Using the Internet to Increase Medicare Supplement Sales Thetraditional way of selling Med Suppsinvolves sending out thousands of promotional materials via direct mail, buying telemarketed leads, or knocking at people’s doors to discuss policies.
Full Answer
How can I get Started with Medicare supplement Marketing?
Nov 09, 2020 · To support Medicare Supplement agents, we've created some free marketing materials you can download and have customized. When it's time to communicate with clients about updating their Med Supp and Part D policies, utilize this postcard and email template, which is customizable with your logo, agency name, office hours, and more.
Is selling Medicare supplements a good career for beginners?
Best Medicare Supplement Leads > Online Leads > How to Market Medicare Supplements. How to Market Medicare Supplements. When you are learning how to market medicare supplements, you need to keep in mind that lead generation will need to be your highest priority. In this sense, medicare supplement marketing is very similar to other types of ...
Can you make six figures selling Medicare supplements?
Discover Fresh Ways to Market & Sell Medicare Supplement Plans. Have some experience with selling Medigap plans? How’s your closing rate? Inside the guide, we share multiple tried and true strategies for targeting ideal Medicare Supplement clients, marketing your services online and offline, narrowing down the right plan, pitching it, and more.
How do I Sell Medicare supplement insurance over the phone?
Selling Medicare (Med Supps or Medicare Advantage plans) is one of the great insurance sales jobs, even in the new pandemic world we’ve all been living in.I say this with confidence because I have done it myself and continue to offer this type of health coverage in my agency. In fact, I started in the senior market selling Medicare Supplements and transitioned to cross selling …
How do you make money selling Medicare supplements?
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)Dec 21, 2020
How do I sell Medicare supplement over the phone?
16:2949:33How to Sell Medicare Supplements Over The Phone! - YouTubeYouTubeStart of suggested clipEnd of suggested clipIndustry there's a lot of people who are trying to get in front of those people and haveMoreIndustry there's a lot of people who are trying to get in front of those people and have conversations in person and over the phone. So you have a lot of competition.
What are three main ways 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. While some agents sell all three, others prefer to specialize in only one – either Medicare Advantage or Medicare Supplement.Mar 10, 2017
What is the commission on a Medicare supplement policy?
A recent report indicates that first-year commissions for enrollments in Medigap are approximately 20 percent of annual premiums, but they can vary based on the state or plan type. The commission for subsequent years (i.e., the renewal commission) is set at 10 percent of the premium.Oct 12, 2021
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...
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...
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.Feb 22, 2022
Is it hard to sell Medicare?
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.May 26, 2020
Can you solicit Medicare Advantage prospects through email?
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.
What does street level commission mean?
Street level commission is the base commission amount paid by the company you work for. This is normally expressed as "base commission" or "street level commission" on the rate sheet you receive from your insurance company or General Agent.Sep 26, 2017
What is an FMO?
FMO — Field Marketing Organizations A field marketing organization (FMO) is basically the same as an independent marketing organization (IMO). FMOs are typically top-level organizations that are licensed to sell health insurance products in most, if not all, states.
Who is Medicare through?
The Centers for Medicare & Medicaid Services (CMS) is the federal agency that runs Medicare. The program is funded in part by Social Security and Medicare taxes you pay on your income, in part through premiums that people with Medicare pay, and in part by the federal budget.
Getting Started Selling Medicare Supplements Is Easier Than Ever Before!
If you want to sell Medicare Supplements, you don’t need to spend hours scouring the internet for the basics, like what license is needed to sell Medicare Supplements (just your health insurance license!), how to get licensed and contracted, the best Medigap plans, or sales tips.
Discover Fresh Ways to Market & Sell Medicare Supplement Plans
Have some experience with selling Medigap plans? How’s your closing rate? Inside the guide, we share multiple tried and true strategies for targeting ideal Medicare Supplement clients, marketing your services online and offline, narrowing down the right plan, pitching it, and more.
