Getting into the Senior Market

[midwestbroker]

I have had a number of people contact me about getting into the senior market, and I thought I would start a dialog about it, so other agents can put their 2 cents in.

I think if you are new and want to do MA (Medicare Advantage) plans, captive is the easiest way to go. Mainly for the training, as there is a lot to know about Medicare and its rules. Of course that depends on the captive situation, but most offer extensive training, leads, support, etc.

That and the Medicare Advantage market is about to close for some of the Medicare beneficiaries. There are exceptions (age ins, stand alone PFFS plans, people who have moved, etc) but the majority are locked in.

Another factor is the benefits. This seems to be a year by year game. Last year Humana was the best (in KC). This year Coventry upped the bar. So, Humana now wants to make a come back and reclaim the throne. And then there are all the new companies jumping into the mix.

Many have asked me about Senior Healthcare Consultants, and I know Mary has worked or is working with them, so Mary, if you can please post your ideas that would be great!

I enjoy helping all that I can and feel free to call or send me a message. My cell # is 816-591-7377. I am in the central time zone.

Hope this helps!

 

[maryjd123]

Hey Midwest

here in the next couple of days i will post a reply to this -- about shc and such and what and how i do it... and no i am not working with shc -- it was an idea.. but i learned alot from their marketing meetings... i just dont feel to good right now..

will post soon

 

[midwestbroker]

Thanks Mary.

One thing that I am focusing on right now is small and medium size groups. I am worknig with brokers who write groups that may have a few seniors on them. We are seeing how pulling them off the group plan would effect the group rates, and setting up the seniors with MAPD plans. That would give the group savings, the seniors poss better insurance, and giving me the ability to sell all year.

A few things to watch with this (from talking to brokers) is when a group is smaller then 10 their rates are factored different and may cause more harm then good, and the coverage gap with the seniors meds.

This is still in the first stage of becoming a plan of action.

Just thought that I would throw it out there...

 

[maryjd123]

I still don't feel that great but i have had alot of people email or call me -- so i need to get this posted.. -- you can still email or call me but this might alleviate some of the questions...

the reason i researched SHC -- was because we are moving to Ohio this summer -- i wanted to have something to walk right into and have appointments..
with this in mind -- here goes -- because i'm not in Ohio yet i wanted to test the waters with them -- if i was a new person in the insurance biz -- i think it would be great -- but im not.
they call and schedule 5 to 6 appointments for you tue-fri -- on these apps. you sell only what they want you to -- you are captive -- the commissions are signed over to them -- so they pay you weekly -- their say that if you arent making 1500 a week -- you wont be there long...
they sell a prescription plan product that is not part d -- its a pharmacy out of Canada, and they also get meds from India, Asia, Japan, China, Argentina etc etc... so not sure about that.. -- the prices are apparently good. -- then they sell a medadvantage plan and finally a 2500 final expense plan --
for this commission wise with them -- medadv plan 150 dollars, final expense half of what you would get if you were on your own, and 18 for the prescription plan -- so their thing is sell 5 of these a day just like that..

you are on a daily webinar every day ( obviously ) -- meaning you are in your suit and tie every night almost.. just to sit in front of the camera for a pickme up ---- the appointments are good -- there arent any noshows as the customer is called again 30 minutes prior to app time.. after the sale is over -- you contact your manager and let him know how you did that day -- the day after the app -- the customer is then called again to verify what they signed up with...

thats what i didnt like about it...

so what i took from them is knowledge

what i do is make the appointment of course -- but i tell the client why im coming over, part d, final expense, medadvantage or medsup depending on their health and cont care - so they wont have to worry about the hosp. bills.

so if i was with shc -- the max i would maike out of the app is roughly 200 dollars.

my way -- its roughly 800 a person -- and i get my renewals.

i use a couple of different companies to do this.
Medicare Supplement Insurance Services is where i get my Cont. Life contract ( btw if you go thru them you make more % than if you get a direct contract with the company and you get leads ), I also signed up with them for a medsup that i believe is UCT -- ( please remember i am taking oxycodone right now ) -- then i use Senior Market Sales for my coventry contract --
so hopefully this will help someone out -- if you need the contracts i can email them or direct you to who you need to speak to at that particular company -- i can be reached by email or phone.

