A Med Supp Co that actually knows how to sell them?

[LostDollar]

Last year was my first year with Medicare and a Medigap plan. Early on I made a post about an operation and not being sure how things were going to play out. Goillini posted back with something like " I bet now you wish you'd gone with plan G." But I didn't.

My plan involved playing the average for several years. 4 months in there was no way to know whether I was experiencing the first of a whole string of "bad" years or whether I was just getting whacked with a "bad" year the first year in instead of 3 years out.

So I was doing some yard work yesterday, thinking about your question and a scenario popped into my mind.

Suppose I were to be going along as usual and then suddenly wake up having just had a stroke. I have a paralyzed side and am also not able to talk. But my mind still works. If I had a Plan N, I would have uncertainties about medical costs. It's possible the uncertainties would be enough they would detract from mental focus necessary to work on recovery.

If I had an HDF plan, I would not have those concerns because the amount is controlled.

Keep in mind that one of Somarco's repeated comments is something like "people buy on emotions, not facts".

Somewhere back in the archives is an exchange between Rick and me. I no longer remember the specifics, but in general, I presented my reasons for not wanting to buy a Plan N. Rick, in his usual ascerbic manner, carefully demolished each one of them, using some sample computations and the client experience he has seen over 20+ years of insurance experience.

One of kgmom's sales skills is the ability to tell stories with impact. She told a story about her grandmother and the Medigap costs and inconveniences her grandmother (and grandmother's family) experienced because her grandmother was on Plan N. To the extent I could recall it, I cited that story 2 or 3 times in other spots when I was attempting to draw out comments about Plan N in comparison to F, HDF, or G. Without exception, a variety of agents commented that they believed that was a rather unusual situation which would be most unlikely to recur again for another beneficiary, in another time on another plan.

kgmom's story and reasoning had such a strong emotional impact on me that I am simply unable to personally consider buying a Plan N because of the open ended nature of it's charge structure and the possible issues for my wife or son in keeping up with it.

Maybe? I don't know if this is micro-managing or not. Here's part of my presentation. Keep in mind, we talk about Excess Charges with the Plan F description.

"We've already discussed why Excess Charges are not a significant issue, but I am not a fan of Plan N and there are 2 reasons. One, plan N only works dollar wise if you go to the doctor less than 2 times a month. And if you ARE going more than 2 times a month, then I am probably not going to be able to move you, because at that point, you won't get through underwriting. Second, while my Grandma had plenty of cash to pay the $20 copay when she passed at 91, what she didn't have was the cognitive ability to actually write the check. We aren't doing this for when you are 65. We are doing this for the next 35 years."

Is that what you were asking? If so, then yes. Every client. Every time.

And there's why Todd doesn't choose me for the medigap sales talk. (No hard feelings Todd.) (I got chosen last for baseball too!)

 

[GreenSky]

Maybe? I don't know if this is micro-managing or not. Here's part of my presentation. Keep in mind, we talk about Excess Charges with the Plan F description.

"We've already discussed why Excess Charges are not a significant issue, but I am not a fan of Plan N and there are 2 reasons. One, plan N only works dollar wise if you go to the doctor less than 2 times a month. And if you ARE going more than 2 times a month, then I am probably not going to be able to move you, because at that point, you won't get through underwriting. Second, while my Grandma had plenty of cash to pay the $20 copay when she passed at 91, what she didn't have was the cognitive ability to actually write the check. We aren't doing this for when you are 65. We are doing this for the next 35 years."

Is that what you were asking? If so, then yes. Every client. Every time.

Interesting and it depends on the differential from G to N. Most of the time it's about $600 a year - at least 30 office visits. It's unlikely that many will need that many visits regardless of age.

So basically I understand what you've posted but the fear of something 10-20-30 years from now doesn't work for me.

Rick

 

[JimmyCrappedCorn]

Second, while my Grandma had plenty of cash to pay the $20 copay when she passed at 91, what she didn't have was the cognitive ability to actually write the check. We aren't doing this for when you are 65. We are doing this for the next 35 years."

Is that what you were asking? If so, then yes. Every client. Every time.

