How do we generally make money? By solving a problem for someone. How do we make more money? By solving more problems for more
people. How does one get rich? By solving problems for a lot of people.
Insurance agents get paid by solving problems for
clients. Think of yourself as a problem
solver and not as a person selling insurance plans. This thinking and approach will maximize your
income potential.
Medicare Advantage Illustration:
When covering the benefit for Part B drugs (drugs administered
in a facility), ask client if they know anyone that has experienced
cancer. Most everyone has some story to
tell on this topic. (If it is their
personal story from within the last 5 years, they will not qualify under this
illustration).
Today, many cancers are curable and long term survival rates
continue to increase. But cancer
treatment is expensive. Many
chemotherapy treatments (Part B drugs) can cost thousands of dollars per
treatment and run 4 to 12 months or longer. Part B drugs is the single largest
financial exposure item in Medicare Advantage Plans.
At 20% coinsurance, treatment for an internal cancer
diagnosis will most certainly result in one calendar MOOP (Maximum out of
Pocket) and most likely two. Treatment
begun in the 2nd half of the year will likely continue into the next
year.
If annual MOOP is $5,000,
ask the client if paying $10,000 (2 MOOPs), potentially within a timeframe of
less than a year, would be a problem for them.
Most will say YES.
You say, “what if I
can solve that problem for you today for about $30 per month?” Or perhaps you say, “what if I can solve that
problem for you today for less than $50 per month and guarantee all your
premiums are refunded if you never get cancer?”
Solution: GTL Precision Care without
or with Return of Premium rider.
- · Include critical illness insurance on your SOAs
- · Know basic underwriting for cancer insurance plans. Obviously you would not propose this solution to someone who you know would not qualify.
FAQ: Wouldn’t a
hospital indemnity plan with a cancer rider be a better solution? A: Perhaps,
if the hospital out of pocket exposure would be a problem for them, you might
solve that too. Hospital indemnity plans
with cancer riders are more expensive and normally have more underwriting. Use questions to identify problems and use
your product set to solve those problems for the client.
Jeffrey VanCleve
Lighthouse Insurance Marketing
330-354-3901
