Medicare and Reform

[Guest]

This is all real cool.

I'm just now learning how to spell med supp, and already gettin' put out of business? I wonder if I should keep studying.

I don't see a long-term future in senior health insurance sales but my crystal ball is no better than any othe (probably worse!) and it is still anyone's guess as to how and when things are going to finally shake out.

Guys like Rick and Frank who have huge books... which will also translate into referrals... will continue to do well but those starting out will find it difficult if senior-market sales practices becomes more regulated/restricted.

If you are new to the financial services sector, I think you would be wise to learn how group health works in your state AND to join the ILIAA and learn the life biz.

Nick and Rick (sounds like a 1960s comedy team!) will teach you how to call small biz and perhaps lead with health but transition into educating the owners as to the advantages of life financial products in the context of buy-sell, key-person, retirement, etc. Also you get an "in" to approach the employees to address their financial problems as well.

If you don't think there is an opportunity in your area, do this. Walk into any small, independent store or service biz. Don't say you are an agent, just say you are researching an article and ask "I'm not selling anything. I would just like to know
how many times in your life would you say you have been called or approached by a life insurance professional?" Walk out. Don't try to sell using that approach. It won't work. Try it a few more times... and my bet is that you will see that the life market is under-served and that there are selling-ops in this sector.

YMMV.

Al
PS: I'm 62. I've been married for 28 years. I've lived in the same house for 27 years... in a good demographic zip code (95628). I've been self-employeed for 26 of those years. Only once have I or my wife (we have different names... don't ask!) EVER been called by a life insurance professional. ONLY ONCE. I asked my neighbors (most who are younger). Same answer. Most bought from that first agent. Most had not been called within the past five years. What about you and your neighbors? Is there any biz-op here? You make the call.

 

[Russ]

Good point Russ. Most of my clients would gladly pay $200 a month ($2,400 a year) to avoid a max OOP of $3,000.

Even I'm not that good a salesman.

Rick

Not sure what your problem is. What did I say? """""""""surely if there was that would lower the rates"""""""""

Once again I'll ask.....about out President related to MOOP....""""""""
Has he ever said that in relation to Medicare?"""""""""

 

[GreenSky]

Once again I'll ask.....about out President related to MOOP....""""""""
Has he ever said that in relation to Medicare?"""""""""

No, he has not. This is an assuption on my part.

It would be unfair (in a socialist way) for those not on Medicare to have low OOP and for Medicare to have unlimited OOP.

Thought I was clear on this point but I guess not. Can't you people read my mind?

Rick

 

[Russ]

No, he has not. This is an assuption on my part.

It would be unfair (in a socialist way) for those not on Medicare to have low OOP and for Medicare to have unlimited OOP.

Thought I was clear on this point but I guess not. Can't you people read my mind?

Rick

No, you weren't clear on that point.

There's nothing anywhere that I've read on there being a MOOP limit on Medicare. If there were, you would hear about how Medicare will be going bankrupt sooner than projected by....Republicans...Fox News...Glenn Beck....

I do think you're worrying over something that isn't going to happen.

 

[G.Gordon]

Low Moop translates into a whole new market segment. If they expanded Medicare and/or extend some sort of "free" healthcare program with a $3000 (for your example) moop then carriers will come out with gap plans to fill that market. Much the same way you see with MA "supplemental" plans now. It's a free market and it rules.

 

[Norwayguy]

Ritters website had said they are going to cap Med Supp Commission and starting June 1, we would have the same restrictions as MA. No calling unless they request help first.

How does CMS get away with that one, I can understand how they do it on MA....You have to certify to sell MA plans and they are regulated by CMS not the state...Last I looked Med Supps where insurance and would be regulated by the states....

Its interesting I was just speaking with a client the other day she has had it with her AARP med supp and United Healthcare the only reason she purchased direct from them was she didn't know who to call and what else was available. I know they say these rules are to protect the consumer but it just seems like it makes honest independents have a rougher time and marketing giants a larger share.

 

[Russ]

Found this in the Senate bill passed this morning...about med-supps...

Section 3210 would require Medicare supplement plans -- which simply fill in gaps in traditional Medicare coverage, rather than serving as an entire alternative health plans, as Medicare Advantage plans do -- to force participants to submit to "nominal cost sharing to encourage the use of appropriate physicians' services" under the traditional Medicare program's Medicare Part B physician services plan. The U.S. Health and Human Services secretary would develop the Medigap plan cost-sharing requirements together with the National Association of Insurance Commissioners, Kansas City, Mo.

From.....Reid Lugs Out Senate Health Bill - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

 

[5pill]

I'm just a dumb 'ol country boy, but...

Is what that attorney wrote, saying there will be an additional fee added to their plan that will cost them more money? For a seperate program?

 

[Norwayguy]

Found this in the Senate bill passed this morning...about med-supps...

Section 3210 would require Medicare supplement plans -- which simply fill in gaps in traditional Medicare coverage, rather than serving as an entire alternative health plans, as Medicare Advantage plans do -- to force participants to submit to "nominal cost sharing to encourage the use of appropriate physicians' services" under the traditional Medicare program's Medicare Part B physician services plan. The U.S. Health and Human Services secretary would develop the Medigap plan cost-sharing requirements together with the National Association of Insurance Commissioners, Kansas City, Mo.

From.....Reid Lugs Out Senate Health Bill - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

Great so lets steal 1/2 a trillion dollars from the already failing medicare program for this new program and on top of that add cost sharing to med supp participants, and lets not forget AARP endorsed this madness I so wish more seniors would wake up about AARP.

 

[Tom Highway]

Found this in the Senate bill passed this morning...about med-supps...

Section 3210 would require Medicare supplement plans -- which simply fill in gaps in traditional Medicare coverage, rather than serving as an entire alternative health plans, as Medicare Advantage plans do -- to force participants to submit to "nominal cost sharing to encourage the use of appropriate physicians' services" under the traditional Medicare program's Medicare Part B physician services plan. The U.S. Health and Human Services secretary would develop the Medigap plan cost-sharing requirements together with the National Association of Insurance Commissioners, Kansas City, Mo.

From.....Reid Lugs Out Senate Health Bill - Regulatory,Legislative and Tax Issues - Life and Health Insurance News

Seems like this "Health and Human Services Secretary" is going to have a LOT of power if this bill passes in its' current form.