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So sounds like alot of you focus on Med Supps. Do you take care of their Part D too? And if a prospect can't afford a Med Supp and wants a MAPD plan do you write them up or just refer to an MAPD agent?
The Secret to Selling Medicare Supplements
- Thread starter Glen Shelton
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- medicare
- 1,452
I cross sell in addition. I don't write as many medsupps as some of these other guys commenting. I pick up a few LTC apps per year, and some FIA, and some cancer indemnity. Mostly cross sell life/FE though.
It depends on your state, in MI the supps are cheaper than a med adv plan most of the time. Part D takes a lot of time for not a lot of money, but it cements you as their agent because you went the extra mile for them. In Florida they have 0 premium adv plans with decent benefits so it's a no brainer, but med supps are a more stable business. You don't have to talk to 500-1000 people every year in a 6 week window.
Currently, I sell Med Supp and "advise" on Part D. I do not sell Part D.
That will be changing for 2017 AEP. While I still won't have that many MAPD's (I give away 5 a year, at most), I'm leaving too much money on the table by not being official on Part D. I get that its $50/year (or whatever paltry amount it is), but I'm already doing the work anyway.
- 4,707
Helping with Part D is a great way to gain the seniors trust.
I run the Medicare Plan Finder, advise, then enroll. Usually one of my certified companies is at the top of the Plan Finder.
A quick glace at my 2015 1099's shows my Part D income for 2015 was about $18,000. About 70% renewals, 30% new to Medicare.
I use the Part D income to pay for my hookers & gambling.
For the past 10 years or so, I have always had a plan to "cross sell" my med supp block.
The problem? Existing clients refer people to me. Keeping me too busy.
I run the Medicare Plan Finder, advise, then enroll. Usually one of my certified companies is at the top of the Plan Finder.
A quick glace at my 2015 1099's shows my Part D income for 2015 was about $18,000. About 70% renewals, 30% new to Medicare.
I use the Part D income to pay for my hookers & gambling.
For the past 10 years or so, I have always had a plan to "cross sell" my med supp block.
The problem? Existing clients refer people to me. Keeping me too busy.
- 287
Do you sell a lot of Hi F ?
Try not to (sell Hi F). Usually can convert them to plan N.
I might have half a dozen on the books.
The couple referenced above had an MA plan and didn't like it. They said they couldn't afford anything over $80 which ruled out everything but Hi F.
Kept Hi F for 2 years (premium less than $50 each) and then said they could no longer afford it so they returned to $0 MA.
One of my first Hi F sales was to a couple that were retiring and didn't want to spend a lot of $$ on a Medigap plan. Tried to talk them into N but they insisted on Hi F.
Took the apps, less than $50 each in monthly premium. Six months later the wife called and said her husband was in the hospital and bills were mounting up. Wanted to switch him to regular F.
He was outside his initial enrollment and could not pass underwriting. Making matters worse, it was the end of the year and he would incur another deductible in January resulting in $4k OOP in a few months (over 2 calendar years).
His health never improved and he has hit his OOP every year for the last 5 years.
Good news is the wife has remained healthy.
I might have half a dozen on the books.
The couple referenced above had an MA plan and didn't like it. They said they couldn't afford anything over $80 which ruled out everything but Hi F.
Kept Hi F for 2 years (premium less than $50 each) and then said they could no longer afford it so they returned to $0 MA.
One of my first Hi F sales was to a couple that were retiring and didn't want to spend a lot of $$ on a Medigap plan. Tried to talk them into N but they insisted on Hi F.
Took the apps, less than $50 each in monthly premium. Six months later the wife called and said her husband was in the hospital and bills were mounting up. Wanted to switch him to regular F.
He was outside his initial enrollment and could not pass underwriting. Making matters worse, it was the end of the year and he would incur another deductible in January resulting in $4k OOP in a few months (over 2 calendar years).
His health never improved and he has hit his OOP every year for the last 5 years.
Good news is the wife has remained healthy.
- 3,165
THIS ^^^ right here says it all!! If u dont see the point of selling medicare (I personally dont care if its MAPDs or Supps) after reading that, then dont....stick with FE, Auto, Life, whateva.
But 10k ppl T65 EVERYDAY in the US for the next 12-15yrs or so...Im going to have 1k clients by the time Im 50 (4.5 more yrs), and live off referrals and working 7 weeks during AEP for the rest of my life.
BTW...the guy who did that video is pretty handsome & seems to know what he's talking about. For those of u who dont see the point of Medicare, have ya clients call him when they are T65!
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