Why buy a plan "J"

[insurance0707]

thanks Frank for the compliment. I just had a case where a prospect had Plan J with Bankers Life. He was paying $196 a month on it. I offered him Plan J with AARP for 122 a month. I explained those extra benefits, how they're rarely used, but he wanted to stick with Plan J. The Banker's Life agent was like a pitbull. He told the client that AARP was attained age, he told them they would have numerous rate increases, he did everything but put on a scary outfit and jump out of the closet to scare this guy. I had to show the client that Bankers is the attained age policy, not AARP, I had to explain that whenever an insurance company wants to have a rate increase they have to go to the state insurance department and prove why they should have a rate increase, they can't just do it whenever they want. I go the sale but it took a lot of educating this person. Who knows what else this agent said to this guy.

 

[Frank Stastny]

thanks Frank for the compliment. I just had a case where a prospect had Plan J with Bankers Life. He was paying $196 a month on it. I offered him Plan J with AARP for 122 a month. I explained those extra benefits, how they're rarely used, but he wanted to stick with Plan J. The Banker's Life agent was like a pitbull. He told the client that AARP was attained age, he told them they would have numerous rate increases, he did everything but put on a scary outfit and jump out of the closet to scare this guy. I had to show the client that Bankers is the attained age policy, not AARP, I had to explain that whenever an insurance company wants to have a rate increase they have to go to the state insurance department and prove why they should have a rate increase, they can't just do it whenever they want. I go the sale but it took a lot of educating this person. Who knows what else this agent said to this guy.

Ya done good darlin.

I believe agents who try to "sell" seniors a Med Supp are not going to be as successful as the agents who spend their time educating the prospect.

My dog and pony show is all about educating them. I talk to them about issue and attained age, how premiums are determined, and the reality of using the different benefits a plan offers. I make sure they understand the term "Accepts Assignment". A lot of them don't or have been given bad information.

Prospects have told me that agents have said that even if "their doctor" accepts assignment that specialists and surgeons don't and without Plan F they could end up losing their house due to uncovered medical bills.

I explain to them that in Missouri where "all" doctors, including surgeons and specialists, accept assignment the only reason an agent is trying to sell them a Plan F is because the agent earns more commission.

Don't try to sell a senior a Med Supp. Educate them using logic and facts and they will not only be "sold" but they will thank you for being the first agent who really explained Medicare and Med Supp insurance to them.

 

[scottfree]

If Plan J is cheaper than F, go with it. There is little difference. The preventative care benefit is really not needed because Medicare covers so many tests anyway, and at-home is almost never used.

Why Plan D/G vs. F? At age 70, it may cost a person $300 a year (or more) to choose F over G. The Part B deductible is $135. That means it costs $165 a year more than the benefit. Even when a doc does not accept assignment (maybe 1-2% of the time), the cost rarely will exceed $165 a year.

I recommend Plan F for T-65 because it is a better deal than D or G. Once they turn 70, I suggest the opposite. It's all math.

Dave, give me a call and I'll go over the figures using companies other than Blue Cross/Shield. I'll learn ya good!

Rick

I live in Arkansas and the companies with the best rates are below. Admiral is the lowest but not established.

Just wanted to add a quick comment. Arkansas is a community rated state so a 65 or 80 year old pay the same rate. I have heard that J is going away so rates will go up eventually.

Here are some comparison of rates in AR

Admiral F $107.50
American Continental F $113.62
Sterling F $127.12
United of Omaha F $121.86

Admiral G $94.67
Sterling G $96.71
United of Omaha G $103.58

American Continental J $114.20
BCBS J $116.00

 

[Frank Stastny]

I live in Arkansas and the companies with the best rates are below. Admiral is the lowest but not established.

Just wanted to add a quick comment. Arkansas is a community rated state so a 65 or 80 year old pay the same rate. I have heard that J is going away so rates will go up eventually.

Here are some comparison of rates in AR

Admiral F $107.50
American Continental F $113.62
Sterling F $127.12
United of Omaha F $121.86

Admiral G $94.67
Sterling G $96.71
United of Omaha G $103.58

American Continental J $114.20
BCBS J $116.00

Great rates.

Doesn't it make you wonder why there is such a tremendous difference from state to state? It sure does me.

There is a huge difference between the rates in St. Louis and KC than there is in the rest of the state.

 

[scottfree]

Great rates.

Doesn't it make you wonder why there is such a tremendous difference from state to state? It sure does me.

There is a huge difference between the rates in St. Louis and KC than there is in the rest of the state.

They are great rates and I should have clarified that those are the rates for the NW corner of Arkansas. Little rock is higher and there are about 4 different rates across the state. This area does have the best.

As far as different rates, that even comes into play with the MA plans. In the area I am, we get all the lower premium and better plans such as Humana Gold Choice is $0 where in Little Rock plans are $69 or $89.

I you ever figure out the difference between the states or areas within the states, let us know