text message, or email contact; soliciting door to door; leaving information such as a leaflet or flyer on someone's car; approaching a Medicare-eligible person in common areas (e.g., parking lots, hallways, lobbies, etc.); and attempting to or contacting a Medicare-eligible person residing in a nursing home, long term care facility; assisted living facility, or other similar residence established for or primarily occupied by a senior citizen.

I have a feeling that crap like this will be happening everywhere. Eventually they will regulate a lot of folks right out of business.
 
No it is not illegal, or at least it wasn't when I did it. You just needed to have a scrubbed list. It was illegal to cold-call for Medicare Advantage plans.

It most certainly is illegal to cold call in Ohio.
 
I have a feeling that crap like this will be happening everywhere. Eventually they will regulate a lot of folks right out of business.

I think you are right and it will mean higher rates for seniors in the long run. If all you can do is direct mail or TV advertising it will eventually get to be nearly impossible to compete with the big companies that want to sell direct.

For right now it looks like direct mail and referrals are the only way.
 
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