Increase Your Medicare Prospects in 4 Ways
- Have a Strategic Medicare Product Offering. The best way you’re going to expand your customer base is through portfolio diversification. ...
- Expand your Medicare Knowledge. And sharpen your sales skills. This has to be a continual effort if you want to remain competitive. ...
- Build a Network of Senior-Focused Professionals. Who else works with seniors in your community? Find out and create a local group. ...
- Create Opportunities to Delight and Impress
Is it hard to make money selling Medicare Advantage?
It’s steady, it doesn’t change. If you’re selling life insurance, if you don’t sell you don’t make any money. In the Medicare Advantage sales side of things, you can take the foot off the gas and make ongoing commission simply by maintaining your book of business.
Is selling Medicare supplements the best way to sell Medicare products?
Some agents believe selling Medicare Supplements is the superior way to sell Medicare products. What’s your take on that? Is there one that’s better to sell than the other? Should you sell both?
What are the benefits of Medicare sales?
" 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. "
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 3 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.
How do I get Medicare clients?
⍟ 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...
How do you attract Medicare patients?
Here are five ways on how to attract Medicare patients to your clinic to grow your market share in the Medicare space.Home Health Care. If your clinic offers home health services, promote them. ... Health Screenings. ... Mental Health Services. ... Telehealth. ... Patient-Provider Matching.
Is selling Medicare easy?
No, it's not hard to sell Medicare Supplements. When you're first starting, it should be easy, because everyone on Medicare needs one. It's just an insurance product. You're not a member – you're a policyholder, and that means a lot to people.
Is selling Medicare insurance a good career?
Medicare agents have significant earning potential and a promising future of stable career growth – but it's not just about the money. Medicare agents also get to help others while taking control of their own careers. For the right person, Medicare sales can be a very rewarding and lucrative career.
How do I find Medicare prospects?
There are many options for generating leads that will give you an edge over the competition:Determine your product. ... Identify your segment or target audience. ... Create an educational website. ... Hire telemarketing personnel. ... Set appointments. ... Completing Medicare Advantage Telesales Enrollments.More items...•
Is selling Medicare lucrative?
Is Selling Medicare Lucrative? In short, yes. The average Medicare Advantage policy pays around $287 a year in commission if the purchase replaces an existing plan. However, you can get approximately double that — $573— if you write up a new Medicare Advantage plan for someone who hasn't had one before.
How can I get free Medicare leads?
5 Ways to generate Free Medicare LeadsAsk for Referrals. Referrals or word of mouth may be the oldest, best, and least expensive ways for insurance agents to generate Medicare leads and grow your business. ... Form Community Partnerships. ... Create a Digital Presence. ... Host and Network with Seniors at Events. ... Personal Contact.
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
Can you sell Medicare door to door?
MA/PD PLANS May not market to beneficiaries door to door, including leaving materials at a beneficiary's doorstep. May call a beneficiary they enrolled in a plan to discuss plan business, as well as discuss the availability of other plan options/types within the same parent organization.
Is Medicare easier to sell than life insurance?
But those without such coverage usually delivers lower benefits. Because the product is simple, your selling process becomes quicker, unlike traditional life insurance policies that may need more than an hour's worth of explanation.
What is an FMO in Medicare?
FMO stands for field marketing organization, which is very similar to an independent marketing organization (IMO). FMOs provide independent agents with perks and resources and help them get contracted with carriers to sell plans.
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 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.
Why is technology important in sales?
These tools, among others, should be considered a standard part of your sales toolbox to help accelerate your sales process. Technology can help speed up the process, but at the same time presents a new set of sales challenges since you don't always meet face to face with your customer.
How are leads created?
Leads are normally created from receiving input from people actively expressing interest in getting information about Medicare product options and costs. Companies that specialize in lead generation have put forth a lot of effort to collect the contact information they offer for sale.
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 ...
Do you need certification for Medicare Supplement?
Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.
What to do after contracting with Medicare?
After you’re contracted with carriers, you’ll want to take the necessary steps to ensure you’ll be able to get your Medicare enrollment kits on time . You may also want to freshen up on the rules for hosting a Medicare sales event, the rules for hosting a Medicare educational event, and Medicare compliance do’s and don’ts. ...
