Medicare Advantage OEP: Maximizing Your Sales Strategy
Now is a great time to maximize your Medicare Advantage sales strategy, as KFF research shows that Medicare Advantage plans are becoming increasingly popular.
From zero-deductible plans to extra features, such as vision, dental, hearing, and fitness coverage, Medicare Advantage plans are attractive products to sell.
A specialized sales strategy puts you in the best position to beat your competition in attracting a greater share of your target market.
Keep reading this post to learn about the beneficiaries’ perspective and the value proposition for your customers and you. We’ll also provide insight into how to build a trust-centric sales approach and provide a review of technology and tools. Lastly, we’ll give you some tips for engagement and round things out with some important compliance reminders.
Shortcuts:
Medicare Advantage: The Beneficiaries’ Perspective
Optimize Your Value Proposition
Building a Trust-Centric Sales Approach
Technology and Tools for Efficiency
Medicare Advantage Marketing for Engagement and Conversions
Best Practices and Compliance Reminders
Turning OEP Opportunities into Long-Term Success
Medicare Advantage: The Beneficiaries’ Perspective
The KFF study also shows that the number of Medicare Advantage enrollees has doubled since 2010. Researchers project that the number of people enrolled in Medicare Advantage plans will grow from 54% in 2024 to 60% by 2030.
Recent research from the Commonwealth Fund 2024 Value of Medicare Survey shows that Original Medicare and Medicare Advantage beneficiaries are equally happy with their coverage. About 65% of beneficiaries in both plans stated they’re fully satisfied with their coverage.
Medicare Advantage plans are required to set an out-of-pocket limit, while traditional Medicare has no out-of-pocket cap on spending. Medicare Advantage beneficiaries are drawn to the financial protection that comes with having an out-of-pocket limit.
These are the coverages that Medicare Advantage beneficiaries value most:
- High-quality care
- Access to providers
- Low out-of-pocket costs
- Access to supplemental benefits
- Plan bundling
As you prepare your sales presentation, it’s also important to factor in what the beneficiaries consider the problem areas, which include:
- Lack of coverage for their medical issues
- Confusion around coverage for certain benefits
- High costs
- Differences between Original Medicare and Medicare Advantage
These bullet points should give you a good idea of what your customers want and don’t want in their Medicare Advantage plans. Each bullet makes a good talking point to build your sales presentation around.
Optimize Your Value Proposition
Medicare Advantage beneficiaries inherently get a lot of value in their plans. To optimize your value proposition, highlight the features that meet the customer’s needs in your slides.
For the Consumer (Client Value Proposition)
By virtue of its design, Medicare largely looks different than the other types of health plans your customers are used to.
As seniors enter the retirement season, many transition from employer-based healthcare to Medicare. They will likely be confused about the various Medicare parts until they get familiar with the system.
Your customers’ confusion during this time is your opportunity to bring understanding out of the chaos. We recommend developing a slide or visual reference dedicated to each of the following benefits to help your customers determine whether a Medicare Advantage plan is right for them:
1. One Plan/Comprehensive Coverage
Medicare Advantage plans include Parts A and B, and sometimes Part D. It’s a comprehensive plan that simplifies their healthcare benefits by bundling them together.
There’s no need for customers to check multiple providers and systems to find the information and services they need.
2. Additional Benefits Not Found in Original Medicare
Original Medicare doesn’t include dental, vision, or hearing services. People on employer-based coverage often received these and other benefits through their group plans.
Newly eligible people may wonder how to keep these benefits once they become eligible for Medicare.
They’ll be relieved to learn that Medicare Advantage plans include these services. Some plans also cover over-the-counter prescriptions, transportation, fitness benefits, and more.
These extra benefits make beneficiaries happy, especially considering many plans are low-cost or no-cost.
3. Predictable Out-of-Pocket Costs
Customers previously on employer-based coverage may have had a maximum out-of-pocket limit, making budgeting for medical expenses easier.
An out-of-pocket limit is non-existent for seniors enrolled in Original Medicare, which can be scary. With a Medicare Advantage plan, seniors can more easily budget for their healthcare needs. Seniors living on fixed incomes will appreciate this benefit.
4. Local Networks with Coordinated Care
Medicare Advantage plans usually include local healthcare providers, which may help with the coordination of care to patients in need.
Access to local health providers may also improve overall health outcomes for chronically ill patients and those with regular health needs.
5. Customizable Plans Based on Needs
Your customers will be happy to learn that they can choose from several types of health plans within the Medicare Advantage program, including HMO, PPO, SNP, and more.
They can match their individual health needs and financial situation to the best plan for their circumstances.
Dedicate each benefit to an individual slide and share them using a screen-sharing tool.
For the Agent (Sales/Business Value Proposition)
While you can point out many advantages of Medicare Advantage plans to your customers to maximize your sales strategy, salespeople should consider the value that selling Medicare Advantage brings to their careers.
Medicare Advantage provides agents with a high-growth, high-value opportunity to deliver personalized, all-in-one healthcare solutions to seniors. At the same time, you’re enhancing client relationships and building long-term income.
1. Recurring Revenue Through Renewals
The government regulates Medicare Advantage sales to protect beneficiaries from aggressive or misleading sales practices.
Considering the limitations placed on salespeople, customers are less likely to be swayed into switching agents. As you retain your customers, you will build stable, residual income.
