How do you handle medigap price increases?

[somarco]

I never "cram" a Medigap plan down anyone's throat . . . but I do help them buy what they want.

When an agent understands the market and the product, cramming is not needed.

 

[DonP]

In regards to historical rate increases, I actually use it in my presentation as why I don't sell other carriers.

Now, I realize that every state is different, but in AZ and FL, UHC has been king for rate consistency over the past decade. While I cringe a bit having all my eggs in one basket, it has paid off.

Over 700 clients with UHC med supp, and nobody has ever left to another carrier for lower pricing. Their block is large, stable, and with AARP looking over their shoulder, I doubt you would see any huge premium jump unless justified. I picked a horse to ride, and so far, it's been the right choice for me and my clients. Until things change, I've got to stay on that horse. Been burned by MOO and AZB in the past, can't be stupid twice.

I agree . Every Uhc med sup I run into the rates are stable . But there is one company that amazes me even more with consistency . New Era . I've run into so many 75-80 year olds plan G that have had 10 plus yrs paying under $200 a month . Moo on the other hand $320-$380.

 

[AZSHIS]

I'm thinking we should change the name of this forum to Medicare Supplement and then maybe start another one for agents that have an open mind and actually offer all products to their clients instead of cramming a Med Sup and PDP down their throat. Maybe we could call that one Senior Insurance Forum. This really is just the same 6 or 7 bitching about anything other then the almighty Med Sup. Has turned into a worthless forum. Same shit over and over again.

Same simple-minded loser shits on every post writing simple-minded loser shit.

 

[Midlevel]

I never "cram" a Medigap plan down anyone's throat . . . but I do help them buy what they want.

When an agent understands the market and the product, cramming is not needed.

You are no different then all the financial advisors, P&C agents, etc they are too lazy to do all the training and learn all the options for their clients so let's just stick them on a Med Sup. Has to be the best product for every person in the U.S. that is over the age of 65. Medicare is all I do so you better believe I am going to show them every option available in their County. This is why I get a ton of referrals and haven't sent a lead card in over 15 years. If you can't see how some people come out ahead on MAPD then you simply don't have a clue about anything. This forum has become a joke.

 

[Travis Price]

You are no different then all the financial advisors, P&C agents, etc they are too lazy to do all the training and learn all the options for their clients so let's just stick them on a Med Sup

Um.. I did all the training and learning the options.

When a client wants an MAPD plan, I tell them the limitations, which there are plenty. The limitation they have to worry about with Medigap is an increasing premium.

If they still are down with MAPD, we find the plan for them that suits their need. There is no "but, but, but..." on my end. No additional rebuttals. This is what it is, this is my opinion, but you are in charge.

When you explain the limitations, people tend to go with medigap. Especially if the agent is willing to make half the standard commission because they'll offer HDG.

Ymmv, but it think it's really disingenuous to say anyone is "shoving" Medigap down peoples throats.

If something is "0 premium", the beneficiary is the product.

It's just like in banking..

Those free accounts are so they can lend your money out to other people with pretty much no exposure and get free interest payments. YOU, on the other hand, get nothing but the inflation tab.

 

[Todd King]

I'm thinking we should change the name of this forum to Medicare Supplement and then maybe start another one for agents that have an open mind and actually offer all products to their clients instead of cramming a Med Sup and PDP down their throat. Maybe we could call that one Senior Insurance Forum. This really is just the same 6 or 7 bitching about anything other then the almighty Med Sup. Has turned into a worthless forum. Same shit over and over again.

Once again, the name of this thread is, "How do you handle medigap price increases?".
We're talking Med Supps, not Med Advantage. If you want to talk about that, nothing wrong with it, but remember that's not what this thread is about.

 

[Midlevel]

Once again, the name of this thread is, "How do you handle medigap price increases?".
We're talking Med Supps, not Med Advantage. If you want to talk about that, nothing wrong with it, but remember that's not what this thread is about.

Sorry, had no idea that was a rule. Was just suggesting if someone gets a price increase on Med Sups they may want to look at all their options instead of just another Med Sup. Forgot this is a Med Sup only forum too. I got called out for suggesting they should show them the lowest priced G plan also. Hard to win with this crowd.

 

[T Sparks]

Once again, the name of this thread is, "How do you handle medigap price increases?".
We're talking Med Supps, not Med Advantage. If you want to talk about that, nothing wrong with it, but remember that's not what this thread is about.

I explained how I manage Medsupp increases....
and it has to do with MA-PD.

That's all I wish to say, I will be through.

 

[Todd King]

Sorry, had no idea that was a rule. Was just suggesting if someone gets a price increase on Med Sups they may want to look at all their options instead of just another Med Sup. Forgot this is a Med Sup only forum too. I got called out for suggesting they should show them the lowest priced G plan also. Hard to win with this crowd.

I'm not saying it's the "rule" or anything of the sort. I'm just letting you know why no one is talking about MA plans in here. You were wondering why no one was mentioning MA plans, so thought I would let you know why.

 

[LostDollar]

With a book of 1200 plus what % is med sup and what % is mapd ?
The percentage - good question. I've looked in the past but I'm unsure exactly right now. Probably 60/40.

I think you said you hired and assistant . But an assistant can't do many things like rewrite apps and explain bill questions .
I did. She is helping with all kinds of things that don't require a license. For example, it's 10:15am here and I have someone coming into the office at 11:00. On my desk is a quote sheet for him for Plan G and Plan N. Not only is it printed on my desk ready for me to go over with the prospect, but it's also saved and uploaded to his CRM file. I didn't touch it. She prepped it and printed it. Along with anything else I usually give a new person.

She does the referral letters... she handles some calls to carriers when needed... etc etc.

Many agents will flip a lot of clients to the next greatest plan during aep . I don't do that and won't .
Good call. I got pretty good at "well, we can look but the grass isn't always greener on the other side and, really, it's about 6 & 1/2 dozen or the other. If you're pretty happy with XYZ, and to me it looks about the same for next year - why don't we just keep things as-is."
Of course, if there is a compelling reason to switch, then be there for it.

Any time I see these you tube videos blasting how selling Medicare your off the hamster wheel with passive renewals for life I just want to slap them
Agreed, lol.

I'm using Medicare to buy real estate. I only have 10 units currently and need quite a bit more (I own a few outright, then I'm in partnerships on over a hundred but my ownership is about 10 units total).

Once I have enough real estate - I'll probably "wind down" Medicare and only answer the phone for current clients and maybe a referral if I'm feeling like it. I doubt I'll sell the book - I hear high multiples but realistically I think it's better to just sit on it and service the book until it wanes.

I think Medicare is a great - fantastic - business to build and build strong. But I think there needs to be an exit - for me, I'm hoping that Real estate can be the exit.

Just one question:

I have been admiring the way you followed Levi Strauss' business idea and obtained pseudo Medicare downlines through your Lead Program.

Do you see taking on the Administrative, Legal, and Financial risks of "real" downlines as supporting this long term goal?

I think Medicare is a great - fantastic - business to build and build strong. But I think there needs to be an exit - for me, I'm hoping that Real estate can be the exit.