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Medicare Independent Agent vs Captive/Insurance Company Employee - YouTube
Channel: Christopher Duncan RICP庐
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hi this is chris duncan here again and
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i'm here to help explain a few
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different things for you when you are
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shopping for different medicare
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supplement plans
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now you may be turning 65 and brand new
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to medicare or maybe you worked a few
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years
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past the age of 65 and are now retiring
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or you're trying
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to help out a friend or a relative
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whatever the reason i'm here to help you
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i know there are a lot of choices out
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there in this video i will want you to
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know
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how we shop for the different plans and
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the technology tools that we use to do
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this i'm also going to show you
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how there are other factors and this is
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important
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that you need to be looking at that are
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other than price before i go on it would
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help me a lot if you would give a
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like to this video a thumbs up and
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subscribe to my youtube channel and
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facebook page
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that is something that helps me reach
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more people that are in need of my help
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this will also provide you with future
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updates and important information
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now that you subscribed let's get into
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what you probably already know
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one of the things you're probably
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looking at are what the different plans
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cover
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you have your plan f plan g plan n
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high deductible plan f high deductible
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plan g plans k and l and so on
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some of the plans have deductibles some
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have co-pays
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but all of the benefits from all the
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plans they're very different
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it is these differences that we discuss
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when we are looking to help our
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customers
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in finding the exact right plan that
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satisfies their needs the best
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this customization it's very important
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for example we routinely have husbands
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and wives on different plans and
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companies
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why the reason we put them on different
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plans is quite simply
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their needs are different you don't want
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to get a plan just because that is what
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your neighbor got
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you want a plan that fits your specific
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needs
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whether we're talking about plan f plan
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g plan
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n i'm sure you've seen in your research
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that each company must have
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the same benefits so the benefit
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structure is the same
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with each company the only difference
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between the companies is
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price but there are a few factors that
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really
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go into this price when we help you we
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don't just look at the initial price the
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companies are offering we are also
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looking at
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what is the rate increase history of the
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company some companies are notorious and
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i'm not going to mention them by name
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here
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but they like to come in with a very low
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initial offering and then raise your
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rate substantially
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you don't want to be taken by that you
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need to know how the company you are
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looking at has increased their premium
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over time
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whether it is the plan g with company a
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or plan n with company b
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we can find out how quickly they go up
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when you are researching you may hear
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that company a is a great company or
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company b is a great company and you
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decide
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to go ahead and get this company only to
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find out later that their rates are
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a lot higher than other companies or
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their rates increase a lot faster than
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other companies
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now i'm going to tell you a little
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secret about medicare supplement
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companies
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they have nothing to do with the
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decisions that are made with your health
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care
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we are so used to looking at our
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insurance companies as the gatekeepers
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of our healthcare
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where they make all the decision well
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with medicare supplements
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the medicare supplement doesn't have any
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say whatsoever on what procedures are
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done
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what doctors you see nothing when you
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have original medicare
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medicare controls all of that your
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medicare supplement company is
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there to follow medicare and simply pay
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the deductibles co-pays co-insurance etc
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that medicare has already paid a
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majority of the bill for
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a quick example and i'll get off my soap
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box and then i'll move on
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there are many agents and usually they
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are captive meaning they are employed by
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the insurance company
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they will tell clients that their
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company is the best because they approve
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the most procedures and they approve
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them fast
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and they pay more claims than anyone
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else medicare supplements
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they have nothing to do with this when a
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doctor orders a test or a procedure
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they're not informing the medicare
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supplement company and asking permission
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or asking
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if they will pay the claim the doctor is
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informing medicare medicare decides what
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is covered and what procedures are
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covered not the medicare supplement
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company
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the medicare supplement is literally
