Does anyone Know of a Million Dollar Medicare Producer??

[nomadone]

Yes it's possible to earn that kind of money. As Cindy indicated, the time variable cannot be stressed enough.

$1M in residuals is $84K per month. At an average $23/month residual payout, that's 3608 clients on the books (med supp numbers only in my example for easy of math BTW) for more than 20 months of the last client counted due to those residuals actually paying out in full (again time factor).

So to hit this goal within say, 7-8 years if you were doing Med Supps, you would need to write approximately 600 policies per year for 6 years straight with a very healthy retention.

But that's too big of a number to focus on, so divide that by 12 at 50 policies per month. I would estimate based on my experience that at those numbers you would be in the top 20% of all Med supp producers in the country.

So, forget focusing on the $1M in renewals, instead focus on writing 50 policies per month and nothing else, and let time do the rest. Better yet a more intelligent approach would be to ask yourself "How do I get 330 reasonably decent prospects/leads to call each month". That factors in a close rate of about 15%.

So that's the formula. Know your product and the sale of it well, and call 330 people per month who might need it. Then realize around 8.5 out of 10 people will say no or you can't get a hold of them, so go for the "No's" and get them over with each day.

Put your head down, rinse and repeat for 6 years, look up and you'll be rich.

Easy.

So all you need to do is call 13 leads per day 6 days a week, every week. Who can't do that?

 

[aheff]

That would be very difficult with one assistance. But then again, if you are making that kind of income, you can certainly afford another assistant or two. You would want them licensed, since delegating numerous tasks would be crucial. Most importantly, you would need a turn-key prospecting mechanism that keeps your phone ringing. If you are thinking about a one person shop-I think it is achievable, my wild guess is there are maybe a dozen agents doing it. Certainly a fun # to shoot for.

 

[Bevo]

So all you need to do is call 13 leads per day 6 days a week, every week. Who can't do that?

For ease of example I left out the referral variable as well, which if you set processes properly should begin kicking in relatively soon depending on how good you are and increase gradually over the years.

Who can't do that? Most people can't. More accurately, most people WON'T.

But that wasn't what the OP asked. He asked if it was possible. I'm saying yes it is, and it is being done.

That doesn't mean it's being done by the majority, in fact of course it's the opposite. But there are people out there who want it badly enough, and are finding ways. For those who say it can't be done, that's only a smokescreen of denial of what you're really saying which is "I'm not willing to do it."

I dont' focus on what can't be done. I continually ask myself "How can this be done?"

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That would be very difficult with one assistance.

Yes he mentioned his friend had 2000 apps and 1 assistant. But 2000 apps doesn't give you $1M in renewals which is why I gave my example. So his initial example doesn't match his actual question. And you could have 2000 med supp clients and no assistant and still make it work, although not easily.

At the numbers I'm talking 2 assistants would likely be more appropriate. Especially for help with marketing or however you're going to get your leads.

 

[aheff]

For ease of example I left out the referral variable as well, which if you set processes properly should begin kicking in relatively soon depending on how good you are and increase gradually over the years.

Who can't do that? Most people can't. More accurately, most people WON'T.

But that wasn't what the OP asked. He asked if it was possible. I'm saying yes it is, and it is being done.

That doesn't mean it's being done by the majority, in fact of course it's the opposite. But there are people out there who want it badly enough, and are finding ways. For those who say it can't be done, that's only a smokescreen of denial of what you're really saying which is "I'm not willing to do it."

I dont' focus on what can't be done. I continually ask myself "How can this be done?"

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Yes he mentioned his friend had 2000 apps and 1 assistant. But 2000 apps doesn't give you $1M in renewals which is why I gave my example. So his initial example doesn't match his actual question. And you could have 2000 med supp clients and no assistant and still make it work, although not easily.

At the numbers I'm talking 2 assistants would likely be more appropriate. Especially for help with marketing or however you're going to get your leads.

Bevo, You are correct. At 2000 apps, you're only halfway there! I think 2000 apps with no assistant would be extremely difficult (if MA is included in that count, 2000 apps-no assistant would be near impossible).

So... a one person shop with 2 assistants. 600 apps a year, every year for 7 years gets you to $1 mil. Let's do it!

