Did You Enjoy Being a Health Insurance Broker?

[FLM2]

The other thing is the Millennials who are 'empowered' by the internet.

Last week I was asked to speak to graduating MSW students after they were assigned the task of identifying the best plans for sample psych clients. Ages 25 > 40, about 50 present.

What stood out in terms of us:
-They thought .gov was the only purchasing channel - had no idea other, often better plans for their client's needs, were avail direct
-Not one person had heard of a health ins brokers
-None would trust anyone on commission, "that's disgusting" (were an artifact of the past)

They want to do everything themselves quickly, entirely online.

I lost a ton of younger clients to .gov during the last OE. I emailed them all asking in essence to let me be their AOR on their new plan. Only 1 even bothered to reply.

I'm looking at this way; take what you get that can make you some extra cash (life, DI, LTC [yea right], grp etc.) and get on to something else.

'14 & '15 were my best years ever. Just have to let that go & see what I can cobble together @ 62 yrs old - and live within whatever means I'm able to generate.

Sm grp sales has become corporatized and / or tied in with other HR services. I don't see how I could compete effectively as a 1 man show - but do hope to pick some up based on relationships and networking

Maybe it will be enough, we'll see - but I much more interested in getting on to something more based in my own happiness than chasing shrinking dollars down a rabbit hole

Glad this yr's $ is already secure, gives me time to plan, explore...

I don't know why anyone would focus on that age group for health insurance, lowest premiums, lowest retention, pretty much lowest everything.

I'm also in my 60's and have been building a Medicare book alongside the ACA market for the past 5 years (as have others), you seem knowledgeable and would probably do well if you focused on it.

 

[steven2244]

Talk about low comm's!

I've been doing supps for yrs - my monthly comp is about $600

I don't like MAPD's
--
I like families in their 30's > 50's - they stick with you

 

[Chazm]

Talk about low comm's! I've been doing supps for yrs - my monthly comp is about $600 I don't like MAPD's -- I like families in their 30's > 50's - they stick with you

Monthly comp about $600? Is that your total renewals after doing supps for years?

 

[FLM2]

Monthly comp about $600? Is that your total renewals after doing supps for years?

I didn't have the heart to tell him he may be missing the boat on this...

 

[cadylou]

I didn't have the heart to tell him he may be missing the boat on this...

Seems very low. . . Maybe not working too much?

 

[steven2244]

Seems very low. . . Maybe not working too much?

Hey guys - my comp for both 2014 & 2015 on U65 & Grp was $180,000. O65 was not a priority. Whatever floated in I wrote.

This yr is looking more like $100K. 2017 another story - not expecting much at all - am working to reinvent. I'm thinking about finding something new altogether but am going to try a major push in Sm Grp 1st.

We'll see - I'll know by Sept '16 - no panic

 

[sman]

Hey guys - my comp for both 2014 & 2015 on U65 & Grp was $180,000. O65 was not a priority. Whatever floated in I wrote. This yr is looking more like $100K. 2017 another story - not expecting much at all - am working to reinvent. I'm thinking about finding something new altogether but am going to try a major push in Sm Grp 1st. We'll see - I'll know by Sept '16 - no panic

Income dropping from $180k to $100k and no panic?

 

[AllenChicago]

Income dropping from $180k to $100k and no panic?

He wrote whatever "floated in", which means that if it floats out, it's no big deal. A lot of agents are like that. They have very low life expenses.

 

[goillini52]

He wrote whatever "floated in", which means that if it floats out, it's no big deal. A lot of agents are like that. They have very low life expenses.

"O65 was not a priority. Whatever floated in I wrote."

I'm pretty sure he was talking about Medicare Supplements.

 

[steven2244]

"O65 was not a priority. Whatever floated in I wrote."

I'm pretty sure he was talking about Medicare Supplements.

--
Yes I meant Supps. Mostly when current clients turn 65.

As for dropping to $100K; sure it hurts but I can live on that. Am a single man, no kids with very low expenses

I know I did my best to keep as many clients as I could at OE. Sent out a stream of eblasts preparing people, did an opening night online event which signed up 200 on Lincoln to grab spots which went to 6am...

But you can't control human curiosity. They went online and bought. We're all well used to the 'Amazoning' of the internet. People now expect the instant gratification of the internet.

That many got the wrong plan that didn't have their Drs - what can you do? What hurt was new people calling in, me finding the right plan - and then they just went online & bought w/o me even after promising to come back.

Many younger people, as I've said before, don't 'get' the broker thing, have never had any experience with us. Also people get a perverse kick out screwing salespeople.

But none of that matters now, what's done is done & I got my fair share.

The concern is for next year. Are we going to paid anything for new & renewal biz? Will it be enough?

I'm planning it not being worth it or hanging on to hope it will be.

This career was a change from another industry that died and never came back - domestically produced industrial textiles, which supported my Dad (then me) very well from the Depression to the '90's. It moved to China, India etc.

This time the internet is the disruptive element.

We all know the cliche 'change is constant'.

We have to accept the massive changes in our industry - business as many of us have known it is gone. We have to adapt or be content to sit on a sinking ship. The companies don't want us, the public in large part doesn't care about us.

Making a big investment in a web broker site when there are already so many to me is a loser.

Here's a new one getting buzz:
Stride Health Raises $13M To Be The HR Platform For Freelancers | TechCrunch

We all have to decide what's best next for us.

Maybe a year from now I'll be writing from a beach in Costa Rica

Good luck all!