No Isn’t Really ‘No’ Until the 5th ‘No’

If you’ve identified a good prospect – and if you know you can create value for this prospect – you need to be the first to invest in that relationship. Instead of straight pitching, do some value-creating first; make some deposits in the deal that’ll make it easier for the prospect to say “yes” to a conversation to explore commerce. There’s no reason to ever demonstrate to a prospective client how easily discouraged you are, or how quickly you give up. No one wants to work with someone who quits at the first sign of resistance. We all want to work with people who persist and succeed. You should never expect a “yes” on the first ask. The first “no” is free. Your prospect gives that “no” to everyone. The fifth “no” … now that’s interesting. Not a lot of people get a fifth “no,” because not a lot of people are persistent enough to ask five times. Mostly they go away after being told “no” one or two times. The fifth time you hear “no,” you are being persistent. And persistence is one attribute you need to be a good AmeriLife insurance agent.

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Part D Out-of-Pocket Costs to Spike in 2020

Part D beneficiaries could see their out-of-pocket costs go up next year before they reach the catastrophic phase of the benefit, new analysis shows. Kaiser Family Foundation found the catastrophic threshold is set to increase substantially, leading to higher out-of-pocket costs for certain beneficiaries. The catastrophic threshold for 2020 will rise from $5,100 in 2019 to $6,350, an increase of $1,250, or 25%. Beneficiaries who take brand-name drugs will pay for a quarter of that increase out-of-pocket, while the rest will be covered by drugmakers’ discounts. Beneficiaries who take only generic drugs will pay the entire increase out-of-pocket, according to the study.

ARTICLE based on STUDY

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Do One Thing. Do It Well. Then Move On

The proliferation of tools, apps and modern business practices has increased the number of distractions that interrupt your work all day long. In years past, the phone or an open door were the only ways you might be distracted from your work. The new currency of excellence is “focus,” something that requires you to give yourself over to what’s most important, and avoid distractions. If you want to do excellent and meaningful work, focus on one thing at a time. Even during AEP. In a world where almost everyone has forfeited the right to give themselves over to something long enough to do excellent work, doing so makes you a stand-out. You can’t do anything with excellence when you allow your focus to be pulled this way and that by the trivial. Focus on one thing. Do it well. Then move on. Even during AEP.

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Household Spending Decreases With Age

Household spending decreases with age, according to the Employee Benefit Research Institute’s study of the Health and Retirement Study and the Consumption and Activities Survey for older Americans between the ages of 50 to 64; 65 to 74; and 75 and older, between 2005 and 2017. EBRI found the average household expenses for those 50-64 were $55,000 in 2005. In that same year, they were $43,000 for those 65-74, which was 22% less. For those 75 and older, total household expenditures were $33,000, or 23% less than the 65-74 age cohort, and 40% less than the 50-64 age cohort. This pattern was consistent across all survey years. Not surprisingly, the share of household budgets devoted to health costs increased with age. However, the average and median dollar amounts did not show large variations across age groups in any given year. Those 50-64 spent between $4,100 to $4,500 on health care; those 65-74 spent $4,100 to $4,700; and those 75 and older spent $4,000 to $5,000.   ARTICLE based on STUDY  

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Consumers Using Technology to Enroll

Technology is playing a greater role in AEP, and though 39% of consumers welcome the digital access, more than half still want to speak with an insurance agent or a customer service representative for questions or to resolve an issue. When it comes to assistance, 66% prefer speaking directly with an agent or a customer service representative; just 10% prefer a self-service option, according to a UnitedHealthcare survey. Be there for your clients, both marketers’ agents and agents’ beneficiaries.   ARTICLE  

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