When to cross sell Medicare plans?
Though they can be sold year-round, the best time to cross-sell plans like these to your Medicare clients is after AEP, at follow-up appointments. During AEP, you can schedule follow-up appointments with clients. For clients who don’t wish to schedule one at that time, try giving them a call a few months later to check in ...
How long does it take to get a SEP for Medicare?
If your client is eligible for Medicare due to a disability and is dropping job-based insurance that paid before Medicare, he may get an SEP — that lasts up to eight months — to enroll in Part B. Otherwise, he’ll likely have to wait for the general enrollment period to enroll in Part B and may face a penalty.
Do veterans get Medicare or TRICARE?
When veterans with VA benefits pair them with a Medicare plan, they should have more flexibility and options in where they receive care and how it’s paid for. The same may also be true for people with TRICARE and COBRA, though this varies more from situation to situation.
Is AEP good for Medicare?
AEP is great, but utilizing Medicare SEPs can help you stay busy all year-round! Increase your knowledge about SEPs. 3. Clients with VA Benefits, TRICARE, or COBRA. Scenario: I’m slightly nervous about going to a Medicare sales appointment only to have a client tell me they have VA Benefits, TRICARE, or COBRA coverage.
Medicare Sales Certification and Recertification
If you’re thinking about selling health insurance and only sell home and auto, the process of getting licensed as a Medicare agent is not difficult and can be the path to a lucrative career.
Marketing to Seniors: How Can I Sell More Medicare Policies?
The good news is that e-applications are available to Medicare shoppers so you can sell Medicare supplements over the phone! The leads from SmartFinancial came into your queue because interested seniors filled out an online form and are likely to apply online and buy over the phone. These are the perfect leads!
Know the Senior Insurance Market
If you’re not familiar with the senior market, it’s a good idea to learn about seniors’ needs before you begin haphazardly selling insurance products. This is the most seasoned demographic you’ll ever sell insurance to, so using gimmicks will likely not pan out as easily as it would with a young person.
Medicare Advantage Sales Leads: Do I Need to Buy Them?
Medicare Advantage sales leads are a perfect way to find seniors looking to buy insurance. Some leads from SmartFinancial have a built-in Medicare Advantage sales strategy and others have a built in Medigap insurance strategy.
Medicare Advantage Sales Scripts
Keep in mind that you don’t want to ramble on and get the entire script in, in one shot. Wait and allow the prospect to speak between each section. Pay close attention to what they are saying, and proceed as is appropriate:
Which Are the Best States to Sell Medicare In?
All 50 states are ripe for Medicare supplement sales and Medicare Advantage sales but the best states to sell in are Florida, Arizona, Illinois, Texas, Pennsylvania, New Jersey, California, North Carolina, New York, Michigan and Virginia! There are high concentrations of individuals who hold Medicare supplement policies, and they may be electing to change their coverage during Open Enrollment 2020!.
What is the difference between Medicare Supplement and Advantage?
As long as you’ve done that you’ve done your CYA. The other difference between a Supplement and an Advantage plan is you have a prescription portion. So you’ve got to sell a prescription drug plan with a Medicare Supplement.
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.
What is the certification test for Medicare Advantage?
Selling Medicare Advantage plans, you get a contract with a carrier, but once you’re contracted with that carrier every year that you are in Medicare Advantage sales, you’re going to have to take a certification test called AHIP. A lot of people freak out, “Oh, it’s so hard.”. Well, it’s Medicare 101. You need to know the product that you’re ...
Can you door knock Medicare Advantage?
Now in the Medicare Advantage world if you don’t have permission to contact you’re not supposed to contact. You can’t door knock for Medicare Advantage, so you’ve got to wait for it to come to you, but you can put a lot of honey out there to attract the bees.
Does Medicare Advantage include prescriptions?
For Medicare Advantage a prescription plan is included. The copays per carrier are probably different, but they function the same way. All you’ve got to do is pull up the formulary, which is usually in a PDF and just do the search for the medications and make sure they’re in there.
Can you make a ton upfront selling Medicare Advantage?