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just along for the ride
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if you get a chemotherapy treatment and
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that is approved by medicare and the
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negotiated bill is five thousand dollars
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and i'm just making up a number here
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medicare is going to pay 80 of that
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claim and if you have a medicare
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supplement where it pays the other 20
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the medicare supplement is going to pay
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that 20 percent
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the medicare supplement company can't
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say no doesn't matter what company you
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have
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because the claim is medicare approved
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the supplement company
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must pay so don't let someone bamboozle
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you into thinking that the medicare
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supplement company you pick
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makes any decisions on what tests
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procedures etc
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that are performed and covered that is
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all controlled by medicare
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i apologize for going off on that little
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tangent if that made sense
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though please leave a comment or ask a
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question in the comment section of the
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video
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getting back to the prices some
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companies start out low
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and they go up fast we try to avoid
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those some companies actually start high
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and go up fast those are usually the
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companies that are trying to convince
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you that their medicare supplement is
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superior
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because they approve the most procedures
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then there are the companies that
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start low but usually not the lowest but
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near the lowest
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and they go up slow this is generally
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what we're looking for
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generally we are looking for a name
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brand company
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a good company with a high financial
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rating with am best
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the company we are looking for has the
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ability to keep their rates as stable as
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possible
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over time i understand you may be
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thinking that this is a lot of
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information this is a lot of info for me
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to wrap my head around
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it's a lot of info for me to figure out
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i mean how am i going to figure all this
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out
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at this point i have to tell you if you
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haven't considered using a broker
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this might be a good reason for you to
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do that and don't just pick anyone
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make sure the broker you pick has the
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tools needed for the job
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you don't want a broker that is going to
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provide you a plan that is going to pay
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them the most or give them a bonus
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not the plan that is easiest to sell not
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the cheapest plan
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what you want is the plan that is going
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to be the long-term solution
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for your medicare needs before i show
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you how we get all of our data i want to
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take a moment to demonstrate what it's
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like using an independent agent
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versus a captive agent that comes to
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your home or the type of agent that
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works directly at an
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insurance company so i went out to
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walmart and got this highly
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sophisticated demonstration kit i tried
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to get that kit remember when we were
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kids
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it had the wooden blocks the circle the
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square the star and you put those in
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there i couldn't find one of those
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but i found this and quite frankly it
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probably
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goes ahead and is a better example than
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what i was thinking of getting but
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obviously this is the alphabet
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these these literally can represent the
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different plans and different companies
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that you can get and with an with a
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captive agent that only represents one
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company
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you only have access to a few of their
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plans you know maybe four of them up
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here
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all right and the same thing is when you
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are calling an insurance company
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directly they can only talk about
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their plans and their prices they can't
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compare the prices from the other
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companies
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as well so they only got access to a
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little bit and you're you're literally a
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letter we'll just pick one up here
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let's see we got the letter looks like
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the letter c and anyway if you're
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talking to one of these guys
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all right and you're a c which means
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your needs are the letter c
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and you're looking at you're talking to
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a captive agent and they're representing
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these plans through here whatever this
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is afl
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you don't fit in there and they
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literally try to fit you in there so
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what they do
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is they try to sell you and convince you
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remember how i was telling you how they
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try to convince you their plan is better
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than everybody else if they have more
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procedures that they pay for
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so they're trying to convince you and
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sell you not paying attention so much to
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your needs
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right and you don't fit into any of
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these all right same thing happens when
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you call the insurance company directly
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you know you maybe you're a letter
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you're a letter v
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okay you're a v and you're talking to
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the insurance company and
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they really represent plans and prices
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that are good for abs and people are avs
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and c's but you're a v and you don't fit
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in there
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okay you don't fit into any of these
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plans but with an independent agent and
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someone like myself
