Very few of the great financial calamities of our time have been sneak attacks. Whether it was the Savings and Loan crisis in the 1980s, the great market crash of 1987 or the dot-com bubble in the early 2000s, all have something in common: we knew they were coming.
We just didn’t know when.
There’s a new relatively new kid in town called the Affordable Care Act (or Obamacare). It’s a shot in the arm for many who couldn’t afford healthcare. For those of us with healthcare-related products in our bag, it’s a potential shot between the eyes.
Are You Prepared To Lose Your Health Insurance Commissions?
If this describes you, then you better stop and check if that red substance on your forehead is blood or red ink. Or both.
Health insurance as an industry has been under intense stress for almost three decades, going back to the mid-1980s when employment-based coverage reached its peak and has been declining since then. The latest stirring of the healthcare pot is having a dramatic impact on our commissions and I believe it will only get worse.
It is time under 65 health insurance agents started thinking about something new.
While the business of health insurance is under attack, it remains a significant issue for most clients, if not a worry. In looking for a ways to sell something new, many of our top producers are now using health insurance issues as a door opener to a broader discussion about client needs and concerns. In effect, the tail now wags the dog.
For example, Medicare Supplements are a great product, typically at a reasonable price, that can have a dramatic impact on a client’s cash flow. Just about anyone nearing retirement and/or age 65 will be willing to listen, especially as they enter their initial election period with Medicare. Why not use that as a springboard to the next level discussion about their overall financial situation:
- How concerned are they about their savings lasting?
- How important is it their savings are 100% preserved moving forward?
- How much risk are they willing to take with their money?
- What funds are they using to live on in retirement and does that concern them?
- Have they thought about what they want to leave to their family when they pass?
- When was the last time they had a financial review?
- Have they been burned before with investments and how has that impacted how they have saved?
- How well have they prepared to make a good decision about Social Security benefits?
The opportunity is a second meeting that expands the discussion. So simple it’s scary.
Sometimes the tough part of spreading your wings is worrying about the landing. We can help you land softly.
Thanks for reading and call or email me any time with questions or comments.
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