I am looking to mail into the counties around me for med supps, but MAPD penetration is close to 40%. The last time I did, I got mainly MAPD responders, so I am looking for any info from folks that have successfully done what I am attempting to do. What demographics did you use as well as what card did you mail? I realize many won't share exactly what they are doing, but I appreciate any insight. You are welcome to PM me as well. I already generate leads for MA off both mailers and my site, so this is med supp specific.
Med Supp Mailer to Heavy MAPD Counties
- Thread starter JimmyUt
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- 11,280
I don't see any specific demographic that eliminate MA buyers...
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- #3
I was hoping something on the card would make them realize that is not what they have
- 6,453
My not an agent caveat.
The general feeling that I have from reading posts about direct mailings is that it would be extremely imprudent for an insurance agent to expect consumers to complete a direct mail card based on an insurance agent's level of knowledge about the insurance product in question.
I get the sense that many responders to mailings even already have some category of the product in question and are just casually "shopping" what they already have.
I think those impressions may come more from FE threads than medsupp threads, but I think the reality will turn out to be that the hope you express is a very forlorn one.
Might want to try zipcodes that have higher income or housing values - they're most likely to travel, and they'll most likely be able to afford the premium imo.
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- #6
I tried that last time and it didn't work. I appreciate the idea though.
- 6,453
I don't know if this is a valid observation or not, but...
Glen Shelton's posts suggest to me that there may be a point where peer pressure, or at least opinion, becomes a significant factor in the Medicare insurance purchasing equation even if there are higher income pockets in the county in question. If people have not experienced the effects of the high oop maximums, the combination of "free" plus "all my friends think this is a good deal" seem like they would be pretty powerful.
kgmom's posts indicate that it is possible to sell medsupp in higher % ma counties, even in the face of Glen Shelton's statistics.
However, I think I looked once after one of Glen Shelton's county data posts and saw that kgmom is selling in one or two of the top populated counties in the country.
This may suggest, that in addition to Glen Shelton's MA % by county one would also want to consider county population levels in the equation. There may be a county population level where the costs of direct contact methods such as direct mail may just not be worthwhile.
Using Bevo's approaches of trying to draw clients in with website/internet marketing would be one thing, but the outbound direct mail approach would be another.
After reading a lot of kgmom's posts, I attribute her success in the heavy MA market to a lot of current effort in face to face group education plus a great deal of referrals from financial professionals developed over a period of many years. This builds in the income qualifications in a different way.
There was a thread somewhere, maybe one of the office threads, wheere a Texas agent was talking about regularly working his home and surrounding counties by doing periodic seminars using library classroom/conference rooms. Newby's posts also suggest, if one has the stomach for it, that seminar presentations are a powerful way both to help people and gain business.
Glen Shelton's posts suggest to me that there may be a point where peer pressure, or at least opinion, becomes a significant factor in the Medicare insurance purchasing equation even if there are higher income pockets in the county in question. If people have not experienced the effects of the high oop maximums, the combination of "free" plus "all my friends think this is a good deal" seem like they would be pretty powerful.
kgmom's posts indicate that it is possible to sell medsupp in higher % ma counties, even in the face of Glen Shelton's statistics.
However, I think I looked once after one of Glen Shelton's county data posts and saw that kgmom is selling in one or two of the top populated counties in the country.
This may suggest, that in addition to Glen Shelton's MA % by county one would also want to consider county population levels in the equation. There may be a county population level where the costs of direct contact methods such as direct mail may just not be worthwhile.
Using Bevo's approaches of trying to draw clients in with website/internet marketing would be one thing, but the outbound direct mail approach would be another.
After reading a lot of kgmom's posts, I attribute her success in the heavy MA market to a lot of current effort in face to face group education plus a great deal of referrals from financial professionals developed over a period of many years. This builds in the income qualifications in a different way.
There was a thread somewhere, maybe one of the office threads, wheere a Texas agent was talking about regularly working his home and surrounding counties by doing periodic seminars using library classroom/conference rooms. Newby's posts also suggest, if one has the stomach for it, that seminar presentations are a powerful way both to help people and gain business.
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I actually interviewed kgmom (Jennifer) for a future Podcast episode because I was intrigued by her success and low spend on marketing. I will have to double check my notes but I believe she spent less than $1000 on all of her marketing costs last year.
She has built an incredible referral system primarily with financial advisers. This probably acts as a great filter when working with prospects (MA v. Med Supp) regardless of the local MA penetration.
Cold marketing is a different animal. The major metro areas can be convoluted when it comes to attracting Med Supp prospects. Here in Portland it is about 50% MA Advantage and regardless of income level, MA is very popular.
Here is a population density map that you can break down per county - US Population Density Map
Here is the link to the MA% map on my web site - Medicare Advantage Heat Map
Typically, the lower MA counties are the more rural counties (I think the less densely populated, more rural, low MA % counties are the best to market to). You can double check by looking at the population density map. Filtering by income does not do much as mentioned in this thread because in the metro areas MA plans can be popular regardless of income and income filters are really only a best guess to begin with...
Jimmy - I might try including something like:
Are you paying more than $100 per month or more for your Medicare Supplement plan? Have you seen increases in your Medicare Supplement premium? Mail this card back in to see if a specialist can save your money without changing your benefits!
Maybe mentioning F, G, or N on the card as well could help. My guess is that even if you had a highly specific card, you will still get a good chunk of MA prospects if the county is 40% or higher ...
Thanks LD and Glen
I'm not good example for this Jimmy...my area is 35% MAPD, but I do zero direct mail.
Having said that, I would go for it. Spend $1K(?) a month with the income filter on DM for 6 or 12 months, then re-evaluate. If you get more than 3/month, you broke even in year 1. Works for me. But its not my money, either.
Personally, I would do T66. People with the cash are waiting til full Social Security to retire.
And also, I do a LOT of follow up. I have 17 people I have talked to in the last 12 months that have requested a follow up the first week in June, so those emails go out Friday. The sales cycle with higher income seems to be longer.
And learn about IRMAA. You want IRMAA people. And their friends. Learn how to appeal it, too.
Good luck!
- Thread starter
- #10
Thanks LD and Glen
I'm not good example for this Jimmy...my area is 35% MAPD, but I do zero direct mail.
Having said that, I would go for it. Spend $1K(?) a month with the income filter on DM for 6 or 12 months, then re-evaluate. If you get more than 3/month, you broke even in year 1. Works for me. But its not my money, either.
Personally, I would do T66. People with the cash are waiting til full Social Security to retire.
And also, I do a LOT of follow up. I have 17 people I have talked to in the last 12 months that have requested a follow up the first week in June, so those emails go out Friday. The sales cycle with higher income seems to be longer.
And learn about IRMAA. You want IRMAA people. And their friends. Learn how to appeal it, too.
Good luck!
I appreciate your input. I think the key for me is getting in front of the right folks to begin with and I have dealt with IRMAA a little. I do need to dig deeper on the appeals process. I have a decent book of business already so breaking even first year is easy for me, as I am not new to this rodeo, but I have majority MA clients, and I really want to grow my med supp book.
The one question I have for you based on what Glen stated, is what have you done differently to get financial pros to send you leads? I appreciate any insight you are willing to give.
