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3 Million Seniors May Have To Change PDP Plans 2011
- Thread starter insurance0707
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I agree that the few bucks can never come close to the headaches. However, when you write medsupp, doesn't your client expect/want you to take care of Part D as well? How do you get out of handling that? And doesn't that potentially open you up for competition in renewal years?
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First of all I do not and refuse to sell Part D Plans. I became an independent agent to be just that, independent. Not to be CMS's butt boy. CMS's rules and regs are specifically designed to prevent a senior from getting all of the information necessary to make a well informed, intelligent decision. I can't and won't sell insurance that way.
I tell my prospects/clients that insurance agents are not experts on prescription drugs or plans that offer them. That every company requires the agent to certify to sell their plans and that the certification process is a pain to have to do and does not make them an expert on meds.
I also explain to them that no one agent is going to take the time to certify with all the different plans that are being offered. Because of that most agents are only going to recommend the plan that they get paid a commission for selling. That may or may not be the best one to take. The agent may say it is the "best one" but the best for who? The "best" for the agent because he makes a commission or the best for the client? I tell them that most often it is going to be the "best" one for the agent.
I suggest they talk to their pharmacist, he has no vested interest in selling the plan and he is the real expert on prescription medicine. Walgreens has a sign that says bring us your meds and we will find the best plan for you.
When I explain it that way my new client agrees that is a better solution and thanks me for the recommendation. I also successfully cut other agents off at the knees who may come behind me pitching their PDP plan. My new client now knows that he doesn't know jack about meds and is only trying to sell them a plan he makes a commission on.
When done properly it works very smooth and eliminates putting my Med Supp in jeopardy.
Remember, the question was, "How do you get out of handling that?".
- 7,066
I think you will find that to be true with most of them. There is no advantage for a senior to have their PDP plan with the same company they have chosen for their Med Supp.
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That seems to be a reasonable approach, Frank.
Thanks.
Thanks.
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I take the protection approach. I help the senior enroll in a PDP so that another agent won't come along and steal my Med Supp client.
Of the 47 plans in Cali, I'm certified for 14.
I run the seniors list of meds through Medicare's Formulary Finder. If one of my companies comes close to the top ranking of the list, I enroll the senior and make some gas money. If none of my companies are close to the top, I then electronically enroll the senior through Medicare's wen site. This takes 2 minutes and 43 seconds. Print out the confirmation and then tell the senior good bye.
I have people that have their Med supp's through other agents. They hear from my clients that I do Part D's. These non clients seek me out during the AEP. I let them know that I only provide Part D help to my Med Supp clients. I usually pick up 20 or so new Med Supps clients during AEP each year.
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I know from experience that Frank is right. I got my butt reamed twice this week by customers I wrote a PDP plan on 3 yrs. ago. I'll end up losing the med supp business on these customer due to their dissatifaction of the PDP plan.
sre you an independent life and health agent? If so, what state?
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