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5 Most Common Client Scenarios for Michael Sams

5 Most Common Client Scenarios for Michael Sams

When thinking about his most recent success stories, Michael Sams realized that in the last several weeks, his client scenarios have been fairly common. He often sees the same client concerns and life circumstances, and he’s usually able to help his clients in similar ways. 

So while these case studies may not stand out as unique, we hope they give you a sense of how we help clients day-in and day-out here at Sams/Hockaday & Associates.

Need Medicare or retirement planning help? The Sams/Hockaday team specializes in Medicare health insurance as well as retirement planning. Read more about what we do and schedule an appointment with the agent of your choice today!

1. Renewal Appointments

The No. 1 most common situation is seeing a client during a renewal appointment, Michael says. For example, a few days ago, he helped a client switch companies in order to save money. 

“We went from a Plan G to a Plan G – same exact coverage, but we were able to save $35 per month,” he explains. “We see that a lot.”

The No. 1 most common situation is seeing a client during a renewal appointment, Michael says.

If you can health qualify, you can shop the market and see which insurance carrier will offer you a lower premium. If you can’t health qualify, there aren’t as many options, but there’s still potential.

Read more: What Do I Do When My Medigap Plan Has a Rate Increase?

2. Turning 65

The second most common client scenario is an individual turning 65. Michael explains it’s very normal to be overwhelmed and confused. “The more you read, the more confusing it all becomes,” he says.

Michael says nowadays, most of his clients turning 65 are still on their employer plan. “We go over their current plan to understand what they have in comparison to what Medicare offers,” he explains.

Most of the time, he’s able to give these clients better coverage while saving them money.

Download The Ultimate "I'm Turning 65" Checklist

3. Dealing with Employer Reimbursement Arrangements

The third most common situation is those with employer arrangements. “A lot of employers, like Caterpillar, ADM, PPG, State Farm, GE, Ameren, and Tate & Lyle give their employees access to some funds for the year,” Michael says. 

In addition, there’s an agreement with a company, often called OneExchange. An advisor from that company will hold a phone call with you to sign you up for different insurances using that stipend.

You are not required to purchase all of your insurance through OneExchange. However, in order to be eligible for your reimbursement, you must purchase at least one type of insurance through them.

Michael says he helps clients by getting them set up with a Medicare Supplement, and the client calls OneExchange to sign up for a drug plan.

By choosing your drug plan through OneExchange, it satisfies the plan’s rules and ensures you get the absolute best pricing.

A client we recently helped was paying $190/month for a Medicare Supplement through OneExchange. When we did comparisons, we were able to offer a plan that was $142/month.

A client we recently helped was paying $190/month for a Medicare Supplement through OneExchange. When we did comparisons, we were able to offer a plan that was $142/month. 

“I also help them set up their reimbursement, which can be confusing and stressful,” Michael says.

Read more:

4. Moving an IRA

Michael says he’s seen a lot of clients this year with IRAs. There’s a common misunderstanding that you can’t move an IRA. He says clients are often worried about it becoming taxable. 

He explains that the IRA in the bank is not earning interest, and you can move it. “It’s a non-taxable event, which most people don’t realize,” he explains.

He also says most people aren’t up-to-date on RMD rules, and they think they have to start drawing on it at age 70 ½. “It’s age 72 now,” he says.

Michael is also able to improve their interest rate.

“It’s all about education. You don’t know what you don’t know, so I try to educate my clients to put them in the best possible situation,” he says.

Read more: How Do Taxes on Annuities Work?

5. Dealing with Retirement Savings During COVID-19

Last but not least, many of Michael’s clients are reaching out for advice about their retirement savings amid the coronavirus pandemic.

“Many clients have Edward Jones accounts and their balances have taken a serious dip,” he explains.

He doesn’t advise making any big changes when you’re down. Michael recommends waiting until your account value recovers, and when you see it starting to come back to where it was before, it’s time to get off the roller coaster and preserve what you have. 

“Many clients just don’t want to live through another round of sleepless nights, worry, and fear. They want stability, safety, and guarantees,” he says.

Currently, we have programs that allow you to earn 3.8% on your principal with free access to accumulated interest and RMDs after 30 days.

NEW in 2020! Retirement Planning Seminars at the Sams Ranch

Are you entering into the world of Medicare and retirement? Saddle up – this one’s for you!

Medicare is confusing for almost everyone Michael talks to. Some people educate themselves for years and still can’t wrap their head around Medicare Part D drug plans. There are 26+ choices and the ever-mysterious penalties that are based on the “national base beneficiary premium” which just so happens to change every year…

It’s confusing. That’s why for the first time, Michael is offering a free, 1-hour seminar at his brand new family ranch. He is very proud of what he's built there and can’t wait to share it with the community. Even if you think you’ve got it all figured out, use this seminar as an excuse to visit the beautiful Sams Ranch!

On the first Tuesday of every month at 6pm starting in August 2020, you’re invited to come on out to shovel out the manure of Medicare! (Just kidding, no physical effort required!)

✓ Bring your spouse

✓ One hour long

✓ No sales pitch – this seminar is educational only!

✓ He'll be covering Medicare and retirement planning in plain language

Michael has been focused on serving our central IL community for over 15 years and would be honored if you’d attend this educational seminar.

There will be a hand sanitizer station at the entrance and face masks are optional.

There are a limited number of seats at each seminar, so please save your seat here: https://www.samshockaday.com/lp/retirement-planning-seminar-at-sams-ranch

About Michael Sams

Michael Sams was born and raised in Decatur, IL. He became an agent with Sams/Hockaday in August of 2005 and has been helping seniors with health and life-related products ever since.

Michael is extremely passionate about helping people with the transition into retirement. A lot of individuals get nervous about meeting with an insurance broker because of the expected high-pressure sales pitch. Michael says his entire purpose is to find solutions for you – not to sell products. Every recommendation he makes is done with your individual needs in mind.

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