I'm just looking for some thoughts from you experts who sell these. I never have and would like to have 2 really strong companies that provide excellent service, lowest premiums and highest benefits for the members / clients, brand name for doc's and clients will recognize, and a company that PAYS THEIR AGENTS IN A TIMELY SUFFICIENT MANNER.
Any feedback you can share is greatly appreciated in advance.
Why I like Blue Cross CA for CA Medsupps. In addition to the standard A-J choices which, as stated, are all the same and premium is the issue, Blue here provides some enhanced versions of F which can be a great fit for lower utilization clients. They offer a high deductible F for around $30 a month ($1850 2007 deductible) which you can "prefer" for another $20 a month and get $5 unlimited office visits, chiro, vision from VSP. They also have a "plus" version which gets you a 1-year LTC coverage at I believe $100 per day. That one does tend to drive the price up.
I like that flexibility and it comes in low cost for catastrophic supplemental coverage.
BCC also has introducted MA PPO callled Freedom Blue which while a MA plan, allows access to the large PPO provider population. Best part on that, it is $0 premium statewide and includes Part D coverage. This is really nice for pre-65 as the standard A,C, F & J on pre-65 don't yield any commission.
Let's just say that in CA no one else is doing anything exept standard A-J (and a couple doing K and L now).
United world it is owned by Mutual Of Omaha which has great name recognition it is the lowest priced Plan F here in louisiana they deliver superior service and you get paid every Friday on the previous weeks biz The comm rate is a little lower than some but that is one reason their rates are lower and you can get 12 months advanced they also have a great web site for agents
BCC also has introducted MA PPO callled Freedom Blue which while a MA plan, allows access to the large PPO provider population. Best part on that, it is $0 premium statewide and includes Part D coverage. This is really nice for pre-65 as the standard A,C, F & J on pre-65 don't yield any commission.
And you can't get them for pre-65. Here is output from a quote attemp on the BC website:
[code]Rates Effective: 3/15/2007
Zip Code:
95628 Subscriber Age:60
Health Coverage for:Subscriber Only
Subscriber age should be 65 or above[/code]
You can get an F from Blue shield but it will cost $614 month in Sacramento... and is not GI:
[code]*Those 64 or younger who do not have End Stage Renal Disease may apply for Blue Shield of California Medicare Supplement coverage as described in Blue Shield's Guaranteed Acceptance Guide. Blue Shield of California does not offer coverage to those 64 or younger unless they qualify for guaranteed acceptance.[/code]
...which I assume to mean that no one ever gets it... because the only way you would have Medicare under 65 would be if you were on disability.... right? And you know what the underwriter is going to do.
Al I tried to duplicate your output attempt and if you ran the quote under seniors and then inputted and age below 65, that is what the screen says. I does not quote any plans, including the ACFJ that have always been available. You have to run it under individual, not senior, and then it won't show the Freedom Blue anyway because BC CA made it very clear at the rollout that they would do zero to market the product. It's available and at pre-65, they told me so at least three times as senior agent support. It just won't be added to any quote engine they have.
If you run it for a 70 year old, Freedom Blue will not show up there either but the other plans including the modified Fs will.
Freedom Blue IS available pre-65. And it is the only pre-65 product that will pay a monthly commission.
Blue Shield CA has priced their pre-65 at the pseudo ridiculous level and no one in their right mind would buy it. It is substantially higher than competitors pre-65 products and has been for many years.
All Medsupps, regardless of age are a decline with no guaranteed-issue option for end stage renal failure. It is the one criteria that eliminated the GI option. It is simply an uninsurable risk (although they can go MRMIP for that I believe with no upper age limit). And yes, end stage renal failure is terminal.
It is going to depend on which state you live in as far as which company is "the best" Usually "the best" is defined by the ones who have the lowest premium.
"The Best" ones are going to change from year to year. Over the last three or four years we have had several companies new to Missouri begin selling med supps. Their rates were really low for a couple of years and now they are in the "also ran" place in the supplement market.
For the most part it isn't the companies who "give excellent service", it is the agent or at least it should be. All of the ones I work with are pretty much the same.
All of the companies I have ever represented pay me well. It is all automatic deposit and they have never missed a deposit date. My commissions varies from company to company. They have ranged from a low of 15% to as high as 25%.
Pay more attention to how stable the companies premiums have been for the last several years instead of licensing with all the companies who pay the highest commission.
