Tips for Selling Medicare Over the Phone
- Build Trust. It starts with your introduction and building trust between you and your client. ...
- Be a good listener. Listen to the tone of your prospect’s voice. ...
- Prequalify your Client. Once you have earned your prospect’s trust, you can now prequalify them to determine what Medicare plan will fit their needs.
- Schedule a Meeting. Now that you have completed your prospect’s needs analysis, thank your prospect for their time. ...
- Similar Articles on Medicare. Looking for more? Follow us on LinkedIn for updated news and information from The Brokerage Inc.
How do I Sell Medicare Advantage over the phone?
In order to sell Medicare Advantage over the phone, the obvious hurdle is finding a way to get on the phone with prospects! Here are some ideas for getting prospects to call you. There are several marketing tactics you can employ, but I think an absolute requirement is having a presence in your community.
Is it better to sell Medicare insurance by phone or email?
And when it comes to vital tasks like selling Medicare insurance, calling is ideal. The reason for this is clients prefer talking to a real person when it comes to high-value purchases like insurance. But of course, doing business over the phone comes with a few challenges.
How do I Sell Medicare supplements from home?
When you sell Medicare supplements from home, you need to offer a variety of products to meet each beneficiary’s needs. This includes supplement products, prescription drug coverage, Medicare Advantage products, and ancillary products. Ensure the products you are offering benefit the client, not a push for your pocketbook.
Do you want to make money selling Medicare?
If you are making good money but have a desire to step out of the office rat-race and build your own lucrative business, you are in the right place. Knowing how to sell Medicare can take your income to new heights. Your income is only limited by the time you put into working.
What is the best way to sell 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.
Can you make good money selling Medicare?
Earning income potential is dependent on sales commissions, talent and location. On average, medicare sales agent jobs pay around $65,000 annually, but top agents can earn six-figure incomes in just three years, suggests Redbird Network.
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 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 much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
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...•
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.
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.
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 license do I need to sell Medicare insurance in Florida?
The 2-15 agents license allows an agent to sell all forms of Life Insurance, Health Insurance, Medicare Supplement, HMO, Home Health Care, Managed Care and Long Term Care policies in Florida.
Selling Medicare Over the Phone: A Great Opportunity
In order to sell Medicare by phone, you don’t have to live in the state you want to sell in, you just need a license to sell Medicare in that state. That means you’ll be able to reach more people than ever before as long as you have the right skills, education, and certifications.
How to Sell Medicare Advantage Plans Over the Phone
Knowing how to sell Medicare Advantage plans over the phone can be a giant leap for your business. First, you must be AHIP-certified, and then you must contract with all the carriers whose plans you want to sell. It’s smart to contract with as many possible so you can offer clients a variety of options.
How to Sell Medicare Supplements by Phone
Medicare Supplements cover expenses such as coinsurance and MA plans cover medical expenses such as doctor visits. Medicare beneficiaries cannot enroll in both a MA plan and a Medigap plan, so it’s important to determine your client’s needs so you aren’t offering something they can’t use.
How Do I Get Paid?
In order to sell any Medicare plan, you have to contract with the carrier. Once a beneficiary enrolls in a plan, the carrier will pay you a commission, and some carriers will pay out if a beneficiary renews. You don’t collect any payments directly from the beneficiary.
How to Talk to Baby Boomers
In order to effectively sell Medicare by phone, you’ll have to speak your prospects’ language. Speak confidently. Your prospect will think you’re hiding something if you stumble over words. Be polite. Baby Boomers appreciate good manners and proper phone etiquette.
Start Selling Medicare Over the Phone and In-Person With Senior Market Advisors
Senior Market Advisors provides its agents with the tools they need for success in Medicare phone sales. Not only will you get access to plans from all the major carriers, but you also get free access to our proprietary CRM. SMA provides training so you’ll be ready to provide your clients with the right information so they can make smart decisions.
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How to sell Medicare plans over the phone?
There are a number of ways to sell Medicare plans over the phone. The most obvious option is to get set up as a call center/telesales agency. While this set up can ultimately work very well, there are some obstacles to doing it which are time and cost. Call scripts will need approval by the carriers.
What to do if you don't have experience in Medicare?
After you have an insurance license, there are steps to take for contracting and certifications. Use the link for step by step instructions. Medicare contracting and certifications guide.
How many levels of Medicare Supplements are there?
Medicare Supplements have 10 different levels of coverage, and each level is associated with a letter. Each “letter” offers the same basic coverage in every state, though some plans may add a few extra benefits. As long as you’re licensed in the client’s state and you’ve contracted with the carrier, you can sell a plan.
