Typically, agents will dive into the specific coverage and cost options of Medicare Supplements. However, that’s not the best strategy with a prospective policyholder. With so many options available, seniors are confused and unsure of the best Medicare plan for them. To some clients, they want to enroll in a Medicare Advantage plan. While this may be the best option for some clients, the Medicare Advantage application process is a hassle as it is heavily regulated.
Though agents should be able to present clients with options – both Medicare Advantage and Medicare supplements – they should definitely direct their attention to the supplement market. Medicare supplements can be sold year-round; they have a high renewal rate; and they’re not government regulated. Simply focus on the five key selling points and the client will be primed to sign.
1. No Physical Exam
No physical exams are required in order to qualify for supplement insurance. Moreover, many policies can be approved quickly. The barriers to obtaining a supplement are small and likely non-existent. Agents simply need to be familiar with the carriers they represent so that they can better explain the different benefits to each plan option. In almost every case, there’s a carrier that meets an individual’s circumstances. Knowing the different carrier’s guidelines will help agents place business more successfully.
2. No Networks
One of the best benefits of having a supplement is the portability; customers can take their policy to any provider (doctor, clinic, hospital, etc.), accepting Medicare. With supplements, individuals have the freedom to choose where they want to receive care. They’re not restricted by a small network limited to a particular area.
Not only are supplement policies portable by provider, but they’re also portable by geography. Medicare supplements are valid in any state. In some cases, the plan covers individuals internationally. If you have clients who enjoy traveling during retirement, then this is a great selling point!
4. Covers Out-of-Pocket Expenses
While some seniors may think their investments and savings will be enough to cover any unexpected out-of-pocket costs, that may not be the case for long. Circumstances can change in the blink of an eye. As an agent, it’s important to paint a picture of the financial consequences that come with out-of-pocket exposure. Begin collecting testimonies from existing clients who were saved significant out-of-pocket costs because they had a Medicare Supplement. Then, you can share these testimonies with prospective clients.
5. Quick and Simple Paperwork
Since seniors may be overwhelmed with all the choices, make the process easy for them. Conduct a needs analysis. Then, present the plan options simply and help them identify the plan that fits their needs. Make the process as simple as possible.
If you have any questions, please call us toll-free (888) 539-1633.