Unlock Higher Commissions Without Paying for Them Another Way
How much do agents make selling Medicare Supplements? With the right training, tips, and effort, it’s reasonable to say that you could be making a six-figure annual salary from Medicare Supplement sales alone after just a few years! Our guide covers the sales tools that can help you work efficiently (free access links included!), expand your client base, and turn a bigger profit.
Enjoy the Free, Complete Training & Sales Support You Desire & Deserve!
At Ritter Insurance Marketing, our primary goal is to help agents grow their businesses quickly, efficiently, and compliantly.
What is Medicare Supplement insurance?
Original Medicare Part A & B + Medicare Supplement + Part D. Medicare Supplement insurance is also referred to as a Medigap policy by CMS. These names are interchangeable. Your client should expect to pay monthly premiums for Original Medicare Part B, their Supplement and their Part D drug plan.
How long does Medicare Supplement pay commission?
Here are the two most important things you need to know about Medicare Supplement commissions. Medicare Supplements pay the same commission for seven years.
What is high deductible F?
High deductible F is a hybrid Medicare Supplement plan that allows your clients to keep their monthly costs down, while still having the protection of a Medicare Supplement Plan F.
What is a plan N?
Plan N is a Medigap plan that covers the same major benefits as Plan G with the addition of a $20 primary care doctor copay and $50 emergency room copay.
How long does Medicare Part B last?
Your clients IEP begins 3 months before the month they turn 65, their birth month and ends 3 months after. Below are some common examples of Medicare Part B covered services: Doctor’s visits. Ambulance services.
Why are Medicare sales so high?
Most companies pay the same commission for seven years and some even pay for life. Plus, Medicare sales are at an all-time high because of the aging population.
How long does it take to get a six figure income from selling Medicare?
Selling Medicare can steadily help you build a six-figure residual income in as little as 3-4 years. At that point, you’ll have a great six-figure salary.
Why do seniors use e-apps?
Given that many seniors use a computer or mobile device and have high-speed Internet at home, offering an E-App option will increase your chances of making more Med Supp sales. This option eliminates paper and mailing. All critical aspects of the application process, like the client’s signature and check, are done electronically.
What is CRM software?
Having your own customer relationship management (CRM) software, like Agencybloc, Salesforce, ActiveCampaign, or HubSpot CRM will help you monitor, manage, and nurture leads throughout the buying journey. There’s also an array of industry-specific tools that integrate seamlessly with these platforms and help you streamline your marketing and sales process.
When will the baby boomers be over 65?
The U.S. Census Bureau has declared 2030 to be a demographic turning point as all baby boomers will be over 65 years old. It also marks a decade when the aging population will outnumber children – a first in the country’s history. This rise in the number of seniors aging into Medicare creates a bubble of opportunity for the Medicare Supplements industry.
What is a VOIP phone?
Voice over Internet Protocol or VOIP is the technology used in Medicare phone sales process. It allows agents to nurture leads and make a sale by simply having high-speed Internet and a VoIP handset or softphone. Tools like automatic dialer, auto-attendant, and telephonic application let clients get the information they need about each policy and complete the enrollment process over the phone. You can also use the voice signature option (if the carrier allows that option), eliminating the need to send electronic signatures via direct mail or email.
What is real time exclusive lead?
Real-time exclusive leads are the gold standard of leads, of course, but there’s a reason for that — they cost an arm and a leg. Also, keep in mind most exclusive leads shop around, so they may be less exclusive than their high price suggests. 20. Buy Aged Medicare Supplement Insurance Leads.
Who is Troy from Aged Lead Store?
Troy is the CEO and founder of Aged Lead Store. He has been in the lead generation industry for over two decades. His blog posts focus on how to refine your sales process and get the most out of your insurance leads, mortgage leads, and solar leads.
What is the gift of gab?
Becoming a thought leader or influencer in your industry is a bit more than being a good question-answerer, it’s about putting your thoughts out there for the masses on topics like insurance, healthcare, senior living , and so on. You could start with some guest blogging on someone else’s blog, and later step up to writing articles, guides, and ebooks for larger distribution.
Can you knock on doors for Medicare?
