I feel you should have PDP's to offer also just to take care of the client before someone else does. I realize you aren't going to get rich off of $72.00 and $35.00 renewals but it does add up when Humana cuts me a check every January for renewals. Get 500 on a PDP and you are looking at around $17000.00 renewals/year. Not pocket change to me anyway.
Getting MAPD Certified Vs NOT Getting Certified
- Thread starter kgmom219
- Start date
Boooo! Scary how?
If audience is actual financial advisors, then prob not. If clients of financial advisors, then yes. If these FA referrals can't afford a MS, and lacking MA's is a detriment to servicing these FA clients (a large source of referrals), then I'd maybe consider to offer the full service package. Otherwise, no tank u, I'd rather partner with another MA agent.
Not getting certified (which I never have), doesn't stop her ability to provide service, the question is .....is the money made getting certified offset the restrictions in other areas of your business. Time is money. In amount of time taking certs, I could instead produce same amount of $ selling other things if I really wanted to.
I also do zero marketing, all referral, all upper middle class, all suitable for med supps. It's just how my book of biz evolved, can't ignore it, and more scared to change what's working. If it ain't broke, don't fix. Very few opps for MA come across my desk. Refer out about 5-10 a year.
I sleep well at night knowing I've never received a call from a Med supp client that said they can't see a provider they need to use due to serious condition. I view it as my job to protect them from making a bad lifelong decision, they are getting older, and it's when health conditions start to arise. I've had a few tearful calls from prospects on an MA plan, with new serious conditions, wanting a MS they can't get, and unable to see a specialist/facility/hospital needed to treat that condition. Anyone else receive this type of call before? Not fun.
I also realize that 1/2 can't afford a MS, and must go MA.
If all agents only did MS, then the world wouldn't spin. To each their own.
Unless your goal is to get 100 MA's on the books within a few years, and start targeting that market, I just don't see it being worth it. You can't be all things to all people. The sooner agents realize that, their book will grow. Niching in ACA/IFP and MS's has been the best biz decision I've made over the years.
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If you want to sell more med supps, help with their Part D's.
I use Part D as the door opener to the med supp sale.
Yes, certifying each year is a pain. But it helps me sell more med supps.
I use Part D as the door opener to the med supp sale.
Yes, certifying each year is a pain. But it helps me sell more med supps.
- Thread starter
- #14
Just to respond to a few of the questions:
1. I have a few hundred Med Supps on the books
2. I hear what Midlevel is saying, but I am worried about the compliance issues. And yes, $17K is a big deal to me, too.
3. I currently "advise" on Part D, I'm not losing clients due to drug plans. I DO tell people who decide to buy USAA direct to KMA when they still think I will help them on the Part D side.
4. Pretty sure I can pass AHIP or whatever its called.
5. I think I have 3 or 4 clients right now on MAPD. I don't run into them often, because my book is almost identical to Y's.
6. I am already doing the work for Part D. Just not getting paid on it. And Y...last year, 75% of my clients changed Part D plans at AEP.
The goal is to significantly increase my Med Supp business via seminars. But as Midlevel says, is it worth the $ to deal with the oversight and hassle.
And on the oversight issue...if I do Part D with Humana, SilverScript and UHC, do all 3 of them have to approve the seminar info and website? Or just one of them? Does anyone do seminars who is also Part D appointed?
1. I have a few hundred Med Supps on the books
2. I hear what Midlevel is saying, but I am worried about the compliance issues. And yes, $17K is a big deal to me, too.
3. I currently "advise" on Part D, I'm not losing clients due to drug plans. I DO tell people who decide to buy USAA direct to KMA when they still think I will help them on the Part D side.
4. Pretty sure I can pass AHIP or whatever its called.
5. I think I have 3 or 4 clients right now on MAPD. I don't run into them often, because my book is almost identical to Y's.
6. I am already doing the work for Part D. Just not getting paid on it. And Y...last year, 75% of my clients changed Part D plans at AEP.