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i don't have to worry about the benefits
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and everything in the plan first what i
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do
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is i talk to you we have a pleasant
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conversation i want to know what your
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needs are
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all right do you do you see a lot of
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different doctors do you go to the
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doctor a lot maybe you only go to the
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doctor once a year that's gonna start
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telling us what your needs are
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and it's going to start i'm not going to
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look at the letter all right i'm not
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looking at the letter
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here we go didn't look at the letter i
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don't know what i've picked up
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but as we talk it develops
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into which letter that you are there are
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some people they say i see lots of
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doctors chris
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i need a lot of freedom to go see any
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doctor that i want okay
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we file that back we know we're probably
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going to need that type of plan all
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right talk to somebody i go tell me
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about your current insurance and they
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say i have an hmo plan right now really
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if you like that hmo they go chris it's
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a great price and
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all the doctors are in my network and i
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know how to use it so
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the hmo plan is isn't bad for me not
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okay great then i know you might be an
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hmo
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type of person you might be a ppo type
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of person you might not want any
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restrictions whatsoever maybe you want
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something that has
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you know a higher deductible that has
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some co-pays built into it so you have a
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lower premium
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maybe you want something as a low
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deductible with no co-payments in there
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but you have a higher premium of that so
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each person is a different letter and i
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still don't know what the letter this is
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but it doesn't matter
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because that's what my goal is to find
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out which piece of the puzzle you are
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unlike the independent or excuse me
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unlike the captives and the insurance
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companies
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what's important to them is their plan
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and telling you how
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great their plan is and trying to fit
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you into that plan
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i do the opposite here's the letter this
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is who you are we figured it out you're
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the letter
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it's the letter u i don't know if you
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can see that or not but you're
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the letter u i go right here to the
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board i have all these insurance
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companies plans oh your letter u
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i know which company is for the letter u
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and we find that
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and you fit right in there that's what i
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do we customize what your needs are
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and then we find excuse me we don't
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customize your needs we find out exactly
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what your needs are and then we're able
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to find you the exact
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right plan for your needs we don't need
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to try to fit you
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into some other company and there's some
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independent agents out there that
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actually do this
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you're you but they'll try to fit you in
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the ass because they're getting paid
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bonuses or they take them on a great
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trip or whatever
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now if you're with me if you're you we
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put you in
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you all right right there
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so that's all i got for this
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demonstration i'll talk to you a little
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bit about a little something more
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all right i hope that demonstration made
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some sense to you okay
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what i'm going to do now is going to
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take a moment i'm going to show you on
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my screen
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exactly the tool i use to find
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and crunch all this information that
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we've been talking about so i can
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provide you with the best
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information possible okay here we are
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this is our medicare
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quote engine and we've got a lot of
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different products here but we mainly
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focus here
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on the medicare supplements and let me
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show you how we use this
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in order to help you so we come in here
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and
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we're going to use a zip code we're
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going to look up the different medicare
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supplement plan gs we're going to start
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with
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sacramento california just the capital
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of california
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and we'll put in the zip code 95823 and
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we'll
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look at a 65 year old we have female
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here but in california doesn't matter if
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you're
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male or female and we want to pop in
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the september excuse me october 1st
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effective date and then if there will
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give a household
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discount too if they apply we know all
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the companies that give the household
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discounts
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and don't some give you a discount just
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for living with another individual
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some two people have to have the um have
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to have the
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the product in order to get the discount
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but take a look at this this is going to
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show us all the plan g rates from all
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the companies
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here are the different companies that
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are available for the plan g we're using
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sacramento
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as our example only because it's the
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capital california
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65 year old female remember the rates in
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california for male and female
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the same non-tobacco plan g with an
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effective date of october first
