Hospital Indemnity Plans to MA Prospects/clients?

[Justin Bilyj]

I was wondering if there's anyone out there that sells Hospital Indemnity plans to the $0 per month MA seniors?
Whats the lapse rate look like on these for those that sell them?
Appreciate any other info on this.
Thank you

 

[kstein]

GTL has a nice plan that is GI for T65. Getting claims paid takes a little effort but overall a solid plan. I think the persistency is pretty high also. People tend to move MA and keep the HI plan in the background.

I would definitely recommend this product in your bag!

 

[Justin Bilyj]

I am looking for numbers, who does it, what kind of persistency they get for the 1st year...
But thanks for replying!

 

[YouGotMyMoney]

Justin you know the domain in your sig is expired?

 

[Justin Bilyj]

Mark where you been bro!?

 

[thomasm]

Most MA plans in my area average $290 copay for the 1st 5 days.

With GTL, a 65 y.o. could get $300 per day benefits (10-day) for about $32 a month!

This might be the "loss leader" product I'm looking for! I'm curious about persistency numbers as well!

 

[Midlevel]

99% of my GTL clients stay with the HI plan as long as they are on a MAPD. If they go back to a Med Sup I recommend they drop the GTL plan.

 

[Justin Bilyj]

Midlevel, thank you for that response!
Can I ask how you present the product?
Again thanks for answering the persistency question.

 

[kstein]

I agree the the persistency is high, around 95% and when people use it they love it. I have a marketing question, how do you interpret the marketing rules. Can you sell MA and HI on the same appointment? What if you have a scope initialed with both products?

 

[Midlevel]

Show them a quote with $300, $350, and $400/day benefit up to 10 days. Of course this depends on what the copay is on the MA plan you are putting them on. Most take the $350/day for around $35 to $40/month. Some agents load up the benefits and get it up to $60-$70/month to pad their commissions but why not put them on a med sup if it's going to be that high. Some choose the $5000 lump sum cancer also. Just make sure you print the quotes from their software so they can clearly see everything on it including the $20 policy fee.