Best Plan For Med Supp

crons79

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I just wanted to get your guys opinion on what you think is the best Medsupp plan now and what you think will be the best plan after June 1st?

I did a spread sheet and put in different numbers for each med supp plan (days in the hospital, doctors visits, etc) It seamed to me that the Plan F was the best plan with the most benefits and if someone is very price sensitive then Plan G seemed like the next best thing. All the others were so close in price or had extra deductibles that in the end Plan F and Plan G seemed best to me.

After June 6th it seems like Plan N will be the best deal for the price contious person, but I haven't seen the rates yet, just the benefits.

Gold - Plan F
Silver - Plan G
Bronze - Plan N



Please give me your opinion and thanks for taking the time to respond.
 
A lot is going to depend on the state you are in. Plan F may appear to have the greatest amount of benefits but when it comes to the benefits that they will need and use Plan D provides them with everything that is needed. Many companies may not offer a Plan D then I consider Plan the best choice of the current standardized plans.

When talking about the new Modernized Plans, I will be recommending either a Plan D, or if the company doesn't offer it a Plan G. Plan N will definitely be a part of what I offer. Whether or not I recommend either a Plan D or G or a Plan N will be determined how often my prospect goes to doctors.

If they are "healthy" and only see a doctor a few times a year then Plan N will definitely be the best investment of their premium dollar. (It is not only for the "price conscious".)

If they see multiple doctors several times a month then A Plan D will be best unless the company does not offer a D then G is second best.

That being said, if they are seeing multiple doctors on a regular basis then Plan N may be the only one they qualify for do to the fact that with MOO it is virtually GI.

I anticipate Plan N being the most popular. It will only be attractive to relatively healthy prospects due to the fact that they are going to have to pay a deductible on Part B charges unless the savings over what they currently have will be substantial.

Note, it is possible that someone sees a doctor very seldom but still may not be able to answer health questions on an app. Plan N being GI will be extremely attractive to those people.
 
I created a spreadsheet for med supps and if I understand them correctly and if I got the formulas right this is what I found. If you are perfectly healthy and never see the doctor and never go to the hospital then Plan N is a good deal on the surface, but if you go to the Dr.'s every other month or are in the hospital once then plan G is the best deal. If plan G is not available then plan D is its closest twin. I think plan F is good too for people who want the most coverage or don't want to change from what they have now.

Best Value = Plan G (or D)
Most Coverage = Plan F
3rd Place = Plan N
 
I created a spreadsheet for med supps and if I understand them correctly and if I got the formulas right this is what I found. If you are perfectly healthy and never see the doctor and never go to the hospital then Plan N is a good deal on the surface, but if you go to the Dr.'s every other month or are in the hospital once then plan G is the best deal. If plan G is not available then plan D is its closest twin. I think plan F is good too for people who want the most coverage or don't want to change from what they have now.

Best Value = Plan G (or D)
Most Coverage = Plan F
3rd Place = Plan N

Never going to the hospital really does not enter into the equation. Plan N pays all of the Medicare Part A deductibles. It is only Plan M that only pays a portion of Part A hospital deductible.

I would say Plan D is the best value for everyone regardless of their health. Plan G is a good alternative if the company does not offer a Plan D.

Plan N can be a good value in two different ways. For people who only go to the doctor occasionally then yes, Plan N may be the best choice.

However, if they are paying substantially more for the plan they currently have the "up to $20 copay" can still constitute a savings over what they are currently paying. ( I have written Med Supps and saved my new client over $100 per month.) With Plan N being virtually GI they have two options. Keep paying an exorbitant amount for the one they currently have because they cannot successfully answer health questions for any of the other plans or take Plan N.

The agent is going to have to make that recommendation on a case to case basis only after a significant amount of fact finding.

The only time Plan F is a "good deal" is if Plan D or G is almost the same price as a Plan F when taking the Medicare Part B deductible into consideration.
 
I created a spreadsheet for med supps and if I understand them correctly and if I got the formulas right this is what I found. If you are perfectly healthy and never see the doctor and never go to the hospital then Plan N is a good deal on the surface, but if you go to the Dr.'s every other month or are in the hospital once then plan G is the best deal. If plan G is not available then plan D is its closest twin. I think plan F is good too for people who want the most coverage or don't want to change from what they have now.

Best Value = Plan G (or D)(if it is more than twice the part B ded cheaper than a plan F)
Most Coverage = Plan F (if you don't mind paying an insurance company $300-400/year for them to pay a $155 deductible)
3rd Place = Plan N(strike three... if the math makes it a value then it beats F and G)


FAIL!!

Your so far off base with some of your assertions it ain't funny. Really!! It ain't funny.

If you're not looking at real life premiums in those assertions you're making you're using half the needed information.

"If you go to the doctor every other month.... "

Well hell... that's at the most $120 in copays for someone on plan N. If they saved $400 by not taking a plan G then they're money ahead.

It's in the math man. Stop running spread sheets when it's already been done for ya by medicare.
 
