Turning 65 Leads ?

[Russ]

Frank, Thanks for your wisdom.
I am in IL. Most people here can get a plan G for less than a plan D.
Also here in IL BCBS is a GI all the time for people over 65 on part B.
How are you getting the people to talk with and what do you say?
I found the more money people have the more likely they are to stay on BCBS even if I can save them $1,000 a year.

BC/BS is GI in Florida too. The rates are high, but some people would rather pay the higher premium.

Different strokes for different folks, but I find it easier to write supps on those turning 65 vs. those who are older and already have a supplement.

 

[Frank Stastny]

Frank, Thanks for your wisdom.
I am in IL. Most people here can get a plan G for less than a plan D.
Also here in IL BCBS is a GI all the time for people over 65 on part B.
How are you getting the people to talk with and what do you say?
I found the more money people have the more likely they are to stay on BCBS even if I can save them $1,000 a year.


I know you said before I can call. I have been out for a while. Can I still call you?
Thanks,Dave

You can call anytime you have the time.

Regarding BC&BS, they are attained age rated like most other insurance companies in Illinois. They, however, have automatic premium increases in age increments. For example, when people are about to turn 75 their premium jumps substantially.

The best time to contact those people is when they get the huge increase because they have been lucky enough to reach age 75. (I do not understand why they are "penalized".) That is when you can save them a substantial amount of money.

If you are not licensed with National States you are making a huge mistake. If you contact me I can give you the name of an agent with them who can get you 23% commission. Street level is 20%.

Their Plan D will blow BC&BS out of the water at that age. Never let the fact that they are GI discourage you from prospecting people who have BC&BS. It is a positive that you can use to your advantage.
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I've been doing phone calls for 20 years. I'm stating my success and failures with those 65 and older. Maybe your approach to those turning 65 needs adjusting. I know quite well how folks feel about insurance agents.

You may very well be right!

I have only been doing this for sixteen years. Obviously I still have a "lot to learn".

I have spent the last sixteen years "fixing" the mistakes people have made by either selecting their own policy or listening to agents who are only interested in how much commission they are going to make.

You may want to consider trying to help seniors who already have a Medicare Supplement policy and educate them regarding the best investment of their premium dollar. I have discovered that most agents do not consider that a high priority. Their attitude is to get the most they can and forget about providing any kind of service after the sale.

I have many clients who I wrote Medicare Supplement policies for in 1993. A lot of the clients I have are now telling their children to contact me for their Medicare Supplement policies.

 

[Guest]

Plan F would not be the best choice for a senior in California unless the premium was very close to the cost of a Plan D.

For a 68 year old, of the major players here in CA .. Anthem, Aetna, Health Net, and Blue Shield, only Shield write a Plan D... which costs $110. The others don't. I can sell a 68 year old an Aetna Plan F for $119.

I understand that F plans often have higher annual rate increases, but even so, I still write the F. The D does not pay the Part B deduct nor does it pay any part B balance billing. For $9 a month, I think it is worth the extra to have these covered. You never know when the client has to go to a specialist who does not take assignment and balance bills the added (allowed) 15%. On a surgery that can be a substantial amount.

 

[Frank Stastny]

For a 68 year old, of the major players here in CA .. Anthem, Aetna, Health Net, and Blue Shield, only Shield write a Plan D... which costs $110. The others don't. I can sell a 68 year old an Aetna Plan F for $119.

I understand that F plans often have higher annual rate increases, but even so, I still write the F. The D does not pay the Part B deduct nor does it pay any part B balance billing. For $9 a month, I think it is worth the extra to have these covered. You never know when the client has to go to a specialist who does not take assignment and balance bills the added (allowed) 15%. On a surgery that can be a substantial amount.

With such a small difference in the premium I would write an F also.

In Missouri the difference between an F and a D can be as much as $600 per year.

 

[GreenSky]

Here in CA, the difference in premium between F and D is not much until age 70. A non-smoker iin Fair Oaks, CA can buy Aetna's Plan F for $150 a month. Plan D with Lincoln Heritage is $115 for a man and $110 for a woman.

The difference between most agents is that they do go beyond the "mainstream" to find the proper plans for their clients. This is due mainly beause most agents do not specialize in this area.

The fact that anyone knows that Aetna is a better value than other carriers in California is in itself unusual. Most agents just default to Blue Cross at a much higher premium and in reality are doing their clients a disservice.

Rick

 

[Guest]

The difference between most agents is that they do go beyond the "mainstream" to find the proper plans for their clients. This is due mainly beause most agents do not specialize in this area.

The fact that anyone knows that Aetna is a better value than other carriers in California is in itself unusual. Most agents just default to Blue Cross at a much higher premium and in reality are doing their clients a disservice.

