Medicare

[TheSalesWolf]

Hey Eveyone, stumbled upon your forum here and though I would join.
I've been doing individual health insurance for about 5 years now and really would like to start selling some supplemental business as well.

I have exactly 0 knowledge of the supplemental business and any help would be appreciated.

Thanks.

 

[Bob_The_Insurance_Guy]

The best place to start is by going to the Medicare website www.medicare.gov and downloading the "Choosing A Medicare Supplement Plan" book, reading it, then finding a few insurance companies in your area that provide Medicare Supplement (Medigap) Plans.

Because they are Federally mandated, they will be the same, across the board, only difference being, some companies will price certain plans for less. This is, just like health insurance, based on their claims experience for that plan. Some companies will sell only a few plans, above A and B, while others will sell most of the plans offered.

If possible, meet or speak to DM's for each company, and get a feel for how you should market their product. I would recommend doing informational seminars at Public Libraries, Community Centers and Assisted Living Facilities. When you do these seminars, DO NOT GET COMPANY OR PRODUCT SPECIFIC. Basically pick out six or seven key pages from the book (which I guarantee you most Medicare beneficiaries have not read or/nor did not understand) and explain it to them, in real, every day language. Have a sign in sheet at each seminar (no longer than 1 hour, plus 20 minutes for Q&A), then follow up with those that provided names and contact numbers.

I would also suggest you meet/call ElderCare Attorneys, and "pick their brain" as to what they've experienced in the past 5 years or so. You are not there to sell their clients, but, moreso, to get insightful information as to the "real world" of Medicare.

 

[newmindfashion]

SalesWolf,
At 1000 policies per year why even stray from individual medical? I'd get into a referral arrangement with a senior market pro and stay focused on ind. medical.

 

[midwestbroker]

You are going to have to have a working knowledge of:

- Medicare in general
- What the different plans are - Plan A, B, C, etc.
- Enrollment periods - mainly when aging into or coming off COBRA
- The rules in your state on changing Medicare Supplements (if there are any guarantee periods such as anniversary dates)
- Part D (they will ask)
- MA plans (that would be who you are selling against)

The attachment is still a work in progress (kind of a pet project) but hope this helps...

 

[Bob_The_Insurance_Guy]

SalesWolf,
At 1000 policies per year why even stray from individual medical? I'd get into a referral arrangement with a senior market pro and stay focused on ind. medical.

You've got a point there. Perhaps you could refer business back and forth with someone who specializes in Medicare, then, as you feel more comfortable with it, begin writing your own.

Have to agree, though, individual health still is a burgeoning business, even with all the bad press, uninsured, underinsured, etc.

 

[Insurancefriendly]

I love working in the senior market. My advice is learn the plans intimitately and you'll do fine. They are all cookie cutter: For example, a Plan C with Blue Cross and Blue shield is the EXACT same thing as a Plan C with Company X (State Mutual, Lincoln Heritage, etc.)

Since the coverage is the same then it just becomes a matter of Select plan (network of hospitals) or Standard plan (no network and more expensive).

Only thing that bugs me is when I forget to ask how old my potential client is... Ran into a 95 year old woman the other day and just laughed with her and talked about life in general. Didn't have the heart to move her since there was nothing wrong with her current company/premiums. Kinda a funny visit actually. She was really cool & I'll probably get a referal to her daughter who's better suited, lol.

 

[Insurancefriendly]

Also never tell seniors that you fly by a name called "Sales Wolf" that will scare them into an early grave. Lol

 

[Frank Stastny]

I love working in the senior market... Ran into a 95 year old woman the other day and just laughed with her and talked about life in general. Didn't have the heart to move her since there was nothing wrong with her current company/premiums. Kinda a funny visit actually. She was really cool & I'll probably get a referal to her daughter who's better suited, lol.

I have had some really great days going on appointments where I never wrote an app. that day. You either love this business or hate it.

 

[midwestbroker]

Great point Frank.

I have had very very few "bad appointment". There have been many where they might already have the best coverage, so you just chat with them and that's it.

Story:
Had a woman looking to a Humana MA. She had group. I told her to stay with the group coverage since it might be a bit more expensive, but she will save with the groups Rx program and not have to worry about a coverage gap. If it gets too expensive down to road to call me. She told me of 3 agents she met with, I was the only one that told her that.

The next day she called me and I met with her sister who needed coverage, and was able to help her.

I had a pleasurable appointment with the first woman (good coffee too) and because I did the right thing and did not run out of the house when it was not a sale, it paid off.

That is how I know I am in the right field.

 

[Frank Stastny]

Great point Frank.

I have had very very few "bad appointment". There have been many where they might already have the best coverage, so you just chat with them and that's it.

Story:
Had a woman looking to a Humana MA. She had group. I told her to stay with the group coverage since it might be a bit more expensive, but she will save with the groups Rx program and not have to worry about a coverage gap. If it gets too expensive down to road to call me. She told me of 3 agents she met with, I was the only one that told her that.

The next day she called me and I met with her sister who needed coverage, and was able to help her.

I had a pleasurable appointment with the first woman (good coffee too) and because I did the right thing and did not run out of the house when it was not a sale, it paid off.

That is how I know I am in the right field.

Great story Mike,

I have had something like that happen a lot over the years. They may have a great policy today and if you have a cup of coffee with them and leave your card, sometimes you will hear from them when they get their next increase.

And you said, you have had a relaxing cup of coffee and a breather in what is usually a very busy day. It's how I have always sold. I leave plenty of time between appointments so I have time to be casual and laid back during an appointment.