Except for a few carriers in a few states that prohibit it, it’s okay for you to go knock on doors as part of your Medicare Supplement marketing. Unlike younger generations, many seniors still enjoy polite visitors and a little bit of face-to-face conversation. Politeness and a considerate, consultative sales attitude are a must, of course, but this is yet another insurance marketing idea to help you sell more Medicare Supplement coverage.
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 ...
Why is it important to work with an FMO?
A good FMO will work consistently to get the best contracts with top companies, and offer them to agents and agencies of all sizes. They should be a pillar of support, helping you maximize your efforts, and allow you to focus on supercharging your business.
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.
What is Medicare Supplement?
Medicare Supplements cover the gaps in Medicare. When put together with a Medicare plan, a Medica re Supplement plan provides almost total comprehensive coverage. Meaning there should be minimal financial obligation for deductibles and co-pays. 2.
What is Medicare for 65?
Medicare is the Federally-funded health insurance program for people who are 65 and older. Also, it is for those who have been on disability after a period of time. It provides a basic level of health insurance for hospitalization and physician care.
What is the T-67+ market?
And focusing on the T-67+ market is a surefire way for a new Medicare Supplement agent to focus his energy. A significant benefit of selling Medicare Supplements to people turning 67 is that you don’t have to know a lot about Medicare.
What is the turning 67 market?
The “turning 67 market” is where we have somebody who’s had Medicare for several years. At a minimum, most folks are turning 67 or older, into their 70s and even 80s. The people we try to meet with have been in good health for the most part and love their Medicare Supplement. Therein lies the opportunity….
Is it easier to sell Medicare Advantage or Supplements?
For a new agent to selling Medicare products, there’s a LOT more that goes into selling Medicare Advantage than Medicare Supplements. It’s much easier – and arguably more lucrative – to START selling Medicare Supplements out the gate…. EXCLUSIVELY.
Do seniors have more options than Medicare Supplements?
However, seniors have more options than Medicare Supplements to reduce out-of-pocket hospitalization and doctor expenses. Let’s get a simple overview of both options. 1. Medicare Supplements. As you know, the first supplemental option are Medicare Supplements.
Is Medicare comprehensive?
The critical thing to understand is that on its own, Medicare is not comprehensive. Medicare recipients have the potential for large, out-of-pocket deductibles due if hospitalized. In addition, Medicare only covers 80% of Part B expenses, meaning Medicare recipients must pay the 20% copay, which has no ceiling.
How long do you have to record a phone call?
the phone call, and the recorded conversations—which constitute the signatures of the applicant as well as the agent—must be stored securely in a digital format for at least 10 years.
Is a recorded phone call a digital signature?
Rather, the digitally recorded phone call itself constitutes a legally binding digital signature when obtained correctly. Keep in mind, there are a number of regulatory requirements regarding the information provided over the phone.
Do seniors need to sign a digital signature?
This may be the easiest method for seniors, since virtually everyone knows how to use the phone, and there is no need to mail, fax, scan or e-mail any documents.#N#And the applicant doesn’t have to sign anything. Rather, the digitally recorded phone call itself constitutes a legally binding digital signature when obtained correctly.
Is it good to sell at the kitchen table?
Selling at the kitchen table is still the best way to develop a personal connection with your client. However, let’s be honest, some people are not comfortable inviting sales people inside their homes. They could be shy or embarrassed by their home, or maybe they are afraid of high-pressure sales tactics. Also, there are people who would buy insurance from you, but they may live too far away for you to visit them.
Can Medicare agents survive as neighborhood agents?
Also, most agents today cannot survive as the neighborhood insurance agent, so they need to expand their territory in order to make ends meet.
Why SMS for Medicare Supplement?
When it comes to knowledge and experience, no other insurance marketing organization has more.
Featured Carrier: GPM Health & Life Insurance Company
GPM Health & Life offers competitive rates on popular Plan G and Plan N. In addition to excellent rates, it offers a generous household discount and an easy electronic application. GPM Health & Life also has strong commissions renewals to help you grow your business. Get appointed to the carrier with serious momentum in the senior market.
