If you want success selling Medicare Advantage, you MUST have a tried-and-true lead generation strategy. And generating MA leads is different than other lines of insurance. With Medicare Advantage, there is far more compliance rules to adhere to regarding the sale of Medicare Advantage programs.
Full Answer
When can you sell Medicare Advantage?
Residual Income - When you sell a Medicare supplement or Medicare Advantage plan you will receive residual income from that sale for years to come, creating a passive income from each sale. Own Your Business – As an independent agent commissions are paid directly to you and generally vested from day one, so you truly own your book of business and the renewals that …
How many Medicare Advantage policies should a new agent sell?
· Successful Medicare Agents market themselves in more ways than one. ... You could say Richard really gets around. He works year round, selling hospital indemnity products to compliment his Medicare Advantage portfolio. ... 2019 Medicare Advantage Certifications June 8, 2017 - 8:00 AM; 2022 Medicare Broker Compensation July 2, 2021 ...
Why are Medicare Advantage plans so advertised?
· The underlying growth of MA is good news for healthcare payors. But not all participants will benefit equally. Given the structural and market forces at work, the total number of profitable MA plans is actually likely to decrease even as the number of participants surges. In this winner-take-all market, between $10 billion and $15 billion per ...
How do you make money selling Medicare Advantage insurance?
· Think differently about your New-to-Medicare marketing strategy, but while reaching for the innovative and new, don’t forget about the tried and true. If you’d like to learn more about these campaigns, or how Media Logic can help you with a New-to-Medicare marketing campaign, contact Jim McDonald, head of strategic growth, at 518-940-4882.
What Is Medicare Advantage?
DD: I’d like to start with the basics, Luis. I’m sure there are a lot of people who have heard about Medicare, maybe they’re brand new agents or so...
Is Medicare Advantage A Tough Sell?
DD: When I started in final expense sales, I saw many Medicare Advantage prospects, but I never sold any Medicare Advantage plans.Why? Because agen...
How To Get Certified To Sell Medicare Advantage Plans?
DD: What’s the process for somebody who wants to learn how to become a Medicare Advantage insurance agent?You have to do more than getting your ins...
What Happens After AHIP?
Once you get that AHIP done then you’ve done about 70% of your required certifications.Each carrier that you’re appointed with wants to make sure t...
What Are The Long-Term Benefits Of Selling Medicare Insurance?
DD: What would you describe as the long-term advantages selling Medicare Advantage plans as your primary line of business?LM: When you’re doing cro...
Commission For Selling Medicare Advantage Plans?
DD: A lot of agents are looking at this like we’ve talked about it from a final expense standpoint.They’re used to getting pretty high first year c...
How Long Would It Take To Write 500 Sales?
DD: How long do you think it would take to write 500 pieces of business? Somebody who’s serious about this business, they’re full-time, they really...
Can You Cross Sell?
DD: When we look at new Medicare Advantage clients, ones that we found or wrote from maybe one of these referral partners, what’s the guidelines on...
When Can You Sell Medicare Advantage?
DD: A lot of agents look at the Medicare Advantage business and think they can only sell these products when the person turns 65 and then if not, o...
What is Medicareful website?
Medicareful is a free CMS-approved platform that provides agents with a consumer-facing quote engine ; an electronic permission-to-contact and Scope of Appointment form; direct enrollment buttons for several major carriers’ Medicare Advantage plans; and much more! It’s a fantastic tool if you’re selling Medicare Advantage plans remotely since you can email clients links to plan details or even links to prefilled applications, that just require their sign off! What’s more, having your own Medicareful site is an easy way to market yourself in several locations at once, without being physically present. All you need are affinity partners and our customizable Medicareful marketing pieces to generate leads while you’re vacationing with family or even while you sleep!
Is Medicare Advantage one size fits all?
Medicare Advantage coverage isn’t one-size-fits-all. There are different types of plans for a reason. PPO plans can offer a more flexible network than HMO plans. Special Needs Plans, like D-SNPs and C-SNPs, can provide more coordinated care for specific populations than standard Medicare Advantage plans.
Why was Medicare so appealing?
Entering the Medicare market was very appealing because people are required to make decisions. I’m not there to sell them something – they’ve got to go to Medicare. Instead, I find myself acting as more of an educator and trusted advisor, helping them make informed decisions. That’s one of the reasons I’ve really come to like this business.
How long does it take to review Medicare?
I typically dedicate an hour to do a full review of a Medicare plan with a client. Most of them don’t take that long. Typically they take around 30 to 45 minutes.
Do Medicare brokers make sales?
