Can I Specialize In Senior Market Year Round?

[thomasm]

From what I understand those numbers also include people that have retirement benefits so it could be possible that the majority won't have med supps.

Can't really rely too much on statistics anyway. I do run into a lot of people with retiree benefits though!

When you're out talking to folks, you find out who's got what. Here's what I found! Med supp people seem to know the particulars of what they got, and MA people aren't really sure what they got!

 

[senior-advisor-indiana]

Can't really rely too much on statistics anyway. Just gotta get and there and see the people!

You'll find out who's got what. Here's what I found! Med supp people seem to know what know what they got, and MA people aren't really sure what they were sold!

I agree that quite a few MA people think they have a Supp or are not sure what it is they have. 40% MA penetration seems like a waste of supp marketing dollars though. Fortunately I haven't ran out of low penetration rates yet to where I would have to target a saturated market like that.

 

[LifeWorth]

This is all I do! Over 3000 people are turning 65 within the next 6 months just in the county I live in. Of course there are probably just as many agents out there chasing them! The key is to approach them farther out from their birthday and build a relationship/pipeline. The fly by nighters out there don't have the patience for that so you can still win in a crowded marketplace!

As for the 65+ demographic you do know you can sell med supps year round, don't you? No AEP needed. Just get a list and go see the people.

Is there a replacement form needed if they already have a supplement or an advantage plan?

 

[Zoaty]

Yes - so true about newbie enthusiasm until a strong does of reality hits like a bat over the head. So yeah - will definitely keep that reality check in mind so I don't expect more than is realistic.

Also, great info with regards to United Healthcare earlier.

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40% MA penetration seems like a waste of supp marketing dollars though. Fortunately I haven't ran out of low penetration rates yet to where I would have to target a saturated market like that.

That's a great and interesting point with regards to lead gen. The higher the penetration the dryer the list, even with the right demographics. Very valid point well taken.

 

[senior-advisor-indiana]

Is there a replacement form needed if they already have a supplement or an advantage plan?

Yes a replacement form is required when replacing coverage.

 

[thomasm]

Is there a replacement form needed if they already have a supplement or an advantage plan?

Yes, but if they have a Medicare Advantage, and want to switch, they have to wait until open enrollment.

Be careful with those though, you want to make sure it's clearly in their best interest to switch back to Original Medicare, not just because you're biased toward med supps. Then there's the issue of them having to pick a new standalone drug plan.

 

[senior-advisor-indiana]

Yes, but if they have a Medicare Advantage, and want to switch, they have to wait until open enrollment.

Be careful with those though, you want to make sure it's clearly in their best interest to switch back to Original Medicare, not just because you're biased toward med supps. Then there's the issue of them having to pick a new standalone drug plan.

They do not always have to wait until AEP, I assume that's what you meant, to disenroll from a Medicare Advantage plan. There are quite a few circumstances to qualify for sep's...

 

[Chazm]

40% MA is pretty high. You have to figure that 10-20% is prob Medicaid, 10-20% is group and that doesn't leave much for med supp. Not saying that's bad but you must have good MA plans in your area like me.

 

[GreenSky]

40% MA is pretty high. You have to figure that 10-20% is prob Medicaid, 10-20% is group and that doesn't leave much for med supp. Not saying that's bad but you must have good MA plans in your area like me.

I avoid high MA penetration for any mailings and/or telemarketing. The only way you can solicit business there is for dual plans if available.

Areas that are over 30% likely have a number of MA plans, most of which will be almost identical. Los Angeles County has at least 10 plans I could say are equal, zero cost, zero office visit, zero hospital, etc. The only difference is MOOP which range from $2K to $3,400.

And you are right on about adding 10-20% for Medicaid, group, etc. Leaves very few others that could be considered prospects.

Rick

 

[thomasm]

They do not always have to wait until AEP, I assume that's what you meant, to disenroll from a Medicare Advantage plan. There are quite a few circumstances to qualify for sep's...

Occasionally I run into people that qualify for Medicaid, but never bothered applying. Same with extra help. Do they have to wait for an award letter before they would qualify for SEP?