It Has Been a Good Run!

[dandan]

I have been in the Med Supp field since 1982, it has been great. I have made a great living, I have great customers and great associates.

I think it is time to turn my attention to another area- insurance wise or other. Companies have developed a game, lowering commissions and raising premiums, developing new companies and recylcing them all over again.

Government intervention has started and is going to take hold tighter than any vise grip invented.

I'm not sure where my focus will lie at this point.

 

[Cenla Agent]

I have called it "the game" for a while and haven't been in the business nearly as long as you. You also didn't mention the restrictive contracts that many companies have that attempt to bar replacement of any of their policies for any reason.

If MA companies start pulling out (as we see with WellCare and Coventry PFFS) I think there will be a chance to really make a go at writing Med Supps in the short run if you are positioned right and can get in front of the right prospects at the right time.

But the long term outlook may be uncertain unless you want to get into the churn and burn business. As a relatively new agent who is trying to get back into the business after recovering from some health problems, I'm definitely not putting all of my eggs in the Medicare basket, whether MA or Supp.

 

[Mark]

A lot of agents are leaving that market.

 

[xrac]

I am afraid that the medicare supplement market people and the health insurance people both may be having to look for work soon.

 

[Frank Stastny]

I think I disagree with you guys.

Over the next several years I think we are going to see an explosion of sales in the Med Supp market. My production has already picked up with people who got conned into taking a PFFS plan and now want to return to the freedom and flexibility afforded by Medicare and a Med Supp.

PFFS plans are going away soon. HMO's are going to have to start increasing co-pays and premiums. That is going to put the cost very close to a Medicare Supplement.

When PFFS plans are no longer available to people living in rural America, areas not served by HMO's, what do you think that seniors are going to do when they end up having to go back on Medicare? Once again their only option is going to be a Medicare Supplement policy.

The thing that separates Medicare Supplemnt insurance from other kinds of insurance is that every senior believes that having just Medicare is not adequate coverage. That is one of the things that make Med Supps so easy to sell. The other is premium increases.

When a senior gets an increase in their Med Supp they are very receptive to making a change to a new company. Because of that I have not found it necessary to purchase any leads for at least the last eight years.

I have a huge ROI with Med Supps. This means that I don't have to work nearly as hard to make as much or more money that an agent who is spending thousands of dollars each year buying "leads".

The government is making some positive changes in the plans that are going to be offered. Changes that are going to make some of the plans a lot more affordable for all seniors.

The best thing that the government did was to create the ten standard plans in 1992. Now in 2009 they are working on making the offerings even better for seniors.

Seniors are the largest voting block in this country. The ones I talk to do not want to lose their Medicare and be forced to have to take something like a PFFS plan. They will not be happy if an attempt is made to mandate that.

I think it is going to be a long time before we see the demise of Medicare Supplements.

 

[Russ]

I have been in the Med Supp field since 1982, it has been great. I have made a great living, I have great customers and great associates.

I think it is time to turn my attention to another area- insurance wise or other. Companies have developed a game, lowering commissions and raising premiums, developing new companies and recylcing them all over again.

Government intervention has started and is going to take hold tighter than any vise grip invented.

I'm not sure where my focus will lie at this point.

I have been in the Medicare supplement market since 1987. The market is not dying. If anything it's coming back. With the demise of MA plans, the med-supp market is as good as it's ever been. Granted the commissions aren't what they use to be(60%), but it's still a great market to be in....at least until Medicare goes under.

 

[xrac]

I think I disagree with you guys.

Over the next several years I think we are going to see an explosion of sales in the Med Supp market. My production has already picked up with people who got conned into taking a PFFS plan and now want to return to the freedom and flexibility afforded by Medicare and a Med Supp.

PFFS plans are going away soon. HMO's are going to have to start increasing co-pays and premiums. That is going to put the cost very close to a Medicare Supplement.

When PFFS plans are no longer available to people living in rural America, areas not served by HMO's, what do you think that seniors are going to do when they end up having to go back on Medicare? Once again their only option is going to be a Medicare Supplement policy.

The thing that separates Medicare Supplemnt insurance from other kinds of insurance is that every senior believes that having just Medicare is not adequate coverage. That is one of the things that make Med Supps so easy to sell. The other is premium increases.

When a senior gets an increase in their Med Supp they are very receptive to making a change to a new company. Because of that I have not found it necessary to purchase any leads for at least the last eight years.

I have a huge ROI with Med Supps. This means that I don't have to work nearly as hard to make as much or more money that an agent who is spending thousands of dollars each year buying "leads".

The government is making some positive changes in the plans that are going to be offered. Changes that are going to make some of the plans a lot more affordable for all seniors.

The best thing that the government did was to create the ten standard plans in 1992. Now in 2009 they are working on making the offerings even better for seniors.

Seniors are the largest voting block in this country. The ones I talk to do not want to lose their Medicare and be forced to have to take something like a PFFS plan. They will not be happy if an attempt is made to mandate that.

I think it is going to be a long time before we see the demise of Medicare Supplements.

Hopefully you are correct Frank but what this administration does is yet to be seen.

 

[Russ]

Hopefully you are correct Frank but what this administration does is yet to be seen.

They needed to do something with the under-65 market. The system we have right now isn't working. More and more are without coverage. I applaud them for trying to fix an increasing problem.

 

[moonlightandmargaritas]

They needed to do something with the under-65 market. The system we have right now isn't working. More and more are without coverage. I applaud them for trying to fix an increasing problem.

Given past history, I think the well-founded fear is that the cure may be worse than the disease...

 

[Russ]

Given past history, I think the well-founded fear is that the cure may be worse than the disease...

Think positive.