Did you know that today, Medicare covers over 61 million Americans?
Even so, a lot of people need its supplemental plans. It helps cover for various health issues that may arise later on.
If you’re selling Medicare supplements, it’s your chance to offer great plans. The catch is that it can be tricky or difficult to sell Medicare supplements. Continue below to learn about the best way to sell Medicare supplements today.
- How to Sell Medicare Supplements: Understand Medicare First
Before selling Medicare plans, you should know why you’re selling them in the first place. Keep in mind that Medicare is a difficult idea to explain. Some people haven’t heard about Medicare at all and will ask questions like, “what is Medicare?”
To provide a complete answer, understand what Medicare is and how it works. Get a better grasp of Medicare and the supplementary plans around it. Know the differences between Medicare, Medicaid, Medicare Advantage, and others.
Develop the best way to explain how each one works compared to the rest. It’s also good to consolidate whatever resources available to you, like creating a website to increase leads. As an agent in the marketing field, you must learn how to see what your clients want or need.
Speaking of leads, learn how to increase them. Feel free to read this Medicare supplement lead guide to learn more about the subject. You’ll get some tips on how to explain and distinguish between Medicare and Medicare supplements.
- Review the Carrier’s Med Supp Agent Guides
Check and review your carrier’s Med Supp Agent Guides or Agent Under Writing Guidelines. These guides have information about your product offerings. This information will help you find the appropriate plan that will best suit a client’s situation.
These documents will also help enroll a client into the plan after telling them about the product. You can also find other types of information in these guides. These pieces of information may include the following:
- Contact information
- Policy eligibility and issue guidelines
- Medication guidelines
- Calculating premiums and household discounts
- Instructions for completing an application
- Details on forms for the application
- List of uninsurable health conditions
- Other features and extra services information
Read and memorize your carrier’s Agent Guides. Keep the physical copy or get a digital copy through your agent. If you can’t, check broker portals for copies of Agent Guides.
- Use the Latest Rate Sheets and Applications
It’s not enough to offer the best Medicare supplements. Before you talk to a client, always make sure you have the updated Med Supp application sheets with you. Do the same thing for the rates of the products you’re offering.
If you don’t have the latest rate sheets and application forms yet, go to the carrier’s agent or broker portals. Get the latest papers from them. This way, you and your clients know the latest premium rates.
It’s also a way for you to give top-notch service to your clients. Issuing dated Med Supp applications can create a terrible customer experience for your customers. Their applications may get delayed in the issuing of the policy.
- Use e-Apps When Selling Medicare Supplements
Keep in mind that you’re selling Medicare insurance during the digital age. It only makes sense that you’d also have digital copies of Med Supp Apps. If you don’t have them yet, now is the time to get e-Apps.
Using e-Apps is a great way to avoid mistakes on Medicare supplement applications. Entering information via digital means can save time and paper.
If the carriers of your Medicare supplements offer this tool, use their e-Apps. Keep using them until you develop the habit.
- Provide a Diverse Range of Supplemental Plans
Another strategy for gaining new and keeping old clients is allowing them to pick from a strong selection of plans. With that said, you don’t always have to stick to the same carrier if you don’t want to. Other Med Supp carriers will have other plans that may suit your client.
Other than a clients’ needs, consider their current financial standing. Some carriers have plans that may suit those clients who have a smaller budget. These are the reasons why you should always have or know a wide variety of plans.
Most Medicare Advantage enrollees have access to benefits that traditional Medicare doesn’t cover. These extra Medicare Advantage benefits include:
- Dental benefits
- Fitness benefits
- Hearing aids
- Over-the-counter benefits
- Eye exams and glasses
- Bathroom safety
- In-home support
- Meal benefit
If your client asks for certain brands of healthcare, never hesitate and give them other options. It’s a good way to get ahead in offering Medicare leads.
Benefits of Selling Medicare Supplements
Before we end our guide on selling Medicare supplements, let’s answer one last question. Why should you focus on selling these Medicare supplements at all?
One of the reasons is to help seniors learn more about Medicare and how it works.
You’re not only allowing them to find the right Medicare plans. As an agent, you’re also arming them with the correct knowledge of Medicare plans. It decreases the risk of scammers fooling them with bogus plans.
This alone can be quite satisfying, especially if you like taking care of seniors. Another benefit of entering the Medicare supplement market is the standardized Medicare system. It means that Med Supp plans with the same letter will already offer the same benefits, no matter the carrier.
You don’t need to worry about offering unique benefits to different people.
Sell Medicare Supplements Today
With that, we hope you have a better approach to selling Medicare supplements. Use these tips to help people understand its importance. It’s especially important to seniors since they need it the most.
Did you enjoy reading and learning about the best ways to sell Medicare supplements? If you want to learn more about Medicare, read our other guides now.