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. ...
- 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. Offering Medicare Supplement Insurance plans over the phone helps you save time and effort. ...
- Get Consumer Data For A Solid Plan. You now have a script and a phone dialer. You're ready to wow the first person to pick up their phone.
- Offer E-Enrollment For Your Clients. Since seniors today are comfortable with navigating the internet, electronic enrollment is an ideal way for them to speed up the process of getting the ...
Full Answer
How to start selling Medicare?
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.
How to sell Medicare Advantage over the phone?
Medicare supplement sale 100% by phone you must send U.S. Mail, email, sms, etc and then follow up with a phone appointment to get the app - 100% Medicare supplement telephone sale - best for the prospect to be close to your home so you can always meet face-to …
Who sells Medicare Advantage plans?
Is selling Medicare lucrative?
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 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
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
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
Who is the best Medicare provider?
Best Medicare Advantage Providers RatingsProviderForbes Health RatingsCoverage areaBlue Cross Blue Shield5.0Offers plans in 48 statesCigna4.5Offers plans in 26 states and Washington, D.C.United Healthcare4.0Offers plans in all 50 statesAetna3.5Offers plans in 44 states1 more row•Feb 25, 2022
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
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.
Can you sell life insurance and Medicare at the same time?
Under CMS guidelines, brokers are not permitted to cross-sell nonhealth-related products during a Medicare Advantage or Part D sale. So, anything that is not a health-related product, such as life insurance policies or annuities, cannot be cross-sold during a Medicare sale.Jun 25, 2018
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
What of the following is considered unsolicited contact?
Unsolicited direct contact with a consumer that was not requested or initiated by the consumer is prohibited and includes in-person (e.g., door-to-door marketing), telephonic (e.g., outbound telemarketing), electronic (e.g., email, voicemail messages, text messages) solicitation.
How to become a Medicare guru?
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. Send a scope of appointment (SOA) using MedicareCENTER.
How long does Medicare store scope of appointment?
Also, MedicareCENTER will store the scope of appointment indefinitely, so you can be sure you have it on file for the required 10 years. If you're selling Medicare Advantage over the phone, you cannot skip the scope of appointment. Utilize the handy or email or text feature and you'll be done in less than 3 minutes!
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 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.
What to do if you are not contracted with all the carriers?
If you're not contracted with all the carriers in your area, it can be helpful to reference Medicare.gov in addition to MedicareCENTER. Only the carriers you are contracted with will appear, so using Medicare.gov will ensure you see all available plans.
Can you make outbound calls to sell Medicare Advantage?
How to Get Prospects to Call You. 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 to sell Medicare by phone?
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.
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.
What is ProspectBoss platform?
ProspectBoss has developed a platform that will help you every step of the way when it comes to selling Medicare over the phone. The sole function of the platform is to provide agents with an all-in-one solution for prospecting.
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 to allow client to feel empowered?
To allow the client to feel empowered, ask if the caller wants to talk to you or if there is a better time to call back. Ask about your client’s current insurance plan and make notes in your CMS. Once you’ve learned what they’re in the market for, you can offer matching plans.
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.
How to get 100% Medicare supplement?
Medicare supplement sale 100% by phone you must send U.S. Mail, email, sms, etc and then follow up with a phone appointment to get the app - 100% Medicare supplement telephone sale - best for the prospect to be close to your home so you can always meet face-to-face to pick up the application.)
How to sell 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 good time to talk. You should wind up the call in the time stated by you. 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.
How many Medicare supplement carriers does NAAIP offer?
You need product to sell. NAAIP offers contracting at the guaranteed highest commission levels for 27 Medicare supplement and 12 Medicare Advantage carriers. To fulfill our quotas to the insurers we need big numbers and productive producers. Our Medicare lead system is as follows:
How can insurance agents speed up enrollment?
Insurers can speed up the enrollment process by selling Medicare supplements by phone. Agents, on the other hand, can reach more clients while sitting in the comfort of their office. They can save on mailing costs and unnecessary paper work.
Can a prospect see my face?
Your prospect cannot see your face; therefore, your voice should carry that expression. When you come to an end, made sure you summarize the key benefits of purchasing Medicare Supplemental insurance by phone. You should be clear with your objective and what you have to say before you make the call.
Can insurance agents sell insurance by phone?
Several factors enable agents and companies to save money, this means companies get direct contracts, and agents can earn more. With a built in quote engine and facility to close call, it is the right time to sell insurance by phone with your company.
Can Medicare supplement sales agents sell from anywhere?
Medicare supplement sales agents can sell from virtually anywhere in the world. In fact, I personally know a few agents that work from Costa Rica of all places.
