how to find prospects for medicare supplements

How do I find Medicare customers?

How do you make money selling Medicare?

What is the commission on a Medicare supplement?

Is selling Medicare lucrative?

Can you make millions selling insurance?

What does street level commission mean?

How do you market a Medicare Advantage Plan?

Who is Medicare through?

Which type of insurance agents make the most money?

Is being a Medicare agent worth it?

Can you sell life insurance and Medicare at the same time?

How much of the population does Medicare want?

For example, most Medicare agents selling Medicare Supplements want 30% or less of the population to have Medicare Advantage plans. It’s better to target for Medicare Supplements in areas with less Medicare Advantage prospects.

What is a lead in Medicare?

Ultimately, a lead is just a lead. It’s an opportunity to converse with a Medicare prospect that may need your help.

What are the factors that determine a telemarketer's ability to generate leads?

Two factors. One, Trained Telemarketers trains your caller. Two, you pay wholesale, not retail, for your caller to generate leads.

Can you telemarket Medicare to 67 year olds?

If you’re targeting the “Turning 67 And Older” Medicare Supplement market, you can telemarket these folk, starting a conversation about how to replace their overpriced Supplement with an affordable Supplement.

Is telemarketing affordable?

Bar none, telemarketing leads are affordable compared to other types.

Is Medicare Supplement lead system risky?

It’s Risky. If you’re like most agents, you are closing business using some sort of Medicare Supplement lead system. There are a lot of different Medicare Supplement leads for agents. And while SOME work well… many are unproven, don’t work, and WILL drain your bank account dry!

Can you scale Medicare Supp lead program?

From there, you can scale your Medicare Supp lead program to whatever level necessary to achieve your income goals.

What is Medicare Supplement?

Medicare supplement — also known as Medicare supplement insurance or Medigap — is a type of health insurance plan.

Why do insurance agents need Medicare Supplement?

Here are just a few reasons insurance agents grow when adding Medicare Supplement Insurance to their portfolio: Medicare Supplements are relatively easy and efficient to sell. Most carriers have simple e-applications and most Med Supps don’t require special certifications.

Why add Medicare Supplement Insurance to your book of business?

There are a lot of good reasons to add Medicare Supplement Insurance to your book of business. It can diversify your portfolio and expand your business in a variety of ways. Medicare supplement insurance often complements your existing product offerings in the following common ways: Existing insurance clients will mature into Medicare eligibility.

How many Americans are aging into Medicare?

Medigap or Medicare Supplement Insurance is one of the quickest ways to build your commissions. An average of 10,000 Americans a day are aging into Medicare eligibility. The large population of Baby Boomers and Generation X right behind them are massive generational shifts that are creating enormous opportunity for savvy insurance agents.

How often does Medigap increase?

Every year — and sometimes more than once a year — seniors receive notice of an increase in their Medigap insurance. As a result, they search for a more affordable policy.

What are the criteria to narrow your search?

When buying leads, you can narrow your search by criteria such as age, states, zip codes, and cell phone or landline. For example, if you only want to target consumers in the state where you do business, it’s easy to do so.

Do Medicare clients need Medigap?

Most Medicare-eligible clients will need Medigap insurance. Medicare supplement insurance often brings up other insurance needs. Medicare-eligible clients can be excellent referral sources. Med Supp is also a smart way to grow your business. Here are just a few reasons insurance agents grow when adding Medicare Supplement Insurance ...

Does Medicare pay for retirees?

Read 5 things you need to know about how retiree insurance works with Medicare. If you're retired, have Medicare and have group health plan coverage from a former employer, generally Medicare pays first. Your retiree coverage pays second.

Does Medicare Supplement Insurance cover health care?

Read about Medigap (Medicare Supplement Insurance), which helps pay some of the health care costs that Original Medicare doesn't cover.

How to choose a Medigap plan?

Medigap policies are standardized, and in most states are named by letters, Plans A-N. Compare the benefits each plan helps pay for and choose a plan that covers what you need. See benefits of each plan. Step 2.

What is Medigap insurance?

Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private company that helps pay your share of costs.

Why do people get into the Medicare supplement market?

In sum, there are three great reasons to get into the Medicare Supplement market: There are lots of prospects. Medicare is standardized. There's a built-in need for a secondary insurance with Medicare. Back to top.

How much does Medicare cover?

Medicare Supplements are standardized. No networks. Medicare covers about 80% , and the supplement covers about 20%. Here are the two plans I'd recommend for you, and here's how they work.

What is the Medicare Part B deductible for 2021?

When you have a Plan G, everything is covered except the Medicare Part B deductible, which is $203 in 2021. There are no other costs – it’s 100% coverage from there.

How long is Medicare open enrollment?

Your Medicare Supplement open enrollment period is a 6-month window starting on your Part B effective date.

How many seniors turn 65 every day?

