What type of Senior Insurance is best?

by beatuplunchbox » Sun May 04, 2008 03:45 am

During the past few months I have ventured into the seniors market selling Medicare Advantage plans and am thinking of expanding into Medicare Supplements and Long Term care.

When I was marketing Medicare Advantage I talked to hundreds of seniors and came across many who had been signed up for Medicare Advantage for a few years and had different stories on how well these types of plans worked for them.

Many enjoyed the extra benefits the recived from their plan but I also ran across many who had given up supplements and wished to go back. Most disturbing were people who had government or company retirement supplemental insurance that was paid for but unknowingly gave it up when signing up for medicare advantage.

I only signed up people who did not have any type of supplement at all...

My question is this, Is an advantage plan really a better value as far as overall cost than a supplement?

Does anybody have any experiences regarding this?

Total Comments: 7

Posted: Mon May 19, 2008 05:15 am Post Subject:

During the past few months I have ventured into the seniors market selling Medicare Advantage plans and am thinking of expanding into Medicare Supplements and Long Term care.

When I was marketing Medicare Advantage I talked to hundreds of seniors and came across many who had been signed up for Medicare Advantage for a few years and had different stories on how well these types of plans worked for them.

Many enjoyed the extra benefits the recived from their plan but I also ran across many who had given up supplements and wished to go back. Most disturbing were people who had government or company retirement supplemental insurance that was paid for but unknowingly gave it up when signing up for medicare advantage.

I only signed up people who did not have any type of supplement at all...

My question is this, Is an advantage plan really a better value as far as overall cost than a supplement?

Does anybody have any experiences regarding this?



Ill Chime in on this since this is the bulk of my business.

The definition of a Medicare Advantage is that it has to be as good as Medicare or better. So a MA is always better than original Medicare, Im sure some would disagree.

A Med Sup takes care of what Medicare doesnt cover, so its "good" insurance. Problem is, if your healthy why pay the premium? Just jump into a Zero Premium MA and use as you go. Also, Med Supp rates are getting more and more every year since alot of senior are getting into MA's.

In regards to people with group coverage, I usually leave them alone. Unless premium is too high or copays are too high, then I would show a plan that makes sense, most of the time they are better off with the group plan.

Aetna has a MA here in ohio that is $115 a month and works exactly like a Sup (No Copays). At $115 thats a pretty good deal for an unhealth 90 yr old.

Bottom line, everyones situation is different, thats why captive agents scare me... One Company is never the answer to all the problems.

Look at picking up an Indemnity Plan that will help with the cost of Zero Premium plans, I sell alot of these, its very cost effective...

I hope this helps!

Posted: Mon May 19, 2008 06:06 am Post Subject:

Thanks for the info. It is along the lines of what I was thinking, but I wanted to make sure I was doing the right thing for folks. I will look at picking up a cheap indemnity plan to go along with the zero premium plans so that I will have the bases covered. Any suggestions on a good one?

Also, I am having a difficult time selling to t-65s and have went back to writing mainly individual health plans. What is your advice on reaching these folks, many of which do not seem to see the value of having anything more than original medicare?

One more question. I have been told by two different GAs two different things about selling MA only plans to those outside the tuning 65 qualification. One says that I can enroll people for the MA-only anytime of the year, the other says I can't do this outside of IEP,AEP,OEP, or SEP.

Which one is right?

Thanks

Mac

Posted: Mon May 19, 2008 06:18 am Post Subject:

In regards to Indemnity plans I use Guarantee Trust Life, very cost effective with premium. My average quote is about $20 per month and it totally covers the cost in the the hospital. My clients love me lol...

As for what the GA's told you they are both wrong... there are many people that can enroll all year round...

People with Chronic Conditions
People with a Low Income Subsidy
People who are Dual Eligible

The MA thing by itsself was an enrollment period last year and it no longers exists... If you give me your state I can tell you what plans you can sell all year round...

Dual Eligibles are what I sell in the "off Season" if you will, but T-65's are great. I can usually close them, the hard part is getting a hold of them...

What plans are you selling? You gotta have some major carriers, you'll have a hard time peddling Todays Options or Sterling...

Also, how did you get that to work, I have one in my profile, and I got the box checked that says to always attach my sig, but it doesnt work from some reason, enlighten me...

Hope this helps!

Posted: Mon May 19, 2008 06:40 am Post Subject:

Thanks for replying so quickly, and clarifying that for me.

I have contracted with arcadian, chesapeake, coventry, and todays options. I got in too late to get contracted with humana and pacificare.

I know pacificare does have a good special needs program (evercare) for those with special health conditions that allows enrollment year roud for those qualifying in my area.

I have mainly done the coventry plan during the OEP because it had the best benefits in the areas I worked but they seemed to hit some sort of snag with CMS in march causing them to place a much tougher confirmation call to clients and this has caused some to disenroll.

I now am signing people up with chesapeake, it has the lowest priced premium plan in my area and this seems to be doing well for me so far...

As far as the signature, mine started working after 50 posts.

thanks
mac

Posted: Mon May 19, 2008 06:11 pm Post Subject:

Ya the problem with those plans are that they are PFFS, and that scares people. The call for Coventry is terrible, they ark the client "Are you sure?" two or three times, so of course the client is going to second guess themselves.

Look for a good PPO or HMO, and someone with a name (People have never heard of Pyramid Life, Chesapeke, or Coventry). I dont know what state your in, BUt Im sure you have Secure Horizons, Humana, Aetna, Blue Cross Blue Sheild, or Anthem somewhere in the state. I have found that people trust these companies more than a smaller PFFS.

If you dont mind me asking, what county and state are you in?

Oh ya, and Evercare and Wellcare is all Im selling right now.

Posted: Tue May 20, 2008 12:49 am Post Subject:

Evcercare and Secure Horisons are available in my area,(NC) and I completed a contract with them in late march. I just heard back from them and was told that they are not accepting any more contracts in this area untill august when they start the training for the 2009 season. Same story with humana.

Arcadian is the only other HMO and is only available in limited areas and most of the providers seem affiliated with the University of North Carolina medical system in some way.

thanks
mac

Posted: Tue May 20, 2008 02:03 am Post Subject:

You may be trying to contract as a Captive agent. As a brokered agent (Higher commission but no benefits like 401K or health insurance) you most certainly can contract right now. I just highered a couple agents in NC, with no problem.

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