Are MA's Worth the Hassle? Really?

[KimPMG]

Okay, I have avoided MA's for the past couple of years but I see enough of you discussing them to make me wonder if it's worth the hassle. The biggest issue I dealt with was agent chargebacks because no one was really sure which agent should get the commission until the 3 month window was up or even longer.

The first year out, half the companies weren't sure until April or later. Mrs. Jones might sign up at the Kroeger with one agent, and then a week later sign a different app because...well that one sounded good too! By the time the season ended, she had signed up 5 different times with different agents. All but one got chargebacks. I know that was the kickoff for a lot of products, but my question is has it changed?

Then to compound things, getting her benefits up and running was complicated because CMS didn't notify the carriers which one got the client for several months.

How has everyone's experience been as far as chargebacks and client satisfaction in the last year?

 

[Josh]

They used to be great, but unless you're an indy agent and people keep asking you about them, I wouldn't get into them. Too much hassle and liability for too little money.

 

[YouGotMyMoney]

Depends on the market, you will hear many people moan about MA plans, yea they are a PITA, but most niches in this industry are a PITA, that's one of the reasons they pay so well

Obviously, you have some people who put down MA plan due to nefarious backroom deals, and then there are agents who live in areas where the only MA plans are PFFS plans, which will lead you to believe all MA plans are crap.

Look at your local market , decide if you can market only Med Supps and not lose a significant amount of business by not writing Ma plans.

If you are near a Metro area, forget it---your writing MA plans.

Also your never gonna get the whole picture from anyone on this forum or any other message board, for example, you might see a thread where an agent talks about his/her success with Netquote leads, well what your not told is they are only take those leads within 15 miles of their office and the leads are all from rich neighborhoods.

I sell whatever closes the deal.

 

[pahealthquotes]

options for your clients is always a good thing. Some cannot afford the higher premiums of Med Supp and a seperate Drug plan. I recommend you find out who is leading MA enrollment in your particular area and investigate plan benefits/premiums. plenty of money to be made in MA.

Joe

 

[AndreaSti]

We do quite well with MAs. Compliance is a pain though. We practically write off September taking tests to recertify. You have to recert with each carrier even if for some reason you don't plan on selling the plan anymore, or you don't get paid (2nd or later year) on the clients you currently have on that plan. Also, if the market changes (a carrier leaves or decides to jack up the rates) that can cause a lot of headaches. You get paid the same once they are in the system whether they stay where they are, or want/have to move. So we touch base with every client to make sure they are happy. If not or something has changed for them we help them move, or if the plan they are on it working good for them they stay where they are. The gov't, preventing "churning". What would be nice is if CMS would recognize the difference between just moving people just for first year comp (or maybe because something better has come along?) and having to move people because their plan has left town. CMS and the insurers don't care about the difference. You get paid the same even if the client is forced to move.

 

[VolAgent]

I seem to recall that renewals only last for about 5 years? So what happens to all those seniors then? Buy a med supp or see ya?

 

[Bob_The_Insurance_Guy]

I seem to recall that renewals only last for about 5 years? So what happens to all those seniors then? Buy a med supp or see ya?

I'm going on the assumption you know that the Medicare Beneficiary can keep the Medicare Advantage Plan longer than 5 years, and it's just the commission that you are speaking of. Otherwise, you sound like a fool.

If you only work with Medicare Beneficiaries to gain commission, and not referrals, or cross selling opportunities, then I'm glad you say "see ya", and allow a professional to handle them. Medicare Beneficiaries are an excellent source of referrals for Medicare and Final Expense, as well as to their children for Life and Long Term Care.

They should be given the respect and decency they have deserved.

 

[VolAgent]

I'm going on the assumption you know that the Medicare Beneficiary can keep the Medicare Advantage Plan longer than 5 years, and it's just the commission that you are speaking of. Otherwise, you sound like a fool.

If you only work with Medicare Beneficiaries to gain commission, and not referrals, or cross selling opportunities, then I'm glad you say "see ya", and allow a professional to handle them. Medicare Beneficiaries are an excellent source of referrals for Medicare and Final Expense, as well as to their children for Life and Long Term Care.

They should be given the respect and decency they have deserved.

Yes, I'm aware they can keep it. And you are talking about what should happen. I'm referring to what will happen. If you doubt for an instant that most agents will ditch seniors that have been in a MA for more than 5 years, its time to come out of the Georgia sun.

I can just see it now. "So Mr. Senior, you're over 70? How long have you been using these Advantage plans? Nine years, really? 'click'"

Again, should that happen? Of course not, will that happen? You better believe it. Most term buyers never see an agent after year two or three because the commission has stopped. Why do you think it will be any different for MAs?

 

[KimPMG]

Thanks for the input. I have agents all over the country so I guess I will need to go zone by zone to check on them. Mostly I am interested in whether policies are issuing easier than in the past and the issues of chargebacks.

 

[taterpeeler]

I'm going on the assumption you know that the Medicare Beneficiary can keep the Medicare Advantage Plan longer than 5 years, and it's just the commission that you are speaking of. Otherwise, you sound like a fool.

If you only work with Medicare Beneficiaries to gain commission, and not referrals, or cross selling opportunities, then I'm glad you say "see ya", and allow a professional to handle them. Medicare Beneficiaries are an excellent source of referrals for Medicare and Final Expense, as well as to their children for Life and Long Term Care.

They should be given the respect and decency they have deserved.

Dude... Are u out of your damn mind... Ever paid your car pymt with a smile? I work for money... Ding dong