There are a ton of prospects in the Medicare market. Ten thousand seniors turn 65 every single day – that's a lot of prospects that need Medicare Supplements. When we look at a person that is going onto Medicare, it's pretty confusing and overwhelming. Seniors get a ton of Medicare-related mail.

Does Medicare Supplements include prescription drug insurance?

Medicare Supplements helps with doctor and hospital costs only – it does not include prescription drug insurance. CMS puts out a publication each year called the Medicare & You Handbook. In the 2019 version, you can refer to pages 69-72 while explaining Medicare Supplements to clients and prospects.

Is Medicare Supplement a Plan F?

I just mentioned that Medicare Supplement benefits are standardized, which means a Plan F is a Plan F, no matter which company you buy it from.

What to do if you are on good terms with Medicare?

If you are on good terms, consider an agreement to exchange leads. Network with an Annuity or LTC specialist, or maybe a Retirement Planner or Investment Specialist that works with seniors but doesn’t want to deal with Medicare products. You have the same potential clients, so it should be beneficial to both parties.

How to gain credibility in a business?

Address issues that are important to your prospects. Discuss a particular issue and follow it up answering any questions your prospects might have. This will help you gain precious credibility, and make them more willing to review your content in the future .

How to solidify your position as an industry leader?

Educating your customers is probably the best way to solidify your position as an industry leader. Keep in mind, it doesn’t have to be a long and complex session.

Is referral marketing gold?

Referrals are marketing gold. You may be tempted to offer an incentive to your clients for referrals . This may or may not be acceptable, depending on regulations from your states insurance department. Make sure you check with carriers and your state insurance department for direction before offering any incentives.

Overview of Medicare Supplements (Medigap)

Medicare is the public health insurance program created in 1965 allowing retirees to have health insurance even after leaving their employer’s group plan. Anyone aged 65 and older, people diagnosed with ALS or ESRD, and people who’ve received SSDI benefits for at least 25 months are eligible to enroll in Medicare coverage.

Is Selling Medicare Lucrative?

Selling Medicare supplements is a great opportunity to serve the underserved senior population and to make money. The Medigap market is two-thirds bigger than the Medicare Advantage market, and the plans are best-suited for people who travel and are financially stable.

The Best Way to Sell Medicare Supplements

Just like with selling any health insurance, Medicare comes with rules and regulations. The first step to selling Medicare supplements is obtaining a license to sell Medicare in your state. The second step is to get AHIP certification. While you don’t need AHIP certification to sell Medigap plans, it’s a great idea to obtain certification.

Medicare Basics

In order to effectively sell Medicare supplements, you should understand how the plans tie into Medicare as a whole. Here’s a general breakdown of Medicare:

Medicare Supplements Leads for Agents

Use more than one approach to reach potential leads. Email and social media are effective ways to reach your audience if you use the right tactics. Direct mail is still a great way to raise awareness even with the senior population using smartphones now more than ever before.

Start Making Money Selling Medicare Supplements

At Senior Market Advisors, our mission is to serve the underserved. The baby boomer market is all-too-often overlooked, and we want to help seniors live their best lives. When you partner with Senior Market Advisors, not only do you get to make a difference, you get an experienced marketing team, a sales support team and a free CRM to track sales.

Start Earning 6-Figures

Connect with a dedicated specialist in your market to learn how you can become a TRUE Senior Market Advisor.

What are the requirements to be eligible for a Medigap plan?

To be eligible for a Medigap plan, you must be enrolled in Original Medicare Parts A and B, but not a Medicare Advantage plan. You must also be in one of the following categories:

How many standardized Medigap plans are there?

There are 10 standardized Medigap plans with letter names A through N. Plans with the same letter must offer the same basic benefit regardless of the insurance company providing the plan. For example, all Medigap Plan A policies provide the same benefit, but health insurance company premiums vary based on the way they choose to set rates—community-rated, entry age-rated or attained-age-rated.

How long does it take to get a Medigap policy?

To buy a Medigap policy, it’s best to enroll during your Medigap Open Enrollment period, which lasts six months. This period begins the first month you have Medicare Part B and are 65 or older. You can buy any Medigap policy sold in your state during this time, even if you have health problems.

What is achieved age rating?

Attained-age-rated: Premiums are based on your age at the time of purchase. As you age, your premium increases.

How long can you delay Medicare coverage?

Companies could delay coverage up to six months for a pre-existing condition if you didn’t have creditable coverage (other health insurance) before enrolling in Medicare.

Is Medigap the same as Medicare Advantage?

Medigap plans aren’t the same as Medicare Part C, also known as Medicare Advantage. While a Medicare Advantage plan can serve as an alternative way to get Medicare Part A and Part B coverage, Medigap plans only cover what Part A and Part B do not.

Does Medigap cover prescriptions?

Medigap plans generally don’t cover prescriptions, so you may want to consider enrolling in Medicare Part D, which specifically covers prescription drugs, or a Medicare Advantage plan that includes drug coverage.