When conducting a formal or informal sales event, you should take the opportunity to hand out your business cards. Remember that they must be made available to all attendees. Door prizes are not allowed at your formal Medicare Advantage events, however, giveaways are permissible.
Full Answer
What is it like to sell Medicare Advantage plans?
The unique thing about selling Medicare Advantage plans is that you don’t get to sell a product unless you’ve passed tests and meet knowledge requirements. LM: Correct. Further, you may have face-to-face training requirements before selling. You’ll be in a room of other new agents.
What could they realize in Medicare Advantage Sales out of leads?
What could they realize in Medicare Advantage sales out of their existing final expense leads? Let’s say they are doing 12 appointments a week off of 25 leads for the sake of a general example. Maybe they see two to three appointments a day. LM: First, there’s a high likelihood that they have Medicare.
What are the regulations for marketing a Medicare sales event?
You must adhere to certain regulations for marketing your sales event. When creating ads or invites, you cannot require potential attendees to provide contact information to RSVP for the event. While you may plan to educate attendees on Medicare programs during your presentation, you cannot say your event is “educational.”
How many Medicare Advantage policies should a new agent sell?
My magic number of total Medicare Advantage policy sales for new agents is 500. I tell my agents, “Wait till you get to 500. At 500, you’ve built a pension!” At 500 policies, you make a little more than $10,000 a month. And even better, you can handle the book alone because the service work is minimal.
What are three main ways in which Medicare sales occur?
There are three different types of Medicare products sold by agents and brokers: Medicare Supplement plans (Also called Medigap plans), Medicare Advantage plans and Medicare Part D Rx plans.
What is a formal marketing sales event?
Formal marketing/sales events are structured events of an audience and presenter style with a salesperson providing plan-specific information via CMS and Carrier-approved sales presentations, talking points (if applicable), and marketing materials.
Which of the following is an allowable form of contact for prospecting for Medicare Advantage clients?
Due to a change reflected in the 2019 MCMG and now in the Medicare Advantage & Part D Communication Requirements, agents are permitted to make unsolicited direct contact with potential enrollees via email.
Can you solicit Medicare Advantage prospects through email?
The only caveat: If you are initiating contact via email, you're required to include an opt-out opportunity. Direct unsolicited contact, such as text and direct messaging over social media, falls into the same category as unsolicited phone calls and door-to-door solicitation. This means it is not permitted.
What actions are prohibited during marketing sales events for Medicare?
Cannot send unsolicited text messages and leave voicemail messages. May call or visit beneficiaries who attended a marketing/sales event prior permission is given and documented. Cannot approach beneficiaries in common areas (i.e. parking lots, hallways, lobbies, sidewalks).
What is informal sales presentation?
Informal types of sales presentations include: Elevator pitches: This is where you make contact with a prospect and have just a few minutes to discuss your offerings. These can take place at your business or at a conference, social event or unrelated business meeting. The key is to always be prepared to pitch.
What must all Medicare Advantage sponsors have in place in order to meet CMS guidelines?
Medicare Advantage Plans Must Follow CMS Guidelines In the United States, according to federal law, Part C providers must provide their beneficiaries with all services and supplies that Original Medicare Parts A and B cover. They must also provide any additional benefits proclaimed in their Part C policy.
Is a scope of appointment required for a telephonic presentation?
Who needs a Scope of Appointment? A Scope of Appointment is required for any individual in-person or telephonic marketing appointment with an agent.
What is considered unsolicited contact?
Unsolicited direct contact with a consumer that was not requested or initiated by the consumer is prohibited and includes in-person (e.g., door-to-door marketing), telephonic (e.g., outbound telemarketing), electronic (e.g., email, voicemail messages, text messages) solicitation.
How do you market a Medicare Advantage Plan?
Medicare Advantage Marketing to current patientsTargeted mail and emails for patients 65+Reminders for current patients during open enrollment.Informational blogs and social media posts.Posters in your office.Referring patients to an informational page on your website with a lead capture.More items...
What is the best way to sell Medicare plans?
To sell Medicare Advantage plans, you'll have to complete the America's Health Insurance Plans (AHIP) certification in addition to each carrier's compliance and product certifications. These certifications exist to help protect seniors and reward agents who do things the right way.
How do I market my Medicare business?
⍟ 14 Ways to Generate Medicare Supplement LeadsBuild & Maintain a Website. ... Social Media Presence. ... Video Marketing. ... Blogging, Writing Articles. ... Email. ... Online Events: Live webinars, podcasts. ... Direct Requests / Client Referrals. ... Lead Swapping Partnerships (Asking other professionals for referrals)More items...
What is meant by marketing of an event?
