Suckered by Mutual of Omaha

[vipoffer]

Scott, you are correct.

The only thing I can hope for is they talk to me somewhere along the process and I have a chance to talk about the value I bring to the table.

Plus if they call me they won't have to press 1 for English . . .

The only thing an agent can do to preserve their block is to stay in constant contact and offer information that is helpful. Not just Medicare related, but anything of interest to your client base.

I send out an email newsletter every month. Tips on saving money, travel, food, Medicare news and always a funny meme or cartoon.

Lately I have made it a bit more personal including info on my family and that was well received.

What works for me may not for you. It is a constant battle but considerably easier than fighting the U65 health insurance rate increase battle.

That whole part! Knowing your USP and marketing it to your clients.

 

[CrustyVet]

What a great way to wrap the situation when folks can't pass medical underwriting. Even if they can, of course, savings on Rx is good. I saved some folks about $1,000 each a few years ago. Doesn't happen that often, but always worth checking for multi-Rx clients for sure.
It's hard to decide on carriers in any perfect way, just aiming for best decision in any given year. I am staying away from the newest low price leader plans new to the market. I learned a long time ago that those situations often have the biggest rate increases.

 

[CrustyVet]

That last sentence is the best advice to follow. You can't avoid rate increases, they are inevitable. In fact, they are built in (with attained age). In general though, I have always found that the lowest premium plans today are among the highest premium plans 4 to 5 years later. I look for companies with the largest book of business that are priced just under the middle of the pack. They SHOULD prove to be the most stable. Stay away from the newbies that are trying to buy lives. They are popular with the agents selling on price. Once the claims begin to show up a couple of years down the road those low premiums quickly change, and then those same agents destroy what's left of that book by stripping away the healthy lives. It's a death spiral after that and if you ever have clients stuck there you will regret it.

 

[mdlovell]

Agree 100%. I'm basically of the opinion now that no matter what criteria I use... it's just a guess - even if I do want to do a good job picking a carrier. We may think we know what'll happen, but we don't.

Similar to Somarco - my book is purposefully mixed. My last 10 med supp sales, 5 carriers (aetna, MoO, Heartland, CSI, and UHC). Go back a few weeks and you'll see some Lumico, Anthem, and a bunch of others in the mix. The mix is good IMHO. I also have MAPD business in there too - I think that'll become more and more common.

I'm curious how you purposely mix your book? I'd like to mix mine more but aren't sure how I should be intentionally doing that.

 

[sshafran]

I'm curious how you purposely mix your book? I'd like to mix mine more but aren't sure how I should be intentionally doing that.

I think it just happens naturally by keeping up with the options... we have new carriers all the time.

I've found, after several years working T65s, that "brand" can help make the sale. i.e., they are so inundated with everything, that they tend to be more likely to pull the trigger on a well-known, well-priced carrier.

Example - someone is T65 and Plan G starts at 105 from Lumico, 106 from New Era, 108 from Heartland, and 109 from Humana, and 117 for UHC. Not a real-life example....

It's really, really easy to pitch it like this:

• Looks like 105 is the lowest, and we can do that carrier. Now, they are new - just over 1 year in the market.... but they are the lowest and Plan G is Plan G no matter what carrier you buy it from.
• There are a few other small carriers, similar to Lumico around that same price ("by the way, I'll be sending all these prices to you in an e-mail - you don't need to write everything down")
• Looks like Humana, a few dollars more, is the first "big name" company at 109. After that... let's see, a few more small companies - looks like UHC is 117...

7 times out of 10... you'll either get, "let's just do Humana" (or whatever the lowest brand company is). 2 times you'll sell the lowest - whatever carrier that may be. 1 time you'll get UHC - they want to pay extra for "the one from AARP (their words, not mine)."

And if you are selling in a few states, the grid will be different depending on the state, so your business will naturally spread out. Then, a new carrier will come in... becoming the "new Lumico."
--
Fast forward 4 years.... it's 2024, and you're talking to your current client you've had since 2019...

Well, John, Humana is now $143, looks like Ureka is coming in at $116. At this point, they are no longer as carrier specific, and they understand the deal a little bit more now. G is G is G is G.... they may not necessarily want a no-name, but I find them to be a bit more receptive to the no-name carriers.

 

[somarco]

We do things in a similar fashion but I rarely ever sell the household name.

Last year that changed with the "re-branding" of BCBSGA as Anthem. Got tired of fighting the "does this carrier have Silver Sneakers?" so I caved and started pushing Anthem.

Sold 30 or 40 Anthem in the last 6 months of 2018 on the strength of Silver Sneakers.

Now I am up to just over 60 clients with Anthem.

 

[sshafran]

Fast forward 4 years.... it's 2024, and you're talking to your current client you've had since 2019...

For the record, I never claimed to be good at math.

 

[somarco]

For the record, I never claimed to be good at math.

Yeah, tell me.

What about that $1800 you still owe me?

 

[sshafran]

Yeah, tell me.

What about that $1800 you still owe me?

I sent you $.05. We agreed to this payment plan... don't rush me.

 

[somarco]

I sent you $.05. We agreed to this payment plan... don't rush me.

You got the deal of a lifetime. I was probably drunk at the time.

Don't ask for any more favors.