Pros and Cons of Working T65

[STRMLDR]

2 years ago, i worked med sups for about 1/2 a year almost exclusively. 80% of the work was getting people better plans and rates. i am now considering focusing in a lot on T65, as i am just now getting back into med sups.
my question is
what are the pros that make working with T65 better than people who are older who already have plans?
and vice versa
thanks

 

[goillini52]

2 years ago, i worked med sups for about 1/2 a year almost exclusively. 80% of the work was getting people better plans and rates. i am now considering focusing in a lot on T65, as i am just now getting back into med sups.
my question is
what are the pros that make working with T65 better than people who are older who already have plans?
and vice versa
thanks

Pro...T-65's have no underwriting or POS so they take less time.


Con...They're bombarded by other companies/agents and since the premiums are lower, they don't pay as well.

 

[Daytona_Guy]

what are the pros that make working with T65 better than people who are older

Except from:
Where to Focus - The Riches are in the Niches | Medicare Training - MedicareAgentTraining.com

As for ages, I have found the most success by fishing in the blue ocean. By that I mean that there is a red ocean, where all of the sharks are pouncing on, in this case, the Turning-65 senior. Everyone has the same plan and they’re all tripping over each other to fight for the same, finite group of people.

Meanwhile, I’m in the blue ocean calling on people who have not heard from their agent in two, three, or more years. These people are frustrated with their rate increase and do not know where to turn. I don’t have agents coming right behind me or competing for the same client in the same space.

So, I would encourage you to diversify your business to survive today and still build your Medicare supplement renewals at the same time. It is simple to do both, as neither are complicated.

 

[Todd King]

2 years ago, i worked med sups for about 1/2 a year almost exclusively. 80% of the work was getting people better plans and rates. i am now considering focusing in a lot on T65, as i am just now getting back into med sups.
my question is
what are the pros that make working with T65 better than people who are older who already have plans?
and vice versa
thanks

For most agents it's easier to sell to clients that are 67 and above because they've already experienced using Medicare and by this time they've already seen an increase on their Med Supp.

Turning 65's are harder simply because they ARE bombarded from many companies. Many of them choose to go with a company they know. BCBS get a lot of business for this very reason.

Now, if you can get hold of a potential client turning 65 and you can get them to give you a few minutes, you'll have a chance if you can educate them and make things easy for them. There is a way to do it, but it's not as easy as 67+.

 

[midwestbroker]

Overview of the market:

T65 - Crowded market but you may have some local success - I suggest door to door in this market but also go with some other "T" marketing

T66 - They have been in Medicare less than a year and if they chose a MA plan, they still can enroll into a Supp underwriting free within the first 12 months in a MA SEP

T67 - Had a few rate increases and may have not heard from their agent (if they had one) since they enrolled

T68-70 - Same as T67

T70 - According to AHIP, 49% of beneficiaries keep their supplement 5 or more years, they are getting to that point here. They have more than likely had a few rate increases and it may start to seem expensive at this point - plus their agent may be long gone

T71+ Iffy market as you may get into underwriting issues when you go too far into the 70 year old age bracket

I am putting together a whitepaper for SMS on this (T67 marketing) and I will post when it is ready.

 

[Daytona_Guy]

T71+ Iffy market as you may get into underwriting issues when you go too far into the 70 year old age bracket

Good stuff.

This, and other anecdotal research on my own (seeing uninsurables 75+ over and over), is why I stopped at 74 years old for my upper end.

 

[socal401]

Good stuff.

This, and other anecdotal research on my own (seeing uninsurables 75+ over and over), is why I stopped at 74 years old for my upper end.

I think it really depends on what part of the country you are marketing into. People tend to be a lot less healthy in the South. Most of my clients in the Midwest are between 76-79,

 

[Midlevel]

Wrote a 93 year old female last OEP so don't count everyone over 75 out.

 

[Daytona_Guy]

Most of my clients in the Midwest are between 76-79,

Wrote a 93 year old female last OEP so don't count everyone over 75 out.

Not at all, but to go after someone in their late 70's and 80's as a marketing strategy must be examined for the longevity concern of your residual income.

I always, as we all do, aim to keep a client for life.

Strictly business thinking, it makes sense to have some consideration given to the overall return on investment in that initial client acquisition cost.

 

[STRMLDR]

thanks guys
this is all awesome information
you all have been very helpful