How do I start selling Medicare Advantage and Medicare supplement plans?
Before you can start selling any type of Medicare Advantage or Medicare Supplement plan, you’ll need to first complete these requirements: Who Is Your Target Market? While checking off your certifications, you can start honing in on your selling strategy.
Why do agents sell Medicare products?
Additional Product Sales – Whether it be annuities, life insurance or critical illness policies, Medicare products serve as a great door-opener for agents to develop a relationship with their client that will help assess their needs for additional products and coverage helping you increase client loyalty and your overall profitability.
Is the Medicare market right for You?
Whether you’re a seasoned agent looking to start selling Medicare supplements or Medicare Advantage plans, or a Greenhorn looking to get started, the Medicare market is proven for growth and open to insurance professionals of all backgrounds.
How do you sell healthcare?
Keep in mind that selling any type of healthcare comes easier when taking a helpful and educational approach. Never be intrusive with questions or pushy with tactics. They’ll tell you what they need—so long as you ask the right questions. Patrick Rodriguez, President of AGA always says, “If you’re helping, you’re selling.
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Is selling Medicare 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 are the 3 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.
How do I get more Medicare sales?
In order to increase Medicare sales, your agency needs to make the most of the AEP every year. It's that simple. For 2021 Medicare coverage, the AEP kicks off Oct. 15, 2020, and runs through Dec.
How do you market a Medicare Advantage Plan?
Medicare Advantage Marketing to current patientsTargeted mail and emails for patients 65+Reminders for current patients during open enrollment.Informational blogs and social media posts.Posters in your office.Referring patients to an informational page on your website with a lead capture.More items...
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 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 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.
What is Medicare lead?
Medicare leads are the lifeblood of an independent broker's business. With 81.5 million Medicare enrollments projected by 2030, the Medicare market is a good place to be. The challenge is getting exclusive Medicare Advantage, Medicare Supplement, and Turning 65 leads.
Who approves Medicare marketing materials?
CMSAll marketing materials need to be filed and approved by CMS. Agent created communications to members do not need CMS approval. Any agent created communication must follow the CMS Medicare Communications and Marketing Guidelines.
When marketing Medicare Advantage plans What must an agent do?
Tell you where to find information about the plan (website, business cards, customer service number) Discuss different plan options. Provide and collect enrollment forms if you have the right to enroll.
What marketing practices are allowed by Medicare Advantage companies?
You can't knowingly market to MA or Part D enrollees during the OEP (January 1-March 31). You can, however, market to age-ins (people turning 65). Educational events must be explicitly advertised as educational – no marketing or sales activities are allowed.
What is Medicare quoting engine?
2. Medicare Quoting Tool / Online Quoting Engine - A Quoting Engine makes it easier for agents. to have access to accurate, up-to-date pricing and plan details for the nations top senior.
Why is it important to work with an FMO?
A good FMO will work consistently to get the best contracts with top companies, and offer them to agents and agencies of all sizes. They should be a pillar of support, helping you maximize your efforts, and allow you to focus on supercharging your business.
Do you need certification for Medicare Supplement?
Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.
What is the selling point of Medicare Advantage?
Generally, the major selling point of Medicare Advantage plans is that they have no or low monthly premiums and they cover more than what Original Medicare does. However, the mark of a savvy agent is the ability to peel apart the plan benefits and apply what’s relevent to the specific person they’re servicing.
Can baby boomers sell?
While checking off your certifications, you can start honing in on your selling strategy. The first step is narrowing in on who you’re selling to. Baby boomers, yes. But to really sell effectively, get into their mindset and view the sales from their perspective.
Is Medicare a strict set of standards?
The Medicare industry has a strict set of compliance standards to protect consumers. Knowing and following these rules is a must for all Medicare agents.
Is selling healthcare easier?
Keep in mind that selling any type of healthcare comes easier when taking a helpful and educational approach. Never be intrusive with questions or pushy with tactics. They’ll tell you what they need—so long as you ask the right questions. Patrick Rodriguez, President of AGA always says, “If you’re helping, you’re selling. If you’re just selling, you may not be helping”
How to become a Medicare provider?
