- 11,280
Ahem.....no comment.
Med Supps
- Thread starter MOHEALTH
- Start date
- 7,066
JD, please understand that I'm not busting your ass with the following comments. It is directed to the industry in general.
It is difficult for me to understand how someone can start selling a product without knowing some of the most basic information about it.
All agents need to research every aspect of the product they are selling. As in know it forwards and backwards and all of the different applications. The client's best interest should always be in the for front of the agent's mind.
There is no way an agent can act in the best interest of the client unless that agent knows everything about the policy/product they are selling and which one is best for that individual client and be able to explain why.
Even though you said you knew that excess charges were not an issue in the area you work you were selling Plan F. I'm sure in your case it was an honest error. Another agent or an insurance company probably told you that Plan F was the "best plan to have" and you believed them.
Once you have been in this business for a while you will learn never to take anyone's word for anything. I don't and never have. I have always done my own research to get factual information I can backup before I make any kind of statement to a prospect.
I have been lied to or given bad information through ignorance way too many times by other agents, managers, FMO's and IMO's. Not just bad information but sometimes dangerous information that could have caused licensing issues.
This board is a good place to get others opinions and thoughts but be very careful taking advice without also doing your own research. Take what you learn here and then verify it yourself.
Since quality training is virtually non existent in this industry it is incumbent on each agent to accept that responsibility and properly train themselves.
End of sermon!
- 19,578
No offense taken. But, in this case, it wasn't lack of product understanding, it was a lack of understanding what people would like from the product.
I had only done MA plans before. Just about the only objections I ever had was in the area of co pays. I had many clients complain their med sups because of the cost of them and still having the $135 deductable, {$131 last year}. I never had one person mention the at home recovery. In looking over the plans, plan F seemed to me to be the better plan unless there was more than $135/yr difference in premium.
I also did not know that plan F got larger premium increases. That is not something the company teaches. I was talking to Newby about something un related to med sups. He mentioned that he liked to sell plan D and G because of the at home recovery and that was because he had a life experience with a need for it. He also mentioned the price increase factor of plan F.
It just so happened that the first guy I explained the at home recovery to felt it was more important than not having the part B deductable taken care of. There was about a $100/yr savings for him to go with plan G. It basially cost him $35/yr to have the at home recovery. It was worth it to him. Maybe it won't be to the next person. I don't have the first hand experience to say that the price increases for any plan is different. I can, and do, say to the client that I have info that the plan F is more price sensitive.
If you knew everything you know now when you started selling med sups, I applaud you. Most of us learn from the school of hard knocks. Sometimes I don't learn that way. Sometimes I ask questions of the more seasoned as I did today.
- 15,319
I have yet to find an understandable explanation of the at home recovery benefit. (I'm being completely serious here).
Please explain how it might be used.
Rick
Ok Rick, here's a quick explanation of Home Health Care
If you read the "Medicare and You" guide it will give you further explanation and Medicare also has another 38 page guide to compliment it. Just go to Medicare.gov and search for it.
1st off, you have to qualify for it, remember, your medicare supplement WILL NOT pay for anything NOT approved by Medicare.
2. Medicare pays all approved amounts, that's 100% of home health care with the exception of durable medical equipment, in which case they pay 80%.
Bottome line, the great "home health recovery" offered by plans D,G,I and J are only on the hook for 20% of your DME.
Now, that's the short and sweet of it.
Todd
If you read the "Medicare and You" guide it will give you further explanation and Medicare also has another 38 page guide to compliment it. Just go to Medicare.gov and search for it.
1st off, you have to qualify for it, remember, your medicare supplement WILL NOT pay for anything NOT approved by Medicare.
2. Medicare pays all approved amounts, that's 100% of home health care with the exception of durable medical equipment, in which case they pay 80%.
Bottome line, the great "home health recovery" offered by plans D,G,I and J are only on the hook for 20% of your DME.
Now, that's the short and sweet of it.
Todd
- 2,370
I will toss my $.02 in here ($18.97 with Obama taxes)...
I was trained in the senior market by Humana. At that time (end of 05/early 06) they did not have a supp in KC. We used Standard and Mutual of Omaha. My training consisted of this...if you have to, sell plan F. That was it. MA is king at Humana.
I have a feeling that is the same amount of training that most agents get from their FMO. Most of the seniors I know would not change their supp for $10 per month.
The senior market is more about relationship building then a commodity market. If you want a commodity market, try selling used cars.
I was trained in the senior market by Humana. At that time (end of 05/early 06) they did not have a supp in KC. We used Standard and Mutual of Omaha. My training consisted of this...if you have to, sell plan F. That was it. MA is king at Humana.
I have a feeling that is the same amount of training that most agents get from their FMO. Most of the seniors I know would not change their supp for $10 per month.
The senior market is more about relationship building then a commodity market. If you want a commodity market, try selling used cars.
- 19,578
It just happened that Newby told me that he had a family member that needed the at home recovery and, since that person had it with their med sup, it was an appreciated benefit.
That very day, I met with my client and was going over the differences in the plans. His wife is 6 years older and has been on a med sup for 6 years. She had a need for the at home recovery and her med sup had it as a benefit. He knew what it was because of that and thought it was a great benefit.
I may not run into anyone else that has experience with it, so, I don't know how well an explanation would go to a person that had not experienced a need. It would most likely be like my response was. I didn't see that as an selling point.
I intend to keep telling people what it is and let them decide if it's to their benefit.
- 15,319
I still don't get it. The benefit is for $40 per day. So you are telling me it's for $40 worth of daily DME? Can't be right because the supplement pays the coinsurance for DME in all cases approved by Medicare.Ok Rick, here's a quick explanation of Home Health Care
If you read the "Medicare and You" guide it will give you further explanation and Medicare also has another 38 page guide to compliment it. Just go to Medicare.gov and search for it.
1st off, you have to qualify for it, remember, your medicare supplement WILL NOT pay for anything NOT approved by Medicare.
2. Medicare pays all approved amounts, that's 100% of home health care with the exception of durable medical equipment, in which case they pay 80%.
Bottome line, the great "home health recovery" offered by plans D,G,I and J are only on the hook for 20% of your DME.
Now, that's the short and sweet of it.
Todd
Therefore, I still see no benefit from this. Please, someone, explain this so even I can understand it.
I've been selling this stuff for years and still have yet to really get a handle on this one, seemingly worthless benefit.
Rick
Last edited:
- 19,578
This discussion seems have gone in different directions. We were talking about the "at home recovery" benefit on plans D and G.
What Newby explained to me and what the client said they had experienced, was this; if you are in the hospital or surgical center and have an operation or procedure done and you are not still to be confined to a hospital, but, you are not ready to be on your own either. An RN or PA comes to your home to check on you and change bandages and such for a short period of time. It's a tempory situation and only related to the procedure or illness that you were just treated for. The benefit is limited in how much is paid per visit and has a cap which limits the duration.
That is not "Home Health Care" or assisted living. It's specifically designed to be temporary.
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