New One from Colonial Penn Agent

russelltw

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Received a call from a lady today. She is 67 and husband is 66. They were on Mutual of Omaha and were convinced to move to a Plan N with Colonial Penn. Lady was not happy with having to pay every time she went to the doctor. She said the agent told her "most doctors waive the copays so you won't have to pay them" when he sold the policies....

Heard any of this in your area?
 
I haven't, but that's wonderful!

Think the agent might have meant excess charges?
 
Received a call from a lady today. She is 67 and husband is 66. They were on Mutual of Omaha and were convinced to move to a Plan N with Colonial Penn. Lady was not happy with having to pay every time she went to the doctor. She said the agent told her "most doctors waive the copays so you won't have to pay them" when he sold the policies....

Heard any of this in your area?


I'm meeting with a guy tomorrow that told me he has a CP agent coming by in the morning. He is 65 in Oct and had already taken out plan F with UoO a month or so ago to get the UoO rate of $118/mo for plan F before they became Omaha Ins or whatever the new name is.

He already cancelled his UoO because the CP lady told him she could get him plan F for $100/mo. I asked him if he was sure she said plan "F". He said, "well, she said I wouldn't have to worry about co-pays".

I'm seeing him at 1:30 tomorrow. I told to look at what she has and get literature but don't sign anything until he lets me look it over. he agreed to do just that. I figured she was quoting plan N.

This is in Indiana. Anyone know the CP rates for a turning 65 male non tobacco?
 
Though chances are the Bankers agent was saying anything to just get the sale, it could be the clients memory.

2 months ago I meet with a lady whose plan F premium with CP was $198. I told her I could get her a plan F for $161. Knowing that a bankers agent may call and try to switch her to a plan N, I showed her a plan N for $115. She ended up going with the N and I made sure about 10 times that she understood she had doctor copays and the $140 DED.

She called me a month later and said, "you told me the plan I got was the same as my CP plan, but just cheaper!".

Sometimes they just don't remember
 
Good point Chaz, but they switched from Plan F to Plan N. To me that's not in the best interested of the client, when they can afford an plan F.

In my area, I have run across CP several times and each time, the clients would complain about some sleazy sales practices: hard closes, refusing to leave sales literature because it's "against insurance law"?, saying the offer is good only for today?, so on and so on.
 
Should be a win for you, you can probably put them on a Plan F or G for nearly the same price as her N
 
Good point Chaz, but they switched from Plan F to Plan N. To me that's not in the best interested of the client, when they can afford an plan F.

I'm not sure what you are suggesting. The client can afford to pay an additional $650/yr for Plan F vs. Plan N so it's in the client's best interest to pay an additional $55/mo.

What does "the client can afford" have to do with the best value? I'm not convinced that paying the insurance company $650 to avoid spending $140 and $15-20 at the doctor is a great idea.

Of course, the commisison is higher on Plan F so maybe it's in the agent's best interest. BTW, 90% of my supplement clients are now in Plan N.

Rick
 
I'm not sure what you are suggesting. The client can afford to pay an additional $650/yr for Plan F vs. Plan N so it's in the client's best interest to pay an additional $55/mo.

What does "the client can afford" have to do with the best value? I'm not convinced that paying the insurance company $650 to avoid spending $140 and $15-20 at the doctor is a great idea.

Of course, the commisison is higher on Plan F so maybe it's in the agent's best interest. BTW, 90% of my supplement clients are now in Plan N.

Rick


The only reason you beat me to the response is because you live on the West Coast and therefore were able to wake up 4 hours before me. :GEEK:

I always show Plans N and G to my clients because more often than not, it is in their best interests.
 
Rick,
I can understand what you are saying. I guess i should have included more of the conversation. Client does not like paying for the doctor visits. Asked if she wanted plan N quotes included, but she said she would like to look at other plans that pay more.
R
 
@Chaz, in these "they forgot" situations you have to respond with confidence and leadership that.. "Yes, we discussed a cheaper plan F like the plan F you had at CP, then we also talked about alternatives that offered greater shvings, but had minor out of pocket expenses."

I usually go on to say that everything major, all hospital, ambulance, nursing home, testing in the doctors office or hospital are paid exactly the same on N and F. Be sure to point out that the copay is only calculated on the doctor's office fee and not what they do to you at the visit.

The only client I had that had issues was when she needed therapy and it was done by her doctor in her office, she got slapped with a $19.67 visit three days/week for few months... that got expensive. Still I did the math, she came off a plan F at almost $300/mo to plan N at ~$125... I did the math and told her son how much money she was still ahead of the game. He thought plan N was a great deal after that detail.
 
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