Can You Make Money Selling Medicare Advantage?

[grod]

I"ve done the retail for the past two years. I think I enrolled about six people each of the two years. Not doing it again.

 

[jadziab]

So I've only looked into Medicare Supplements mainly because I spoke to Frank a long time ago and he pointed me in that direction. Only reason I am asking about Medicare Advantage today is because some of my dialer leads for Med Supps is putting me in contact with folks on MA.

I apologize for the mix up and explain that I cannot help them since obviously being on MA is much cheaper than Med Supps.

Am I throwing business away? I've been on this forum for awhile now and hardly notice anyone even talking about MA plans or selling them.

Hey Pup;

I would be more than happy to take those cheap clients off your hands, being I get paid more for the MAPD plans than I do for most of the Supps I sell (AARP is too competitive to not sell and their pay is low). If you plan to get certified, NOW is the time to do it.
Jayne
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You should talk to someone who was on an MA plan and had to use it. I signed up a lady yesterday that had an MA plan in another state. Her health took a turn for the worse a few months back resulting in her spending 2 weeks in the hospital, 2 in rehab.

Her $27 plan ended up costing her over $3,000 in OOP expenses. Even before her setback, her 1 - 2 monthly doc visits added to the cost of her plan. The Rx coverage that was married to the MA did not include her most expensive meds on their formulary.

Since she has moved out of the service area she is GI and I put her on plan N @ $132 month plus another $38 for PDP that covers all her meds.

In addition to more protection against OOP she no longer has to deal with networks and can use any doc anywhere.

So it's better to put on an N plan with more than 4000 out of pocket and $2040 in premium before she gets sick?....Just askin'
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Hey Pup;

I would be more than happy to take those cheap clients off your hands, being I get paid more for the MAPD plans than I do for most of the Supps I sell (AARP is too competitive to not sell and their pay is low). If you plan to get certified, NOW is the time to do it.
Jayne
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So it's better to put on an N plan with more than 4000 out of pocket and $2040 in premium before she gets sick?....Just askin'

Never mind...got my K and N reversed.

 

[senior-advisor-indiana]

Rookie mistake. If you are selling in the senior market, how do you not know the med supp plan benefits?

 

[FLM]

the decision between MAPD and Med Supp/Plan D is purely an economic one.

I've gone through the numbers for myself and, in Florida, paying $2500 annually at age 65 for the Med Supp/Plan D, which will most likely double (or more) in the next 20 years means you are committing to almost $100,000 in premiums over your lifetime-in order to spend that on an MAPD plan you would have to encounter the MOOP (usually about $5K) at least 10 times over your lifetime while having the usual $1K or less cost in the other years. For couples the decision is really easier since the premiums are double to use as a comparison.

It's different from state to state-I have friends in California that turned 65 this year and asked for my advice. After reviewing the MAPD plans and Supp rates they enrolled in Plan F and a Plan D since the Plan F was about $125 and it was so much lower than their Anthem U65 plans ($1K a month).

As for the earning money on MAPD, it's not easy without a lead flow-I have one from my major carrier that started last year and since I performed well they are giving me a bunch of seminars this year to add into my own referral base.

I also think it's almost impossible for someone just starting out in the insurance business to succeed in the Medicare niche-in order to be successful you have to have credibility, why would a senior listen to a rookie in his 20's when they can work with an experienced agent closer to their own age?

 

[senior-advisor-indiana]

the decision between MAPD and Med Supp/Plan D is purely an economic one.

I've gone through the numbers for myself and, in Florida, paying $2500 annually at age 65 for the Med Supp/Plan D, which will most likely double (or more) in the next 20 years means you are committing to almost $100,000 in premiums over your lifetime-in order to spend that on an MAPD plan you would have to encounter the MOOP (usually about $5K) at least 10 times over your lifetime while having the usual $1K or less cost in the other years. For couples the decision is really easier since the premiums are double to use as a comparison.

It's different from state to state-I have friends in California that turned 65 this year and asked for my advice. After reviewing the MAPD plans and Supp rates they enrolled in Plan F and a Plan D since the Plan F was about $125 and it was so much lower than their Anthem U65 plans ($1K a month).

As for the earning money on MAPD, it's not easy without a lead flow-I have one from my major carrier that started last year and since I performed well they are giving me a bunch of seminars this year to add into my own referral base.

I also think it's almost impossible for someone just starting out in the insurance business to succeed in the Medicare niche-in order to be successful you have to have credibility, why would a senior listen to a rookie in his 20's when they can work with an experienced agent closer to their own age?

There are many reasons why. I sold plenty of med supps in my 20's and lots of folks wanted me instead of their old fogey agent because they didn't want to outlive them and their service sucked. The older ladies also like to buy from the young good looking 20 something year old that is starting a family. It's not like the medicare business is rocket science. You can learn everything you need to know in a short amount of time.

 

[tins]

There are many reasons why. I sold plenty of med supps in my 20's and lots of folks wanted me instead of their old fogey agent because they didn't want to outlive them and their service sucked. The older ladies also like to buy from the young good looking 20 something year old that is starting a family. It's not like the medicare business is rocket science. You can learn everything you need to know in a short amount of time.

Being serious (for once), I have found that to be the case, as well. It is very rare that I walk away from an appointment with a senior lady that is widowed, divorced, lives alone, etc without a sale. Not sure the reasoning behind it...it is what it is.

 

[senior-advisor-indiana]

Being serious (for once), I have found that to be the case, as well. It is very rare that I walk away from an appointment with a senior lady that is widowed, divorced, lives alone, etc without a sale. Not sure the reasoning behind it...it is what it is.

Honestly single/widowed ladies have been the easiest sales for me also and probably make up the majority of my book.

 

[GreenSky]

Honestly single/widowed ladies have been the easiest sales for me also and probably make up the majority of my book.

And I bet they're very grateful also. Or are we speaking of something else?

Rick

 

[senior-advisor-indiana]

And I bet they're very grateful also. Or are we speaking of something else?

Rick

I will not divulge my sales secrets on here.

 

[Midlevel]

I was young when I started my business which is 90% Medicare products. I was never good looking so that theory is shot. I still had no problem signing people up at a young age.