Selling Med-Supps During AEP Multiple States

Sep 15, 2016

  1. SecureHealth1
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    So I have a question regarding the guys that sell mainly med supps that are licensed in multiple states like Westfall. I am in Florida and we historically have primarily done Medicare Advantage year round so I understand the leads and shoppers obviously spike during AEP. I have spent most of this year getting my agents licensed in 20 more states doing med-supps only. So my question is as we approach AEP, what is the biggest reasons you see people shopping there medicare supplement plans? Obviously there are no network or benefit changes to prompt these people to shop around. I was surprised to learn a few years ago that med-supp activity also spikes during AEP even though they technically don't need to do anything, most likely they are just caught up in the senior AEP process/confusion and advertising. We will be spending big many generating leads in all these other states so I hoped to get a little better idea of what to expect.

    Here is what I think may be happening, chime in if you think I am missing something.

    1.Rate increases cause them to shop?
    2. PDP changes cause them to shop and then the supp becomes a conversation?
    3. They want off of their advantage plan and on to a supp?
     
  2. Todd King
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    Todd King IMO/FMO Owner

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    I would think the main reasons would be shopping the PDP plan and also the confusion between MA and Med Supps where they think they should be shopping it due to AEP.
     
  3. vic120
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    vic120 Guru

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    I agree with Todd,

    Also in addition, if you are using internet leads I find a lot of people retire at the end of the year or compare to see if they can do better with medicare vrs their group

    Also there are many on MA plans that switch to Supp this time of year because they know someone who had illness and had a lot of issues on MA, many times its a spouse who's husb or wife went through a lot on MA now they want to switch before they end up like spouse and so forth
     
    vic120, Sep 15, 2016
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  4. SecureHealth1
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    Thanks guys, makes a lot of sense.
     
  5. DS4
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    Probably the biggest reason is because the insureds interest has already been piqued with AEP. I write more med supps in Oct, Nov & Dec than any other time of the year.
     
    DS4, Sep 15, 2016
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  6. SecureHealth1
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    That's what I expected as well, I just wondered how Chris Westfall was having such great aep's without advantage plans even though I know seniors are always confused not knowing which plans are supplement vs advantage.
     
  7. DS4
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    For the past 3 years, my area of N Calif has had no MA's. For my med supps clients, I will help them with Part D. They refer their friends to me for Part D help. These referrals have med supps with other agents. I find out what med supps these referrals have. I ask them if I help them with Part D, would they mind if I reviewed their med supp too? Almost everyone says yes. If they are healthily, I write the med supp. If not, I pend them until their birthday open enrollment comes around. Calif is a birthday rule state.
     
    DS4, Sep 15, 2016
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  8. Todd King
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    Todd King IMO/FMO Owner

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    You know, come to think about it I always did a tremendous amount of business in Oct, Nov, and Dec as well. It was always the same each year, before and after MA Plans were in existence. My point is, AEP may not have as much impact as I was thinking.

    I don't think it's due to rate increases for supplements either. Maybe some of them are getting notifications, but I wouldn't think it would be that many.

    I know I always worked a little harder during those months, but I thought it was because business was just good. Maybe I was actually working harder and creating more business. :goofy:
     
  9. somarco
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    somarco GA Medicare Expert

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    All the advertising makes people think this is the time of year to change everything.
     
    somarco, Sep 16, 2016
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  10. Daytona_Guy
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    Hey there.. I would have been happy to answer if you'd asked.

    The Medicare Advantage companies spend literally hundreds of millions of dollars reaching out via TV (non-stop), full page newspaper ads, and radio ads telling everyone that "Now is the time to review your Medicare plan."

    If you haven't seen it, you haven't been awake. This is the reason for the majority of interest. It's why our phones blow up more than normal. Everyone tells us they're seeing that they need to check on their plans.

    Incidentally, this is the best time of the year to reach out to your existing clients, too (I do this by video sent to e-mail) and let them know what changes are happening in the industry, etc. It goes over VERY well, keeps me "top of mind" and always brings more referrals.


    Chris
     
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