UHC / AARP Medicare Supplement Plan Sales

[iceco1d]

Hello everyone,

The IMO for my state has been trying to recruit me to sell these (I apparently can cover about 5 counties due to lack of coverage in my area). At first, I was thinking it's not worth it because there isn't enough money in it, and I do insurance business as a side to my primary market (retirement planning and investments).

But I've been hearing this IMO out, and it seems easy enough to get in front of people because of the AARP endorsement (she pitched me on cross-selling other services to my Med-Supp clients, but I'm not sure how Kosher that is).

Anyway, this lady says she is the IMO for my entire state, and that's how UHC does things these days and it's a standard contract.

So I thought I'd post a topic here and get some insight from the pros because I am WORTHLESS when it comes to health insurance, and even more worthless when it comes to Medicare, Supplements, and Advantage plans (apparently UHC does NOT have an Advantage plan in my local market).

So if anyone has any commentary related to these questions, I'd love to hear your input...

1. Is UHC legit in this marketplace? I assume so because of the AARP endorsement. But sometimes I wonder if I'm getting the ole' Primerica/Banker's Life/AXA/etc. pitch, and if I take this appointment, "real" Senior Market reps will laugh at the arrows I have in my quiver.

2. Is there opportunity to make real money doing this? I was intrigued at first, but now I'm finding that their Supp policies only pay commissions for 6 years. So if I get a policy to stick for 6 years, I'm going to make a thousand bucks over that time (give or take depending on the plan, etc., but you get the idea). So if I can sell 50 policies a year (no idea if that's possible) I'm basically adding $50,000 a year in income to what I'm already doing. Is that reasonable? Is 100 policies reasonable?

I asked the lady this and she said "Oh yeah, you can make six figures." I said, "well that's a pretty big spread" and she said "well it's not going to be $500K, but it's 6 figures). I probably won't bother to do this if I'm looking at making $20,000 a year at it, but if I can work it into my existing marketing and make $50 - $100K a year or more, plus do some cross selling, then it would be a nice additional income stream. Any commentary from vets on income potential and cross selling opportunities (if there are any)?

3. What's the service like typically? Is it the occasional "I need to switch this or that" or is it a PITA that I'm going to need to use my support staff for?

4. Any other commentary / advice? Alternatives I should be looking at? Etc.

TIA

 

[WCMason]

Hello everyone, The IMO for my state has been trying to recruit me to sell these (I apparently can cover about 5 counties due to lack of coverage in my area). At first, I was thinking it's not worth it because there isn't enough money in it, and I do insurance business as a side to my primary market (retirement planning and investments). But I've been hearing this IMO out, and it seems easy enough to get in front of people because of the AARP endorsement (she pitched me on cross-selling other services to my Med-Supp clients, but I'm not sure how Kosher that is). Anyway, this lady says she is the IMO for my entire state, and that's how UHC does things these days and it's a standard contract. So I thought I'd post a topic here and get some insight from the pros because I am WORTHLESS when it comes to health insurance, and even more worthless when it comes to Medicare, Supplements, and Advantage plans (apparently UHC does NOT have an Advantage plan in my local market). So if anyone has any commentary related to these questions, I'd love to hear your input... 1. Is UHC legit in this marketplace? I assume so because of the AARP endorsement. But sometimes I wonder if I'm getting the ole' Primerica/Banker's Life/AXA/etc. pitch, and if I take this appointment, "real" Senior Market reps will laugh at the arrows I have in my quiver. 2. Is there opportunity to make real money doing this? I was intrigued at first, but now I'm finding that their Supp policies only pay commissions for 6 years. So if I get a policy to stick for 6 years, I'm going to make a thousand bucks over that time (give or take depending on the plan, etc., but you get the idea). So if I can sell 50 policies a year (no idea if that's possible) I'm basically adding $50,000 a year in income to what I'm already doing. Is that reasonable? Is 100 policies reasonable? I asked the lady this and she said "Oh yeah, you can make six figures." I said, "well that's a pretty big spread" and she said "well it's not going to be $500K, but it's 6 figures). I probably won't bother to do this if I'm looking at making $20,000 a year at it, but if I can work it into my existing marketing and make $50 - $100K a year or more, plus do some cross selling, then it would be a nice additional income stream. Any commentary from vets on income potential and cross selling opportunities (if there are any)? 3. What's the service like typically? Is it the occasional "I need to switch this or that" or is it a PITA that I'm going to need to use my support staff for? 4. Any other commentary / advice? Alternatives I should be looking at? Etc. TIA

1) UHC very legit. I don't recommend it to my prospects, but many lean toward them initially. Others want anything but. Good to have. Not good to have no alternatives.
2) Yes. If you get in front of enough people, have a good contract, and are reasonably competent, you can make a nice living. 100 policies a year is doable if you have a way to get in front of people.
3) I've found service calls manageable, except during AEP for Rx reviews. That is a challenge that grows as the book does. I do have someone to answer inbound calls and handle "I need to find a rheumatologist who takes Medicare" calls, which helps.

