Wellcare Offices Raided by FBI
- Thread starter 2112Greg
- Start date
- 11,280
Easy on the name calling here Somarco. 
I find it amazing how some agents are happy to hear news like this and the thought that MA plans could be terminated in the future. I have hundreds of clients that are on theses plans and if they did get rid of them I could sell them a supplement. The problem in this thinking is that about 30% of my clients were on Original Medicare before 06. With the rising cost of Med sups, gas, food and the general cost of living I think the the % of people having to go on Medicare only would now be even higher. I have never talked someone into an MA plan and have shown people their options. Actually I make more on a med sup with renewals than I make on MA's.
I have talked to many of my clients over the last couple of years and get countless referals and I hear all the time on how much money they have saved on these plans. I have talked to a handful of people that have paid more in bills on an MA this last year but they also have said that they still wouldn't go back to a sup because it was just one of those years and they still broke even because their spouse had a good year.
Just putting in my 2 cents, and I support and hope that MA's don't go away.
I think that when the smoke settles Wellcare will be fine for the upcoming year and I am not going to jump to any conclusions on what may have happened in Tampa. Everyone loves to jump in on the rumor mill.
I have talked to many of my clients over the last couple of years and get countless referals and I hear all the time on how much money they have saved on these plans. I have talked to a handful of people that have paid more in bills on an MA this last year but they also have said that they still wouldn't go back to a sup because it was just one of those years and they still broke even because their spouse had a good year.
Just putting in my 2 cents, and I support and hope that MA's don't go away.
I think that when the smoke settles Wellcare will be fine for the upcoming year and I am not going to jump to any conclusions on what may have happened in Tampa. Everyone loves to jump in on the rumor mill.
Thank you for your post, Scottfree. I think of and sell Medicare Advantage in much the same manner as you do.
I was beginning to think this thread was just a big MA-bashing party! I know there are a lot of veteran med supp agents out there that would dearly love to see MA plans to go the way of the dodo so that they would have one less product to compete against, but I don't think it will...there are far too many people ensconsed in the program for some free-market-hating democrats to put the kibosh on it.
All this doom and gloom talk is nonsense if you ask me. Besides, if MA plans did go away, do you know how many private insurers in this country would probably go belly up? Do you know how many of them are Fortune 500 companies? What do you suppose that would do to the U.S economy? Think about it.
I was beginning to think this thread was just a big MA-bashing party! I know there are a lot of veteran med supp agents out there that would dearly love to see MA plans to go the way of the dodo so that they would have one less product to compete against, but I don't think it will...there are far too many people ensconsed in the program for some free-market-hating democrats to put the kibosh on it.
All this doom and gloom talk is nonsense if you ask me. Besides, if MA plans did go away, do you know how many private insurers in this country would probably go belly up? Do you know how many of them are Fortune 500 companies? What do you suppose that would do to the U.S economy? Think about it.
I don't think it is co-incidental that the Wellcare Director sold 10,000 shares the day the SChip bill was vetoed by Bush. Wellcare gets most of its revenues from Medicaid, primarily in the Florida market. He gets his $1.2+ million, and then immediately Florida's Medicaid Fraud division calls in HHS and the FBI. Wellcare is in trouble, despite what they are trying desperately to portray to the public. Agents are not going to fare well in dealings with them. (Understatement of the year) But I am reticent to leap to the conclusion this will adversely affect the whole MA market.
For one thing, I left a group earlier this year that dealt with MA plans to the exclusion of Med Sups for just the same reason that several other posters have spoken about. It is not a one-size-fits-all. Some people are best served with a Med Sup plan, while others (especially in the under $40K income bracket) fare best with an MA. That's why I carry several Med Sup carriers as well as several MAs. It is not just that I don't put all my eggs in one basket, but that people need choices. They should not be pushed into accepting one or the other. Display their options and let them make the decision. A gentle guidance with advice for their situation does better than a hard-sell, and this, I believe, is the aim of CMS regulations in the MA arena.
I would encourage other agents to carry a mixed bag, too. It tends to keep you from being biased, which may lead to an inappropriate sale.
For one thing, I left a group earlier this year that dealt with MA plans to the exclusion of Med Sups for just the same reason that several other posters have spoken about. It is not a one-size-fits-all. Some people are best served with a Med Sup plan, while others (especially in the under $40K income bracket) fare best with an MA. That's why I carry several Med Sup carriers as well as several MAs. It is not just that I don't put all my eggs in one basket, but that people need choices. They should not be pushed into accepting one or the other. Display their options and let them make the decision. A gentle guidance with advice for their situation does better than a hard-sell, and this, I believe, is the aim of CMS regulations in the MA arena.
I would encourage other agents to carry a mixed bag, too. It tends to keep you from being biased, which may lead to an inappropriate sale.
