Starting to feel like the wild west and snake oil

[jerryrut]

I am convinced a lot of agents don't understand what they are selling. That includes MAPD and PDP.

And they don't care.

No premium is an easy sale if you spin it right. Many go back and load the client up with add-on crap to fill in the "gaps" in MA plans. They can easily walk away with $1,000 or more in their pocket vs $300 selling Medigap.

So many carriers advertise DTC and make the MA plans seem wonderful.

And now CMS is joining the bandwagon and pushing MA plans as well.

Everyone, including my BIL, loves those plans until they have to use them. Then they grumble and want to get that Medicare supplement plan they refused when they turned 65.

Of course they can't.

It's a fact of life.

I write only Medigap. No MA plans. Used to pass along maybe half a dozen referrals per year to a friend that wrote the MA plans for me.

I don't think I have sent him a single referral in a couple of years.

Most of my new clients are T65. Most know they want a Medigap plan. A few are confused. We talk. They pick the Medigap.

Wrote two last week (husband and wife) and another two today. All T65. Most thought they wanted Medigap but wanted to know more about MA.

We talked.

I explained.

They bought.

Depends on the area you’re working, the needs of your prospect and the MA plans that are available.

 

[Travis Price]

Depends on the area you’re working, the needs of your prospect and the MA plans that are available.

Bob markets differently than most Medicare focused agents.

Most of his leads know up front he's heavy med Supp. It makes sense he doesn't have the MS vs MA discussion as often as most Medicare insurance agents.

 

[jerryrut]

Bob markets differently than most Medicare focused agents.

Most of his leads know up front he's heavy med Supp. It makes sense he doesn't have the MS vs MA discussion as often as most Medicare insurance agents.

Both have their pros and cons so you have to have that discussion if you have your prospects best interest at heart.

 

[Travis Price]

Both have their pros and cons so you have to have that discussion if you have your prospects best interest at heart.

I think you didn't read his post. He says most people come to him for MS, others confused. They talk about options and they choose MS. If they want MA, he forwards them to another agent.

Most of Bob's marketing is content/inbound and referral (not speaking for Bob, just we've had talks about it) people come to him because they know, for the most part, that he's an expert on the topic.

He's not cold calling people and pushing MS.

 

[jerryrut]

I think you didn't read his post. He says most people come to him for MS, others confused. They talk about options and they choose MS. If they want MA, he forwards them to another agent.

Most of Bob's marketing is content/inbound and referral (not speaking for Bob, just we've had talks about it) people come to him because they know, for the most part, that he's an expert on the topic.

He's not cold calling people and pushing MS.

Aren’t we all experts?

 

[axeman462]

Depends on the area you’re working, the needs of your prospect and the MA plans that are available.

Very much so. No agent could survive selling only medsupps in Florida. Even Bankers agents are selling Humana now

 

[CrustyVet]

The real wild west days were 30+ years ago...before standardization, and before most people had ever heard of a zero premium plan. The term Medicare Advantage wouldn't be used till 20 years later. Back in those days it was all supplement business and the seniors buying these plans had little to no education. They were WW1 vets who read at a third grade level, and bought a plan because it was being pitched by their favorite actor on television. No two plans were alike, and you truly had to read all the fine print to know what you were getting. Wanna guess how many people really knew what they were buying?

Zero premium plans were beginning to show up in the early 90's, around the time supplements were becoming standardized. It has taken nearly 3 decades to get to where we are today. Sure, people are still confused, and because of that they are easily swayed, but the vast majority of people being counseled today have many advantages (no pun) over the generations who came before them, and as a whole they are much better educated.

I have been selling to this market since those days and I know how difficult an agent's job is. I know all too well that I can say what I say and my prospect will hear what they hear. I heard someone mention that they ask their customer to repeat back to them what they heard. That is very good practice, but still people will forget six months later what you discussed.

My M.O. is to start at the 30,000 foot level then drill down slowly until all options have been discussed. I draw diagrams and stop immediately when I see a question on someone's face. I tell them that they have choices but they need to be careful and think long term. In general, I find that most people choose a supplement because of its simplistic nature. Ironically, I've also found that those who are financially more comfortable will go with an MA because they can handle the risk, and because they are usually the more savvy customer who can navigate their way around provider issues and such. However, these choices are all made by the individual..not me steering them.

 

[MSIS]

Its unfortunate. CMS seems to not enforce any of their rules either when it comes to selling these plans. I have agents complain about clients being written up 6-7 months out onto an MAPD plan and complained to CMS with nothing done about it. Very disheartening.

 

[myinsurebiz]

(Caveat: not an agent.)

Based on all I have read in the forums, I would suggest that it is not right for an agent not to be sure that his or her customers understand the financial costs and possible care restrictions that could come their way under Part C. For some of us, two years of Part C out of pocket costs, back to back, could represent a major financial disaster. I would also suspect that for at least a few folks with financial restrictions, the decision for Part C over Parts A, B, D became a life and DEATH decision.

This is why you can enroll them in a decent HIP and reduce that risk.

 

[yorkriver1]

As indicated before, that may or may not be the case.

We are dealing with (mostly) folks 65 and up. About 70% of them never bought health insurance before. They were covered by a group plan.

I ask a lot of questions, and listen. Take copious notes and repeat WHAT I HEARD THEM say back if the statement is only partially correct or completely incorrect.

Often they will say "Maybe I misunderstood" or "Maybe they told me and I forgot".

My usual response when they blurt out something not true is "Close, but no cigar". We go back over the misinformation and I give them the correct answer.

I never trash the other agent, carrier rep or SHIP counselor . . . but I do come down much harder on the latter two.

If the only way to make a sale is by putting someone else down (and I am not pointing fingers) then you will probably have a short stint in this business before being sent to the showers.

There are many ways to make your point, and correct misinformation, without put downs.

So your audience is made up of 70% that never bought health insurance and about half that have hearing or memory problems . . . or perhaps all three.

Yes, always good to remember!
I just helped a couple choose MedSupps & PDP's, between them: PhD & MA in science. They are two of the smartest people I know. They were completely in need of walking through every part of the process just like someone who has a high school diploma. They kept saying "we could never have done this without your help".