How can I get Started with Medicare supplement Marketing?
· 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 …
How do I Sell Medicare Advantage over the phone?
When selling to a prospect over the phone remember these 8 things: 1 Craft a Good Script 2 Know Your Plans Before You Pick Up the Phone 3 Take Time to Rehearse Calls 4 Let Your Personality Shine Through 5 Find a Way to Differentiate Yourself 6 Strike While the Lead is Hot 7 Have a Clear Concise Closing Strategy 8 Offer Online Enrollment
Are you primed for Medicare supplement sales?
· 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 do I Sell Medicare supplements from home?
· Selling Medicare Over the Phone: A Great Opportunity. In order to sell Medicare by phone, you don’t have to live in the state you want to sell in, you just need a license to sell Medicare in that state. That means you’ll be able to reach more people than ever before as long as you have the right skills, education, and certifications.
Can you sell Medicare supplements over the phone?
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).
How do you make money selling Medicare supplements?
Generally, insurance agents often earn two types of commissions when selling Medicare plans: A dollar amount per application (Medicare Advantage and prescription drug plans) or a percentage of the premium sold (Medicare Supplements).
How do I learn to sell Medicare?
How to Get Started in Medicare SalesObtain life and health insurance license.Begin contracting with Medicare carriers.Take certification modules and get certified in AHIP.Start selling.
Is selling Medicare easy?
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.
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.
How do I get Medicare Advantage leads?
⍟ 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.
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.
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...
Is Medicare easier to sell than life insurance?
But those without such coverage usually delivers lower benefits. Because the product is simple, your selling process becomes quicker, unlike traditional life insurance policies that may need more than an hour's worth of explanation.
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.
What are Medicare star ratings?
Medicare uses a Star Rating System to measure how well Medicare Advantage and Part D plans perform. Medicare scores how well plans perform in several categories, including quality of care and customer service. Ratings range from one to five stars, with five being the highest and one being the lowest.
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.
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 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 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.
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.
Getting Started Selling Medicare Supplements Is Easier Than Ever Before!
If you want to sell Medicare Supplements, you don’t need to spend hours scouring the internet for the basics, like what license is needed to sell Medicare Supplements (just your health insurance license!), how to get licensed and contracted, the best Medigap plans, or sales tips.
Discover Fresh Ways to Market & Sell Medicare Supplement Plans
Have some experience with selling Medigap plans? How’s your closing rate? Inside the guide, we share multiple tried and true strategies for targeting ideal Medicare Supplement clients, marketing your services online and offline, narrowing down the right plan, pitching it, and more.
Unlock Higher Commissions Without Paying for Them Another Way
How much do agents make selling Medicare Supplements? With the right training, tips, and effort, it’s reasonable to say that you could be making a six-figure annual salary from Medicare Supplement sales alone after just a few years! Our guide covers the sales tools that can help you work efficiently (free access links included!), expand your client base, and turn a bigger profit.
Enjoy the Free, Complete Training & Sales Support You Desire & Deserve!
At Ritter Insurance Marketing, our primary goal is to help agents grow their businesses quickly, efficiently, and compliantly.
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.
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.