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and here are the companies and their
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prices and this
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what we have here is our quote engine
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and it tells us
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that their ratings their financial
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ratings tells us how long they've been
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in the market
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and obviously it tells us the company
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names and the prices
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this is how we're able to search for
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everything for you so quickly and get
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all of this information
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one thing i want to show you as we
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scroll down here here's blue shield of
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california this is their plan g
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extra some of these plans these medicare
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supplement plans and this is one they
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actually have vision
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hearing coverage gym membership some of
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the plans have gym memberships in them
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but this has some extra benefits that
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the others don't mainly the one that
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really sets it apart is hearing aid
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coverage
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if you have hearing aids all right and
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you're talking to
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one of these captive agents or an
[795]
insurance company directly
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and they're not gonna they're not going
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to ask you about hearing aids because
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it's not a basic benefit of medicare
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supplements
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but me when we talk about everything you
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know i ask you to use hearing aids or
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anything like that you say yeah chris i
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have hearing aids and
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well we may want to we might want to
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look at a program
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that covers hearing aids and there's not
[814]
a lot of them out there and it's not
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available in every state
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but that's how we're able to listen to
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exactly what your needs are
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and i get to figure out what letter you
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are in that board that i showed you
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earlier
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and fit you right in there if you talk
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to a captive agent
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all right or you call one of the
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insurance companies directly
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they're not going to be able to fit you
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in that board very well like an
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independent agent like myself can
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just want to scroll on down to the
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bottom here's many many different
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companies
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about 25 of these companies anyway and
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here's the company this is two almost
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202
[850]
exact same medical benefits as these
[852]
products right here
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there isn't anything different and
[855]
remember medicare
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covers the medical conditions the
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medicare supplement plan
[860]
that you pick they don't they don't say
[862]
anything about the procedures no doctors
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ask them if the procedures are okay
[866]
they go to medicare medicare supplements
[869]
just follow
[870]
medicare like i was also saying we can
[873]
look up and see what the prices might be
[874]
if we take a snapshot
[876]
you know in five years from now so we're
[878]
able to change the age here we'll go to
[880]
age 70 we'll use the
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same plan g and this is going to give us
[885]
a good idea how the rates are going to
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shape up
[887]
as you get older we see here anthem has
[890]
this rate
[890]
cigna has this rate united healthcare
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has this rate
[893]
and you just come on down here
[897]
and we'll look at that blue shield extra
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where'd it go here it is here's their
[902]
extra and it's you know getting a little
[904]
bit more expensive as you hit age 70. so
[906]
might not be worth it for the hearing
[907]
aids if you get older these are all the
[909]
things that we're able to look at with
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our tools and our technology
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and you come all the way back down here
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to the bottom again same
[917]
same exact plan 230 almost 235
[921]
as you're getting up here for 143 almost
[924]
100
[925]
100 a month less cheaper now let's move
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over to harrisburg pennsylvania let's
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pop in
[931]
that zip code here one seven one two
[934]
zero we're going to go to a 65
[937]
year old female let's get the prices for
[940]
that and again
[941]
these are the household discounts you
[942]
just click this button if you don't get
[944]
a household discount it tells us the
[946]
prices
[947]
but we're going to click in the
[948]
household discount and get the prices
[950]
here in
[951]
harrisburg pennsylvania here are the
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prices for a 65 year old female in
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harrisburg as you'd probably know
[957]
i do this across the nation we're
[959]
available in all 50 states just wanted
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to
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pick one one city on the west coast one
[963]
city on the east coast
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just use the capitals for that here you
[967]
can see name brand
[968]
company right here a rated 22 years in
[970]
the market
[971]
here we have a couple other companies
[972]
that we probably haven't heard of
[974]
all right only a couple of years in the
[976]
market that's going to re you know it's
[977]
going to bring up a flag to us
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how how we don't have any inkling we
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don't know what their rate increases are
[984]
going to be because they've only been in
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the
[985]
market a couple of years we know these
[987]
big companies have been around for a
[988]
while
[989]
they usually have pretty stable rates
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and
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just like when we're looking at the
[994]
other one we can scroll on down we can
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see all of the companies
[997]
this is with the household discounts and
[999]
we'll go all the way to the bottom here
[1001]
you know you're looking at this company
[1003]
down here at the bottom for 230
[1006]
a month for like i said the exact same
[1008]
thing that these guys are
[1010]
doing it for 94 dollars a month no
[1012]
difference
[1013]
and if we again we can look at the age
[1016]
70 here for female just to get a
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snapshot of
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what things might look like in the
[1021]
future
[1022]
and here we are here are the rates for
[1024]
an age 70 humana happens to have a
[1026]
lower price with the household discount
[1028]
but again this company here
[1030]
they're right in there they're just a
[1032]
couple of dollars more so they're
[1033]
they're going up they're low and they
[1035]
stay low which is what we're trying to
[1037]
companies that we are trying to find and
[1039]
i won't scroll through all of these
[1041]
and just want to make a quick
[1042]
illustration and maybe you don't want
[1044]
plan g maybe you want to shop plan in
[1045]
and we want to look at those prices very
[1047]
quickly
[1048]
we just push a button then here are the
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prices for the plan n again
[1051]
50 year old excuse me 70 year old female
[1054]
and here are the prices with the
[1055]
different companies
[1056]
for the plan in and we could scroll
[1058]
again all the way down to the bottom but
[1060]
i think you've gotten the point we'll
[1061]
just do one more
[1062]
we'll do a 65 year old female and here's
[1065]
the 65 year old females for playing in
[1068]
these other companies this is a ascendos
[1071]
as an aetna company
[1072]
very big stable you can see the years in
[1074]
the market that's just because they just
[1075]
rolled out this new product
[1077]
where they give a pretty good
[1078]
substantial household discount
[1080]
cigna does as well but this is like i
[1083]
was saying this is how we're able to
[1084]
compare everything for you so quickly
[1086]
make sure we get the exact right plan
[1089]
with the exact
[1090]
right company for your needs if i can
[1092]
help you give me a call
[1094]
phone number is 800-910-3382
[1098]
or go ahead what should be below this
[1099]
video is a button that says get quote
[1101]
now
[1101]
go ahead and click that button there's a
[1103]
secure form again that only comes to me
[1105]
it doesn't get sold to anybody else if
[1107]
you've seen any of my
[1108]
other videos you've heard me talk about
[1110]
that again just click on the button
[1112]
fill out the form comes directly to me
[1114]
we'll be able to help you very quick and
[1115]
easy
[1116]
thank you so much for watching hope to
[1118]
be talking with you soon
[1126]
[Music]
[1143]
you
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