Rick

I agree with Rick in that, while Med supps are not the most complex product in the world to understand, it does take a bit of specialization to make a good fit. If nothing else, someone who specializes in this field will at least know ALL the carriers in client's zip code who will sell a particular "letter."

I write maybe 4 of these things a year so I usually default to either Dave020 or a local guy here in Sacramento on which carrier has the "hot plan" in the area and what will be a good match. If it is not a client of mine (most often a "parent" of a client) I just "trade" the biz away in return for "a player to be named later" (to use a baseball term.)

However, that said, I've always felt "good" about defaulting to the Blues or Aetna for supps because the clients know the name and often have a trust-factor all ready in place. I've never heard of Lincoln Heritage and I'll bet my client hasn't either. This is where an agent (like Rick) who specializes in these products can bring more to the table.

But I do know that the Blues and Aetna give good service to my group and IFP clients so I can only assume that that would carry over to their Medicare plans as well. The devil you know, etc. I've simply not heard any horror stories about claims not being paid or horrible service given by BS, Anthem, or Aetna. Perhaps Lincoln and MoO have lower rates, but there is a lot to be said for service and "trust" that you have first hand experience with.

Personally, when it comes to the older-age market, compared to SPWL, or SPIA, or LTCI, there just isn't enough $$$ in supps for me to be all that interested in the product and I don't go looking to sell it. I have enough on my plate.

 

[medx]

interesting


Medicare Information and Medicare supplement Insurance plans
American Seniors
www.americanseniors.com
National Medicare Supplements
www.nationalmedicaresupplements.com

 

[Frank Stastny]

But I do know that the Blues and Aetna give good service to my group and IFP clients so I can only assume that that would carry over to their Medicare plans as well. The devil you know, etc. I've simply not heard any horror stories about claims not being paid or horrible service given by BS, Anthem, or Aetna. Perhaps Lincoln and MoO have lower rates, but there is a lot to be said for service and "trust" that you have first hand experience with.

In sixteen years there has never been an instance where any of my clients had problems getting the insurance company to pay for their part of the charges. Claims are paid by the companies based on the EOB the company receives from Medicare. As long as Medicare approves the claim it is automatically paid by the insurance company.

It can be Bob's Discount Insurance and your clients will receive the same treatment as they would from one of the "big three". There is no advantage to the client to have a big name company for their carrier other than the "warm and fuzzy" factor. If that is important to them and they are willing to pay more for "warm and fuzzy" they why argue with them.

 

[Guest]

Here in CA, the difference in premium between F and D is not much until age 70. A non-smoker iin Fair Oaks, CA can buy Aetna's Plan F for $150 a month. Plan D with Lincoln Heritage is $115 for a man

That 70 year old man in 95628 can buy a HealthNet Plan F for $126.

The question becomes... are supps bought on price or on "service?" I don't sell even close to enough of these products to know exactly, but my guess with upper-scale clients is that they are sold on "reputation" of the carrier. (Which means that a lot of people I run into would not buy a HealthNet plan. I hear tons of complaints about them... but have no first-hand knowledge. Their Farm Bureau HSA IFP policies seem to pay claims without any issues from what I'm told.)
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There is no advantage to the client to have a big name company for their carrier other than the "warm and fuzzy" factor. If that is important to them and they are willing to pay more for "warm and fuzzy" they why argue with them.

I live in "Geriatric Estates" so to speak. People don't sell their houses here... they die in them.

For the hell of it, I called 3 of my 65+ neighbors and asked "Assuming the prices are within $200 a year of each other, would you buy a Med Supplement for a lower price from a company you never heard of, as opposed to a well-known "brand" even if I guaranteed you that your claims would be paid?"

Not one of my neighbors said they would. Now this is hardly scientific or definitive, but interesting none the less. It would be more interesting to see what response you would get in a lower economic demographic where $200 really means something. Most of my neighbors spend more than $200 a year on bird seed or cat toys!

Here is my house and neighborhood, FYI.

Al
Preserve your memories

 

[benl]

What Captain said.

The quickest way to discourage a new agent who is working the senior market is to give them a list of people turning 65.

I have tried numerous times using everything I could think of to market to T65 people. It is a waste of my time and energy. In the time it takes me to make one sale to that group I can sell several Med Supps to those who already have taken a Med Supp several years ago.

If done correctly, Med Supps are the easiest type of insurance to prospect for and sell. I purchase lists of people between 67 & 78 with incomes starting at $12,000 per year.

I do my own telemarketing and have a very smooth approach on the phone when I first contact them. I have not purchased "leads" in close to eight years.

To me, buying "leads" to work the senior market is a huge waste of money considering how easy it is get appointments. The ROI is over 90% and does not require nearly as many sales to make more money than the agent who is paying huge dollar amounts for "leads" that are nothing more than a name and phone number.

Frank,

Can you let me know what your smooth approach on the phone is or your script?
Thanks Ben