 

[vic120]

I believe it is all possible, I am not there yet, I have near 600 Active clients in 4 1/2 years, However I started part time working nights and weekends with no assistant, I have also doubled my production last year, I have one assistant my wife, and with 2 hyper kids there is only so much she can do,

As is if I were to just continue what I am doing I would have more than 1000 active comision paying clients in another 6 years without counting rewrites

However I will not keep going they way I am going,In the next year or 2 I will have another assistant to help or replace my wife as she has a lot of other things to deal with as well

I will probably take a computer course and learn about internet marketing and experiment in self generating leads in the next year or so as well.

For me everything in stages it might take me a little longer but my goal is 2k active comision paying clients in 10 years

 

[Bevo]

So... a one person shop with 2 assistants. 600 apps a year, every year for 7 years gets you to $1 mil. Let's do it!

Love the attitude. While everyone else is arguing for their own limitations, there are others who are going for it.

Even if you want half, or a quarter of this, how on Earth are you even in this business knowing the income potential of the renewals vs. your alternatives of some other business opportunity, or the <gasp> job market, and NOT putting 110% into making this work??

Where else can you get paid more than a doctor or lawyer, have residual income, and work from home in your boxers?

As Earl Nightingale says....."It's up to you."

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I will probably take a computer course and learn about internet marketing and experiment in self generating leads in the next year or so as well.

For me everything in stages it might take me a little longer but my goal is 2k active comision paying clients in 10 years

Great ideas Vic. ALWAYS be increasing your skills in all areas, especially computers. It will only make you more money, and give you more free time if you use them properly.

Successful business comes down to Planning, and Execution. Then tracking to see if you're getting closer, or further from your goal.

You've always seemed to have a good plan Vic, I've no doubt you'll hit your goals.

 

[Glen Shelton]

work from home in your boxers?

I knew there was something strange about the video you recently posted ... Now I know!!!

 

[Key2Success]

there are a few of us that may or may not know one or two agents that could possibly make a living selling medicare supplements.
Advice that is given by all- it takes time to get there. Do not expect it to happen overnight. Also, processes. You need a really good system.
But don't take it from me. I just play an agent on the internet.

i know it's certainly achievable selling group health in tandem with an add on benefit.

 

[enyce]

Hate to be the bearer of negative input to the factors...

For example MAPD's go through many changes...
Network, New carriers competing; etc.

I focus mostly on MAPD, After a year or two of bringing hundreds of apps BAM my prominent carrier loses a contract with a big hospital and there goes 30+% of my renewal business.

Few years down the line a new carrier is introduced in a different area and more clients go down the drain. Some I was able to retain or enroll in the plan, Many were lost.

Recently another MAPD prominent in a particular area has a premium that PAAD/Extra help would've covered in full, But starting this year the state stated members would have to pay almost half the premium. Here we go again. Not many disenrolled, But definitely lost some.

And don't supplements renewals last 10 years? That would mean you would have an interval to replenish with new members or else the renewals go down.

Don't get me wrong, The business in general is awesome, The renewals pay the bills and then some, However with just how volatile things turn out to be is what makes me wonder... A million in renewal? Ha! It just doesn't sound feesable.


Just keep working and be motivated with realistic expectations.

Well that's my input, For what its worth.

 

[jacobtn]

Hate to be the bearer of negative input to the factors...

For example MAPD's go through many changes...
Network, New carriers competing; etc.

I focus mostly on MAPD, After a year or two of bringing hundreds of apps BAM my prominent carrier loses a contract with a big hospital and there goes 30+% of my renewal business.

Few years down the line a new carrier is introduced in a different area and more clients go down the drain. Some I was able to retain or enroll in the plan, Many were lost.

Recently another MAPD prominent in a particular area has a premium that PAAD/Extra help would've covered in full, But starting this year the state stated members would have to pay almost half the premium. Here we go again. Not many disenrolled, But definitely lost some.

And don't supplements renewals last 10 years? That would mean you would have an interval to replenish with new members or else the renewals go down.

Don't get me wrong, The business in general is awesome, The renewals pay the bills and then some, However with just how volatile things turn out to be is what makes me wonder... A million in renewal? Ha! It just doesn't sound feesable.


Just keep working and be motivated with realistic expectations.

Well that's my input, For what its worth.

Amazing the amount of negativity and doubters.
Glad not everyone has the ambition and attitude or there would more competition I guess.

Mapd and medsupp are two different animals so to compare them doesn't make sense. Med supp are guaranteed renewable so your example wouldn't ever happen.

Med supps typically pay for 6 years unless you're writing in Michigan or TX. Big numbers can only be done with an assistant in my opinion, and a large marketing budget, but yes it can be done.