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Medicare Insurance Agent Power of Attorney Basics | What You Need to Know - YouTube
Channel: Gordon Marketing
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hi i'm sylvia gordon i want to talk to
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you about powers of attorney something
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that i'm sure you've dealt with in your
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career if you're a new agent you will
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deal with in your career and something
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you are uniquely
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unqualified to really deal with
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so we're we're putting insurance agents
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in a strange position
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because
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there's so many different types of power
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of attorney that we start talking to
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clients and we just use a general power
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of attorney term and i think if i just
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you know give you a little basic
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information it might make your life a
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little bit easier as an insurance agent
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so let's get started the first thing
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about power of attorneys
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when you're dealing with let's say for
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example a medicare advantage
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client and they say oh i have power of
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attorney over my mom you know we've
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trained you to say that's fine if you
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have power of attorney you have the
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legal ability to sign for your mom so it
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means you can do everything for your mom
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your mom does not need to be present i
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would do my presentation for you
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go through my
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completely compliant
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you know presentation and
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you would make the decision for your mom
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you would sign on your mom's behalf so
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i'm never actually required to talk to
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your mom now this is the part that is
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unusual
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is that i never have to actually
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see or hold or retain a copy or provide
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to the insurance company that power of
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attorney so back in the old days back in
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2005
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we did we had to secure a copy of the
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power of attorney and submit it with an
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application when somebody was signing
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okay which kind of made sense then a
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couple years later the insurance
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companies said we don't want it it's
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more paper we don't want to deal with it
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if we want it we'll ask for it
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so that was kind of nice to relieve that
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burden on us
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but now insurance agents
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just take the word for it that there
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actually is that legal document
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conveying the power
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so i had a client personal client and
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i did everything for her
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and then her daughter called in
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screaming because she has power of
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attorney over her mom and how dare i
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sell her mom a plan
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so i'm like
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mom
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appeared to be totally
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competent
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and i had no reason to suspection power
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of attorney i wouldn't ask people i
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wouldn't ask somebody to somebody have
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power for attorney over you you know
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that's kind of insulting so i no way to
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know but i'm very sorry you know
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what type of power of attorney do you
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have and can you furnish me a copy so
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that's when the conversation took a
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different turn because then it turned
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out she did not have power but she was
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gonna get one
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okay whatever
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this is the thing you guys deal with all
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the time
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and
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last week
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we had a son call in and he said hey
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i already changed my mom's insurance for
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2022. i already did the research with
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the agent
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i have part of her journey
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and i did it and i enrolled her
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since then since october 15th
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she's already changed her plan
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six times
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she met with six different agents
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i mean she did some of them on the phone
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and she's enrolled in six different
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plans he goes what can i do
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to prevent her from doing that and
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there's nothing i can do
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there's nothing we can do on our end he
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can go get guardianship so that she's
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not able to enter any contract
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but
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a simple power of attorney is not enough
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to stop her from doing that now there's
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a lot of different powers of attorney so
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why don't we just back up a little bit
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and let's talk about different powers of
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attorney because this will help you guys
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in your own life because most people
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have cause to use a power attorney with
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their own parents in-laws
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your kids
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and of course your own estate planning
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so
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limited power of attorney that's real
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easy i got to close on my house i'm not
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going to be here for the closings i have
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to be at a conference i can give power
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fraternity to my sister with the
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specific limited scope to
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work with the mortgage company so a
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limited power of attorney is very simple
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um a lot of times people give that away
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because they're like you know i'm
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totally mentally cognizant but i'm
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really bad with financial affairs my
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husband always handled that he died so i
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could give financial power of attorney
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to my daughter for insurance banking
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whatever but i'm still doing the other
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stuff so limited power of attorney
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something you might use like again in
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your own family
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general power of attorney is much
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broader and that's typically what we're
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dealing with
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and
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it will say it would still have you can
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delineate the different things you you
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do have access to or not
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but
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this can vary by state
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and the thing that catches you guys off
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is that if we're not supposed to look at
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it
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we're not supposed to verify they even
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have it we're just supposed to take
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their word for it do we as agents have
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any liability
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and no as long as you have no reasonable
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expectation that they're trying to
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commit fraud
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right then you're good we haven't seen
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that in the medicare space
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let's hope we don't throw salt on our
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shoulder or whatever we do that but it's
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something that i see more and more as
