How seasonal is the Senior Market?

[Guest]

I am considering going to work in the Senior Marker for Sterling. I was wondering how seasonal does the insurance tend to be. Are a lot of the sales at open enrollment or is there a good income stream all year long.

I am just wondering what to expect.

Thanks.

 

[Frank Stastny]

I am considering going to work in the Senior Marker for Sterling. I was wondering how seasonal does the insurance tend to be. Are a lot of the sales at open enrollment or is there a good income stream all year long.

I am just wondering what to expect.

Thanks.

It is not seasonal at all. I sell Med Supps all year, sold six this week already and the week isn't over yet. Long Term Care Insurance and Final Expense Insurance can also be sold twelve months a year.

The only seasonal products are the Medicare Advantage Plans. Private Fee For Service, HMO, PPO and Part D, the prescription drug plan.

I don't care for the PFFS plans and do not sell them. In my opinion they are not a good option for the people I sell insurance to.

I believe that one of two things are going to happen to the PFFS plans. Either they are going to "go away" as we know them or the premiums are going to increase to very close to the cost of a Med Supp policy especially when taking into consideration the co-pays.

If your attraction to the senior market is the PFFS plans and the large up-front commissions, I would suggest that you find another type of insurance to sell.

 

[magagent]

I am not sure why people get into the senior market, most people get into it due it is mostly day time work. When you are out seeing seniors during the day, stay out all day long and drop in on some business owners and tell them that you do estate planning, college funding, 401k, IRA's, business planning, Annuities, etc..

 

[Guest]

I am not sure why people get into the senior market, most people get into it due it is mostly day time work.

I have worked with seniors for years. My last job was one where I dealt mostly with Medicare Patients. I think that will help me succeed.

Though I am still looking at other options as well.

 

[magagent]

It might, if you can deal with the headaches of medicare then you should do fine. I would stay clear of the MA's and PFFS plans.

 

[fostever]

I am considering going to work in the Senior Marker for Sterling. I was wondering how seasonal does the insurance tend to be. Are a lot of the sales at open enrollment or is there a good income stream all year long.

I am just wondering what to expect.

Thanks.

I personally love the senior market. They are usually available, still appreciate personal service, and are interesting. You may have to listen to some war stories and some complaining, but it's not too bad. The products are usually guaranteed issue which is the best part on the commission side of things. It's also a great referral base. Yes supplements are year round and some SEP business for LIS folks on MA plans with some chronic care SEP's.

 

[GreenSky]

I would stay clear of the MA's and PFFS plans.

I write supplements and MA plans. Why would you suggest anyone stay away from MA?

A supplement is ALWAYS a better choice when money is not an issue but isn't it better to help someone find the best MA plan if that's all they can afford? There are too many scam artists that simply write the highest commission MA plan - we need more ethical agents in this industry.

Rick

 

[moonlightandmargaritas]

I am not sure why people get into the senior market, most people get into it due it is mostly day time work.

I have studied, and am starting a small move into the senior market, as a hedge against negative implications in the event of changes to the under 65 health insurance marketplace.

All insurance is day time work -- if you do it right!

 

[mcday]

I keep a bag of MA plans with me at all times... especially the 0 premiums!

I hate walking away from a deal.

 

[Frank Stastny]

I write supplements and MA plans. Why would you suggest anyone stay away from MA?

I didn't say "stay away from MA". (When agents use the general term "MA" I think it would be extremely helpful if they would be more specific regarding which of the "MA" plans they are talking about.)

If you had taken the time to read my post, I limited my comments specifically to PFFS. I work only in rural areas. HMO's and PPO's are not available for me to sell.

PFFS plans in rural areas just plain suck. There are still too many doctors who won't take them. Plus, a doctor can accept them one week and the next week decide that they aren't going to take them. There is still too much uncertainty with PFFS plans for me to sell them.

This can leave a client living in the country in a real bind having to begin searching for a new doctor who may be several miles away in another town. Seniors don't like change and most of them don't deal with it well.

Also, if they are not healthy when you sign them up with a PFFS plan, after 12 months they do not have the option of going back to their Med Supp. Now they are stuck with it. I won't do that to my clients.