I will probably get a lot of disagreement on this but I believe that Plan D is the best investment of a client's premium dollar. It is also the plan that typically gets one of the smallest increase in premium. I don't recommend Plan F to my clients and really don't sell it. I can go into a lot more detail on that if you would like.
I have never found that having a "recognizable name" of an insurance company when selling med supps to be a great advantage. I have never sold supps for one of the "house hold name" companies, yet I have been very successful in the supplement market for a very long time. Continental Life in Brentwood, TN is right now the main company I use and none of my clients have ever heard of them before I mentioned it.
Doctors don't really care who their patient has their supp with. All they want to know is that the patient has one. The doctors do not bill the supplement company. They send the claim to Medicare and Medicare forwards the claim to the supplement company. I have never had problems with any of the companies paying the doctors or hospitals.
The most important part of selling supps is staying in touch with your clients. Seniors love to hear from their agent. They like receiving birthday letters and lose their sense of humor if their agent doesn't promptly return their phone calls.
I have replaced more policies simply because the prospect was mad at their agent because their phone calls went unanswered.
Tell us what state you live in and we may be able to offer more help. if you would like to give me a call I can share in a lot more detail what I have picked up over the years.
Oh, the sweetest close I have ever uses is: "I just need to see your Medicare card to get this started." It is non threatening, I am not asking for either their signature or money, I just want their Medicare card. I'm still amazed when they say, I'll be right back, my purse or wallet is in the bedroom. God, I love this business.
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It is going to depend on which state you live in as far as which company is "the best" Usually "the best" is defined by the ones who have the lowest premium.
"The Best" ones are going to change from year to year. Over the last three or four years we have had several companies new to Missouri begin selling med supps. Their rates were really low for a couple of years and now they are in the "also ran" place in the supplement market.
For the most part it isn't the companies who "give excellent service", it is the agent or at least it should be. All of the ones I work with are pretty much the same.
All of the companies I have ever represented pay me well. It is all automatic deposit and they have never missed a deposit date. My commissions varies from company to company. They have ranged from a low of 15% to as high as 25%.
Pay more attention to how stable the companies premiums have been for the last several years instead of licensing with all the companies who pay the highest commission.
I will probably get a lot of disagreement on this but I believe that Plan D is the best investment of a client's premium dollar. It is also the plan that typically gets one of the smallest increase in premium. I don't recommend Plan F to my clients and really don't sell it. I can go into a lot more detail on that if you would like.
I have never found that having a "recognizable name" of an insurance company when selling med supps to be a great advantage. I have never sold supps for one of the "house hold name" companies, yet I have been very successful in the supplement market for a very long time. Continental Life in Brentwood, TN is right now the main company I use and none of my clients have ever heard of them before I mentioned it.
Doctors don't really care who their patient has their supp with. All they want to know is that the patient has one. The doctors do not bill the supplement company. They send the claim to Medicare and Medicare forwards the claim to the supplement company. I have never had problems with any of the companies paying the doctors or hospitals.
The most important part of selling supps is staying in touch with your clients. Seniors love to hear from their agent. They like receiving birthday letters and lose their sense of humor if their agent doesn't promptly return their phone calls.
I have replaced more policies simply because the prospect was mad at their agent because their phone calls went unanswered.
Tell us what state you live in and we may be able to offer more help. if you would like to give me a call I can share in a lot more detail what I have picked up over the years.
Oh, the sweetest close I have ever uses is: "I just need to see your Medicare card to get this started." It is non threatening, I am not asking for either their signature or money, I just want their Medicare card. I'm still amazed when they say, I'll be right back, my purse or wallet is in the bedroom. God, I love this business.
Frank, everything you say is 100% right on.
2.25% of my clients are on the F plan--and that is only because they insisted. I can not believe how many "gurus" seem dumbfounded when I tell them I never recommend the F plan. They are looking for high premium dollars if that is all they sell.
It is going to depend on which state you live in as far as which company is "the best" Usually "the best" is defined by the ones who have the lowest premium.
"The Best" ones are going to change from year to year. Over the last three or four years we have had several companies new to Missouri begin selling med supps. Their rates were really low for a couple of years and now they are in the "also ran" place in the supplement market.
For the most part it isn't the companies who "give excellent service", it is the agent or at least it should be. All of the ones I work with are pretty much the same.
All of the companies I have ever represented pay me well. It is all automatic deposit and they have never missed a deposit date. My commissions varies from company to company. They have ranged from a low of 15% to as high as 25%.