2. Growing Market Demand
As we mentioned earlier, more and more beneficiaries are enrolling in Medicare Advantage plans. Baby boomers are aging into the senior phase of life, creating ongoing opportunities for Medicare Advantage sales.
3. Tackling Consumer Confusion Through Education
With so many different plans available and so many rules for who qualifies and when, health insurance today is inherently complex, even for those who work in the industry.
Nevertheless, the confusion gives health insurance brokers and agents opportunities to shine. As a skilled agent, you can use your vast knowledge of health plans to simplify your customers’ choices. Your expertise will inspire consumer trust, build loyalty, and bring referrals.
**4. Strong Support and Tools from Insurance Providers **
Insurance providers succeed when salespeople succeed. Take help wherever you can. Most major insurance companies offer agent portals, quoting tools, and marketing materials. They’ll also update you about compliance changes.
Leverage their help to reduce your administrative burden and enhance your productivity.
Building a Trust-Centric Sales Approach
What exactly does a trust-centric sales approach mean? Essentially, it means you focus on gaining your customer’s trust so you can retain their business over the long term.
To be successful in this approach, you’ll need to leave your high-pressure sales tactics behind and establish credibility by educating your clients.
Use the following tips to guide your way:
- Help clients sort out the confusion about their healthcare choices by explaining plan options. Steer clear of industry jargon.
- Lead with benefits and information about provider networks to garner their attention. Get them to see the positives in what you’re presenting.
- Be transparent about costs and limitations to avoid unexpected surprises. Your clients will appreciate your honesty, even if they’re unhappy with the information.
- Educate customers about CMS marketing guidelines, so they can have confidence that you know the regulations and abide by them. This strategy reinforces that you’re putting their best interests above commissions.
- Leverage testimonials and word-of-mouth referrals. Satisfied clients will happily refer others to you to get the same level of attention and expertise.
Overall, a trust-centric sales approach is about putting your customer’s needs first, being clear and honest, and focusing on service over sales. A sales strategy built on this type of foundation forms the basis for growth and retention.
Technology and Tools for Efficiency
Technology plays a vital role in streamlining insurance sales, and Medicare Advantage is no exception.
Here are five ways to leverage electronic tools to maximize your productivity during OEP.
- **A full-featured screen-sharing tool. **The ability to share your screen enables you to walk clients through plans virtually and in real time. With CrankWheel, you can also get e-signatures during your appointments to wrap up sales faster. It’s a must-have tool for today’s insurance agents and brokers.
- CRM platforms and enrollment software. Such tools are essential for tracking leads, updating client information, creating detailed customer profiles, and accessing customer information at a glance.
- Quoting tools and plan finders. These types of tools integrate with your CRM platform and enrollment software to give customers side-by-side comparisons, including costs, benefits, and networks.
- Automation tools. Automated emails, appointment reminders, renewal alerts, and satisfaction surveys will keep your clients engaged after enrollment. Such tools will help you manage follow-ups and improve retention.
OEP only lasts for a few months, and the right tools will help maximize your OEP sales strategy and your time.
Medicare Advantage Marketing for Engagement and Conversions
The best Medicare Advantage marketing strategies keep potential customers interested in what you have to say. When OEP rolls around, they’ll be ready for conversion.
We’ve put together a few strategies for marketing for engagement and conversions:
Engagement Strategies
- Direct mail, email campaigns, and social media tailored for seniors
- Seminars, health fairs, senior centers
- Websites, webinars, video explainers
Conversion Strategies
- Needs-based selling
- Overcoming objections
- Simplifying complex plan details
- Utilizing tools like plan comparison charts and cost estimators
- Timing outreach during AEP, OEP, and SEP windows
Regardless of which stage of your sales funnel you’re working in, you’ll have better success if you utilize multi-channel strategies (e.g., landing pages, chat, social media, email, etc.) and personalize your messaging.
Best Practices and Compliance Reminders
Regulations can change from one year to the next. While you will likely be current on any changes, your customers may not be.
Any interactions with prospects and customers provide good opportunities to weave in information about any pending or active changes.
As a refresher, the basic compliance rules for Medicare Advantage marketing are:
- Consider the individual’s needs
- Use only approved marketing materials
- Avoid misleading statements
- Obtain the client’s permission to contact
- Document all appointments
- Complete all scope-of-appointment forms
- Present all plan options objectively
- Avoid steering clients based on personal preferences or commissions
- Respect the open enrollment period
- Maintain a record of applications
- Complete ongoing training and certifications
Adhering to compliance builds trust, protects your license, and ensures ethical, effective sales practices. Don’t miss a beat!
Turning OEP Opportunities into Long-Term Success
Medicare Advantage plans pack a lot of punch for the money, making them popular with seniors living on fixed or reduced incomes. OEP signals the start of your relationship, and you’ll want to keep them on the books for years to come.
To accomplish this, you’ll need to see things from the buyer’s perspective and highlight the value proposition for the customer. Educate them on how Medicare works and what differentiates it from other plans they’ve had. As rules change, be sure to update them.
Start small and refine one part of your strategy at a time until the whole process works like clockwork. Always follow best practices and comply with the most current laws and regulations.
We can’t emphasize enough the importance of working with the right tools and technology. Quoting tools, a CRM, enrollment software, plan finders, and automation software will help streamline your sales processes.
With CrankWheel, you can share your screen in person or virtually. You can share slides and videos and monitor their engagement in real time. You can also get forms signed electronically to close the sale in one call.
Try CrankWheel for free today to see how easy it is to use.