Aged Medigap Leads

[YouGotMyMoney]

Just emailing at this point. Got a postcard mailer next week, mostly to those who clicked through the email, to see what kind of response comes from that.

You got 1 sale off just emailing, that's great! What are you bummed about?

 

[somarco]

Thought there would be more response. Of course I tried a couple of different subject lines and openings. Again, just testing.

Not sure why I am wasting my time testing it. I probably should just package the concept in a training course and call it Sell Medigap Like a Rock Star.

Or I could just buy that domain name (in a dot com of course) and peddle it on the forum for, oh say, $70,000 . . .

 

[sman]

I think we may be talking about two different things Frank. The person I originally responded to said he was assuming if they had a 1/1 Medicare start date that they also had a 1/1 effective date on their Med Supp. Assuming (my assumption) they are in their first year of their Med Supp, their renewal date and premium change would be the first of the following year. When a carrier sets their annual rate for a month that isn't 1/1, then yes, after the initial 12-months they would then have a rate increase in that month as well (assuming they are beyond their 12-month rate guarantee).

For example, United World started with a June effective date here in Georgia (they have since changed their date to July). Someone enrolling with them outside of June would have had a rate increase after their first 12 months and then again in June. So if they enrolled in say April, they would not get a rate increase until the following April, but then again in June (now July). At that point, they would stay on the same cycle (rate change in July or whenever the carrier had their next rate increase).

The key is knowing when that carrier has their rate increases. Then you know when the prospect is likely to get their notification. However, if when you originally talked to them, they were in their first 12-months of coverage, I would make a point to contact them a month or two prior to their anniversary date. Not only would I then make them aware of their upcoming increase, but I would also make them aware they would be getting one when the carrier has their typical annual rate increase.

I wasn't stating that the increase ONLY happens on the effective date of the policy (with the exception of the first 12 months). Outside of the first 12 months, the insured would receive a rate increase whenever the carrier has one.

I assume you are talking about existing clients only, not prospects you have spoken to in the past.

Assuming I know that premiums are going up before the company announces it to my existing clients I will call my clients as soon as I find out and tell them. It is important that they hear it from me before the hear it from the company.

If the increase is too large then, while I have them on the phone, I will roll them into another company. Now they are saving money over what it would have cost them if I hadn't moved them.

What companies only increase premiums on the effective date of the policy. I don't think I have ever represented a company that did that just on the anniversary date unless it is with a company where the first twelve months premium is guaranteed not to increase. But then, it is only for the first year.

 

[sshafran]

I think we may be talking about two different things Frank. The person I originally responded to said he was assuming if they had a 1/1 Medicare start date that they also had a 1/1 effective date on their Med Supp. Assuming (my assumption) they are in their first year of their Med Supp, their renewal date and premium change would be the first of the following year. When a carrier sets their annual rate for a month that isn't 1/1, then yes, after the initial 12-months they would then have a rate increase in that month as well (assuming they are beyond their 12-month rate guarantee).

For example, United World started with a June effective date here in Georgia (they have since changed their date to July). Someone enrolling with them outside of June would have had a rate increase after their first 12 months and then again in June. So if they enrolled in say April, they would not get a rate increase until the following April, but then again in June (now July). At that point, they would stay on the same cycle (rate change in July or whenever the carrier had their next rate increase).

The key is knowing when that carrier has their rate increases. Then you know when the prospect is likely to get their notification. However, if when you originally talked to them, they were in their first 12-months of coverage, I would make a point to contact them a month or two prior to their anniversary date. Not only would I then make them aware of their upcoming increase, but I would also make them aware they would be getting one when the carrier has their typical annual rate increase.

I wasn't stating that the increase ONLY happens on the effective date of the policy (with the exception of the first 12 months). Outside of the first 12 months, the insured would receive a rate increase whenever the carrier has one.

This has all been very helpful, and I have a follow-up question: if most seniors won't get their rate increases on their policy anniversary dates (aside from 1st renewal after they have a 12-month guarantee) because they are getting them when the carrier has their typical annual rate increase, what is the best way to keep up with the rate increases?

Is there a source at any given state DOI that shows the approved rate increases? Can we as agents access the information? Or do we just need to be appointed with all of the carriers so that we get their communications?

Again, thanks, it's been helpful.

 

[Frank Stastny]

This has all been very helpful, and I have a follow-up question: if most seniors won't get their rate increases on their policy anniversary dates (aside from 1st renewal after they have a 12-month guarantee) because they are getting them when the carrier has their typical annual rate increase, what is the best way to keep up with the rate increases?

Is there a source at any given state DOI that shows the approved rate increases? Can we as agents access the information? Or do we just need to be appointed with all of the carriers so that we get their communications?

Again, thanks, it's been helpful.

Sman and I are basically saying the same thing only differently.

It is going to make a difference whether or not the company is an Attained Age company or if they are Issue Age. I think Sman is speaking more about an Attained Age company than an Issue Age company. I have been wrong before though. haha

Beyond the initial 12 months, assuming the company has a 12 month guarantee, rate increases can happen at anytime and sometimes more than once a year. (Issue Age.)

Unfortunately there is no place an agent can find when increases are going to take place. If it a company you are representing then you should get notified by the company. If it is not a company you are representing then you just have to dig for the information. When all else fails I call the company and ask them if they have had or going to have an increase.

 

[senior-advisor-indiana]

This has all been very helpful, and I have a follow-up question: if most seniors won't get their rate increases on their policy anniversary dates (aside from 1st renewal after they have a 12-month guarantee) because they are getting them when the carrier has their typical annual rate increase, what is the best way to keep up with the rate increases?

Is there a source at any given state DOI that shows the approved rate increases? Can we as agents access the information? Or do we just need to be appointed with all of the carriers so that we get their communications?

Again, thanks, it's been helpful.

You will know when companies get increases if you are out working and talking to as many seniors as possible. When I talk to a prospect that is getting a rate increase with Bankers Life, or any company, I look through my data base for everyone I have ever talked to with that company and hit em up. That;s how I find out about rate increases outside of the companies I am contracted with.