Event marketing describes the process of developing a themed exhibit, display, or presentation to promote a product, service, cause, or organization leveraging in-person engagement. Events can occur online or offline, and can be participated in, hosted, or sponsored as a form of engagement.
How do you Organise a marketing event?
Use the following steps to create your event marketing plan.Step 1: Set the Goals and Budget for Your Event. ... Step 2: Set Event Content Creation and Management Tactics. ... Step 3: Leverage Your Event Speakers and Attendees. ... Step 4: Promote Your Event in the Right Places. ... Step 5: Summarize Your Communication Tactics.More items...•
What are the key elements of event marketing?
5 Key Elements of Event MarketingHave a Clear and Measurable Objective. Ensure that everyone involved in the event on your behalf has one clear, definable objective. ... Promotion and Follow-ups. ... Conveying a Message. ... Effective Giveaways. ... Show Off the Product. ... Evaluate Each Event.
When should you start a marketing event?
Start promoting the event at least 6-8 weeks in advance to ensure a wider reach. This also helps your potential attendees to clear out their schedules and make travel arrangements if necessary.
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...
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?
What Is Medicare Advantage?
I’m sure there are a lot of people who have heard about Medicare, maybe they’re brand new agents or somewhat experienced in the business of selling insurance.
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?
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 give it their all.
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 cross selling business to them?
Are Agents Vested?
DD: What about vesting? Are agents 100% vested in this organization as well?
What is the age limit for Medicare?
LM: When somebody has Medicare they’re normally 65 and over. You do have a segment of the population under 65 that get Medicare who are usually disabled. Once someone is on Medicare they have two options – Medicare Advantage or Medicare Supplement. There’s not a good or a bad option, there is simply two options.
Presentation Matters
We all know the importance of a first impression. Your presentation is a representation of your authority in Medicare sales—it’s an important factor in building trust with a prospect. That’s why you have to get it right.
Avoid these Common Presentation Mistakes
Rambling. We all get nervous sometimes, but that’s why practice makes perfect. Your audience is following what you’re saying. If you don’t want to lose them, keep your points clear and concise. Look to grab their attention and maintain their interest, and only go into detail when necessary.
Presentation Tips to Rock Your Next Sales Meeting
Okay. We’ve covered everything you shouldn’t do while presenting. Now here are some tips that you should use to start giving more effective sales presentations and converting more leads.
How to find new clients for Medicare Advantage?
Marketing is always a great way to find new clients for Medicare Advantage plans. However, with everything that goes along with Medicare Advantage there are rules on how you can market those plans. One of the ways in which agents like to reach out to potential new clients is through events. There are two forms of presentations that an agent can take part in during the AEP and other times of the year to market to potential enrollees:
Who must use CMS approved scripts and presentation provided by the Plan/Part D sponsor?
Agents representing a particular plan sponsor must use the CMS approved scripts and presentation provided By the Plan/Part D sponsor.
What is an educational event for Medicare?
Educational events are strictly designed to inform the people that attend about Medicare Advantage, Prescription drug, or other Medicare programs without going into the specifics of a particular carrier. Of course, there are more detailed guidelines to protect attendees from dealing with an unwanted sales presentation.
What is the purpose of a marketing/sales event?
The purpose of a Marketing/Sales Event is to steer potential enrollees toward a particular plan or a limited set of plans. During the event, the agent is allowed to educate those who attend the Marketing/Sales Event about Medicare Advantage, Part D, and other Medicare programs which also makes the sales presentation an Educational Event. However, there are separate guidelines for the agent during a Sales Presentation.
What is nominal gift?
May provide a nominal gift to attendees with no obligations. Nominal gift is defined as an item worth $15 or less.
Do you need a scope of appointment for a one on one meeting?
If a beneficiary requests a one-on-one meeting then the beneficiary must fill out a Scope of Appointment form prior to the appointment. Scope of Appointment forms are not required during a Formal Marketing/Sales Event.
What is formal sales event?
Formal Sales Events: Agent presents plan-specific information to an audience invited to the occasion.
What is the responsibility of a carrier for a sales event?
Exact reporting deadlines and requirements vary from carrier to carrier, but carriers are responsible for maintaining accurate records of all their agents’ educational events and informal and formal sales events. The earlier you submit your events to carriers, the sooner you’ll be able to start advertising them.
How to promote a gathering?
You can promote your gathering online, via direct mailers and flyers, or through other forms of media. However, if you cancel the event at least two days in advance, it’s a good practice to notify potential attendees via the same advertising channels you used to promote the event.
How to distribute giveaways?
