It Has Been a Good Run!

[insurance0707]

Frank, don't you live in one of those states where the client can change on their aniversary without any health questions asked. I don't think most states are set up that way. In Mi they ask health questions and most people can't make the change.

 

[Frank Stastny]

Frank, don't you live in one of those states where the client can change on their aniversary without any health questions asked. I don't think most states are set up that way. In Mi they ask health questions and most people can't make the change.

Yes I do but that accounts for almost zero percent of my business. I do not like that provision and have even lobbied the legislature to try to get it removed.

Agents who seek out that business are only shooting themselves and their clients in the foot. Moving a bunch of chronically ill people who are going to have a lot of claims into a company that is trying to keep premium increases to a minimum is a pretty crappy thing to do in my opinion.

It contributes to keeping some companies out of Missouri and reduces the commissions for agents over what is being paid in other states that do not have that provision.

It also has nothing to do with the explosion we are going to see in Med Supp sales in the coming years.

I think I just gave you more information than you were probably looking for.

 

[insurance0707]

Frank, You have the luxury of helping your clients move to any plan that they want to on their anniversary...with no health questions asked. Most states don't offer that. I don't know why you'd lobby against something like that.

You had written.......

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".

and then you wrote...

Agents who seek out that business are only shooting themselves and their clients in the foot. Moving a bunch of chronically ill people who are going to have a lot of claims into a company that is trying to keep premium increases to a minimum is a pretty crappy thing to do in my opinion.......

Frank......so are you saying that you only move the healthy people over and not the people that have some kind of health condition...do you really ask the client about their health conditions and then say, well because you have cancer you better stay where your at?????? You then said....

It contributes to keeping some companies out of Missouri and reduces the commissions for agents over what is being paid in other states that do not have that provision.

I guess I'm not following your logic. I'm only stating that if they allowed retiree's to make a change to any company that they'd like to on their anniversary, like they do in your state, I'd be doing the same thing that you're doing.

 

[Justin Bilyj]

Whats a good commission on med supps?

 

[Frank Stastny]

Frank, You have the luxury of helping your clients move to any plan that they want to on their anniversary...with no health questions asked. Most states don't offer that. I don't know why you'd lobby against something like that.

You had written.......

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".

and then you wrote...

Agents who seek out that business are only shooting themselves and their clients in the foot. Moving a bunch of chronically ill people who are going to have a lot of claims into a company that is trying to keep premium increases to a minimum is a pretty crappy thing to do in my opinion.......

Frank......so are you saying that you only move the healthy people over and not the people that have some kind of health condition...do you really ask the client about their health conditions and then say, well because you have cancer you better stay where your at?????? You then said....

It contributes to keeping some companies out of Missouri and reduces the commissions for agents over what is being paid in other states that do not have that provision.

I guess I'm not following your logic. I'm only stating that if they allowed retiree's to make a change to any company that they'd like to on their anniversary, like they do in your state, I'd be doing the same thing that you're doing.

You can be doing the same thing that I am doing.

You are taking statements out of context. The reason I don't have to buy leads is I keep track of the company the prospect has their Med Supp insurance with when I initially contact them. When their company has an increase I contact them again. It has nothing to do with Missouri law.

What I do and the way I do it has nothing to do with that provision in Missouri. I do not go looking for that business. And yes, if I cold call someone and they cannot successfully answer the health questions I tell them that they do not qualify.

It wouldn't matter what state I lived in. The way I prospect for and sell Med Supp insurance would enable me to be just as successful as I am in Missouri. Without having to spend hundreds or thousands of dollars on "leads".

Did you not read the part where I said that agents who are doing that are really doing their clients a big disservice? Continental Life had been the very best company for me to put prospective clients with. They had very few and small increases from the time I licensed with them around 2000 until December of last year.

Because of that "wonderful" law in Missouri I know agents licensed with Continental Life who moved every chronically ill prospect they could find to Continental Life. Now all Continental Life policy holders are paying a much larger amount of premium than they should have to be paying.

It is a crappy law, screws seniors over and fosters a lot of crappy, commission hungry agents. I repeat, I do not like it, it is not in my clients best interest, I do not seek out that business nor do I respect agents who do. I wish it would go away.
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Whats a good commission on med supps?

I earn as low as 12% and as high as 23%. And yes, I write apps for the companies who only pay 12% if it is in the prospects best interest.

 

[coachd]

Frank, I agree. I use to think it was good. Unitl I see a lot of agents just switching ppl.

I think I would rather be in IL.

 

[dandan]

I have never bought more than a grand total of $1000 worth of leads in my whole career. I started cold calling "door to door" starting my first call at 9:00 am and my last call at 8:00 pm Mon- Fri.

My second year in the business I earned over $60,000, it has continually risen each and every year.

I guess my problem is the new generation of retiree's, they are much different than the generation before them. It seems like trust is out the window, and now you have customers that you bendover backwards for and they will change coverage to save just $1.00.

 

[Russ]

Speaking of Medicare going broke. This from CNN....

The Government Accountability Office estimates that all federal revenue will be eaten up by government costs for Medicare, Medicaid, Social Security and public debt interest by 2025. Last year, the estimate was 2030, said Charles Konigsberg, an expert on the federal budget at deficit watchdog group the Concord Coalition.

From... Obama proposes to save $17 billion in 2010 - May. 6, 2009

 

[midwestbroker]

We are seeing the PFFS plans starting to pull out of the market as we speak (Coventry, Wellcare and UHC to start).

The market will look like the early 2000's...rural will have supplements and metros will have supplements, HMO and PPO's (but not to the extent that there are now).

 

[G.Gordon]

We are seeing the PFFS plans starting to pull out of the market as we speak (Coventry, Wellcare and UHC to start).

The market will look like the early 2000's...rural will have supplements and metros will have supplements, HMO and PPO's (but not to the extent that there are now).

Can I get an Amen brother?