Here's a Four-Step Guide on Selling Medicare Supplement Products Over the Phone
- Explain the Plan That Fits Your Medicare Client. Pitch the plan. Paint a clear picture of the unique benefits of getting...
- Close Strongly Selling Medicare Supplements Over The Phone. Write a closing line that effectively asks for the business.
- Use a Phone Dialer and Automate Your Processes.
Full Answer
How to start selling Medicare?
May 11, 2021 · Selling Medicare Advantage over the phone is completely doable – we know plenty of agents who it successfully. Here are your basic steps: Establish yourself as a Medicare guru in your community. Develop a marketing plan to ensure prospects are calling you (since you can't call them). Offer Medicare Advantage to your existing client base.
How to sell Medicare Advantage over the phone?
Some Tips on How to Sell Medicare Supplemental Insurance by Phone As you call to sell insurance by phone it is better to state how long the call will last rather than asking if it’s a... Your prospect will appreciate your respect for time. As your prospect allows to continue the calls, try ...
Who sells Medicare Advantage plans?
Mar 16, 2021 · 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.
Is selling Medicare lucrative?
Jan 08, 2021 · How to sell Medicare plans over the phone: Generating lead volume. You will need to generate prospects to try to close so figuring out the method to use is important. There are a number of ways to do this but we will focus on two of them here. Telemarket leads: There are companies that will generate leads by phone at a set price per lead. The calls are recorded and …
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!
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.
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.
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.
How to address prospects?
Address your prospects by their first name and in return pronounce your name clearly to them. Avoid stating your company name unless it is necessary. If you are not able to finish your call in the agreed time, ask whether they would like to continue the talk. Your prospect will appreciate your respect for time.
How many people turn 65 in a day?
Nearly 10,000 individuals turn 65 each day, the senior market is exploding unlike any other market. Insurers actually want their agents to be selling Medicare supplement via the telephone using the latest technology. Medicare supplement sales agents can sell from virtually anywhere in the world.
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.
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 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.
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
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.
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 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.
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.
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 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.
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.
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 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.
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.
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 captive agent?
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. Captive agents usually earn a lower commission, but there is a lot of company support.