Selling Medicare Advantage insurance, you don’t make a ton upfront.
Can you 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.
Have a Strategic Medicare Product Offering
The best way you’re going to expand your customer base is through portfolio diversification. If you’re continually selling Medicare Advantage plans to your immediate area, you’re going to see slim pickings.
Expand your Medicare Knowledge
And sharpen your sales skills. This has to be a continual effort if you want to remain competitive. AGA makes that easy with our many agent programs.
Don't miss our next event!
Think you know it all already? Don’t be too hasty. First, give this post a chance: Why You Need Medicare Training (Even Though You Think You Don’t).
Build a Network of Senior-Focused Professionals
Who else works with seniors in your community? Find out and create a local group. Think financial advisors, lawyers, real estate agents/property managers, care givers, CPAs, etc.
Create Opportunities to Delight and Impress
The power of referrals makes sense, especially in the health care industry. You want a Medicare agent you can trust, so positive word-of-mouth goes a long way.
What to do if Medicare doesn't work?
If this doesn’t work, it’s likely your client will have to wait until the next General Enrollment Period to sign up for Part B.
How to help someone who made a mistake?
If you learn you made an error, the best thing to do is to take responsibility for it. Let the beneficiary know what happened, apologize for your mistake, and let them know that you’ll do everything you can to make things right for them.
Can you check if a client is eligible for Medicaid?
You could help your client set up and prepare for an appointment with a Medicaid caseworker. Additionally, you could check if she’s eligible for a State Pharmaceutical Assistance Program or any drug manufacturer rebates. There are also a few simpler ways to save on drug costs that your client might not be aware of.
Is Medicare sales unique?
All Medicare sales opportunities are unique — some just a little more so than others. We want to help you be better able to handle whatever life — or that client with several major medical conditions and a long list of prescriptions — throws at you.
How do I start a Medicare business?
There are really three paths you can take to have a lucrative Medicare business: One sale at a time. Build a field force to sell underneath you. Add Medicare to your current offering (i.e: financial advisors or P&C agencies) Each option has unlimited income potential; it's just a matter of which path you want to take.
Is there a cap on Medicare sales?
The good news is that your chosen field in the insurance business is one where you can make as much as you want. There are no caps. Originally published April 15, 2014. Updated December 21, 2020 with expanded information about how lucrative Medicare sales can be.
Is selling Medicare products lucrative?
So yes, selling Medicare products can be very lucrative. But ultimately, your income is up to you. Here are some things I've learned over decades in the senior insurance business.
How to get more Medicare leads in 2021?
Let’s take a look at the 15 Best Ways to Generate More Medicare Leads in 2021. 1. Live Transfer Medicare Leads. Live transfer leads are the best and most effective way to get Medicare leads because they have a low CPA. These leads are also well qualified, leading to a high closing rate.
What is Medicare Advantage Lead Generation?
Medicare advantage lead generation requires lead programs based on price, appointment ratios, and return percentages to determine which programs are most fully supported. The advantage program is a premier lead generation program for agent distribution.
What is Medicare pay per call?
Pay Per Call Medicare Supplement Leads. With a pay per call system, you can also just pay for calls, which are transferred to your agents. This is similar to live transfer leads in the sense that they are sent to agents directly, who can choose their preferred hours, etc...
What is Medicare supplement lead?
Medicare Supplement Leads. When trying to generate more Medicare supplement leads, agents usually experience higher closing rates over other types of Medicare leads. These supplement leads easily allow agents to capitalize on the 10,000+ Americans who move into the Medicare category daily.
What is live transfer Medicare?
Live transfer Medicare leads are not just any old calls either, only people who are pre-screened and pre-qualified and interested ever get transferred to your agents, which makes them more likely to close. The process for pre-qualification screens for critical illnesses like: Cancer. Heart Attack.
How many times do you need to contact Medicare insurance?
Medicare insurance leads for agents need to be contacted at least 6-12 times.
What is referral insurance?
Referrals are the key to really building and scaling an effective insurance agency. Consider that every client or prospect you have ever spoken to likely knows at least one person who is interested or has a need for Medicare or Medicare supplements.