Becoming a "SENIOR" health insurance agent

[Frank Stastny]

I think a good piece of information about being in the senior market would be "how to prospect" and maybe some opinions on places to buy direct mail, like what pieces have pulled a better return. Do some direct mail companies use better data and get better quality leads?

I personally have used lead concepts, I think then it cost 375 per thousand pieces and I got a 5.5% return in indiana. I sold 5 med supps so far and still have to work some of them.

It sounds like you could write the chapter on prospecting. 5.5% is a HUGE return! I have never had Lead Concepts do a mailing for me, I have only purchased lists from them. I may have to re-think doing a mailing.

Having a good plan to stay in contact with your clients will generate lots of "leads". As your client base increases so will the referrals you get. I am now getting calls from the children of some of my clients who are now getting ready to go on Medicare. I guess that makes me a "second generation" insurance agent.

Keeping all of the leads you receive well organized and recycling those leads will also generate a surprising amount of new business.

Keeping track of the company the prospect has their insurance with when you make the initial contact will generate tons of sales. When you hear their Med Supp company has had an increase, call them and they will be anxious to set up an appointment.

In one month I sold almost $80,000 in Med Supp policies just because I kept track of the name of the insurance company each prospect had their Supplement with the I first talked to them.

I routinely sell policies to people I have gotten leads on 12, 18, and 24 months ago. Their situation is constantly changing. The guy who hung up on you today may be ready so sign an app a year from now.

Use the resources you have before going out and getting new ones. After all, a "lead" is nothing more than a name, address, phone number and birth date. The same information you can get on a list.

I would say less than 2% of the people I call who send cards in even remotely remember filling out the card.

 

[midwestbroker]

Another point to add to Frank's prospecting is that most agents do not keep up with their book of business.

If you are sending them info here and there and their agent is not, then they will be more likely to call you when something comes up.

 

[Cenla Agent]

I have been working on an Agent guide to getting into the senior market. It is still a rough draft, but covers the basics of Medicare, Supplements, Medicare Advantage plans and Part D.

It is 13 pages long but I am trying to make it a quick read.

Let me know what you think...I am open to ideas since I am still working on it.

This is quite good. One change I would recommend is with clarifying PPO's a bit further. You are correct that initially they were "local" PPO's with the service area being a particular metro area. But in 2005 we saw the introduction of Regional PPO's that cover rural areas as well. The service area for those plans covers at least an entire state and some encompass 2 or even 3 states. However, other than Humana, I don't know what other carriers offer the RPPO. I think Humana offers it (Choice PPO) in about 20-25 states.

 

[James]

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

 

[Cenla Agent]

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

I agree that acceptance is where the rubber hits the road. Some MA plans are widely accepted in some areas but not in others, and this can vary depending on what part of the state it is, etc. If a company doesn't have a good provider relations department that educates providers on the plans (PFFS) and that is successful in maintaining and expanding HMO and PPO networks (if your carrier offers those plans) you might as well hang it up.

 

[midwestbroker]

I will go into more detail about PPO plans. Thanks for the tip!

The provider network is one of "the other side" selling points that I made, that you may be confined to a network. Depending on your location, that could be a challenge. Some areas, mature markets (where MA plans have been for 5+ years) it is still an issue, but not as big since it is just a matter of picking the right network.

 

[kcguru]

Hell everyone I am new to the board any suggestions on how to grow your business? Where are good leads available?

Gary

 

[DarrylVK]

Thanks for the feedback!

I am writing another part to it, marketing and prospecting. I will post it when I have that done.

As a newbie in the Medicare market, I know I'm looking forward to it!

 

[JustinUpright]

I enjoyed the booklet. I can't wait till it is completed.

 

[Crapgame44]

The most important thing about MA's is exceptence, as someone mention they are basically built on the same chasie. Here in Knoxville you can sell Advantage, Humana etc etc, you can espouse how wonderful these plans are but the rubber hits the road when your client goes sees the Dr and told that their plan is a no go! Fact is around Knoxville TN, if you don't have Cariten or John Deere you can't see the Summitt Group Doctors (which is massive in Knoxville) with any other MA outside of Cariten or John Deere. I come to figure out that the old Medigap Plan is just better all the way around, at least for now. Sterling sold their plans playing down the Dr List as assuring their clients that they could change this, yet after a year or so of trying they just about pulled out of the Knoxville area and being a Sterling agent at the time didn't do me much good at all.

Hi James,
I tied to send you a PM but I dont have enough posts yet. I am re-locating to Knoxville next year from Florida and wanted to ask you a few questions if that is OK. Thanks, Chris