Pay more attention to how stable the companies premiums have been for the last several years instead of licensing with all the companies who pay the highest commission.
I will probably get a lot of disagreement on this but I believe that Plan D is the best investment of a client's premium dollar. It is also the plan that typically gets one of the smallest increase in premium. I don't recommend Plan F to my clients and really don't sell it. I can go into a lot more detail on that if you would like.
I have never found that having a "recognizable name" of an insurance company when selling med supps to be a great advantage. I have never sold supps for one of the "house hold name" companies, yet I have been very successful in the supplement market for a very long time. Continental Life in Brentwood, TN is right now the main company I use and none of my clients have ever heard of them before I mentioned it.
Doctors don't really care who their patient has their supp with. All they want to know is that the patient has one. The doctors do not bill the supplement company. They send the claim to Medicare and Medicare forwards the claim to the supplement company. I have never had problems with any of the companies paying the doctors or hospitals.
The most important part of selling supps is staying in touch with your clients. Seniors love to hear from their agent. They like receiving birthday letters and lose their sense of humor if their agent doesn't promptly return their phone calls.
I have replaced more policies simply because the prospect was mad at their agent because their phone calls went unanswered.
Tell us what state you live in and we may be able to offer more help. if you would like to give me a call I can share in a lot more detail what I have picked up over the years.
Oh, the sweetest close I have ever uses is: "I just need to see your Medicare card to get this started." It is non threatening, I am not asking for either their signature or money, I just want their Medicare card. I'm still amazed when they say, I'll be right back, my purse or wallet is in the bedroom. God, I love this business.
Frank, everything you say is 100% right on.
2.25% of my clients are on the F plan--and that is only because they insisted. I can not believe how many "gurus" seem dumbfounded when I tell them I never recommend the F plan. They are looking for high premium dollars if that is all they sell.
So when I sell a Plan F that is cheaper than any Plan D available in my area, I am after the premium dollars?
No, of course not. I don't know what state you sell in but that is definitely the exception, not the rule.
As more and more agents begin looking out for their clients best interests, and not at their own, I think we will see the premiums on Plan F begin to be reduced.
Premiums for the various plans are going to run in cycles. Right now United World has an F for $109.00 per month. Continental's Plan D is $93.25. Both are for a non smoking female age 65. Not much of a difference. However, I'll bet that within two years we will see at least a 25% to 30% increase in World's plan F. Continental's Plan D has been going up around 9% when they have an increase.
With Plan F being less expensive than a D or G in your state then you are doing what Kyle and I are; looking out for your clients best interest. Contrary to what the insurance companies tell us, I believe that is what we should be doing.
In fact, you are really doing your client's a favor at your own expense because you are not getting any commission at all on the excess charges part of the premium.
By the way. Am I the only one who feels that the agent should also get a commission on the policy fee? Expecially since our commission is not increased when the cost of the policy is increased.
By the way. Am I the only one who feels that the agent should also get a commission on the policy fee? Expecially since our commission is not increased when the cost of the policy is increased.
The companies I write for charge an extra $20 to $25 dollars in addition to the initial first month's premium. They call it a "policy fee".
In other words they are charging the new policy holder that much extra just for the privilege of taking a policy with that company. (I know, they claim it is to cover admin costs. Companies didn't use to do that and they still made a lot of money.)
Agents, at least I don't, receive any commission on the "policy fee".
When I sell a policy my commission is based on the premium at the time of sale. When the company increases the premium, my commission is still based on the cost of the policy at the time of sale. I do not receive commission on the increase.
If the premium was $100.00 at the time of the sale and the premium is now $150.00 I still only get commission on $100.00.
If insurance companies took care of their agents as well as we agents take care of our clients the world would be a better place.
While we are on the topic a (senior-citizen on Medicare) friend in Florida (where I'm not licensed) sent me the following about her supplement:
These are my contract benefits as listed on my card
Blue cross----1C
Blue shield---1C
I don't know if this refers to my plan---has been in effect since 1990.
When did med-sups get regulated by 'letter' (A, B,....etc.)?
Anyone know if this might be a standard C plan or perhaps something grandfathered in?
I believe that Med Supp policies became standardized in either 1992 or 93. Before that companies could sell anything and call it a policy designed to supplement Medicare. Some people had four of five of them.
I have never represented BC&BS so I don't have a clue what that means. Maybe someone in FL can answer that.
No, of course not. I don't know what state you sell in but that is definitely the exception, not the rule.
