T65 Vs 67+ Plus for Med Supps

[BuckNasty]

I've yet to target the T-65 market for Medicare Supplements, mostly because of advice from guys like Frank Stastny and some other veterans who pointed out that the T65 crowd gets bombarded with carrier info and agents.

So for the past year and half or so, I've mailed, called and purchased internet leads to get folks to switch who have already been enrolled in a supplement plan. I'm probably at about a break even in terms of the money I've spent, but I'm somewhat okay with it since I do run another business and am trying to build residual income with the Med Supps.

I'm now reconsidering this strategy to see if I will get better bang for my buck using the same marketing strategies, but hitting up the T65 market. It will certainly be nice to not have underwriting declines and convincing skeptical seniors to change can be tedious.

Anybody have any experiences they would like to share in marketing the t65 crowd? Whether it be challenges, what you like or dislike about marketing to these folks? What's worked for you & what hasn't?

Thanks in advance and good selling to you all, kind sirs!

 

[sman]

I've yet to target the T-65 market for Medicare Supplements, mostly because of advice from guys like Frank Stastny and some other veterans who pointed out that the T65 crowd gets bombarded with carrier info and agents. So for the past year and half or so, I've mailed, called and purchased internet leads to get folks to switch who have already been enrolled in a supplement plan. I'm probably at about a break even in terms of the money I've spent, but I'm somewhat okay with it since I do run another business and am trying to build residual income with the Med Supps. I'm now reconsidering this strategy to see if I will get better bang for my buck using the same marketing strategies, but hitting up the T65 market. It will certainly be nice to not have underwriting declines and convincing skeptical seniors to change can be tedious. Anybody have any experiences they would like to share in marketing the t65 crowd? Whether it be challenges, what you like or dislike about marketing to these folks? What's worked for you & what hasn't? Thanks in advance and good selling to you all, kind sirs!

Kind sirs? You realize there are women here too, like Rick and SAI.

 

[sshafran]

I've yet to target the T-65 market for Medicare Supplements, mostly because of advice from guys like Frank Stastny and some other veterans who pointed out that the T65 crowd gets bombarded with carrier info and agents.

So for the past year and half or so, I've mailed, called and purchased internet leads to get folks to switch who have already been enrolled in a supplement plan. I'm probably at about a break even in terms of the money I've spent, but I'm somewhat okay with it since I do run another business and am trying to build residual income with the Med Supps.

I'm now reconsidering this strategy to see if I will get better bang for my buck using the same marketing strategies, but hitting up the T65 market. It will certainly be nice to not have underwriting declines and convincing skeptical seniors to change can be tedious.

Anybody have any experiences they would like to share in marketing the t65 crowd? Whether it be challenges, what you like or dislike about marketing to these folks? What's worked for you & what hasn't?

Thanks in advance and good selling to you all, kind sirs!

I've done both. Each has unique challenges.

You already know the 67+ challenges: stubborn and sick

With T65 you get "you're the 8th broker I've talked to..."
Even marketing 6 months out I get, "We've already started working with someone."

Try to be unique and stand out. Consistent follow up over a sustained period of time wins all the time. One-call closes can be done...but perhaps more rare than you'd like.

I think a big opportunity with T65 is the non-retirees. I've written a lot who were T65 leads but got B at 66+. Not retiring? Take a few mins to go over creditable coverage, instruct in how to decline Part B if receiving SS (make sure they check with HR), and put them in your crm with future follow up tasks.

Another opportunity, if you can get them at T65 (and you can!) and their spouse is younger... you have an inside track. Don't take it for granted, though, it's not a guaranteed sale. But it's as close to a slam dunk as there is.

Finally, the other 'opportunity' is writing your future 67+ book. Just today I re-wrote a client I signed in sept '10. New 6 yr trail after 5 good years. It happens often if you remember that there are people still soliciting 67+ market...

 

[BuckNasty]

Kind sirs? You realize there are women here too, like Rick and SAI.

I didn't realize they were going by the "sir" name, Caitlyn?!

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I've done both. Each has unique challenges.

You already know the 67+ challenges: stubborn and sick

With T65 you get "you're the 8th broker I've talked to..."
Even marketing 6 months out I get, "We've already started working with someone."

Try to be unique and stand out. Consistent follow up over a sustained period of time wins all the time. One-call closes can be done...but perhaps more rare than you'd like.

I think a big opportunity with T65 is the non-retirees. I've written a lot who were T65 leads but got B at 66+. Not retiring? Take a few mins to go over creditable coverage, instruct in how to decline Part B if receiving SS (make sure they check with HR), and put them in your crm with future follow up tasks.

Another opportunity, if you can get them at T65 (and you can!) and their spouse is younger... you have an inside track. Don't take it for granted, though, it's not a guaranteed sale. But it's as close to a slam dunk as there is.

Finally, the other 'opportunity' is writing your future 67+ book. Just today I re-wrote a client I signed in sept '10. New 6 yr trail after 5 good years. It happens often if you remember that there are people still soliciting 67+ market...

Thanks Scott, do you get that, "you're the eight guy I've talked too" . .. even in rural underserved areas? Of the t65's you've been writing, are you using mostly lead cards?

 

[sshafran]

I didn't realize they were going by the "sir" name, Caitlyn?!

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Thanks Scott, do you get that, "you're the eight guy I've talked too" . .. even in rural underserved areas? Of the t65's you've been writing, are you using mostly lead cards?

Surprisingly yes, even in more rural areas. But not nearly as much as in the city...

It could be because here in OH we can't cold call - so the agents mailing here spend so much on mail that we end up funding the entire national postal service...

Yes, lead cards. In a different state I'd branch out and telemarket as well for T65... I haven't done internet leads in years.

I've found tele to do the best for 67+ for me at least, and DM to do the best for T65. Your market may be different...

 

[YouGotMyMoney]

The real goal is to write people 62/63 + on ind health, so you got a person you will earn 2-3 years health biz and when they turn 65 you got them.

This makes it easy to start since 1st year ROI is better on health than Medicare...IE...$7k annual health prem is $350 @ 5% , at least $1000-1200 you've earned before they start on Medicare.

 

[pbbaseball]

I've always been a big fan of 68+, because with T-65, if you sell them a supp, the MAPD guy that comes in can replace it based on the one year "free trial", and can move them back to a supp before year 1 is up.

If you sell them a MAPD, every Bankers agent will tell them they can have 20k of OOP expenses with a MAPD.

Don't have to explain plans to people 68+, just give them the same thing for less money!

Of course it's good to do both, and I agree, 62-64 yr old health age-ins are the easiest

 

[Starboard]

Thought I'd piggy back this thread instead of starting another. Was in the investment business for a number of years and now transitioning into med supps. I'm just getting started and will be primarily selling over the phone and using a telemarketer for leads. I have to choose either T65 or over 65 for the leads...suggestion as to which segment to pick for someone just starting out? Eventually will be working both but I need to pick one to start. Thanks!

 

[Chazm]

Everyone is different. Just jump in and see which works for you. I was horrible at selling 67+. I couldn’t get trust over the phone. Even though I could save people money, I was doing more work for less sales.
So I went back to F2F t65’s. My roi is 4:1 and it works for me.
Find your niche

 

[kgmom219]

Everyone is different. Just jump in and see which works for you. I was horrible at selling 67+. I couldn’t get trust over the phone. Even though I could save people money, I was doing more work for less sales.
So I went back to F2F t65’s. My roi is 4:1 and it works for me.
Find your niche

What he said.

I would start with both for 6 months and track which one is giving you a better ROI