Become a Medicare Provider or Supplier 1 You’re a DMEPOS supplier. DMEPOS suppliers should follow the instructions on the Enroll as a DMEPOS Supplier page. 2 You’re an institutional provider. If you’re enrolling a hospital, critical care facility, skilled nursing facility, home health agency, hospice, or other similar institution, you should use the Medicare Enrollment Guide for Institutional Providers.
How long does it take to change your Medicare billing?
To avoid having your Medicare billing privileges revoked, be sure to report the following changes within 30 days: a change in ownership. an adverse legal action. a change in practice location. You must report all other changes within 90 days. If you applied online, you can keep your information up to date in PECOS.
How to get an NPI?
If you already have an NPI, skip this step and proceed to Step 2. NPIs are issued through the National Plan & Provider Enumeration System (NPPES). You can apply for an NPI on the NPPES website.
Do you need to be accredited to participate in CMS surveys?
ii If your institution has obtained accreditation from a CMS-approved accreditation organization, you will not need to participate in State Survey Agency surveys. You must inform the State Survey Agency that your institution is accredited. Accreditation is voluntary; CMS doesn’t require it for Medicare enrollment.
Can you bill Medicare for your services?
You’re a health care provider who wants to bill Medicare for your services and also have the ability to order and certify. You don’t want to bill Medicare for your services, but you do want enroll in Medicare solely to order and certify.
Where to go to compare Medicare plans?
Go to https://www.medicare.gov/plan-compare.
How many pharmacies are there in Medicare Part D?
Most Medicare Part D plans have a broad array of preferred pharmacies, such as SilverScript, which has over 65,000 pharmacies including CVS, Walgreens, Walmart, and many small, mom-and-pop pharmacies. Clumsy Kramer GIF by HULU - Find & Share on GIPHY.
How many Medicare beneficiaries are covered by Medicare Part D?
In 2018, nearly 25 million Medicare beneficiaries were covered under a standalone prescription ...
What is Medicare Part D?
Medicare Part D is optional prescription drug coverage. It's also called a Prescription Drug Plan, or PDP for short. You may also hear it referred to as stand-alone PDP. Part D plans are run by private insurance companies that follow rules set by Medicare.
What happens if you don't join Medicare?
If they decide not to join a Medicare drug plan when they're first eligible, and they don’t have other creditable prescription drug coverage or get Extra Help, they’ll likely pay a late enrollment penalty if they join a plan later . The late enrollment penalty is an amount that’s permanently added to the Part D premium.
How much money can you make with Part D?
While Part D isn't a big money maker (you can only make up to $78 on a sale in 2020), it does have some redeeming qualities. For instance, Part D is the single largest lead generator for our local agency.
Why do agents hand out Part D cheat sheets?
Many agents actually hand this Part D Cheat Sheet out to their clients so they can run their own drug comparison. It can help lighten the load during AEP, and more often, people actually want to compare plans on their own.
How to distribute giveaways?
Distribute giveaways with your contact information on it 1. Use absolute or qualified superlatives. Give away promotional items that include plan name, logo, toll-free number, and/or carrier website 2. Use contact information provided by attendees for raffles or drawings for any other purpose.
How long after a plan start time do you have to be on site?
Remain, or have the plan representative remain, on site at least 15 minutes after the original start time
How to promote a gathering?
You can promote your gathering online, via direct mailers and flyers, or through other forms of media. However, if you cancel the event at least two days in advance, it’s a good practice to notify potential attendees via the same advertising channels you used to promote the event.
Do you need to register sales events?
Do you need to register sales events? Exact reporting deadlines and requirements vary from carrier to carrier, but carriers are responsible for maintaining accurate records of all their agents’ educational events and informal and formal sales events. The earlier you submit your events to carriers, the sooner you’ll be able to start advertising them.
Do you have to disclose the products you plan on reviewing?
Additionally, you must include the following disclaimer on all advertisements and invitations for your event: “For accommodation of persons with special needs at sales meetings call <insert phone and TTY number>.”.
Does Medicare require sales event cancellations in HPMS?
While the Medicare Advantage & Part D Communication Requirements don’t require you to submit sales event cancellations in HPMS, you should follow the best practices below and any policies set forth by your carriers.
What is Medicare Advantage sales?