I see Medicare brokers all the time that aren’t running medications, checking doctors, or doing a needs assessment. All they want to do is make a sale. If that’s the case, they aren’t adding any value to a client relationship. They might make a few sales here and there but they aren’t going to stay on the books very long nor generate a loyal and personal relationship with their clients.
Is Medicare going to grow?
Medicare is going to continue to grow for many years to come. The baby boomers just started entering the Medicare age within the last few years and will continue to do so for many years to come. I have found that there are very few young Medicare insurance agents entering the business and most of the Medicare brokers out there are aging and approaching retirement age. I feel it is a great time for young insurance professionals to join the Medicare business as the senior population will continue to look for assistance and guidance in navigating the complex Medicare market. Getting to know your clients personally and sharing their stories along with your own makes this very much a people business. Being able to advise your clients and assist them through problems and provide financial protection when they need it the most is one of the most rewarding aspects of this business. I would encourage anyone interested in joining the Medicare business to give it a shot. If you are ethical, trustworthy, and always put the needs of the client first you will surely be successful.
What is Medicare quoting engine?
2. Medicare Quoting Tool / Online Quoting Engine - A Quoting Engine makes it easier for agents. to have access to accurate, up-to-date pricing and plan details for the nations top senior.
How many baby boomers are turning 65?
If you are looking for information on how to become a licensed Medicare insurance agent, this article is meant for you. With 11,000 Baby Boomers turning 65 every day for at least another decade, it’s apparent that the Medicare market will continue its tremendous growth for the foreseeable future. According to the Census Bureau, by 2030, all ...
How many people will be 65 by 2035?
By 2035 78 million Americans will be at least age 65. This avalanche of seniors into Medicare has created a groundswell opportunity, and many agents are capitalizing on it. " Medicare sales offer a great first year commission and annual residuals, creating a huge income potential by providing ongoing compensation for years after the sale. ". ...
Do you need certification for Medicare Supplement?
Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.
Why don't Medicare patients choose MA plans?
The majority of Medicare recipients do not choose MA plans, either because they aren’t aware of them or because their preferred doctors may not always be part of the plans , but the numbers are growing. Based on CMS data, more than 32 percent of Medicare members in 2016 — some 19 million out of the 58 million total — enrolled in MA plans.
How to succeed in the MA market?
But to truly succeed, payors will need to build a coherent strategy that holistically ties these four areas with a corresponding “way to play.” For example, a clinic-based care coordinator, such as Illinois-based Riverside Healthcare, can emphasize in-person care experiences and maintain a low-cost model by automating or outsourcing operations including compliance, all while leveraging MACRA principles for its narrow network design. A regional plan with large membership, such as Florida-based managed care company Wellcare, should seek to enhance the member experience by expanding its digital footprint while developing proactive risk management and operational excellence capabilities that ensure compliant and low-cost operations.
What is the 2015 Medicare Access and CHIP Reauthorization Act?
The 2015 Medicare Access and CHIP Reauthorization Act (MACRA) is accelerating this shift by rewarding or penalizing Medicare providers (i.e., doctors and hospitals) through the addition of a bonus to, or subtraction of a fine from, their FFS payments based on the quality of care.
What is value based payment model?
The value-based payment model ties provider payments to the outcome of services provided as part of an effort to focus more on patient well-being and decrease medical costs. For example, insurers are implementing value-based payment strategies through episodic bundled payments for conditions such as hip and knee surgery and maternity care. Overall, tying payments to values and outcomes should help healthcare plans reduce medical expenses through the elimination of unnecessary and duplicate services. The 2015 Medicare Access and CHIP Reauthorization Act (MACRA) is accelerating this shift by rewarding or penalizing Medicare providers (i.e., doctors and hospitals) through the addition of a bonus to, or subtraction of a fine from, their FFS payments based on the quality of care. As a result, Medicare plans will be able to negotiate rates with providers based on their performance. In order to thrive in the MACRA world, plans will need to provide scale and management capabilities to support providers through this transition, and to revamp their provider network and engagement strategies. MA plans can help physicians segue into MACRA-based payment models by equipping them with solutions and funding that enable them to perform MACRA-related analysis and reporting.
How much will MA revenue be in 2025?
Accordingly, we expect annual revenues for MA plans to rise from US$215 billion in fiscal year 2017 to more than $500 billion by 2025. The underlying growth of MA is good news for healthcare payors. But not all participants will benefit equally.
Is there any uncertainty surrounding the repeal of the ACA?
There is great uncertainty surrounding attempts to repeal, reform, or replace the Affordable Care Act (ACA). But as we’ve noted, market participants can’t afford to sit still. Regardless of what happens, there is one very significant sector of healthcare that is positioned to succeed in this environment of uncertainty: Medicare Advantage (MA). As baby boomers age into qualification for Medicare, members are more likely to opt for plans that have benefits beyond what Medicare has traditionally offered. As a result, MA will present a significant source of growth for insurers. But to access a substantial share of this profit, plans need to urgently invest in key differentiating capabilities.