The goal is to significantly increase my Med Supp business via seminars. But as Midlevel says, is it worth the $ to deal with the oversight and hassle.
And on the oversight issue...if I do Part D with Humana, SilverScript and UHC, do all 3 of them have to approve the seminar info and website? Or just one of them? Does anyone do seminars who is also Part D appointed?
I would just avoid getting into the weeds on specific Part D plans (no names, benefit/premium descriptions). Basically I'd approach it the same way you do it now (I assume). Maybe have a powerpoint with medicare.gov up and run a test comparison and say, "I will run your meds on an annual basis at no cost to you." and leave it at that.
I assume you aren't selling or signing up people for med sups at the actual seminar (if it is direct to consumer).
I assume you aren't selling or signing up people for med sups at the actual seminar (if it is direct to consumer).
As soon as you leave the realm of generic/educational then you must have approval for pretty much everything.
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I also get most of my business from referrals and financial planners and I'd recommend jumping into the MA/PDP area. My observation has been that most agents who don't are those who cold-call for med supps, which isn't allowed for MA/PDP business, so they risk having to prove they didn't bait and switch if they put one of their cold-call sourced clients in an MA. Since you're not cold-calling, you don't have that risk.
Certification gets easier every year as it's mostly the same material. AHIP and carrier certs can be knocked out all in the same week, time well spent given the compensation and renewals.
I do my SOA electronically now through SMS Lead Advantage, a wonderful feature which can get the job done paperless and in a couple of minutes. But even when I used the generic paper scope it was pretty easy to get done, and never with any issue from the prospects when they're referrals.
Only about 20% of my book is MA, but over time it's become a big revenue source. Most of the remaining 80% are new to Medicare med supp clients and while one accompanying PDP payment of $70 with $30 renewals is small, multiplied by hundreds it becomes pretty nice.
I tell my prospects that the barrage of solicitations they receive can be better understood if they decide what kind of coverage first: med supp or MA. We discuss the differences, eliminate one, and the decision on which plan within the type they prefer becomes easier. Once they decide which of the two types, I don't get why anyone would only want to offer one of the two (except the understandable compliance concern of med supp cold-callers).
Certification gets easier every year as it's mostly the same material. AHIP and carrier certs can be knocked out all in the same week, time well spent given the compensation and renewals.
I do my SOA electronically now through SMS Lead Advantage, a wonderful feature which can get the job done paperless and in a couple of minutes. But even when I used the generic paper scope it was pretty easy to get done, and never with any issue from the prospects when they're referrals.
Only about 20% of my book is MA, but over time it's become a big revenue source. Most of the remaining 80% are new to Medicare med supp clients and while one accompanying PDP payment of $70 with $30 renewals is small, multiplied by hundreds it becomes pretty nice.
I tell my prospects that the barrage of solicitations they receive can be better understood if they decide what kind of coverage first: med supp or MA. We discuss the differences, eliminate one, and the decision on which plan within the type they prefer becomes easier. Once they decide which of the two types, I don't get why anyone would only want to offer one of the two (except the understandable compliance concern of med supp cold-callers).
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If you are being entrusted by a financial adviser to take care of their clients medicare health plan needs how could you not be available to be their agent of record for med supp ,ma and pdp ?
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Helping someone obtain a PDP and being the agent of record for the policy are two separate decisions, not one as you seem to imply. Considering criteria for making the second decision is the whole purpose of the thread.
- 1,199
You can be certified to sell 2-3 PDP carriers and be able to provide a very suitable plan for the majority of cases.Why does it matter if the client has a AOR ? If I was the client I want my insurance agent to be able to call the carrier on my behalf if needed and also know that the agent has liability as far as recommending a suitable plan.I also would want the financial advisor spoon feeding me leads to know I go the extra mile for their clients and not just AOR for the easy peasy med supp products.Also even if you are not certified to sell PDP agents are still governed by the CMS Marketing Rules which dont forget the DOI can now get involved with enforcing.
