My Medicare Advantage Experience Thus Far...

[senior-advisor-indiana]

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Cause so far I'm being shown nice little charts and someone said 9800 a month in renewals lol by people who haven't sold them for 5 years?

Anyone in this thread actually done this for 5 years? Peter hasn't. Mungia hasn't. Ben hasn't.

I’m not hiring. I am a lone agent. I was kidding when I said I would send you proof. I have been doing this longer than 5 years at a very relaxing speed though.

 

[NSRH]

I would love to see your persistency numbers in the CC for FE... and i am not bragging because i have never liked ours... thats why whenever someone tells me they want to start a CC for FE i ask them if they are willing to lose 600K in order to potentially make it work... very risky



you are stating opinion you are not stating facts

Go ask any of the major carriers what their Target YOY persistency number is... i think you would be surprised that it is in the mid 80's...

FIELD business will always stick better than Call Center business and i know that first hand

Any business that requires a brick and mortar is risky, and the only guys losing money in FE telesales are the ones that dont know what they are doing.

As it pertains to Medicare Advantages, the truth is that customers dont keep their policies for the amount of years that many have outlined on this thread. There are years when carriers will totally drop a product, and force customers to change. That's a non issue in FE sales.

The bottom line however is this: Im sure there are agents who make a great living doing what many have outlined on this thread, but not as many as those that have failed out. For a neophyte to make it in this industry they have to be focused on one product for as long as possible. If selling medicare products is more lucrative than selling FE (which I don't necessarily disagree with), than agents should focus on Medicare first, and cross sell FE. And yes, the commissions are there to make money doing this full time.

 

[springbokhouston]

There's no money to be made in any of this. Stick with FE, you'll love it, the renewals are phenomenal and as NSRH said, the persistency is better than Medicare so why waste your time.

Interesting story, when I started my restaurant business I put a business plan together using numbers, industry statistics and numerous other variables. I didn't have a lick of experience in the food service industry, but I had a good handle on what the metrics were supposed to look like. I then went ahead and cut all those numbers by at least 25% to make sure I wasn't to liberal. Somehow, 15 years later, after many mistakes and missteps I'm still in business.

The numbers are real but who really cares. You can sit there and shoot everything down while our guys and Matt's guys are out there writing real business and making real money.

 

[NSRH]

Kindof obvious that you don't sell a lot of MAPD. I have HUNDREDS of MAPD clients and last year's AEP I had a whopping TWO clients change...... and Thursday of last week they called me and begged me to put them back where they were. So I did. (LIS) Oh the backbreaking service work!! On those 2 clients I make $380/year every year until they die or the plan goes away. There's no 6 year cut off and if there was a FE plan that paid the same amount and in the same way I would be "insurance retired" already.

Its apparent that you've never seen a plan cancel on your book of business, and had to scramble to catch all your clients. I was in Medicare before Part D came around. I was in Medicare when they slashed our commissions in half. There was a time (not too long ago) when we were selling MA's and didnt even know what our comp was because CMS hadnt given the carriers guidance!

I understand the new fad. And you can make money at this, but its just a fad. Many of the selling agents will learn to focus on one or the other. And when they stop getting certified, their renewals will stop too.

Apples to apples, Final expense is much more lucrative long term, and shifting your focus will hurt you long term.

But its no skin off my back, I wish y'all the best of luck, its just not a business plan I'd follow.

 

[NSRH]

There's no money to be made in any of this. Stick with FE, you'll love it, the renewals are phenomenal and as NSRH said, the persistency is better than Medicare so why waste your time.

Interesting story, when I started my restaurant business I put a business plan together using numbers, industry statistics and numerous other variables. I didn't have a lick of experience in the food service industry, but I had a good handle on what the metrics were supposed to look like. I then went ahead and cut all those numbers by at least 25% to make sure I wasn't to liberal. Somehow, 15 years later, after many mistakes and missteps I'm still in business.

The numbers are real but who really cares. You can sit there and shoot everything down while our guys and Matt's guys are out there writing real business and making real money.