Does Medicare cover all costs?
Although Medicare reimburses providers, it doesn’t cover all costs. This is where Medicare Advantage comes into play.
Is education important for Medicare?
Education is key when launching a New-to-Medicare marketing campaign. After all, Medicare can be confusing for most consumers, particularly for first-timers. See how we helped Piedmont Community Health Plan target a highly coveted Medicare audience – New-to-Medicare prospects who will soon age-in to their benefits. This included a targeted direct mail package that offered a free educational guide to all things Medicare, a paid search campaign and a custom microsite – featuring tips for choosing the right plan and videos designed to address common Medicare questions.
Is Medicare age in anymore?
Medicare marketing professionals know, it’s not just “age-in” anymore. Older adults are retiring later, which can make targeting valuable New-to-Medicare consumers increasingly challenging. Media Logic has a proven set of year-round strategies and tactics for attracting and closing New-to-Medicare leads that can be customized around your market, your opportunities and your brand. See some examples of New-to-Medicare marketing campaigns that we’ve worked on for our clients. For more insights, you can also download our tip sheet on “A New Approach for New-to-Medicare.”
How does Medicare Advantage work?
Agents selling Medicare Advantage and Part D plans get a flat dollar amount of money per application. This comes to them in the form of initial commissions and renewal commissions. Carriers pay out initial commissions when an agent makes a new sale or when the beneficiary enrolls in a new, “unlike” plan (different type). Each year and beyond, carriers pay out renewal commissions to the agent if the beneficiary remains enrolled in the plan or enrolls in a new, “like” plan (same type).
Do insurance carriers have to pay Medicare Advantage commissions?
The Centers for Medicare & Medicaid Services (CMS) set the maximum broker commissions for Medicare Advantage and Medicare Part D annually; however, insurance carriers aren’t required to pay these amounts. What you earn for Medicare Advantage and PDP sales could be less, depending on the carrier and your contract with them.
Is selling Medicare a lucrative business?
Selling Medicare can be very lucrative, if done right. Hopefully now you have a better idea of how much Medicare agents can make and know that working with an FMO should never hurt your commissions, only help them grow!
Is Medicare Advantage sales good for 2022?
The 2022 plan year will be a fantastic year for Medicare Advantage sales, which is good news for agents looking to earn more commission! Let’s get right to the facts and figures.
How much is Medicare premium for 2021?
Those who paid into Medicare taxes for fewer than 40 quarters must also pay a Part A premium. The monthly premium for 2021 is $259 for individuals who have contributed taxes between 30 and 40 quarters. It is $471 for those who have contributed for fewer than 30 quarters. People who have paid Medicare taxes for 40 or more quarters receive Part A premium-free.
Why are Advantage plans advertised?
Advantage plans are heavily advertised because of how they are funded. These plans' premiums are low or nonexistent because Medicare pays the carrier whenever someone enrolls. It benefits insurance companies to encourage enrollment in Advantage plans because of the money they receive from Medicare.
What is the primary source of funding for Advantage Plans?
The Centers for Medicare & Medicaid Services (CMS) is the principal source of funding for Advantage plans, paying insurance companies for each beneficiary's expected healthcare costs. Thus, the more people who enroll in Advantage plans, the more funds Medicare gives insurance companies offering these plans. In exchange, the Advantage plans, rather than Medicare, pay for enrollees' care. Critics have raised concerns that CMS steers enrollees to Advantage plans because of this.
What is an Advantage Plan?
Advantage plans enable participants to receive multiple benefits from one plan, but all Advantage plans must also include the same coverage as Original Medicare (Parts A and B). When you have an Advantage plan and receive care, the insurance company pays instead of Medicare. Advantage plans are often HMOs or PPOs, ...
How much is Part B premium?
Still, those on Advantage plans must continue to pay their Part B premium. The standard Part B premium is $148.50. Those with lower incomes can get help paying this premium, while higher-income earners are subject to premium adjustment.
Does Medicare accept estimates?
Plans make bids regarding estimated costs per enrollee, and Medicare accepts those meeting requirements. Each county (or region for regional PPOs) has a benchmark amount to which Medicare compares the bids.
Can you see a doctor with Medicare?
With or without secondary Medigap insurance, Original Medicare coverage enables you to see any doctor accepting Medicare assignment. As of 2020, only 1% of physicians treating adults had formally opted out of Medicare assignment, so this is similar to having an unlimited "network."