Is selling Medicare supplements the best way to sell Medicare products?
Some agents believe selling Medicare Supplements is the superior way to sell Medicare products. What’s your take on that? Is there one that’s better to sell than the other? Should you sell both?
Do you want to break into senior market insurance supplement sales?
For agents already selling senior market insurance products, this article will be nothing more than a refresher for you. However, there are a lot of guys and gals who want to break into supplement sales, but they need a serious crash course.
Can you make money selling Medicare Advantage insurance?
If you’re selling life insurance, if you don’t sell you don’t make any money. In the Medicare Advantage sales side of things, you can take the foot off the gas and make ongoing commission simply by maintaining your book of business. Selling Medicare Advantage insurance, you don’t make a ton upfront.
Is now a good time to get involved selling Medicare insurance?
It is probably the best time to get involved selling Medicare insurance plans. And one more thing to consider. A lot of agents are retiring, getting out of the business. They’re getting too old! That’s good for us agents that are in the field selling Medicare Advantage plans. Over time, you’ll see LESS competition.
Can I sell Medicare Supplement plans?
Medicare Supplements are the perfect product for senior health insurance agents to sell. Most don't require an annual certification and can be sold year-round.
Is selling Medicare Advantage lucrative?
Is Selling Medicare Lucrative? In short, yes. The average Medicare Advantage policy pays around $287 a year in commission if the purchase replaces an existing plan. However, you can get approximately double that — $573— if you write up a new Medicare Advantage plan for someone who hasn't had one before.
What is commission on Medicare Supplement?
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.
Is selling Medicare easy?
Over the past 50 years, there have been many advances in the market. As a result, selling Medicare is easier than ever before, especially with the help of Field Marketing Organizations (FMOs). These organizations support agents by connecting them with the prospects and tools they need to improve their book of business.
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.
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...
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
How do insurance agents get paid?
When a policy is sold to you, an insurance agent earns a commission. Also, there are promised rewards that are paid over the commissions for the sales targets achieved by them. The new rule by Irdai could work in the interest of policyholders.
Are Medicare brokers unbiased?
Working with an independent Medicare insurance agent means you get to choose policy options from different companies. Independent agents and brokers are more likely to give unbiased plan recommendations and advice. But they may not have in-depth knowledge of these plans.
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.
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.
Why do people get into the Medicare supplement market?
In sum, there are three great reasons to get into the Medicare Supplement market: There are lots of prospects. Medicare is standardized. There's a built-in need for a secondary insurance with Medicare. Back to top.
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 many seniors turn 65 every day?
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. When we look at a person that is going onto Medicare, it's pretty confusing and overwhelming. Seniors get a ton of Medicare-related mail.
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.
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.
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 age does Medicare cover?
Here’s our abbreviated recap of the current state of the Medicare program. This government-run health insurance program is available primarily to Americans aged 65 and older, as well as certain other folks with specific disabilities or diseases.
What is Medicare Part A?
If a client chooses this route, they will sign up for Medicare Part A. It’s provided free of charge to seniors who paid Medicare taxes during their working years. Part A covers inpatient care and some nursing facility expenses.
Do Medicare leads have a cellphone?
Most of your Medicare leads had a cellphone before today’s high schoolers were even born. Some may have been texting since they were under 50. Twitter, Facebook, and iPhones came out more than ten years ago. This is one way that today’s Medicare customers are different from past customers.
Can seniors apply for Medicare Supplement?
Seniors will still be able to apply for Medicare supplement coverage after this six-month window, however, it could mean they will pay a higher premium for coverage, or if they have serious medical issues, they could be turned down for coverage. Thus, for seniors looking for affordable and reliable benefits, earlier is better.
Is Medicare supplement coverage regulated?
Medicare supplement coverage is regulated at the state level, and so this means insurance agents often target leads within a particular state or a few states.
Do Medicare leads read fine print?
Today’s Medicare leads also aren’t afraid of reading the fine print, with their reading glasses, of course, and asking you pointed questions. These consumers like to make well-informed buying decisions.
Why do Medicare Advantage agents need to understand Medicare Advantage plans?
That’s because of the 4 main reasons: 1. Learning Curve: In addition to learning the complexities of Medicare Supplements, agents also must fully understand how Medicare Advantage and Part D plans work, which requires keeping up on annual updates and changes. 2.