 

[liorselamb]

I stay away from anything with the AARP logo on it. So many better choices for you and for your clients out there....

 

[WCMason]

I have found that by recommending other plans but being contracted with UHC/AARP I have more credibility with those who are inclined toward them than if I can't help them with AARP. I contracted with them for that reason. Maybe 1 of 200 take them.

 

[Chazm]

Depends on the state you're in too.
If you don't have UHC in FL you'll have a lot of chargebacks.

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I stay away from anything with the AARP logo on it. So many better choices for you and for your clients out there....

You're obviously just referring to your area

 

[WCMason]

Depends on the state you're in too. If you don't have UHC in FL you'll have a lot of chargebacks. ---------- You're obviously just referring to your area

So true. Zip code matters. UHC seems to be more competitive in areas with high senior population. Not so much elsewhere.

 

[iceco1d]

Wow, thanks for all of the responses guys, that was fast!

Is there any truth to UHC having only 1 IMO per state? This person trying to recruit me says she is the only IMO authorized to rep the AARP endorsed plans in my state.

I read the appointment contract, and it also has a clause saying I will not represent any other med supp carriers in my territory. Sounds like that is b.s.?

 

[goillini52]

Wow, thanks for all of the responses guys, that was fast!

Is there any truth to UHC having only 1 IMO per state? This person trying to recruit me says she is the only IMO authorized to rep the AARP endorsed plans in my state.

I read the appointment contract, and it also has a clause saying I will not represent any other med supp carriers in my territory. Sounds like that is b.s.?[/QUOTE]

That doesn't sound right. That's captive. They have an independent contract. I wouldn't sign that one.

 

[Josh]

Wow, thanks for all of the responses guys, that was fast!

Is there any truth to UHC having only 1 IMO per state? This person trying to recruit me says she is the only IMO authorized to rep the AARP endorsed plans in my state.

I read the appointment contract, and it also has a clause saying I will not represent any other med supp carriers in my territory. Sounds like that is b.s.?

There is probably some version of what she's saying that is true, but there is no way in hell she's the only IMO authorized to sell the AARP plans. Half the recruiters on here could give you a contract right now.

 

[axeman462]

Hello everyone,

The IMO for my state has been trying to recruit me to sell these (I apparently can cover about 5 counties due to lack of coverage in my area). At first, I was thinking it's not worth it because there isn't enough money in it, and I do insurance business as a side to my primary market (retirement planning and investments).

But I've been hearing this IMO out, and it seems easy enough to get in front of people because of the AARP endorsement (she pitched me on cross-selling other services to my Med-Supp clients, but I'm not sure how Kosher that is).

Anyway, this lady says she is the IMO for my entire state, and that's how UHC does things these days and it's a standard contract.

So I thought I'd post a topic here and get some insight from the pros because I am WORTHLESS when it comes to health insurance, and even more worthless when it comes to Medicare, Supplements, and Advantage plans (apparently UHC does NOT have an Advantage plan in my local market).

So if anyone has any commentary related to these questions, I'd love to hear your input...

1. Is UHC legit in this marketplace? I assume so because of the AARP endorsement. But sometimes I wonder if I'm getting the ole' Primerica/Banker's Life/AXA/etc. pitch, and if I take this appointment, "real" Senior Market reps will laugh at the arrows I have in my quiver.

2. Is there opportunity to make real money doing this? I was intrigued at first, but now I'm finding that their Supp policies only pay commissions for 6 years. So if I get a policy to stick for 6 years, I'm going to make a thousand bucks over that time (give or take depending on the plan, etc., but you get the idea). So if I can sell 50 policies a year (no idea if that's possible) I'm basically adding $50,000 a year in income to what I'm already doing. Is that reasonable? Is 100 policies reasonable?

I asked the lady this and she said "Oh yeah, you can make six figures." I said, "well that's a pretty big spread" and she said "well it's not going to be $500K, but it's 6 figures). I probably won't bother to do this if I'm looking at making $20,000 a year at it, but if I can work it into my existing marketing and make $50 - $100K a year or more, plus do some cross selling, then it would be a nice additional income stream. Any commentary from vets on income potential and cross selling opportunities (if there are any)?

3. What's the service like typically? Is it the occasional "I need to switch this or that" or is it a PITA that I'm going to need to use my support staff for?

4. Any other commentary / advice? Alternatives I should be looking at? Etc.

TIA

1) yes

2) yes, but adding 50-100 policies a year would take some time and dedication every week, which may take away time from your other business. You would need to decide which is more valuable to you.
Using the supps stictly as a cross-sell or for referrals is a good idea though

3) low service. usually just for Pt D plans in the fall, or the occasional wrongful billing

4) since your in FL, you may want to look at MAPD also

also for the IMO thing, I am not aware that there is only one per state. I personally have my uhc contract through Todd King, but he is in another state...

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I stay away from anything with the AARP logo on it. So many better choices for you and for your clients out there....

lol not in FL, wish there were though. I aint a big fan of AARP either....