5 Tips for Selling Medicare Advantage Plans
- Get Certified and “Ready-to-Sell” Next Year’s Plans ASAP. You’ve heard it before: The early bird catches the worm. ...
- Offer Different Types of Plans and Different Carriers. Medicare Advantage coverage isn’t one-size-fits-all. There are different types of plans for a reason.
- Have Your Own Lead-Generating, Direct Enroll Website. If you want to save time on quoting and enrollments, increase your business’ visibility, and generate more Medicare leads, you need a ...
- Stay Up to Date on the Rules. Every summer/fall, the Centers for Medicare & Medicaid Services (CMS) release updates to their Medicare Communications & Marketing Guidelines that apply not ...
- Learn More In “The Complete Guide on How to Sell Medicare Advantage Plans” [FREE eBook] Our newest eBook, “ The Complete Guide on How to Sell Medicare Advantage Plans ...
Full Answer
How to get started in Medicare sales?
Oct 16, 2019 · Before you can start selling Medicare Advantage plans, you must receive the proper training, licensing, and certifications. Check with your state’s department of insurance to learn about state-specific requirements. After you’re licensed, the next step is marketing your services. Licensing and Certification. First, you need to be licensed to sell Medicare plans in your state.
How to get certified to sell Medicare?
Residual Income - When you sell a Medicare supplement or Medicare Advantage plan you will receive residual income from that sale for years to come, creating a passive income from each sale. Own Your Business – As an independent agent commissions are paid directly to you and generally vested from day one, so you truly own your book of business and the renewals that …
How to start selling Medicare?
Dec 15, 2021 · In addition to general training for licensure to sell Medicare, you may need specialized training and certification. This is true for those selling prescription drug plans and Medicare Advantage. For these products, you need AHIP training, composed of two parts: Medicare and FWA certification.
What's the best Medicare plan?
Mar 29, 2021 · When you are working as an independent agent selling Medicare plans, those plans must show the state where you hold your license. The Sales Process. Once you have your training and state license, you need to determine your sales method. You may want to meet with people online by Zoom, talk with them over the phone, or meet them in person.
Is selling Medicare 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
How are Medicare plans sold?
Companies that contract with Medicare to provide health care coverage or prescription drugs typically use agents/brokers to sell their Medicare plans to Medicare beneficiaries. Sometimes these agents/brokers are employees of the contracted company.Dec 1, 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
How do I find Medicare customers?
⍟ 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...
Can you sell Medicare door to door?
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. Require you to speak to a sales agent to get information about the plan.
Is Medicare more expensive than Obamacare?
The average Medicare Supplement Insurance plan premium in 2019 was $125.93 per month. The average Obamacare benchmark premium in 2021 is $452 per month.Dec 6, 2021
What is a Medicare insurance broker?
A Medicare insurance broker is typically an independent insurance agent who's licensed to sell Medicare plans on behalf of multiple insurance companies.Apr 6, 2021
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.Oct 17, 2019
How do I get T65 leads?
By offering regular question and answer sessions, informational, educational groups, or discussion seminars, you can educate seniors and help them navigate the complex Medicare system. This helps build relationships and trust with them that can lead to potential T65 leads and referrals.
Can you advertise for Medicare?
Medicare private plans are allowed to conduct certain activities. For instance, companies can market their plan through direct mail, radio, television, and/or print advertisements. Agents can also visit your home if you invite them for a marketing appointment. Never feel pressured to join any plan.
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 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 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 the difference between captive and independent agents?
If you plan to hang out a shingle and run your own business, independent is the way to go. A captive agent works for a company or agency. They must sell only the products that the company offers, limiting your options.
How many people will be over 85 in 2030?
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. To have a lucrative business, you need two things: A product for which there is a market.
What is an independent agent?
An independent agent is not an employee of any agency, leaving them free to contract with any company that meets their business criteria. As an independent agent, you are responsible for choosing the products you sell, determining the market area you want to work, and establishing your own hours.
How to direct mail leads?
Direct mail leads are a well-known marketing technique. Select your territory and lead vendor, and then choose your mailing methods, such as lead cards or tri-fold self-mailers. Decide how many mailers you want to send out and whether you want to send them third-class or first-class mail.
What is lead service?
Lead service companies collect the contact information of people likely to make purchases. Some companies narrow down their coverage area to fit specific types of insurance, such as Medicare supplements. They may also have specific geographic target areas.
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.
How many seniors will be in the US by 2040?
Plus, Medicare sales are at an all-time high because of the aging population. The U.S. Census says that by 2040 there will be about 82.3 million senior citizens.
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.
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.
Is Medicare Supplement Plan G the same as Plan F?
Medicare Supplement Plan G. Plan G offers all the same benefits as Plan F except the Part B deductible. Clients often choose Plan G instead of Plan F because the annual Part B deductible of $183 (2017 number) is less than the increased premiums to have a Plan F.
Does UHC offer Medicare Supplement?
UHC offers a Medicare supplement insurance Plan F for the same 65-year-old female in Missouri for $188 ($38 less than Humana for the same coverage) per month as well as the 5% household discount.
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.
How to start marketing specific plans?
The easiest way to start marketing specific plans or carriers is to go to the carrier's agent portal and select a piece they've created.
What are the different email marketing platforms?
Some popular options include Mailchimp, Constant Contact, ActiveCampaign, and HubSpot, but there are literally hundreds of email marketing platforms.
How long is the cooling off period for a product?
A: There used to be required verbiage in the guidelines around a cooling-off period (48 hours originally, which then moved to 24) for presenting or speaking about any non-health-related products. To stay safe, many compliance experts still advise agents to stick to that cooling-off period whenever possible.
Is Medicare Advantage a perfect system?
Even still, they're not perfect. We often hear from clients in January and February that they had no clue they signed up for a Medicare Advantage plan. So, it's not a perfect system, but it's strict for a reason. Sometimes, it's more helpful to focus on what you CAN do versus what you can't.
Can you call Medicare Advantage?
In general, you can't make outbound calls to sell Medicare Advantage plans. There are a couple of exceptions, like calling existing clients or returning phone calls, but it's mostly off-limits. In order to sell Medicare Advantage over the phone, the obvious hurdle is finding a way to get on the phone with prospects!
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.
What is the difference between a Plan G and a Plan F?
There's a little bit of a premium savings when you sign up for a Plan G versus a Plan F. Plan G has a small deductible (Medicare Part B deductible) while Plan F does not.
What to do if you've made it this far?
If you've made it this far, hats off to you . There's a lot of information you need to take in when you're learning about Medicare, but once you've got it down pat, you're off to the races.
Is Medicare the primary insurance?
Medicare is always going to be the primary insurance. As a general rule of thumb, Medicare is roughly 80% coverage, and the supplement is roughly 20% coverage. Every insurance company has to provide the exact same benefits for each plan.
