So what would you do? If you had to do it over, or I mean today again? I'm new to the Medicare arena, and honestly, I'm almost sick of all the changes that already are happening with CMS. I am questioning if Medicare is the place to start my business. But I love helping people and it just seems like a match to my passions- specifically it is DSNPS that I enjoy. Would you share your opinion?
Does anyone really get "rich" selling Medicare
- Thread starter newbie2001
- Start date
I went into insurance sales when I was 51 and when I got out, by God, I was old!
@Cheney if I had it to do over again I would start with Medicare vs wasting 15 years chasing individual health insurance.
I began my career path in the employee benefits market, including pension plans. Then came ERISA which virtually eliminated the defined benefit market except for union and public entities. Pension plans were about 20% of my base.
Then I changed to the self funded EGH market and shortly afterward that market virtually imploded as reinsurance outlets folded and we entered a hard market.
After that I fumbled around in the individual (mostly self employed) health insurance market, small group, mortgage protection (which I hated). Left the insurance business for a while and sold home improvement . . . which I hated even more.
I have remade myself and changed my business model more times than I can count. I don't know of a single market that has not changed over the last 40 years. The number of carriers that have left the business outnumber those who stuck around.
If you don't like the way things are done today, stick around, they will change again over the next 20 years.
Either you adapt or you move on.
Your choice.
I began my career path in the employee benefits market, including pension plans. Then came ERISA which virtually eliminated the defined benefit market except for union and public entities. Pension plans were about 20% of my base.
Then I changed to the self funded EGH market and shortly afterward that market virtually imploded as reinsurance outlets folded and we entered a hard market.
After that I fumbled around in the individual (mostly self employed) health insurance market, small group, mortgage protection (which I hated). Left the insurance business for a while and sold home improvement . . . which I hated even more.
I have remade myself and changed my business model more times than I can count. I don't know of a single market that has not changed over the last 40 years. The number of carriers that have left the business outnumber those who stuck around.
If you don't like the way things are done today, stick around, they will change again over the next 20 years.
Either you adapt or you move on.
Your choice.
When I was new in 2009, people here were saying that Medicare is done. Make your money now. I remember being scared as well. The sky is not falling.
Your making a huge mistake focusing on dsnp’s at this pt and time . Cms is basically forcing states to adopt integrated plans ( dsnp and medicaid carrier must match . This is the beginning of states running the dual plans ( is already happening in some states ) . If I were you I’d be focusing on t-65 doing seminars , mailers etc and cross selling people heavy . Also next yr after oep ( March 31st ) technically duals can’t move plans the rest of the year .Nothing wrong with writing dsnps but I wouldn’t be focusing my book to build it with .
So my duals are under 65, on SSI/Medicare and Medicaid. I have access to a market in that way. Does that make a difference? I'd say I get 2-5 enrollments a week. Of those, maybe 1 is regular 60+ in the integrated plans (the states are heading into)
I'm thinking of adding Final expense, and selling it digitally.
But perhaps I should just focus on the Medicare and drive it deep by doing the seminars for others. (not DSNPs).
Thank you so much for the reply btw! It's very challenging to gain a mentor in this business!
I'm thinking of adding Final expense, and selling it digitally.
But perhaps I should just focus on the Medicare and drive it deep by doing the seminars for others. (not DSNPs).
Thank you so much for the reply btw! It's very challenging to gain a mentor in this business!
Like I said I’d write them if there in your face 100% or referrals.If it costs you nothing to acquire yes I’d write them. But personally at this juncture of whats going on I’d diversify some at the very least and market to some non duals .I paid zero to acquire all my duals . If I have to pay for my own leads as it looks like next yr I’ll market to mostly non duals . Again you said you just started in Medicare . That’s what I’d do if starting over . You don’t want to put all your eggs in 1 basket were the eggs break . Do some cross selling in addition to Medicare . I sell a good many hospital plans . But starting aep I’m pushing much harder to cover coming bigger gaps in coverage
UKTX
Super Genius
- 203
I have been an agent since 2004.
Every year, pretty much like clockwork, someone, somewhere will tell you to "get out now, the sky is falling........."
I am still here 20 years later.
There is and always will be changes, especially since the gov is now more than ever involved in our healthcare system.
Adapt and change is the necessary mindset you do need to have though, especially in the Medicare business.
nocamo33
Expert
- 37
The answer is diversification and consistency.
Sure, but that's because agents churn out of the industry so frequently, not because its an unattainable target. $300k - $500k is very attainable for an agent whose been at it for 10+ years.
Frankly, I don't know any agents who've been at it full time for more than a decade who aren't clearing at least $200k per year.
