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

[Spin]

Hello everyone, first post, I've been reading the forum the past few weeks. Trying to figure out if I want to go into Medicare sup or final expense.

Reading a thread comparing the two, Cenla Agent said

What kind of areas do you want to work? In some major metro areas (and some not so major) with long established MA plans, you are basically banging your head against the wall trying to sell supps. (Even with high net worth clients, a supp can be a hard sell when they have an MA in the area with practically every doctor and facility in the network.) In my experience, the Medigap market is more rural. The premiums are usually cheaper and the MA plans in the area (if there are any at all) are not nearly as good.

That got me thinking, is there a way to learn the market and demographics to see which type of insurance may be more in demand?

I'm in Champaign, Illinois, which has a population under 200,000 and is surrounded by farmland.

I'd prefer to meet with people in person rather than on the phone.

Thanks.

 

[JimmyUt]

Hello everyone, first post, I've been reading the forum the past few weeks. Trying to figure out if I want to go into Medicare sup or final expense.

Reading a thread comparing the two, Cenla Agent said

That got me thinking, is there a way to learn the market and demographics to see which type of insurance may be more in demand?

I'm in Champaign, Illinois, which has a population under 200,000 and is surrounded by farmland.

I'd prefer to meet with people in person rather than on the phone.

Thanks.

Both are in demand as well as Medicare Advantage. Why not do all of them?

 

[DHK]

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.

 

[Spin]

I'd like to cross sell eventually but don't want to learn two types of insurance at once.

 

[DHK]

Then, if it were me choosing between these two, I'd pick the MedSupp.

However, what you'll need is a list of people turning age 65 in the area you're looking for. I would use Josh's list service and generate a tally of various people according to various criteria.

ListShack.com | Unlimited Sales Leads

Once you learn Med Supps, then learn final expense. It's a logical way to sell... to the timed need first, then planning for final expenses.

 

[GreenSky]

I completely disagree about picking up a T65 list and certainly it's overkill to think anyone needs unlimited list downloads for such a narrow market.

I'd find someone who actually knows and sells Medicare Supplements for advice.

Rick

 

[Agentguy5]

Now that I have over 800 Final Expense clients on the books, it's probably going to be pretty easy to go back and sell them Advantage plans. Heck, half of my clients are really really really low income so I can go back any time of the year and cross em over.

 

[GreenSky]

Now that I have over 800 Final Expense clients on the books, it's probably going to be pretty easy to go back and sell them Advantage plans. Heck, half of my clients are really really really low income so I can go back any time of the year and cross em over.

You can't go to existing customers and bring up the subject of Medicare Advantage. They, just like completely new prospects, must bring it up first.

In fact, I couldn't call my current Med Supp clients and even suggest MA might be a better fit for their needs.

Consumer protection at its finest. Thank you CMS!

Rick

 

[Spin]

You can't go to existing customers and bring up the subject of Medicare Advantage. They, just like completely new prospects, must bring it up first.

In fact, I couldn't call my current Med Supp clients and even suggest MA might be a better fit for their needs.

Consumer protection at its finest. Thank you CMS!

Rick

Are Medicare agents allowed to advertise their services at all? And are there similar restrictions to FE?

 

[Newby]

Are Medicare agents allowed to advertise their services at all? And are there similar restrictions to FE?

The restrictions are on Medicare Advantage. Not on Medicare Supplements or life insurance.