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I see where you went wrong "Crons"...its in taking the selling out of selling insurance. That's what we do, sell insurance. Not make spreadsheets and formulas and algorithms to predict clients behaviors. No disrespect, but that gets you away from the real nuts and bolts of our profession - find a suspect, turn them into a prospect by finding a need and turn them lastly into a client by finding a solution for their need and closing the deal. If you have it in your head that one plan is better than the others, then you won't try and sell the others, you will try and force the best one into most and all situations. Frank is totally right, as he seems to be most all the time.

Good Luck
 
In reply to:

Frank: You are right, it is on a case by case basis. What one person wants or needs will certainely effect which plan they should get. I was just making sure I understood the differences in the plans and I value your experience.

Longtimeagent: I put my clients in the best possible plan for thier situation. I am a constant learner and try to do the best I can (for me and my client). This topic has nothing to do with prospecting. It was more geared to understanding product. I like to know as much as I can so I can outsell the other guy the client is talking to or the next guy that talks to them. Great, I SOLD them a plan F and I got the most commission, but what good is it if they go on the internet or talk to someone else and the other agent takes my client because they saved them $400 a year with plan N because they are never sick and only go to the Dr's once or twice a year?!? My hard work, commission, referrals, and future sales all out the window.

Gordon: FAIL! ...LOL You were right in that some of my assumptions were off. Thats why I am on this forum to learn from others who think differently than me. I did use real numbers in my spreadsheet. Granted its from one county, but I just wanted to see different situations and how it would affect my client. From the county I ran and the numbers

If you are age 65 and go to the Dr's 7 or more times than Plan D (or G) is better for them. If <7 than plan D or G.

If you are age 75 and go to the Dr's 10 or more times than Plan D (or G) is better for them. If <10 than plan D or G.

If you are age 85 and go to the Dr's 12 or more times than Plan D (or G) is better for them. If <12 than plan D or G.

To Greensky: Never bet against the U.S. (& The North). LOL
 
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In reply to:

Frank: You are right, it is on a case by case basis. What one person wants or needs will certainely effect which plan they should get. I was just making sure I understood the differences in the plans and I value your experience.

Longtimeagent: I put my clients in the best possible plan for thier situation. I am a constant learner and try to do the best I can (for me and my client). This topic has nothing to do with prospecting. It was more geared to understanding product. I like to know as much as I can so I can outsell the other guy the client is talking to or the next guy that talks to them. Great, I SOLD them a plan F and I got the most commission, but what good is it if they go on the internet or talk to someone else and the other agent takes my client because they saved them $400 a year with plan N because they are never sick and only go to the Dr's once or twice a year?!? My hard work, commission, referrals, and future sales all out the window.

Gordon: FAIL! ...LOL You were right in that some of my assumptions were off. Thats why I am on this forum to learn from others who think differently than me. I did use real numbers in my spreadsheet. Granted its from one county, but I just wanted to see different situations and how it would affect my client. From the county I ran and the numbers

If you are age 65 and go to the Dr's 7 or more times than Plan D (or G) is better for them. If <7 than plan D or G.

If you are age 75 and go to the Dr's 10 or more times than Plan D (or G) is better for them. If <10 than plan D or G.

If you are age 85 and go to the Dr's 12 or more times than Plan D (or G) is better for them. If <12 than plan D or G.

To Greensky: Never bet against the U.S. (& The North). LOL

How often you go to the Dr cannot be done. Crystal Ball? Explain the options, gain their trust, help them with drug plans and let them decide with guidance. By 2014, watch your renewals fade away as companies pull out. The question really is not what is the best plan for the customer, it may be what line of products is best for you. All the work you do today could be for not if loss ratios have to be tightened. I'm happy working for the largest Medicare and Tricare claims processor in the nation. I would not like to be on full commission when 2014 comes down.
It will be so interesting reading all the posts on this site in 3-4 years, including mine. Hope the the best, plan for the worst.
 
By 2014, watch your renewals fade away as companies pull out. The question really is not what is the best plan for the customer, it may be what line of products is best for you. All the work you do today could be for not if loss ratios have to be tightened. I'm happy working for the largest Medicare and Tricare claims processor in the nation. I would not like to be on full commission when 2014 comes down.
It will be so interesting reading all the posts on this site in 3-4 years, including mine. Hope the the best, plan for the worst.

The sky is falling, the sky is falling.

Every medigap post comes back to this point. Kick the dead horse again, just for good measure. Is it still dead?

The fact is there is no evidence that supports that Medigap will be effected at all. Remember, it's a suppliment, not a primary insurance policy. IT IS NOT THE SAME AS AN INDIVIDUAL HEALTH INSURANCE POLICY, that would be Medicare. It's like me selling a Cancer Policy and getting my commission cut because of health insurance. Not going to happen.

When we fully move to a socialist healthcare system instead of using Medicare, Medigap agents can start worrying about their paycheck. Until then, stop showing your IQ.
 
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