Has anyone had any luck working med supp business to business? Obviously it is not a fit for every business but say if you walk into all the small businesses and just scope out whether the owner or some of the employees might be over 65 and not on a group plan. Or having informational meetings at larger companies where maybe there a lot of older contract workers or other people who are not on the group plan.
In this instance I am not asking about social service agencies, or senior centers of that type of thing. Just your basic business community.
Has anyone had any luck working med supp business to business? Obviously it is not a fit for every business but say if you walk into all the small businesses and just scope out whether the owner or some of the employees might be over 65 and not on a group plan. Or having informational meetings at larger companies where maybe there a lot of older contract workers or other people who are not on the group plan.
In this instance I am not asking about social service agencies, or senior centers of that type of thing. Just your basic business community.
Comments, strategies, cautions, opportunities?
Thank you.
Winter
Medicare is INDIVIDUAL health insurance. Not even a spouse can get coverage under the other's plan. What they CAN do, is get Social Security under their spouse's work record, which in turn, can net them Medicare coverage when they meet their individual eligibility requirements, e.g. turn 65.
Some states, such as Missouri, have "group rates", because of state status ("trust" state).... but that has only to do with the individual's rates, not group eligibilty.
Medicare is INDIVIDUAL health insurance. Not even a spouse can get coverage under the other's plan. What they CAN do, is get Social Security under their spouse's work record, which in turn, can net them Medicare coverage when they meet their individual eligibility requirements, e.g. turn 65.
Some states, such as Missouri, have "group rates", because of state status ("trust" state).... but that has only to do with the individual's rates, not group eligibilty.
If I am wrong, Frank will correct me.
I was under the impression that the only way a person can obtain SS is if they work and put some money into the system. Are you saying that if we have a couple whom, for argument sake, the husband works for 40 years while the wife takes care of the children, BOTH of them will be eligible for SS benefits? If that is the case, when does that start?
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[COLOR=#000066]"Tell me and I will forget. Show me and I will remember. Involve me and I will understand." Confucius
I was under the impression that the only way a person can obtain SS is if they work and put some money into the system. Are you saying that if we have a couple whom, for argument sake, the husband works for 40 years while the wife takes care of the children, BOTH of them will be eligible for SS benefits? If that is the case, when does that start?
Absolutely, the wife can claim on her husband's work record. I thought everyone knew this.
Furthermore, a divorced wife can claim on her husband's work record if they were married at least 10 years.
Did you mean at what point did this rule start? The answer: 1935
If you mean when does this first come into effect? The answer: when the qualified spouse turns 62 (early retirement with reduction from Full benefits). Medicare eligibility when they turn 65 or are disabled for 24 months if under 65.
Absolutely, the wife can claim on her husband's work record. I thought everyone knew this.
I haven't looked into SS as much as I could due to, well, the fact that I'm a LONG way off before I see (potentially) that money...Last statement I received illustrated I will get $700 a month when I retire and some amount I cannot recall that will enable me to buy some some shoes and a belt. Thank you for the clarification.
I haven't looked into SS as much as I could due to, well, the fact that I'm a LONG way off before I see (potentially) that money...Last statement I received illustrated I will get $700 a month when I retire and some amount I cannot recall that will enable me to buy some some shoes and a belt. Thank you for the clarification.
There are some restrictions on this. The marriage had to cover 10 years where the contributer was paying at least a certain minimum annual amount into SS. If that requirement is met, the non-working spouse or ex-spouse is entitled to a benefit based on the entire career of the working spouse, not just those 10 years.
There are some other restrictions. One big one is that remarriage of a non-working divorced or widowed spouse before age 60 loses all such gained benefits I believe.
There are some restrictions on this. The marriage had to cover 10 years where the contributer was paying at least a certain minimum annual amount into SS. If that requirement is met, the non-working spouse or ex-spouse is entitled to a benefit based on the entire career of the working spouse, not just those 10 years.
There are some other restrictions. One big one is that remarriage of a non-working divorced or widowed spouse before age 60 loses all such gained benefits I believe.
Yes, you are right, the divorced spouse of a 10 year marriage gets to claim the complete work record of the ex. I didn't say that only those 10 years of marriage translated into 10 years of benefits, but that 10 years of marriage was the basis of qualifying for the benefits.
And yes, remarriage almost always re-sets the qualifications of social welfare programs.
Medicare is INDIVIDUAL health insurance. Not even a spouse can get coverage under the other's plan. What they CAN do, is get Social Security under their spouse's work record, which in turn, can net them Medicare coverage when they meet their individual eligibility requirements, e.g. turn 65.
Some states, such as Missouri, have "group rates", because of state status ("trust" state).... but that has only to do with the individual's rates, not group eligibilty.
If I am wrong, Frank will correct me.
Yeh, I frigged up the question. I didnt mean trying to market it as a group policy. I meant marketing med supp in a business enviroment to individuals who might want more info about medicare and related plans. Example going into small businesses where the owner might be over 65 or some other employees and just making a connection. Or maybe you get referrals about family members or whatever.
Yeh, I frigged up the question. I didnt mean trying to market it as a group policy. I meant marketing med supp in a business enviroment to individuals who might want more info about medicare and related plans. Example going into small businesses where the owner might be over 65 or some other employees and just making a connection. Or maybe you get referrals about family members or whatever.
Anyone doing that or have thoughts ?
Winter
What you can do is contact large employers HR departments, colleges and offer to council retirees about the changes in Medicare, SS etc and transitiong from group coverage to private. It is important that you know the medicare laws, provisions and rules and to give accurate information.
In Tn I had several companies that let me come into the lunch room once a month, set up a table and meet with individuals who were retiring, quiting etc and discuss their options. They would announce in their monthly newsletter what day and times I would be there, I was not the only one, on another day they had someone from Morgan Stanly in.
I also had a college that had a panel who advised the college on benefits who ask me to participate (refered by a policyholder). I would get a list of retirees, quits etc and would contact them.
I also was a member of the local Bar Association Community Awareness Committee, they had people from different fields on the committee, CPAs, State Heatlh Agency, etc. From this I networked with CPA's, attorneys for estate planning and buy sell agreements.
Excellent post, Lloyd!! I tried doing this in hospitals, but didn't get past the HR department. You motivate me to try harder!
Hospitals are harder because a lot of them are owned by a larger corporation or have boards who often refer firends or companies they are with to the hospital.
You can go to companies with up to 100 employees and have better luck, go to your chamber of commerce and get a list of business with 100 employees or more, non-profits and another good place to do seminars are nursing homes. Not for the residence but for the relatives for long term care, short term care, life insurance and annuities.
The key is to find a nich that fits your sales personality and work that. The major med business is great for this, prospects in 40 to 55 have parents you can get referred to and your senior clients have kids in their 40's to 50's for major med and life. Generation marketing is how you build a book of business that will help ensure future referrals.
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