Just Saved a Couple from a Medsupp Only Agent!

[axeman462]

Just met with a couple this morning who met with a Bankers Life and Casualty Medsupp Only Agent who sold the couple Plan G medsupps totaling about $490/mo.

They both currently have Medicare Advantage plans.

The Medsupp only agent told them that the medsupp would cover their out of pocket costs of the Medicare Advantage plans.

The couple does not want to cancel their MAPD, they like it. And they certainly cannot afford a $490/mo premium with their $2,500/mo income.

These medsupp only agents, forcing expensive supplement plans on elderly people that cannot afford the premiums needs to stop! Especially when it is done uncompliantly!

 

[Millwood]

Bankers Life agents = MAPD call center agents. Someone is going to get screwed.

 

[Yagents]

Pleeeeze......you're giving an example of a Banker's life agent? We all know their tactics, and are the bottom of the barrel in the industry. I built my ACA biz off these clowns, dozens of agents sending me their under 65, and within a year, the agent was gone, and I then got the T65 too.

And I applaud you for saving the client

 

[Millwood]

Specifically said" CALL CENTER AGENTS" = Bankers Life Agents.

Independent agents are the only hope that a client has for honest, factual assessment of a client's needs. Whether that be MAPD , Med supp, staying on group, staying on OM and Medicaid, SNP or any other situation.

There isn't an ethical call center out there. Just like BLC could care less what their agents do.
If crap hits the fan both throw the agent under the bus . If the agent losses his license keep the renewals and hire another agent. Rinse, Repeat. I've seen this model for years. And boy is it lucrative!
Only one small problem ...........you can't give a crap about client.

 

[ValeRosso]

Doing the lords work

 

[Yagents]

I was responding to the original post:

"Just met with a couple this morning who met with a Bankers Life and Casualty Medsupp Only Agent who sold the couple Plan G medsupps totaling about $490/mo."

 

[goillini52]

Just met with a couple this morning who met with a Bankers Life and Casualty Medsupp Only Agent who sold the couple Plan G medsupps totaling about $490/mo.

They both currently have Medicare Advantage plans.

The Medsupp only agent told them that the medsupp would cover their out of pocket costs of the Medicare Advantage plans.

The couple does not want to cancel their MAPD, they like it. And they certainly cannot afford a $490/mo premium with their $2,500/mo income.

These medsupp only agents, forcing expensive supplement plans on elderly people that cannot afford the premiums needs to stop! Especially when it is done uncompliantly!

I thought Bankers agents had Humana MA to offer?

 

[Chazm]

I thought Bankers agents had Humana MA to offer?

They do but they pay them very little for it, to discourage enrollment only as a last resort. They also pay them a nice big commission on their overpriced med Supp.

 

[axeman462]

I thought Bankers agents had Humana MA to offer?

yes, but it is very discouraged.

When I worked for them back in 2012, they paid a one time commission of $150, and no renewals. (this is back when MAPD was paying $408 FYC and $204 renewals).

On top of that, if anyone was found to have sold an MAPD, the office manager would ridicule the agent in front of the entire office.

No one dared to sell an MAPD. This was in the Ocala, Fla office.

In contrast, they paid for medsupps:
24% FYC, 12% years 2-6, 5% year 7+

so a male T65 Plan F premium in most of Florida was (in 2012, not sure what it is today) $233/mo, the FYC was $671.04

Plus, on top of that the MAPDs Bankers agents sold did not contribute to quarterly bonuses, like the medsupps did. And the quarterly bonuses were big, often in the 5 figures.

Plus, if you sold enough, you would qualify for the annual trips to places like Hawaii etc..

There was a big incentive for the agents to push medsupp.

 

[FRJ]

Pleeeeze......you're giving an example of a Banker's life agent? We all know their tactics, and are the bottom of the barrel in the industry. I built my ACA biz off these clowns, dozens of agents sending me their under 65, and within a year, the agent was gone, and I then got the T65 too.

And I applaud you for saving the client

OMG, genius. I'd run out to find my nearest Banker's life office but I don't know if I could handle taking from the fish - knowing full well that they're swimming up stream to die. I'd want to help them too much and that would take up way too much time and energy.