How to be an expert in Medicare?
Your prospect will think you’re hiding something if you stumble over words. Be polite. Baby Boomers appreciate good manners and proper phone etiquette . Baby Boomers like details and information, which is another reason you have to be an expert in Medicare plans.
How many Boomers 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 ...
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.
Can I enroll in Medicare Supplement and Medigap?
Medicare Supplements cover expenses such as coinsurance and MA plans cover medical expenses such as doctor visits. Medicare beneficiaries cannot enroll in both a MA plan and a Medigap plan, so it’s important to determine your client’s needs so you aren’t offering something they can’t use.
Can you ask for referrals for Medicare Advantage?
If you provide a great customer experience, they’ll recommend you to their friends and family. While you aren’t allowed to explicitly ask for referrals in regards to Medicare Advantage, your clients can forward your contact information.
Build Trust
It starts with your introduction and building trust between you and your client. The tone of your voice is the first impression that allows your client to make the quick decision to engage with you or hang up. Your initial greeting should be cheerful and pleasant. Tell them who you are and what you are calling about.
Be a good listener
Listen to the tone of your prospect’s voice. This will help you determine their cognitive level, age range, alertness, patience level, and if they are exhibiting shortness of breath. Each of these factors will help you decide if you need to ask for an authorized representative.
Prequalify your Client
Once you have earned your prospect’s trust, you can now prequalify them to determine what Medicare plan will fit their needs. The first step is to structure your presentation by asking the following questions:
Schedule a Meeting
Now that you have completed your prospect’s needs analysis, thank your prospect for their time. Tell them you are going to review some plans that will fit their medical needs and you will give them a call back within a few days. Ask them to grab a pen and offer them your contact information.
Similar Articles on Medicare
Looking for more? Follow us on LinkedIn for updated news and information from The Brokerage Inc.
Why is selling over the phone important?
Selling over the phone is a viable option that should be considered to save time and effectively provide value to your client while increasing revenue. As technology continues to be utilized face to face is becoming less important and value being delivered is increasing. Be punctual, call on time and be professional.
What is Medicare Part A?
Medicare Part A covers hospital expenses, including hospital stays and skilled nursing care (as long it's not a long-term or custodial care).
Is phone sales more personal?
Phone sales are much less personal, at least in the initial conversation than a face-to-face sales presentation. And since you're reaching out to far more people, there's a chance more people would tell you "no, thank you" or "sorry, not interested" and hang up. Pro Tip: Don't take rejections personally.
Do baby boomers need Medicare Supplement Insurance?
Why Selling Medicare Supplement Products Over the Phone Works. Around 10,000 Baby Boomers are turning 65 every day. While these thousands of Baby Boomers are automatically eligible for Medicare, they still need Medicare Supplement Insurance, so they don't have to pay for the healthcare costs that Original Medicare doesn't cover.
What to do when selling Medicare supplements?
When you sell Medicare supplements from home, you need to offer a variety of products to meet each beneficiary’s needs. This includes supplement products, prescription drug coverage, Medicare Advantage products, and ancillary products. Ensure the products you are offering benefit the client, not a push for your pocketbook.
How to remain independent with Medicare?
To remain independent, you will likely need to obtain your insurance company contracts through a Medicare Insurance FMO. An FMO will work to obtain the best contracts for you to sell clients. Their support in finding you the best product to offer frees your time to meet clients and close sales.
How many clients does Medicare have?
Your income is only limited by the time you put into working. On average, a Medicare insurance agent in business for five (5) years has around 400-500 clients.
What is Medicare Advantage?
One of the benefits is the sale of Medicare Advantage or a Medicare supplement that provides you with a residual income for years. This is a passive income you enjoy the benefit of from every sale. Working as an independent agent means the commissions pay directly to you.
How many people will be on Medicare in 2060?
Projections are that by 2060 there will be 98 million people in that age range. The estimation is 21.1 million over age 85 in 2030. What this means when it comes to Medicare insurance sales is that one in every seven people, the equivalent of 15.2% of the population, meets Medicare age qualifications.
How many Americans have Medicare Advantage?
Ambition to put forth the effort to make sales. About 1/3 of Americans obtain their Medicare through Medicare Advantage Plans. The other 2/3 of the eligible persons have original Medicare, and about 81% of those enroll in supplement coverage.
Can you refer Medicare insurance to a client?
If you personally deliver the Medicare insurance policy to your clients, you have the opportunity to go over again the benefits of the plan they purchased. This is also the perfect time to request a referral. By building a trusting relationship, you may be able to sell them additional products later.
