Market Research to Determine License Type (Med Supp or FE)

[Dweezil]

So you would suggest learning both long term then? It seems that they are complimentary products anyway.

 

[jdeasy]

So you would suggest learning both long term then? It seems that they are complimentary products anyway.

The med sup market and the FE market are completely different.

 

[Dweezil]

The med sup market and the FE market are completely different.

OK, that's why I asked. It seems like there are quite a few people doing both even though they may focus on one or the other. What would be the advantages and disadvantages of both?

Starting out it would make sense to focus on just one but would it make sense to eventually learn both?

 

[John Galt]

Welcome to the forum!

First, the post you quotes was referring to Medicare Advantage, a $0 premium plan with strict regulations.

As I'm often told, I'm not an expert in FE and definitely not in Medicare Supplement... but I believe they are complimentary products and relatively easy to cross-sell to the same demographic.

Not even in the same ballpark, FE coincides more with MA prospects, not supps. However you will rarely run across that FE prospect that has a supp, just not very often, its usually advantage.

 

[jdeasy]

OK, that's why I asked. It seems like there are quite a few people doing both even though they may focus on one or the other. What would be the advantages and disadvantages of both?

Starting out it would make sense to focus on just one but would it make sense to eventually learn both?

Not many people doing both successfully. You will hear that story from marketers, not from agents.

If a person has med sups as their man focus they will have quite a bit of FE cross selling opportunities. Also MA cross sells.

If a person focuses on FE there will be very few med sup sales available. More opportunities for MA but then that opens that can of worms.

You are overthinking this. Pick one and run with it. The easiest to get rolling and to learn is FE. The hardest to have sustained success is FE. But you would know very quickly if FE is gonna work for you.

Not till you get out and do it though.

 

[Newby]

Not even in the same ballpark, FE coincides more with MA prospects, not supps. However you will rarely run across that FE prospect that has a supp, just not very often, its usually advantage.

May be a regional thing. But I run into them fairly regularly. And I'm now running 0-$40,000 incomes. Last week one was on full Low Income Subsidy. Still had a Plan N Med a Sup. I replaced the sup and freed up money for FE. They are out there if you look for them. And if you raise the income filters to $75,000 like I used to run there are many more of them.

My advice is to get one thing going real well first. FE or Med Sups, take your pick. But later add the other. Who cares if most FE buyers don't have Med Sups? If you sell a couple of Med Sups per month you will greatly increase your renewals base. If you get your renewal base up to $20,000 per year for 5-years then you have a renewal base of $100,000 per year when you start year six. Difficult to do with FE alone. But do the math with adding only adding 1-Med Sup per week.

If you miss this goal by 50% you only have a $50,000 renewal base in year six. Boo-hoo. Still gives you some breathing room.

 

[jdeasy]

May be a regional thing. But I run into them fairly regularly. And I'm now running 0-$40,000 incomes. Last week one was on full Low Income Subsidy. Still had a Plan N Med a Sup. I replaced the sup and freed up money for FE. They are out there if you look for them. And if you raise the income filters to $75,000 like I used to run there are many more of them.

My advice is to get one thing going real well first. FE or Med Sups, take your pick. But later add the other. Who cares if most FE buyers don't have Med Sups? If you sell a couple of Med Sups per month you will greatly increase your renewals base. If you get your renewal base up to $20,000 per year for 5-years then you have a renewal base of $100,000 per year when you start year six. Difficult to do with FE alone. But do the math with adding only adding 1-Med Sup per week.

If you miss this goal by 50% you only have a $50,000 renewal base in year six. Boo-hoo. Still gives you some breathing room.

It probably is a regional thing. I have the same experience in my region. If you work FE for a living and run only FE leads you will rarely find med sup prospects.

2 a month is certainly doable but I doubt that's what is being asked.

But that must just be my region?

 

[Gooner]

It probably is a regional thing. I have the same experience in my region. If you work FE for a living and run only FE leads you will rarely find med sup prospects. 2 a month is certainly doable but I doubt that's what is being asked. But that must just be my region?

Hahaha...don't you guys live 45 minutes from each other?

 

[jdeasy]

Hahaha...don't you guys live 45 minutes from each other?

Yeah, but I don't do marketer talk. Those aren't different regions, they are different worlds.

 

[Dweezil]

Not many people doing both successfully. You will hear that story from marketers, not from agents.

I think that seems to be the key to my misunderstanding. I'm working on sorting the marketing from the truth. So far the board has kept me from making many poor choices and narrowing things down. Now it's down to making the final decisions.

If a person has med sups as their man focus they will have quite a bit of FE cross selling opportunities. Also MA cross sells.

If a person focuses on FE there will be very few med sup sales available. More opportunities for MA but then that opens that can of worms.

You are overthinking this. Pick one and run with it. The easiest to get rolling and to learn is FE. The hardest to have sustained success is FE. But you would know very quickly if FE is gonna work for you.

Not till you get out and do it though.

I'm planning on starting part time and going full time after a year. It sounds like starting with FE would be the easiest choice to get started. Would it be unreasonable to expect to just break even the first 3 months that way or would that be too optimistic?

I figure that the first 6 months is just basic training with any job and that it truly takes a year before you know enough and have experienced enough to really get going.

Thanks so far for the answers!