I would like to sell Med. Supplement plans to companies for their Retirees. Any advice how to break into that market?
Advice on Selling Supplement plans to Group Medicare Retirees
- Thread starter Susan Powers
- Start date
Could be a waste of time.
Companies large enough to offer retiree medical are either offering a group MA plan or a Retiree medical HRA.
I suspect you may be thinking of smaller companies that offer group insurance on active employees but not retirees.
The carrier and/or agent on the group plan probably has that covered as well. One or both will be contacting T65 a few months before their 65th birthday.
The carrier will send a fancy package telling them how they can keep the same carrier and all they have to do is sign the form. A good broker will likewise contact soon-to-be retired folks to review their Medicare options.
Now if you can find companies that are not offering health insurance you may have a golden opportunity. But unless you have some kind of relationship with them don't count on a lot of referrals.
Companies large enough to offer retiree medical are either offering a group MA plan or a Retiree medical HRA.
I suspect you may be thinking of smaller companies that offer group insurance on active employees but not retirees.
The carrier and/or agent on the group plan probably has that covered as well. One or both will be contacting T65 a few months before their 65th birthday.
The carrier will send a fancy package telling them how they can keep the same carrier and all they have to do is sign the form. A good broker will likewise contact soon-to-be retired folks to review their Medicare options.
Now if you can find companies that are not offering health insurance you may have a golden opportunity. But unless you have some kind of relationship with them don't count on a lot of referrals.
- Thread starter
- #3
I never thought of that. Thanks for your input.
- 2,055
Susan, I'd like to do the same thing.
I asked one of my FMOs about this last year. My contact said they have an agent who sells individual Medicare and tried it. He started cold-calling businesses without much success, but persisted. One was a health care system with seven hospitals. The first time he called he was brushed off. He called back six months later and guess what? Whoever he had dealt with there before was gone, he set up a meeting and landed the account.
An agent who I know works for his mother's agency in the Philly area. Mom did seminars at the low-income buildings, churches, etc. Someone told me recently she is now doing group retirement benefits for police, firefighters, etc in the city.
If you get a large enough group, you may want to check out the MAPD plans offered by the big carriers. Aetna has a PPO with an ESA (Extended Service Area) that I really like. I think you need a minimum of 250 lives for that, though but you'd be assigned an account manager.
I asked one of my FMOs about this last year. My contact said they have an agent who sells individual Medicare and tried it. He started cold-calling businesses without much success, but persisted. One was a health care system with seven hospitals. The first time he called he was brushed off. He called back six months later and guess what? Whoever he had dealt with there before was gone, he set up a meeting and landed the account.
An agent who I know works for his mother's agency in the Philly area. Mom did seminars at the low-income buildings, churches, etc. Someone told me recently she is now doing group retirement benefits for police, firefighters, etc in the city.
If you get a large enough group, you may want to check out the MAPD plans offered by the big carriers. Aetna has a PPO with an ESA (Extended Service Area) that I really like. I think you need a minimum of 250 lives for that, though but you'd be assigned an account manager.
- 16,876
You just cold walk businesses to find out who is not married to the agent they work with. A lot of group retire plans are not as attractive as Medicare with a supplement. Get out and see them. Or do mailers if you want to.
One of our large employers here in my town is a big pharmaceutical company. Their group plan for retirees is $400+ monthly, has $800 deductible, networks, co-pays, etc. typical group stuff.
I sell their retirees a Med Sup Plan G and an RX Plan. Price is lower even with the Part B premium. $182 deductible, no co-pays, wide open network, etc. they think they died and went to heaven after the appointment.
- 29,465
That deductible's $185 now Newby. Try and keep up.
Indiana is in the 2018 time zone.
I had something similar a few years ago.
Called on a TPA when I lived in Birmingham. He was close by so I stopped in every month or so. After moving to Atlanta whenever I was in town I would drop in on him.
Never got anywhere.
Then one year I almost left town without stopping in, but decided to hit his office on the way out of town. Turned out he was pi$$ed at his primary carrier. Handed me a stack of companies to quote. Came back a couple of weeks later. A month after that I sealed the deal.
Those accounts produced $5,000/mo in income. That lasted 6 or 7 years before it started to drop off. Finally lost the last one after 10 years.
Only took me about a dozen years to close that sale.
- 16,876
That deductible's $185 now Newby. Try and keep up.
I’m on the metric system.
Your goal should be to become the "go to person" for Medicare questions , at as many businesses and companies as you can. A few years ago I did a training on how to do this as a fund raiser to help a forum member with medical expenses, If I offer it again I will let you know.
