Med Sup Carrier Prices

[rmhaire]

How do agents go about getting all the carriers Medicare Supplement prices for the plans each year to determine the cheapest one?

Since you mentioned ALL the carriers, the best way to do it is through CSG.

There are two ways to get CSG. Buy it or get it free from your FMO. Last time I counted, I had 12 different FMO accounts. Most I didn't ask for.

The only FMO that lists all of the carriers is Agent Pipeline. They even list carriers that they don't represent.

That's the easiest way to get all of them.

 

[somarco]

The only FMO that lists all of the carriers is Agent Pipeline. They even list carriers that they don't represent.

I have my own . . . doesn't cost much, and I don't have to put up with the BS from the FMO's that offer a "free" account.

Hat tip to Pipeline for offering all the carriers.

 

[Fisher]

I have my own . . . doesn't cost much

Single state or multiple?

 

[rmhaire]

Single state or multiple?

Forgot about that part. Used to be like $20 per state up to five states. No idea if that's still the going rate.

 

[MedicareWAA]

Forgot about that part. Used to be like $20 per state up to five states. No idea if that's still the going rate.

Despite what you hear from uninformed agents and dramatic FMOs, none of this technology is particularly expensive. And the platforms have quickly commoditized.

The hardest part is a single agent getting the platforms to pay attention to them. They do most of their business in these wholesale arrangements. There’s no need to sell to individual agents.

If comp rules change and FMOs stopped providing these tools, look for the platforms to charge like $25 a month plus maybe $10 an app. That assumes the agent is paying 100% of the cost. In reality, some of the app transaction fee would be paid by carriers, similar to HealthSherpa, even if comp rules changed.

Walter

 

[Midlevel]

Despite what you hear from uninformed agents and dramatic FMOs, none of this technology is particularly expensive. And the platforms have quickly commoditized.

The hardest part is a single agent getting the platforms to pay attention to them. They do most of their business in these wholesale arrangements. There’s no need to sell to individual agents.

If comp rules change and FMOs stopped providing these tools, look for the platforms to charge like $25 a month plus maybe $10 an app. That assumes the agent is paying 100% of the cost. In reality, some of the app transaction fee would be paid by carriers, similar to HealthSherpa, even if comp rules changed.

Walter

I only do 5 States (95% are in my home State) and very few Med Sups but not sure why you would need the quoting software. I have always stayed contracted with the 2 or 3 lowest rates and keep rate sheets in my desk drawer. Suppose if you were doing mainly med sups it would be convenient.

What’s nice about MAPD’s and Cost Plans is everyone pays the same rate, not based on age or gender or health. And drum roll, never a health question!

 

[rmhaire]

Despite what you hear from uninformed agents and dramatic FMOs,

I don't hear from uninformed agents. I'm extremely picky who I listen to. And the last FMO I had that tried to get dramatic, I fired his ass.

There will always be a market for software, platforms and such for individual agents. I'm one of them.

And a $10 application fee. Good luck with that crap. It'll be a cold day in a very hot place before I do that one.

 

[rmhaire]

I only do 5 States (95% are in my home State) and very few Med Sups but not sure why you would need the quoting software. I have always stayed contracted with the 2 or 3 lowest rates and keep rate sheets in my desk drawer. Suppose if you were doing mainly med sups it would be convenient.

What’s nice about MAPD’s and Cost Plans is everyone pays the same rate, not based on age or gender or health. And drum roll, never a health question!

I do 10 states. Used to do 15 but I cut back last year. Most of us supp guys that have been doing it awhile pretty much could do it in our heads if we had to.

A good example of why we use it would be the rate difference between states. Alabama and Georgia comes to mind. A carrier can be middle of the road in Georgia and can be one of the lowest in Alabama. Same carrier and same plan.

Also, we supp guys are far more interested in things other than price. Things like length of time in the market, rate increase history and such.

Those things are far more important than a few bucks a month.

 

[somarco]

I have a number of software subscriptions. Could probably cut it back a bit but I am too lazy to go through and cull.

CSG
Aweber
Search & Save

Those are my primary ones. They total about $100/month. Well worth the cost of doing business as an independent.

I also have a remote lady who handles my newsletter and updates the mailing list every time I get a new prospect. She also puts the "finishing touches" on my YT videos so they are ready for Prime Time. That's another $250/month.

About a dozen paid newsletter subscriptions so I can stay on top of my game. In this business if you are not reading at least a dozen newsletters a day you are nothing more than a peddler selling low rate and free stuff. My subscriptions run about $150 per month. Again, well worth it and it is another business write off.

Probably a few other things I have missed, but that $1000 per month more than pays for itself. It is an INVESTMENT, not a cost.

 

[Chazm]

For heavens sake stay away from agent pipeline. Worst FMO I’ve ever had. For 6 months I couldn’t get a call back from multiple calls and emails that I made. Home office, my immediate contact. No one.

I had to wait 6 months of not writing companies to ever sell that company again.