Anyone going to be selling the new Medico Medigap product?

[Bill_Kiray]

If the medicare agents that post here regularly are a representative sample of the medicare agents in the country you want to reach, you are in an uphill battle to convince them that $3- $10 is a big play they should feel good about.

Pounding me for complaining about a 5-10 percent increase in an HDF premium is a team sport here. The main reason given being "10%, of what?, a $50 premium, is only $5 a month".

You Medicare professionals may not have it both ways, telling me in one place $5 doesn't matter, and in another, it does.

I am certain I've not communicated to any agent on this forum that a $5 difference on premium is immaterial. It matters to some clients more than others. That's a client to client situation.

I would also say that - in conversations with agents and agencies about new MS product - that many (not all) people will jump to contract/move business in a scenario where a new product is $1-3 cheaper than the current #1 product. That is what leads me to believe that the Medico rates that are being rolled out should be of significant interest to some.

Some agents sell to lowest rate. Others sell exclusively to brand. Others still look for rate stability without regard to starting premium. None are right or wrong. Everyone's got to find the approach that works for them and conduct business accordingly.

 

[LostDollar]

I am certain I've not communicated to any agent on this forum that a $5 difference on premium is immaterial. It matters to some clients more than others. That's a client to client situation.

I would also say that - in conversations with agents and agencies about new MS product - that many (not all) people will jump to contract/move business in a scenario where a new product is $1-3 cheaper than the current #1 product. That is what leads me to believe that the Medico rates that are being rolled out should be of significant interest to some.

Some agents sell to lowest rate. Others sell exclusively to brand. Others still look for rate stability without regard to starting premium. None are right or wrong. Everyone's got to find the approach that works for them and conduct business accordingly.

The core of my prior post was only about agents since that related specifically to your prior post about agent attitudes.

Your post implied that you believed a $3-10 monthly variance was something that should make agents sit up and pay attention.

The response that I was attempting to make to that is that I have been a member of the forum since Oct 2016. In that time, I think you are the first Medicare professional insurance person that has said that a change of $3-10 is a significant or noteworthy amount. On the other hand I have have several experienced agents with books of hundreds of MedSups and PDP's say that it is not.

I can't speak to consumer attitudes because I have not had interactions with them about the plans. However it seems logical to me that if an agent does not consider changes at that level to be significant, they will not talk with consumers about them. I can tell you that my agent never spoke to me (in multiple years) about a premium change of $5 +/- as a significant event needing change.

 

[Todd King]

The core of my prior post was only about agents since that related specifically to your prior post about agent attitudes.

Your post implied that you believed a $3-10 monthly variance was something that should make agents sit up and pay attention.

The response that I was attempting to make to that is that I have been a member of the forum since Oct 2016. In that time, I think you are the first Medicare professional insurance person that has said that a change of $3-10 is a significant or noteworthy amount. On the other hand I have have several experienced agents with books of hundreds of MedSups and PDP's say that it is not.

I can't speak to consumer attitudes because I have not had interactions with them about the plans. However it seems logical to me that if an agent does not consider changes at that level to be significant, they will not talk with consumers about them. I can tell you that my agent never spoke to me (in multiple years) about a premium change of $5 +/- as a significant event needing change.

First off, I've had clients switch just because they want me as an agent. It wasn't about how much I could save them. Saving them anything was just a bonus. Will people switch for a $10 a month saving? You bet they will! Not all of course, but many will.

You are having trouble understanding because you have never been an agent in the field.

 

[tikibarrister]

Pounding me for complaining about a 5-10 percent increase in an HDF premium is a team sport here.

Man, why am I always the last to hear when the community decides to pull a train on LostDollar? Sloppy sevenths and eighths again...sigh...

 

[sman]

First off, I've had clients switch just because they want me as an agent. It wasn't about how much I could save them. Saving them anything was just a bonus. Will people switch for a $10 a month saving? You bet they will! Not all of course, but many will.

You are having trouble understanding because you have never been an agent in the field.

When I first saw your post, I was like "who is Todd talking to?", then I realized you were responding to someone I have on ignore. And after reading what you responded to, I quickly remembered why I have him on ignore.

Personally, I give every Med Supp client their options at the time of their annual rate increase. I show them plans that can save them money (assuming there are plans that will save them money) regardless of the amount of the savings. Almost no client ever makes a change when the savings is less than $10 per month. But I never want to assume what is a "large" savings for my clients. I always want them to make that decision. And as I said, almost nobody wants to make a change if the savings is less than $10 per month. But if a $3 per month savings is worth it to them to go through the application process, I will certainly do it for them.

 

[rousemark]

This is at least their 3rd time. If need be, their parent company can bring back American Republic.

American Republic... That brings back memories. We sold health insurance through them years ago. Quit using them when they came out with the bright idea that the client had to complete the application in their own handwriting.

 

[goillini52]

American Republic... That brings back memories. We sold health insurance through them years ago. Quit using them when they came out with the bright idea that the client had to complete the application in their own handwriting.

When I 1st started in the biz in 1973 with Globe Life, American Republic was one of the main competitors. Jack Benny was one of my favorites and I hated that he was their spokesman.

 

[LostDollar]

First off, I've had clients switch just because they want me as an agent. It wasn't about how much I could save them. Saving them anything was just a bonus. Will people switch for a $10 a month saving? You bet they will! Not all of course, but many will.

You are having trouble understanding because you have never been an agent in the field.

I understand perfectly.

I was commenting to Bill about his perception of how AGENTS should perceive Medico's new market pricing. I was not talking about consumers.

Your post has good points but they are about consumer attitudes to agents and consumer attitudes toward price changes. They have nothing to do with agent perceptions of a change in carrier price structure. You are attempting to make me say things I did not say.

 

[LostDollar]

American Republic... That brings back memories. We sold health insurance through them years ago. Quit using them when they came out with the bright idea that the client had to complete the application in their own handwriting.

When I 1st started in the biz in 1973 with Globe Life, American Republic was one of the main competitors. Jack Benny was one of my favorites and I hated that he was their spokesman.

In Kansas Medico has changed their name with the KS Insurance Commissioner from
Medico Corp Life Insurance Company
to
Medico Insurance Company.
The rates are effective this year and there is no graph showing prior year rate history.

In relation to Bill's comment about paper and entities, doesn't that change mean Medico has new paper and a new business entity in Kansas?

 

[LostDollar]

Some agents sell to lowest rate. Others sell exclusively to brand. Others still look for rate stability without regard to starting premium. None are right or wrong.

I do not disagree with that series of statements.

I do think that your Medico and Lumico videos attempt to put a lot of psychological pressure on agents to go for the "selling to the lowest rate" approach.