Dumb Questions About Medicare Products...

[InsuranceManMike]

...kinda seems to me like medicare advantage and medicare supplements (and medicare in general) are somewhat complex and confusing. Are MA and med supps a complex sale? What are the key components of a MA/Med supp sale? What are the keys to understanding MA/med supps (and medicare in general)?

Thanks.

 

[Josh]

They're not very complicated. Pick up an electronic copy of the "Medicare and you" guide and after spending some time through it you'll know the answers to just about everything. Pre-MIPPA MA was some of the easiest money to be made. It's still a good product, but the marketing regulations are their own pile of malarky.

Can you get more specific with your questions? You may want to check out Medicare Training 101.

 

[InsuranceManMike]

Is it a good idea to sell med supps and not have MA "in your bag" to sell? I guess what I'm kinda getting at is, I like to keep things simple, as in do a few things really well verses doing a lot of things not very well. I know I want to sell FE, I understand FE. I also understand that medicare is a huge market but I kinda just don't like MA. Med supps don't seem as complicated, I feel like I could sell those. The other part of the equation is, I need to get an income coming in. Maybe I need to just slow down, get a grip in the MA or maybe I just don't like it and shouldn't sell it???

 

[Chazm]

Is it a good idea to sell med supps and not have MA "in your bag" to sell? I guess what I'm kinda getting at is, I like to keep things simple, as in do a few things really well verses doing a lot of things not very well. I know I want to sell FE, I understand FE. I also understand that medicare is a huge market but I kinda just don't like MA. Med supps don't seem as complicated, I feel like I could sell those. The other part of the equation is, I need to get an income coming in. Maybe I need to just slow down, get a grip in the MA or maybe I just don't like it and shouldn't sell it???

Depends on the state you are in. It might not matter what you like, if the client likes it and you don't have it, you're out

 

[Dan3211980]

Get on Medicare.gov and check out what the MA plans in your area look like. Compare the maximum out of pocket expenses and/or premium with what plans F,G, and N offer for benefits and their avg. premiums. If your main line is FE your probably going to have better luck marketing MA plans, due primarily to the low cost, and cross selling FE.

In all its always the clients choice. I always present both options and let them choose what product I close on. Most people understand the risks and restrictions of the MA plans and opt for a supp. Works fine for me.

 

[InsuranceManMike]

Thanks for the suggestions everyone.

 

[yogooglethis]

...kinda seems to me like medicare advantage and medicare supplements (and medicare in general) are somewhat complex and confusing. Are MA and med supps a complex sale? What are the key components of a MA/Med supp sale? What are the keys to understanding MA/med supps (and medicare in general)?

Thanks.

Medicare supplement is one the few or maybe the only health insurance product that a consumer can shop for on their own after doing a self self study .Of course I want consumers to use an agent but basically once the consumer understands standardization and they decide they either want the all you can eat plan F or the lower premium N etc. they don't need to be a rocket surgeon to make an informed decision.And once they are on a suppplement it's really hard to use the plan wrong- it's basically *** proof.

IMHO consumers really need help when it comes to Part D and MA -especially when it comes to explaining the pros and cons of both MA and Med supps. It is not necessarly easy for consumers to chose the best part D plans even if they are computer savy it is very easy to make a big mistake chosing the wrong part D plan .Case in point a man I talked to last week signed up for a Part D plan that didn't cover his 944.00 monthly Novolog cost.That's a 10,000.00 mistake.He couldn't have made a 10,000.00 mistake buying the wrong Med Supp if he tried.

 

[G.Gordon]

Not confusing.

Not complex.

Study everything about each, ask questions, digest the knowledge, take the AHIP and company certifications, those courses will give you some good knowledge.

Reference Medicare.gov and the publications therein often, like three-five times/day often.

Had an agent just wash out of the business because he didn't study, at all. When he turned in his stuff there were training aids I gave him back in December that were not even used.

 

[MrMack]

Is it a good idea to sell med supps and not have MA "in your bag" to sell? QUOTE]

Med Supps have year round enrollment. People can change anytime assuming they have decent health. MA Open Enrollment Period is from October 15 to December 7. This is when the majority of business is written each year. The companies will not even announce their 2014 plans until October 1.

You can sell some MA plans now, T65, Chronic (Diabetes, Heart Failure) and Dual (Medicaid plans). Generate a list of leads, people who have MA now and what company they have and if they like their plan or not. You may be the one to help them at the end of the year. Good Luck!

 

[GreenSky]

Generate a list of leads, people who have MA now and what company they have and if they like their plan or not. You may be the one to help them at the end of the year. Good Luck!

Since you can't cold call for MA, how would you go about generating a list of leads (a bit of an oxymoron isn't it)?

Rick