Distribute giveaways with your contact information on it 1. Use absolute or qualified superlatives. Give away promotional items that include plan name, logo, toll-free number, and/or carrier website 2. Use contact information provided by attendees for raffles or drawings for any other purpose.
What happens if you don't register an event with a carrier?
Furthermore, if you fail to register an event with a carrier, you could lose out on sales commission and have your contract revoked.
What are the two types of sales events?
There are two types of sales events: formal and informal. Here’s what sets them apart: Formal Sales Events: Agent presents plan-specific information to an audience invited to the occasion. Informal Sales Events: Agent offers plan info upon request only while at a table, booth, kiosk, or RV.
Do you need to register sales events?
Do you need to register sales events? Exact reporting deadlines and requirements vary from carrier to carrier, but carriers are responsible for maintaining accurate records of all their agents’ educational events and informal and formal sales events. The earlier you submit your events to carriers, the sooner you’ll be able to start advertising them.
What are the two types of marketing events under Medicare?
There are two main types of Marketing/Sales events under Medicare regulations – Formal and Informal . 1- Formal marketing/sales events are typically structured in an audience/presenter style with a salesperson or plan representative formally providing specific plan sponsor information via a presentation on the products being offered.
Can educational events be advertised as sales?
Educational events ARE NOT marketing/sales events and can only be advertised as educational.
Is an educational event a sales event?
Educational events may not include any sales activities such as the distribution of marketing materials or the distribution or collection of plan applications. Educational events must be explicitly advertised as “educational,” otherwise they will be considered by CMS as sales/marketing events.
What is a contact for a product?
Contacting, for the purpose of marketing a product or plan, any former client who disenrolled or current client in the process of voluntarily disenrolling.
What is compliance performance indicator?
Compliance Performance Indicators#N#CMS holds all agents who enroll clients in Medicare Advantage and Part D prescription drug plans responsible for their marketing behavior. All of the carriers have compliance oversight teams that monitor the activities of agents selling their products.
What is the definition of "addressing a consumer"?
Approaching a consumer in a common area such as a parking lot, hallway, lobby, or sidewalk.
Can you contact prospective enrollees by email?
Initiate contact via email to prospective enrollees, as long as the email has an opt-out process on each communication. Some carriers do not allow agents to contact prospective enrollees by email, unless the agent has first obtained compliant permission to contact.
Can an agent call a client?
Agents can only call a potential client when the client has given express written permission to contact them. PTC can be obtained by a prospect returning a business reply card that discloses who will contact, what products will be discussed and by what specific method the consumer can expect contact.
Do HMOs require a PCP?
Some plans (usually HMOs) require the client to have a designated Primary Care Physician (PCP) and it will be not ed on their member ID card. If the enrollment application contains Name and ID fields for PCP information, then a PCP is required and the agent should work to populate the section.
Can agents call prospective clients?
Agents aren’t allowed to call prospective clients about MA-PD or Part D unless the client specifically asks to be called. CMS has relaxed its position on unsolicited direct email contact, but some carriers still do not allow email contact unless compliant PTC is first obtained.
Presentation Matters
Don’T Listen to This Presentation Advice
- Unfortunately; there are a lot of common misconceptions when it comes to presentations. Here are a few to avoid: 1. Don’t have too many slides.Having a lot of slides isn’t a bad thing. More slides (that are designed properly and aren’t cluttered) are better and easier to follower than fewer slides stuffed with too much info. 2. Too many slides means too much time.More slides don’t ne…
Avoid These Common Presentation Mistakes
- Rambling.We all get nervous sometimes, but that’s why practice makes perfect. Your audience is following what you’re saying. If you don’t want to lose them, keep your points clear and concise. Look...
- Spending too much or too little time on your slides.As a general rule of thumb, spend no more than 2 minutes on a slide to explain a talking point.
- Rambling.We all get nervous sometimes, but that’s why practice makes perfect. Your audience is following what you’re saying. If you don’t want to lose them, keep your points clear and concise. Look...
- Spending too much or too little time on your slides.As a general rule of thumb, spend no more than 2 minutes on a slide to explain a talking point.
- Reading off your slides.Like we said before, never do this! It’s not natural and it won’t come across well to the audience. If they’re listening to you, you should know what you’re talking about! U...
- Standing still. Don’t forget your body language! Move around and use hand gestures to keep your audience interested and engaged.
Presentation Tips to Rock Your Next Sales Meeting
- Okay. We’ve covered everything you shouldn’t do while presenting. Now here are some tips that you shoulduse to start giving more effective sales presentations and converting more leads. To capture your audience: 1. Start your presentation by identifying their “need” or “problem”. 2. Use stories and personal examples. 3. Ask your audience questions....