As more and more agents begin looking out for their clients best interests, and not at their own, I think we will see the premiums on Plan F begin to be reduced.
Premiums for the various plans are going to run in cycles. Right now United World has an F for $109.00 per month. Continental's Plan D is $93.25. Both are for a non smoking female age 65. Not much of a difference. However, I'll bet that within two years we will see at least a 25% to 30% increase in World's plan F. Continental's Plan D has been going up around 9% when they have an increase.
With Plan F being less expensive than a D or G in your state then you are doing what Kyle and I are; looking out for your clients best interest. Contrary to what the insurance companies tell us, I believe that is what we should be doing.
In fact, you are really doing your client's a favor at your own expense because you are not getting any commission at all on the excess charges part of the premium.
By the way. Am I the only one who feels that the agent should also get a commission on the policy fee? Expecially since our commission is not increased when the cost of the policy is increased.
Frank,
I wasn't asking a question I didn't know the answer to. It was more for effect than anything else. It just bothers me when people make blanket statements like the one perfectchoice made below:
"I can not believe how many "gurus" seem dumbfounded when I tell them I never recommend the F plan. They are looking for high premium dollars if that is all they sell."
That same female you spoke of would be $92.17 for Plan F in my state. There is none cheaper. If I was looking for the "high premium" I wouldn't be selling United World's Med Supp. Also, United World only sells Plans A, B, F & G in my state. I would sell G if the price difference were greater. It's generally only $5-$6 per month cheaper. So I figure it's better to spend the $6 to get the Part B deductible paid and all of the Part B excess paid. Call me crazy, but I think that's just good math.
As for the commissions, yes they are low and yes it would be nice to not have $150 deducted from the premium before calculating commissions, but 16% of something is better than 100% of nothing. I don't like the fact that we don't get an increase when the premiums are raised, but I figure that will help in keeping the premium increases lower.
I agree totally with what you said. You do have your client's best interest in mind and I didn't mean that you didn't. You are also right about your commission. I will sell med supps all day for 16%, and if that keeps increases to a minium then I am also in favor of that.
Selling Med Supp insurance isn't about how much you are going to make on one sale, it is about the number of apps that are written. When I was captive my commission was 15% and my sales totals, dollars, were in the top 21 agents with the company. (They had about 3,600 captive agents at that time.) I did very well when I was with them. If you write enough apps you will make money.
I think what perfectchoice was referring to was that his managers and others were on his butt all the time for not selling Plan F. I use to take a lot of heat from everyone at the company when I was captive because I didn't sell Plan F. Everyone told me I was stupid for "leaving that much commission on the table". We all can only speak from out personal experience. Your situation is totally different.
If a Plan F was that price in Missouri I, like you, would jump all over it. I'm sure perfectchoice would also. That is the cheapest Plan F I have ever heard of. You are obviously doing a super job for your clients and I applaud your efforts. I sure didn't mean to imply anything else.
Sometimes when we try to communicate by typing and not by speaking something we "say" may sound good to us but others reading it may have a totally different take on what we were trying to say.
I don't think of myself as a "stranger". I am the one who knows more about Med Supp's than all their friends put together. I am the "expert" at least in that house at that moment.
I hear that all the time from people I talk to. I patiently listen to what they have to say and then I explain, in plain language so they can understand, that they are wasting money and so are their friends.
I take a totally logical approach, and my presentation is designed in such a way that no logical, reasonably intelligent person can really argue with what I have told them. (The one thing in selling insurance that can't be overcome is ignorance, no mater what you say or how good you are. You will never sell those people, anything.)
All of a sudden I see the lightbulb come on and they are astounded that their current agent didn't explain any of that to them. Now what do you think they are going to do with that information? Yep, share it with all their friends along with my phone number.
That is where the selling part of being a Med Supp agent comes in. I never let the prospect pick or tell me what policy they want. I feel it is my responsibility to inform them and guide them to the one that is the best investment of their premium dollar. (I have actually stood up and started for the door when they told me they only wanted an F because that is what their friends have.)
There is a huge difference between presenting an Advantage plan and selling a Med Supp policy. They both have their individual challenges and the approach the agent needs to take when talking to a prospect. I'm sure I don't do nearly as well as you when presenting an Advantage plan. I know I don't because I haven't sold very many.
I find that prospects respect and refer me a lot more when I just don't write something that I know is not in their best interest.
I'll bet I could even convince you that in Missouri Plan F isn't the best one for your prospects.
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