307-256-7136

I'm here to help if you need it -- just ask

i was thinking about doing an incentive prize for everyone that i have referred to MSIS -- -- as they are doing one for me as well -- please let me know what you think -- for every 10 applications put thru to MSIS via whatever company a $25 gas or gift card..

tell me what you think -- what would you personally like? I know that with MSIS as long as you put in 50 applications of any type and they go thru -- then you qualify for a trip to Florida for 3 days and 4 nights.. this way we can meet everyone -- i think that would be cool!! -- its from now until march 31st.. and i think the trip is in may -- for two people -- all expenses paid...
im going whos coming with me?

 

[Guest]

If I was new I would start off independent--there is no benefit worth going captive. But, you are not me and you might prefer it. Consider this though:
Training can be self-taught since you have to go through certification for each company anyway. Places like SHC and MSIS are not worth it for most companies. The only exceptions would be Continental and American National (Texas). But, please do not be fooled into believing you are actually getting better contracts--you are not. You are getting paid the same with a bigger load up front and 12-15 month advances--that is all. With SHC you have to go on 5-6 appts 5 days a week to make $1500? I have never done that in 6 years as an independent.

If you want to start off new as an indy--pick one good supplement and one or two good MA plans and learn them. They really are not that complicated. I do not think Medicare is as complicated as some say. Most plans are basically the same with small differences in copays and premiums. Supplements are the easiest product to learn since they are gov't standardized. I find individual health much more difficult to grasp with a much longer learning curve. Your real health insurance gurus are in the individual market--not the senior market.

To work in the Senior market you need to be very flexible and not married to one company, product, or marketing technique. All of these things are constantly changing and you have to be willing to change with them.

A new indy agent focusing on the Senior market could make $1500/week setting his own appointments (6-8 per week should be enough) via cold calling. This is not a complicated field and it is defintely not necessary to work 25-30 appts per week to make that kind of money.

Consider this--I am in this field because I need to be able to work 20-30 hours per week and make good money, and I do. If I had more time and wanted to make great money I would expand into the individual health market. But I have other interests and will stay as an indy in the Senior market--at least for now.

 

[midwestbroker]

Kyle, I agree with you.

However, if a new agent wants to get into the senior market, coming from the corporate world, I think to maintain the structure they are used to, captive would be an easier transition. They can build their knowledge, a book of business (they might loose the referrals, but they can always offer different products when they go independent), training, support, leads, etcÂ…

We have all seen agents jump in with both feet, have a few bad weeks, get unmotivated, and then go back to what they did before. It takes a lot to be successful and I think for some it is too overwhelming and they need the structure to start off.

Mind you I am captive, but I have other products to offer besides Humana (Mutual of Omaha, Monumental Life, etc) and a few that I should not have.

 

[honestagent]

If I was new I would start off independent--there is no benefit worth going captive. But, you are not me and you might prefer it. Consider this though:
Training can be self-taught since you have to go through certification for each company anyway. Places like SHC and MSIS are not worth it for most companies. The only exceptions would be Continental and American National (Texas). But, please do not be fooled into believing you are actually getting better contracts--you are not. You are getting paid the same with a bigger load up front and 12-15 month advances--that is all. With SHC you have to go on 5-6 appts 5 days a week to make $1500? I have never done that in 6 years as an independent.

If you want to start off new as an indy--pick one good supplement and one or two good MA plans and learn them. They really are not that complicated. I do not think Medicare is as complicated as some say. Most plans are basically the same with small differences in copays and premiums. Supplements are the easiest product to learn since they are gov't standardized. I find individual health much more difficult to grasp with a much longer learning curve. Your real health insurance gurus are in the individual market--not the senior market.

To work in the Senior market you need to be very flexible and not married to one company, product, or marketing technique. All of these things are constantly changing and you have to be willing to change with them.

A new indy agent focusing on the Senior market could make $1500/week setting his own appointments (6-8 per week should be enough) via cold calling. This is not a complicated field and it is defintely not necessary to work 25-30 appts per week to make that kind of money.

Consider this--I am in this field because I need to be able to work 20-30 hours per week and make good money, and I do. If I had more time and wanted to make great money I would expand into the individual health market. But I have other interests and will stay as an indy in the Senior market--at least for now.

Your view is right on! Thanks for highlighting this!!!