Best Method for Selling MediGap Plan G (to clients who already have Plan F with a different company)

[RunnerDude]

I have tried on multiple occasions to convince clients to change their MediGap Plan F to a Plan G - but have had little success. In all cases, the client would save $200 to $400 per year (after paying the $183 Part B deductible). I explain that all companies are legally bound to sell the exact same Plan F or Plan G; and that the only difference between competing companies is the price they sell it for. I present the math in a logical fashion, so that they can clearly see the savings. I also tell them that, if the company does not accept the application, they will be able to just keep the policy they currently have. It seems like a "no-brainer" to me, but most people choose to keep paying too much for their current Plan F policy. I do not run into this problem selling Medicare Advantage or Life Insurance. Does anyone have a better approach than what I have described? It's frustrating because it is truly the best thing for the customer- and I of course would like to make the sell.

 

[jemelton]

Whatever you are doing, you are either not getting their trust, do not explain it clearly or cannot close. After you have explained the savings, say "Do you have your medicare card?" They will go get it and start filling out the application.

 

[somarco]

convince clients to change their MediGap

These are your existing clients that bought an F plan from you?

most people choose to keep paying too much

Convincing folks to buy the same plan from a different carrier can be challenging enough. When you add a plan change to carrier change, that is a rough road.

It's frustrating because it is truly the best thing for the customer- and I of course would like to make the sell.

Agree with Melton. They don't trust you.

The word you are looking for is is SALE, not SELL.

 

[goillini52]

I have tried on multiple occasions to convince clients to change their MediGap Plan F to a Plan G - but have had little success. In all cases, the client would save $200 to $400 per year (after paying the $183 Part B deductible). I explain that all companies are legally bound to sell the exact same Plan F or Plan G; and that the only difference between competing companies is the price they sell it for. I present the math in a logical fashion, so that they can clearly see the savings. I also tell them that, if the company does not accept the application, they will be able to just keep the policy they currently have. It seems like a "no-brainer" to me, but most people choose to keep paying too much for their current Plan F policy. I do not run into this problem selling Medicare Advantage or Life Insurance. Does anyone have a better approach than what I have described? It's frustrating because it is truly the best thing for the customer- and I of course would like to make the sell.

I just tell them that the only difference between F and G is the $183 Part B deductible. After they pay the Part B dedutible each year, it pays just like a Plan F. Also, Plan G rates probably won't go up as fast.

I tell them that they can pay the $183 Deductible, or pay the insurance company $300-$500(depending on company and age)to pay the $183 for them. I can't remember when the last time somebody chose to pay the company $400 to pay a $183 benefit for them.

I also mention that I have a Plan G myself.

 

[goillini52]

The word you are looking for is is SALE, not SELL.

Isn't it hilarious how many agents do that?

 

[kgmom219]

I just tell them that the only difference between F and G is the $183 Part B deductible. After they pay the Part B dedutible each year, it pays just like a Plan F. Also, Plan G rates probably won't go up as fast.

I tell them that they can pay the $183 Deductible, or pay the insurance company $300-$500(depending on company and age)to pay the $183 for them. I can't remember when the last time somebody chose to pay the company $400 to pay a $183 benefit for them.

I also mention that I have a Plan G myself.

I tell them my PARENTS have Plan G.



(Sorry...I just couldn't resist!)

 

[RunnerDude]

I agree, I'm not gaining their trust- although I gain the trust of other clients who buy MAPD and Life Insurance fairly easily. Good catch on the grammatical error! The logic is clear- all I can figure is that they are afraid to change anything about a plan that has been paying well for them for number of years. I guess my question is- is there a better close that will get better results and more trust?

 

[LostDollar]

I agree, I'm not gaining their trust- although I gain the trust of other clients who buy MAPD and Life Insurance fairly easily. Good catch on the grammatical error! The logic is clear- all I can figure is that they are afraid to change anything about a plan that has been paying well for them for number of years. I guess my question is- is there a better close that will get better results and more trust?

How invasive, in terms of medical information given out, is the underwriting process for the insured?

 

[TampaHound]

Someone once told me, don't show them math. Show them value.


"Ms. Jones, what this Plan G for you means is that you get to spend that extra week with little Timmy your grandson. Because we just saved you $500 a year. Now, how about grabbing your checkbook?"

 

[goillini52]

I tell them my PARENTS have Plan G.



(Sorry...I just couldn't resist!)

Yeah that's right, make me feel old(I haven't had it a year yet).