I honestly dont have a dog in the fight, I could care less what any of you do. And I seriously wish you the best of luck. I hope Im wrong.

The chances are however that I am right. This seems to me to be the "new thing".

When I first got into telesales, just about everyone told me it couldnt be done. I went out to prove them wrong, and for the most part, we have.

I honestly hope you prove me wrong.

 

[Thedude]

There's no money to be made in any of this. Stick with FE, you'll love it, the renewals are phenomenal and as NSRH said, the persistency is better than Medicare so why waste your time.

Interesting story, when I started my restaurant business I put a business plan together using numbers, industry statistics and numerous other variables. I didn't have a lick of experience in the food service industry, but I had a good handle on what the metrics were supposed to look like. I then went ahead and cut all those numbers by at least 25% to make sure I wasn't to liberal. Somehow, 15 years later, after many mistakes and missteps I'm still in business.

The numbers are real but who really cares. You can sit there and shoot everything down while our guys and Matt's guys are out there writing real business and making real money.

I was doing no comparison to FE. You don't have to take is so personally.

They aren't real until someone who has done it for as long as you say, proves it. Projections are exactly what they are, projections. How many projections don't work out? A lot.

when I see a number like 10,000 a month in renewals I have to ask myself these questions.

OH yea how many of your guys are making thousands in renewals lol you are 3 years in the business yourself right?

 

[NSRH]

I was doing no comparison to FE. You don't have to take is so personally.

They aren't real until someone who has done it for as long as you say, proves it. Projections are exactly what they are, projections. How many projections don't work out? A lot.

when I see a number like 10,000 a month in renewals I have to ask myself these questions.

OH yea how many of your guys are making thousands in renewals lol you are 3 years in the business yourself right?

Most agents simply dont make it, especially on the broker side. Our turnover as an industry is horrible. I, personally, would like to see more responsible IMO's fix this problem. Thats at least what we are trying to do, and I dont believe adding another product line will fix that issue.

 

[NSRH]

then you need to ask more people

jimmy utah on here is a good friend of mine... he did medicare just like what peter said for 6 years and his renewal was 9300 a month... and he isn't even selling insurance anymore and the money keeps on coming...

its real.. i wish we jumped on this way before like jimmy did... he saw the vision and now he is reaping the reward.

I've met Jim. He's visited my call center.

The difference is that Jim leads with Medicare.

 

[Ryan Caras]

Its apparent that you've never seen a plan cancel on your book of business, and had to scramble to catch all your clients. I was in Medicare before Part D came around. I was in Medicare when they slashed our commissions in half. There was a time (not too long ago) when we were selling MA's and didnt even know what our comp was because CMS hadnt given the carriers guidance!

I understand the new fad. And you can make money at this, but its just a fad. Many of the selling agents will learn to focus on one or the other. And when they stop getting certified, their renewals will stop too.

Apples to apples, Final expense is much more lucrative long term, and shifting your focus will hurt you long term.

But its no skin off my back, I wish y'all the best of luck, its just not a business plan I'd follow.

its actually quite the opposite

FE is how you make money every month
medicare is how you make money later

 

[rousemark]

Its apparent that you've never seen a plan cancel on your book of business, and had to scramble to catch all your clients. I was in Medicare before Part D came around. I was in Medicare when they slashed our commissions in half. There was a time (not too long ago) when we were selling MA's and didnt even know what our comp was because CMS hadnt given the carriers guidance!

I understand the new fad. And you can make money at this, but its just a fad. Many of the selling agents will learn to focus on one or the other. And when they stop getting certified, their renewals will stop too.

Apples to apples, Final expense is much more lucrative long term, and shifting your focus will hurt you long term.

But its no skin off my back, I wish y'all the best of luck, its just not a business plan I'd follow.

Haven't ever had it happen in the Med Adv business but did have a primary carrier cancel their entire block of Major Medical business. Let me tell you, it can be devastating to the wallet. Income dropped about 4K overnight and that was 30 years ago. .