You don't want to be misleading them like this. Never say or imply that this policy is going to serve them the rest of their life. Tell them right up front the odds of having this same policy with this same company in 15 years are slim. Stay truthful and factual and honest. If they are lucky enough to live 25 more years and they are still on that same policy its more then likely going to be too expensive for them anyway.

 

[FRJ]

GPM Life & Health has really good rates in the areas that I work and you can get some free, customized, large postcards sent to you with some rates printed on them.

 

[LostDollar]

You don't want to be misleading them like this. Never say or imply that this policy is going to serve them the rest of their life. Tell them right up front the odds of having this same policy with this same company in 15 years are slim. Stay truthful and factual and honest. If they are lucky enough to live 25 more years and they are still on that same policy its more then likely going to be too expensive for them anyway.

There's truthful, factual and honest (below):

The best time to buy a Medigap policy is during your 6-month Medigap open enrollment period. During that time you can buy any Medigap policy sold in your state, even if you have health problems. This period automatically starts the month you're 65 and enrolled in
Medicare Part B (Medical Insurance). After this enrollment period, you may not be able to buy a Medigap policy. If you're able to buy one, it may cost more.

 

[sshafran]

Part B excess charges do not count toward the OOP max for Plans K and L.

From page 27 of the CMS link below:

The Medicare Modernization Act of 2003 created two new Medigap plans, Plans K and L.

Plans K and L have annual out-of-pocket maximums.

Charges from a doctor who doesn’t accept assignment that exceed Medicare-approved amounts, called “excess charges,” aren’t covered and don’t count toward the out-of-pocket limit. You will have to pay these excess charges. Excess charges are generally limited to 15% above the Medicare-approved amount.

https://www.cms.gov/Outreach-and-Ed...ngProgram/Downloads/2013-Medigap-Workbook.pdf

Plan K does not pay:

* Part B deductible (applies to annual out-of-pocket limit)
* Part B excess charges (do not apply to annual out-of-pocket limit)

Medicare Supplement Plan K vs. Medicare Advantage | CSG Actuarial

And this ^ is why I love the forum. Learn something new every day.

I've been selling primarily in Ohio since 2010. In Ohio, clients concern for excess charges really do mirror the boogeyman. They aren't legal in Ohio... so it's the rare travel and happen upon the rare doc who happens to not accept assignment thing... i.e., almost impossible.

Just moved to a new state... good to know that for K & L, excess charges don't count towards OOP Max (not that I sell many K or L plans...).

 

[JimmyCrappedCorn]

There's truthful, factual and honest (below):

The truth is telling the client the truth just makes putting money back into the agents pocket just that much easier. You wouldn't know that of course since you have not sold your first policy yet and don't even have a license yet. By making sure the client knows that you are coming back in the future you have already planted the seeds for your next sale.

 

[kgmom219]

Interesting and it depends on the differential from G to N. Most of the time it's about $600 a year - at least 30 office visits. It's unlikely that many will need that many visits regardless of age.

So basically I understand what you've posted but the fear of something 10-20-30 years from now doesn't work for me.

Rick

For Dallas County, I've got Cigna at $240 a year savings, Blue at $360 with N vs G.

For LA County, we've got savings of $144 on Anthem and $360 on AARP.

65 year old males, no discounts applied.

I'm not selling fear. I'm really just giving my opinion and life experiences. As long as my name is the agent, I really don't care what they buy.

And there's not a chance in h**l that its worth $240 savings. Much less $144.

Crapper...you must have a healthier client base then I do. More than half of mine are uninsurable after their inital enrollment.

 

[gregj]

Had you READ WHAT I POSTED perhaps you wouldnt be so angry. Take some Paxil friend

Had you READ WHAT I POSTED perhaps you wouldnt be so angry. Take some Paxil friend

is paxil indicated for schizophrenia....?

 

[springbokhouston]

is paxil indicated for schizophrenia....?

Paroxetine
Brand name: Paxil
Selective Serotonin Reuptake Inhibitor (SSRI)
It can treat depression, anxiety disorders, obsessive-compulsive disorder (OCD), and premenstrual dysphoric disorder (PMDD).

I wonder if it has any side effects?