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.May 26, 2020
Can you cold call Medicare Advantage?
Answer: Medicare has given permission to private companies to market and sell Medicare Advantage Plans and Part D prescription drug plans but there are very clear guidelines they must follow. Sales representatives are not allowed to call you unless you specifically ask them to do so.Jun 8, 2017
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
What are the 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. While some agents sell all three, others prefer to specialize in only one – either Medicare Advantage or Medicare Supplement.Mar 10, 2017
Can you enroll in Medicare on an outbound call?
Telephone Enrollment Activities and How to Complete Them. Medicare beneficiaries may request to enroll in a plan over the phone when they make a call to you or during an outbound call from you.Feb 12, 2018
How do I prospect for Medicare Advantage 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 much do Medicare leads cost?
The agent who sold 1,000+ plans in 2019, has his Medicare Advantage lead costs ENTIRELY paid for!...Medicare Advantage Direct Mail Lead Subsidy Chart.Actual Cost To AgentConversion Ratio (Policies-To-Leads)$10.00 per lead>25%$15.00 per lead>20%$20.00 per lead>15%$25.00 per lead<15%2 more rows•Jul 22, 2021
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
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.Sep 9, 2021
What is a Medicare Advantage sponsor?
CMS uses the term “plan sponsor” to describe an organization that has an approved, active contract with the federal government to offer Medicare Advantage plans, prescription drug plans, and 1876 cost plans. A plan sponsor can be an employer, a union, or a health insurance carrier.Oct 19, 2017
Can plan sponsors market to current Medicare Advantage plan members?
While insurance agents, plan sponsors and third party entities are generally prohibited from making unsolicited calls, there a few exceptions. One exception is agents and plan sponsors are allowed to call their current clients and members, respectively.Nov 17, 2014
How long does it take to get a health insurance application?
They are quick and easy for agents and clients alike, and can be signed electronically. An application that may take you 30-40 minutes by paper may take you just 10 minutes online. You can pre-qualify your clients by answering required health questions.
How to close a sales pitch?
Closing isn’t something you do at the end of a sales pitch. It requires a foundation built throughout your sales process.#N#Check out our article for a deeper dive on closing. These are the basic steps, in no particular order: 1 Listen intently 2 Remember, your providing a solution to a problem 3 Use the power of stories 4 Limit your offer to a few good options 5 Highlight the value to justify the price 6 Ask the right questions and they will close themselves 7 Summarize previously agreed upon points
What is social proof?
Social Proof is the process of using others reviews or testimonials to help people gain trust in the service you provide. This can be done over the phone as well, but you will need to share it with your prospect in the form of a story, detailing how you helped someone else with a similar problem.
How to prepare for a new business?
Prepare by learning all you can about the strengths and weakness of each of the plans you offer. Having a good understanding of the different plans and how they can work together will allow you to quickly identify possible plan combinations for your prospects over the phone. Take time to rehearse calls.
How long should you wait to call a lead?
Your odds when calling a lead within 30 minutes instead of the first 5 minutes decrease 21 times.
Is smiling contagious?
It’s not magic but it is how human beings have been hard wired to react. Smiles are simply contagious, whether you’re over the phone or in person. Don’t overuse or force the technique, but also don’t underestimate it. Check your attitude and energy: Don’t overdo this or try to fake too much enthusiasm.
How many seniors use smartphones?
Many younger Baby Boomers have used the internet for their entire adult lives, so it makes sense that 40 percent of seniors use smartphones. Since Baby Boomers readily familiarize themselves with technology, you should make your phone a huge component of your overall marketing and sales strategy. Many of your prospects may actually prefer to use their phones rather than meet face to face or use paper forms.
How long is Medicare enrollment period?
Most Medicare-eligibles will have only two enrollment periods during which you can sell to them, the Initial Enrollment Period (IEP), which is the seven months surrounding their 65th birthday, and the Annual Enrollment Period (AEP), which is from October 15 to December 07. Some beneficiaries will qualify for a Special Enrollment Period (SEP), ...
What is a script in a phone call?
A script is a useful tool for guiding a conversation and staying on-topic. Scripts will also help you stay compliant with CMS and your carriers. Your script should start with an introduction including your agency’s name. It should explain why you’re calling and should get to the point quickly.
What is SEP in tax?
Some beneficiaries will qualify for a Special Enrollment Period (SEP), which allows you to sell to them at any point during the year. This is where you will be able to keep some additional income coming in during those off-seasons.
What is Medicare Advantage?
We’re going to focus today on selling Medicare Advantage plans. Medicare Advantage is a plan that helps fill the gaps that naturally occur with a Medicare plan. For example, common carriers include: United Healthcare. Blue Cross Blue Shield. Aetna. Humana.
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.
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 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.
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.
Do seniors need Medicare?
Most of these seniors need coverage outside of Original Medicare. You’ll have military folks with TRICARE, you’ll have some seniors that work for a company or government position offering health benefits in retirement. But outside of that, you’ll have seniors enrolling in Medicare, needing to find a plan.
