How Much Can One Make Per Year Selling Med Supps?

[MedSuppPro]

I think Frank also said that cross-selling was another factor in the amount you can make.

Problem solved!

Success sold both sets of grandparents.

Wasn't this one of the questions on the AARP Certification Tests.

Why I Owe You$



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[carroll]

Were they couples?quote]

That would be my guess. He might have made 200 calls to get those.....I admire the hell out of him if he did!

 

[vanquishV12]

Gordon,

thats some awesome numbers. Did you start indy? Cold calling?

When reading a post like this 3 words come to mind: An Iron Will

I started selling medsupps in mid October one year. I didn't know that the company I was focused on also had a cruise offered for 50 heads by 12/31 of that year. I more than qualified with 72 new clients. Mind you... I didn't know what I know now. I was price and price only. It was intensity and determination that made the difference. I qualified with that company, but that was not the only company I was writing for so I'd guess that I easily wrote 90-100 clients in that window.

 

[carroll]

Yoda.....do you sell training programs for med supp sales?

 

[Yoda]

Yoda.....do you sell training programs for med supp sales?

'
The thought never occurred to me. Them that can sell those that cant teach or as in the case of the shills haunting this forum them that cant go hang out on the net and see if they can recruit suckers to mooch money off of there. All advice I give comes from a party who is looking to make no money off anyone here and only attempting to steer a person in the right direction. Hell I will admit it that I have no intentions of showing anyone all my secrets to selling med supps! I will throw you a few bones though and I will be happy to tell you when the shills are steering you into a ditch.

 

[mccrakcb]

You all always get mad at Yoda and all he is trying to do is give a realistic view of the expectations. I've been in Medicare insurance for close to nine years now. I was in Medicare insurance when the supplement was the only protection against the deductables and coinsurance of Medicare. Now, you have Ma plans--which many of you say are not beneficial. If you are new to this business, you have to offer Supplements and Ma's. Why? Because you are going to run into Medicare Beneficiaries who simply don't have or at least don't want to put out a 150-$200/mo. for their health insurance. A realistic income for someone who is strictly writing supplements would be 30k-45k for the first year. That being said I've had to diversify my products offered in order to off balance the reduction in commissions. Supplements are good products; but, they are going to go up in price every year because. The healthy people have left for the 0-$35 premium Ma's, leaving the ill and all their claims on the supplement pools.

 

[Frank Stastny]

I've been in Medicare insurance for close to nine years now. I was in Medicare insurance when the supplement was the only protection against the deductables and coinsurance of Medicare. Now, you have Ma plans...

When you say "MA" plans you really should define exactly what you are talking about. "MA" refers to everything under Part C of Medicare. That includes HMO's, PPO's, and PFFS Plans.

I beg to differ with your statement above. HMO's have been around for a very long time. A lot longer than nine years.

What is recent to the market since you have been selling to seniors are the PFFS Plans. It is only since the advent of them that all the problems started occurring.

I'm also not sure what you mean when you say a "reduction" in commissions. Med Supp commissions are increasing. MOO has increased their commissions for Plans M & N. In all the years I have been selling Med Supps I have never seen a company increase an agents percent of commission.

Yes, the amount an agent can earn placing one of the Part C plans has decreased but for the most part I feel that they were unrealistically high to begin with.

You said that Med Supps are going up every year. I think we will see some lower rates when all the companies have the new Modernized plans approved.

Your statement implies that the cost of Part C plans are not going to go up. I think agents selling them are in for a big surprise when they see the changes that are forthcoming for 2011. There is noting associated with health care that hasn't increased and that will not increase in the future either through premium increases or a reduction in benefits.

If you have had to augment your income because of a reduction in commissions then it sounds like you are selling mostly Part C plans as opposed to Med Supps. An agent can make a lot more money over a longer period of time selling Med Supps than they can selling one of the Part C plans.

I don't sell Part C plans and seem to do quite well. We even have indoor plumbing now.

 

[ksigmtsu]

You guys are also missing the fact that you sell, on average, 5 policies per 4 appointments. You can do 5 apps per week in 4 deals.

You can average a deal per 3 hours on the phone if you were hit in the head with a sledgehammer as a kid.

You can cross sell at least 1 FE per 10 med supps. Figure a 50 dollar average premium on FE policies, 1 per 10, 5 med supps per week. 62500 in med supps commission, as a LOWBALL figure. Another 12000 in FE. That's a first year commission on 74,500 without any renewals.

I am currently averaging 3 med supps and 3 health policies per week, usually 2 accident/ci policies per week, and a life policy here and there. A few dental policies per month too. Although, with full disclosure, I work from 830am till 9pm daily other than some random breaks here and there.

Still, I'm on pace to break 100k this year. I'm excited about the magic of renewal land when I get there in like 5 more months.
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And for the record I'm not a shill for Frank.

I do believe hes absolutely right though.

 

[mccrakcb]

Oh, sorry Frank I know you sold the hell out of HMO's and PPO's prior to 2006. They were just so popular prior to Medicare Modernization taking place. I sold a ton of Med Supps for Pacificare in 2004 and 05 and most of those people all switched to Ma's. There aren't too many people dumb enough to put out $2200 (PDP +Supp) a year when they could have a zero to $20/month plan with 5K out of pocket. Just like I hope there aren't that many people that believe your illusions of grandeur that you are constantly spreading around this forum.

 

[magagent]

This is going to be good... Sit back, relax, and watch the fireworks.