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you know the volume of people are
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streaming into medicare is that we're
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dealing with these power of attorneys
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we're not really sure what to do with
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them so let's talk about the other type
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of
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springing power of attorney and that
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will come into effect if something
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happens so that's typically in a medical
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situation where you guys aren't
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generally dealing with the springing
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you're more likely dealing with a
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durable power journey which you have to
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make it while you're mentally competent
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and then it will
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work it's made it with the anticipation
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that you're going to be incapacitated by
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illness or injury okay so
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you feel like your dad's starting to get
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some dementia he's still legally
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competent you know he he still has the
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ability to give you the power
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and he does and then when he does slide
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in deeper into dementia you already have
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it you don't have to run to court to get
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a guardianship you have this durable
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power of attorney durable means it
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continues to work even after he's
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incapacitated and everybody needs a
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durable power attorney so single people
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you're single out there if you don't
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have a power of attorney and you go to
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the hospital
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then your boyfriend lover
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whatever your family or the hospital can
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deny them access so a power of attorney
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is very important for all single people
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out there hello cutie pie parents you
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need a power of attorney because
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otherwise your kid's doctor my 18 year
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old's doctor won't allow me any
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information if i don't get a power of
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attorney on file
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that's frustrating when you send a kid
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away to college so
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there's a lot of information here the
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thing i'm trying to impart to you guys
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is
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you're not really you're not really well
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versed in this you're not attorneys
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right you don't know most of you've
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never had a power attorney so if
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somebody says i have power of attorney
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over my mom you're gonna take their word
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for it your duty starts
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with as long as you there's no obvious
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signs of fraud that you have something's
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up then you're okay to proceed with that
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person
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they are taking the liability when they
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sign as power of attorney that they
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that they have private journey that they
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have the power for which
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they are represented to you and they may
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not so they might only have we have a
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different powers attorney they might
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have had a power of attorney for health
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care
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but they didn't have a power of attorney
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for
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insurance again i had this
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i had a client call me from california
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and she wanted to buy a medicare
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advantage plan
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no problem she said my daughter has
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power of attorney she lives in new york
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she'll be calling you
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fantastic daughter calls me who took
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care of everything
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simple smooth just another day at the
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office
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about
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a month later i get an irate call from
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another daughter in a different state
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how dare me do this she's gonna sue me
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that's what you you know talk about your
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blood pressure going up always being
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threatened to be sued all the time
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because she has power of attorney over
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her mother and i did not have the
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ability to do what i did so now i'm like
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whoa
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i asked both of the daughters to fax me
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their copies of their power of attorney
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one
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had
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the broad power of attorney to do
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everything with finances insurance any
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of that
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one had a very limited power of attorney
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so thank god the one that i
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dealt with was right and everything went
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through but even the daughters didn't
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understand what what they had they
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didn't know
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they they just power of attorney but
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there's different types of power of
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attorneys and when you make a power
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attorney you can be very specific you
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can say i want my kids to be able to
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have access to this this but not this
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you know so
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as an agent you're not an attorney you
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are not
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typically able to read and figure out
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what's going on so just remember the
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liability for you ends when that person
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signs
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okay so they're taking the liability
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that they're doing the right thing
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now
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another easy question is
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how do you sign for a power of attorney
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because if you've never done it say
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you're a new agent do you sign on the
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line where it says applicant do you sign
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so if you had power returning for me
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sylvia gordon would you sign sylvia
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gordon power of attorney because a lot
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of people get confused
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no power attorney doesn't give you the
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ability to forge somebody else's name
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nothing ever gives you that ability
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you're going to write what your name is
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bob smith
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power of attorney for sylvia gordon so a
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lot of times the power of attorney
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doesn't know how to sign it and they're
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asking you
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so they're going to sign their name as
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power of attorney for the person you're
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providing insurance for i'm sure you
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have more questions about pover
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attorneys and they're going to come up
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in your career when you do just you know
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reach out to your staff here at gourd
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marketing your marketing
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support staff is here to help you
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through all of this text us emails call
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us we have the live chat on our computer
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and if you found this video helpful
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please hit the subscribe button
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and we will help you
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keep building your career and your body
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of knowledge
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to be a better agent
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