What is the last step in qualifying a lead's budget for Medigap sales?
The last step in qualifying a lead’s budget for Medigap sales is building Authority. This is the meat and potatoes of qualifying a lead’s budget, where the agent will plug in the lead’s info (if they haven’t already) to see what the savings are.
What is the next point for agents to cover?
Billing: The next point for agents to cover is how the billing works for Medicare Supplements, because one of the greatest fears a Med Supp prospect has is whether the company will cover them if they get sick or have an accident.
How long does open enrollment last for Medicare?
Also, be aware that commissions may be reduced by insurance companies for GI business. 3. Initial Open Enrollment: This period lasts 3 months before the month a prospect turns 65 and 3 months after their birth month, giving them 7 total months to shop for a Medicare Supplement without underwriting.
When does Medicare enrollment start?
Annual Enrollment Period: This period happens every year starting on October 15th and goes through December 7th.
What questions does Joseph Smith ask about lead health?
Joseph Smith likes to qualify a lead’s health in the beginning before proceeding to budget, by asking: “What alphabet letter plan they have, their rate, height, weight, whether they are a smoker or non-smoker, then I ask five basic medical questions (diabetes, COPD, heart issues, cancer, and any upcoming surgeries). ”.
Can seniors get out of jail free?
Seniors are allowed a few “get out of jail free cards,” so to speak, which allow them to bypass any health underwriting a Medicare Supplement company may have. Each event that allows this free pass has conditions attached to it.
What percentage of Medicare beneficiaries are in Original Medicare?
Plus, only 34 percent of Medicare beneficiaries are enrolled in a Medicare Advantage plan, meaning 66 percent of Medicare beneficiaries are in Original Medicare and could be eligible for a Med Supp!
What states have the same medsup plan?
Med Supp plans are standardized, meaning plans with the same letter offer the same benefits, from carrier to carrier and in all states, except Massachusetts, Minnesota, and Wisconsin. The main factor that sets same-lettered plans apart from carrier to carrier is their monthly premiums, or rates.
Do carriers update their Med Supp?
Carriers update their Med Supp rate sheets and applications all the time . It’s extremely important for you to always have the most up-to-date copies of these items to present during appointments, so we recommend getting them straight from the source: carriers’ agent or broker portals.
How much does Medicare Part A cost?
Medicare Part A is earned, but it can also be bought for those who need it. In 2019, it cost up to $413 a month to buy Medicare Part A. Gaps in Medicare Part A can easily cost thousands of dollars. Included in Medicare Part A: home health services, hospice care, inpatient hospital care, nursing facility care and more.
How to determine if Medicare is my primary coverage?
To determine if Medicare can be your client’s primary coverage, it’s important for you to ask your client about their age. Also, ask if they are working or retired. If they are still working, ask how many employees the company employs. 6.
What is the difference between Medicare Part D and Medicare Part B?
Medicare Part D. Medicare Part D covers prescription drugs and has a monthly premium. Like Medicare Part B, there is a penalty for late enrollment unless your client has an existing health insurance plan. Your client may have several Part D plans offered.
How much is the Medicare Part B deductible?
This penalty can be waived if your client has coverage with an employer. The Medicare Part B deductible was $183 in 2017. Your client will pay that much out-of-pocket before Medicare begins to cover services. After coverage beings, the client is responsible for 20% of doctor visits and other approved Medicare services.
What is Medicare Part B?
2. Medicare Part B. Medicare Part B covers some of the most essential types of medical expenses. A client begins the initial enrollment period 3 months before the month in which they turn 65 and ends 3 months after the birthday.
Why do you want to have your client insured during the open enrollment period?
You’ll want your client insured during the open enrollment period because this is the only time they don’t have to worry about pre-existing conditions. Underwriting is much simpler. It’s only if your client misses this open enrollment period that they will have to pass health questions. 12.
Can a 65 year old use Medicare?
If the client is 65 and older and is still working and on a group health plan with fewer than 20 employees, they are eligible for Medicare. Also, if your client is disabled, under the age of 65 and on an employer-funded health plan with fewer than 100 employees, he/she may use Medicare as the primary coverage.
