MedSupp Policy Questions

[Res_Ipsa_Loquitor]

I have a life and health license which I have not used in several years, and honestly do not remember a thing about medsupp policies.

I have a law practice wherein I have about 15 wins per month on disability cases. When a person gets a favorable disability descision, they get medicare, regardless of age.

I have been referring all my clients out for medsupp policies. I don't knwo what ever becomes of them.

My questions are:

How difficult is it to qualify for a medsupp policy, as all my clients are sickly?

What kind of comission do you get?


I was just wondering how much money I am floating away by referring these out.

 

[GreenSky]

The answer depends on the state. In California, every company offering supplements must offer them to people under 65. When first getting Medicare Parts A and B, everyone has a guaranteed issue period of 6 months for any supplement plan.

So, your clients have 6 months to buy a policy. Outside of that window, they have one additional time when they turn 65.

Again, you need to find out what your state's dept of insurance regulations might be. But since you're referring this out, one would reasonably expect that the agent you use would have this knowledge. If not, find a good agent.

Rick

 

[Frank Stastny]

I have a life and health license which I have not used in several years, and honestly do not remember a thing about medsupp policies.

I have a law practice wherein I have about 15 wins per month on disability cases. When a person gets a favorable disability descision, they get medicare, regardless of age.

I have been referring all my clients out for medsupp policies. I don't knwo what ever becomes of them.

My questions are:

How difficult is it to qualify for a medsupp policy, as all my clients are sickly?

What kind of comission do you get?

I was just wondering how much money I am floating away by referring these out.

You could be "floating away" as much as $60,000 per year.

Med Supp companies pay first year commission for 6 years. Over a six year period that could be $360,000.

Now, in reality you are not going to keep everyone for six years. However, I think you can see that there is a lot of potential to make what an insurance agent would consider a fair amount of $$$ just selling Med Supps..

Obviously there is a lot more to it. If you would like to discuss it in more detail give me a call.

 

[theinsuranceman]

$60,000 per year with 15 "sick people on disability" presentations per month? Is this accurate? I've never sold med supp. before.

 

[Frank Stastny]

$60,000 per year with 15 "sick people on disability" presentations per month? Is this accurate? I've never sold med supp. before.

Not all people on disability are "sick" or at least too sick to qualify for a Med Supp.

Depending on which state you are in they may be able to get a policy without having to answer any health questions. In Missouri every person who goes on Medicare, even though they get it because of a disability, has a six month Open Enrollment Period. No health questions during that period.

I write those people all the time. I also have people who are on a Med Supp with a disability who qualify for a Med Supp.

 

[theinsuranceman]

The OP said he has 15 disability wins per month for sickly people. That's what I was focusing on.

 

[padthaiforlunch]

What kind of law do you practice?

 

[Frank Stastny]

The OP said he has 15 disability wins per month for sickly people. That's what I was focusing on.

The definition of "sickly people" to a lawyer may be different to an insurance agent.

 

[Res_Ipsa_Loquitor]

Thanks for all the replys.

My definintion of "sickly" comes from my (very brief) time selling health policies. None of these people would qualify for a traditional health policy, based thier medical histories. Some just have mental disabilities though, in which case I guess they could still qualify.

The agent I now refer the cases to is not really a friend, so much as a guy with an office near mine. I also don's ask him because I am considering setting up an insurance office next door and filling this need myself, which is why I ask.

I am in Indiana.

My practice is 100% disability

 

[Frank Stastny]

Thanks for all the replys.

My definintion of "sickly" comes from my (very brief) time selling health policies. None of these people would qualify for a traditional health policy, based thier medical histories. Some just have mental disabilities though, in which case I guess they could still qualify.

The agent I now refer the cases to is not really a friend, so much as a guy with an office near mine. I also don's ask him because I am considering setting up an insurance office next door and filling this need myself, which is why I ask.

I am in Indiana.

My practice is 100% disability

If they first get Medicare there may be a six month Open Enrollment period for a Med Supp when it is not necessary to have them answer any health questions.

I can explain this in more detail if you would like to give me a call.