how to prospect medicare supplment clients

Full Answer

Is there a Medicare supplement prospecting letter for insurance?

The medicare supplement prospecting letter below is a sample that you can use to model for your upcoming insurance lead generation campaign. If you would like your own letter or a series of letters for insurance marketing you can contact us. Dear (Name),

Can I sell a Medicare supplement plan over the phone?

If you are selling Medicare Supplement plans to clients over the phone, there are fewer restrictions than with MAPD/PDP plans. You can sell a Medicare Supplement plan over the phone on an inbound/outbound call when the prospect is ready to move forward with an enrollment.

What do most people not understand about Medicare supplement plans?

The thing most people don’t understand is that all docs/hosps that accept Medicare (they all do) must accept any and all Medicare supplement plans. You see why it doesn’t make sense to pay more than you have to? Who do you currently have your coverage with?

Are you primed for Medicare supplement sales?

If you already have a book of business, you're primed for Medicare Supplement sales. People already want and need supplemental insurance, and they're going to go somewhere to get it – they might as well get it from you.

How do I sell more 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.

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.

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.

How do you get 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.

Is selling Medicare Advantage hard?

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.

What is one CMS marketing rule that impacts how Medicare insurance plans market to consumers?

Marketing Rules CMS also regulates marketing and plan presentations, including when you're allowed to market, and how you market. Agents must wait until October 1 to begin marketing next year's plans to potential beneficiaries and cannot enroll members until October 15.

Can you text Medicare leads?

Do Not engage in telephone solicitations, including voice mails or text messages. Do Not approach and solicit Medicare Beneficiaries in common/ public areas.

What is Medicare solicitation?

People representing Medicare plans aren't allowed to: Come to your home uninvited to sell or endorse anything. Call you unless you're already a member of the plan. If you're a member, the agent who helped you join can call you.

What are CMS guidelines for referrals?

In a CMS compliant situation, you would 1) ask for referrals without mentioning any benefit to the enrollee and then 2) present a thank-you gift for the referrals he or she has provided. Second, the gifts you provide must be of a nominal value.

How much do Medicare leads cost?

As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.

What is Medicare lead?

Medicare leads are the lifeblood of an independent broker's business. With 81.5 million Medicare enrollments projected by 2030, the Medicare market is a good place to be. The challenge is getting exclusive Medicare Advantage, Medicare Supplement, and Turning 65 leads.

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.

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.

Why Medicare Supplement Sales?

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.

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.

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.

When to provide a quote for a prospect?

Once your prospect decides which plan fits their needs and budget the best, it's time to provide a quote.

Does Plan F pay Medicare?

Finally, Plan F is considered the “Cadillac.” It pays everything after Medicare – it’s that simple. No copays, no deductibles.

Do independent agents purchase leads?

Many independent agents purchase leads, but the market is particularly crowded, and these leads are available to any agent with a marketing budget. There are many options for generating leads that will give you an edge over the competition: Rules vary based on product type.

Can you discuss benefits with certified agents?

Benefits and plan information is only allowed to be discussed by certified and approved agents. Set appointments. Your personnel can set the dates for a follow-up conversation, or do live transfers over the phone when a lead is considered “hot.”.

Is Medicare booming for baby boomers?

A. With baby boomers moving into the Medicare eligible age, your opportunities to find Medicare eligible prospects will be “booming.”. In fact, if you are generating your own leads with our proven successful method, you could be tapping into a gold mine. Many independent agents purchase leads, but the market is particularly crowded, ...

Can temporary employees work for Medicare?

In fact, these temporary employees will work to your benefit to assist in setting appointments on your behalf once the lead has been qualified. Just be sure they do not discuss any Medicare plan information with the client. Benefits and plan information is only allowed to be discussed by certified and approved agents.

Can you sell Medicare supplements to 65 leads?

Rules vary based on product type. If you are selling Medicare supplements to turning 65 leads, there are few er restrictions, per MMG. However, if you are looking to push Medicare Advantage plans, things become a bit trickier. Once you have determined which product type you are interested in marketing, you can begin the next step.

Why is it important to use scripts?

Scripts are just a starting point. It’s important to substitute words in a script with words you would normally use so it sounds more genuine. Over time your scripts will get better as long as you document what scripts you are ...

Is Medigap insurance standardized?

The thing about medigap insurance is that it is standardized. In other words, an “F” plan with company A is identical (by law) to an “F” plan with company B. The thing most people don’t understand is that all docs/hosps that accept Medicare (they all do) must accept any and all Medicare supplement plans.