Medicare Advantage sales lead s are a perfect way to find seniors looking to buy insurance. Some leads from SmartFinancial have a built-in Medicare Advantage sales strategy and others have a built in Medigap insurance strategy. When you buy leads from SmartFinancial, all the information you need to make some quick assessments about your clients is there. It’s all based on the questions they answered in the form they filled out online, right before they either end up on the phone as a live-transfer call or their info arrives in your email inbox.
Which states are ripe for Medicare supplement sales?
All 50 states are ripe for Medicare supplement sales and Medicare Advantage sales but the best states to sell in are Florida, Arizona, Illinois, Texas, Pennsylvania, New Jersey, California, North Carolina, New York, Michigan and Virginia! There are high concentrations of individuals who hold Medicare supplement policies, and they may be electing to change their coverage during Open Enrollment 2020!
When is open enrollment for Medicare?
Insurance companies that sell health insurance are gearing up for the Open Enrollment Period, which runs from November 1 to December 15 for plans that go into effect January 1, 2020. However, if you’re selling Medicare supplements, you’re not restricted to this short period of time. Many people buy Medicare Advantage and Medicare supplements when they turn 65, not just during open enrollment. Not only is there freedom in being a Medicare agent, but keep in mind that 4 million people will be eligible for Medicare over the next 10 years!
Do you have to receive a letter from Social Security about Medicare?
You should have received a letter from the Social Security Administration about your Medicare benefits. I have some of your information here. Can we go over a few things so I can give you a quote for [Medicare Advantage or Medicare supplements].
How long does it take to change your Medicare billing information?
It’s important to keep your enrollment information up to date. To avoid having your Medicare billing privileges revoked, be sure to report any change within 30 days. Changes include, but are not limited to: a change in ownership. an adverse legal action. a change in practice location.
What is DMEPOS in Medicare?
Suppliers who receive Medicare reimbursement for durable medical equipment, prosthetics, orthotics, and supplies (DMEPOS) are required to: If your business doesn’t dispense or furnish DMEPOS, you should use the Medicare Enrollment Guide for Providers & Suppliers.
What to do if your business doesn't dispense DMEPOS?
If your business doesn’t dispense or furnish DMEPOS, you should use the Medicare Enrollment Guide for Providers & Suppliers. If you’re enrolling a hospital, critical care facility, skilled nursing facility, home health agency, hospice, or other similar institution, you should refer to the Medicare Enrollment Guide for Institutional Providers.
Where can I apply for NPI?
NPIs are issued through the National Plan & Provider Enumeration System (NPPES). You can apply for an NPI on the NPPES website. Not sure if you have an NPI for each practice location? Search the NPI Registry.
Who processes DMEPOS applications?
The NSC processes all Medicare applications for DMEPOS suppliers. You can check in with the NSC regarding your enrollment status. Contact the NSC.
Is DMEPOS required for a professional?
Certain professionals may be exempt from the DMEPOS accreditation requirement. Contact the NSC for more information.
What is the best way to connect with buyers?
If you’ve exhausted all of your local and regional options, and you want to connect with retail buyers who are looking for the Next Big Thing, trade shows are still one of the best ways to connect with buyers.
What to do when you go into a store?
When you go into stores, be prepared to share your story, what makes you different, and why you think your products would be a great fit with the store’s existing customers and stocked items. And if you can’t get in touch with the right person, or they’re not working out of your local store? All is not lost.
How to decide which trade shows are a good fit?
If you can swing it, attending trade shows as an individual and scoping them out ahead of time can be a great way to decide which ones are a good fit. If not, asking around in your industry for people’s opinions on shows can also be a valuable source of information.
Can you rely on a store to sell your product?
“You can't rely on a store to sell your products for you. In a sea of products, you can't rely just being in the store and thinking people are going to find you there. Yes, it might happen sometimes if a customer in looking around trying to find something like your product, or if a store teammate recommends your product.”
Is attending a trade show free?
One thing to keep in mind is that attending a trade show as a person or as a brand isn’t free.
Should trade shows be incorporated into distribution?
Priscilla is clear that trade shows should be incorporated into your strategy if you’re looking to make retail a big part of your distribution. And if you’re a bit nervous taking the leap into your first show, don’t be—Cocokind’s first show was one of their best.