About 10,000 Americans turn 65 every single day of the year. On top of that, people are living longer which means that more people will be needing to review their plans and change them each year with the help of Medicare agents.
If you are looking for insurance with steady sales opportunities throughout the year, plus enrollment periods with even more opportunities, you should consider helping people enroll in the right Medicare plans.
- Why sell Medicare Advantage from home?
- How to Sell Medicare Advantage from home
- Frequently asked questions about Medicare and Medicare Advantage
- What is Medicare Advantage?
- What is Medicare Supplement?
- Comparison between Medicare, Medicare Advantage, and Medicare Supplements
- Is It Legal to Sell Medicare Advantage over the Phone?
- Do you need a special license to sell Medicare Advantage?
- Who is eligible for Medicare Advantage?
- Annual Enrollment Period for Medicare Advantage
- Open Enrollment Period for Medicare Advantage
- How much money can you make selling Medicare Advantage
Why sell Medicare Advantage from home?
Selling Medicare over the phone can be advantageous for sellers for several reasons:
- Reach a larger audience: Phone sales allow you to reach a large number of prospective clients who may not be able to visit a physical location.
- Personal interaction: Talking to a customer on the phone allows for a more personal interaction and the opportunity to build rapport and address any concerns they may have.
- Convenient for customers: For customers who are unable to visit a physical location, purchasing Medicare Advantage over the phone can be more convenient and accessible.
- Opportunity for cross-selling: During the conversation, you may identify additional healthcare needs or products that the customer is interested in, providing an opportunity for cross-selling.
- Efficient sales process: Selling Medicare Advantage over the phone is a more efficient sales process, as you can handle multiple calls and enrollments at the same time.
- Ability to gather customer data: Phone sales can also provide valuable customer data, such as demographic information and buying habits, which can be used to better target future sales efforts.
- Cost-effective: Compared to traditional sales methods, phone sales can be a more cost-effective way to reach and enroll customers in Medicare Advantage plans.
It’s important to note that selling Medicare Advantage over the phone requires effective communication skills and the ability to build trust with the customer. But remember to use the right software to help you bring the benefits of in-person meetings to the phone. By providing a high level of customer service and being knowledgeable about the plan and its benefits, sellers can increase the likelihood of a successful sale.
How to Sell Medicare Advantage from home
Here are 11 tips and tricks for selling Medicare Advantage from home:
- Start with a warm introduction: Begin the conversation by introducing yourself and building rapport with the potential customer.
- Listen to the customer: Take the time to listen to the customer’s needs and concerns. Ask open-ended questions to better understand their healthcare situation.
- Use friction-free software to help your demonstration. Most people have a smartphone, tablet or computer. Share your calculations with them visually with the right screen sharing software. Use software that enables them to connect with one click on any device without signup prompts or downloads.
- Highlight the benefits of Medicare Advantage: Emphasize the additional benefits that Medicare Advantage offers, such as prescription drug coverage, vision and dental coverage, and wellness programs.
- Address cost concerns: Discuss the lower out-of-pocket costs and premiums that Medicare Advantage can offer compared to traditional Medicare.
- Provide a clear explanation of the plan: Make sure the customer fully understands the Medicare Advantage plan, including its coverage, provider network, and cost-sharing structure.
- Compare to traditional Medicare: Discuss the differences between Medicare Advantage and traditional Medicare, highlighting the advantages of Medicare Advantage.
- Offer a demonstration: If possible, offer a demonstration of the plan’s features and benefits. You can always use procreate brush packs to create excellent illustrations to offer your demonstration.
- Address potential drawbacks: Address any potential drawbacks of the plan, such as limited provider choice, and provide reassurance that the customer can switch back to traditional Medicare if they are not satisfied with the plan.
- Provide testimonials: Share customer testimonials and success stories to provide social proof and help the customer understand the value of the plan.
- Close the sale: End the conversation by asking for the sale and reiterating the benefits of the plan. Provide clear next steps for enrolling and make it easy for the customer to sign up.
It’s important to remember that selling Medicare Advantage is about building trust and providing value to the customer. By taking a customer-focused approach and addressing their concerns, you can help them make an informed decision about their healthcare coverage.
Frequently asked questions about Medicare and Medicare Advantage
What is Medicare Advantage?
Medicare Advantage is a type of health insurance plan offered by private insurance companies that contracts with Medicare to provide Medicare benefits to beneficiaries.
Plans for Medicare Advantage plans serve as an alternative to traditional Medicare and are designed to provide additional benefits and services beyond what is covered by them.
Beneficiaries who enroll in Medicare Advantage plans receive their Medicare benefits through the private insurance company, rather than directly through Medicare.
These plans often include additional benefits, such as prescription drug coverage, vision and dental coverage, and wellness programs, that are not covered by traditional Medicare.
Medicare Advantage plans also typically offer a network of providers, and beneficiaries must receive their care from providers within the network.
Some plans may also offer additional cost-sharing options, such as copays or coinsurance, to help offset the cost of healthcare services.
What is Medicare Supplement?
Medicare Supplement (also known as Medigap) is a type of insurance policy that is designed to supplement traditional Medicare coverage. Medicare Supplement lead generation is not that different from Medicare Advantage though.
These policies are offered by private insurance companies and are designed to help cover some of the gaps in coverage that traditional Medicare does not cover, such as copayments, coinsurance, and deductibles.
Medicare Supplement policies are standardized and are identified by letter, such as Plan A, Plan B, Plan C, etc. Each standardized Medicare Supplement policy offers a specific set of benefits and is standardized across insurance companies. This means that a Plan A policy offered by one insurance company must provide the same benefits as a Plan A policy offered by another company.
Beneficiaries who have traditional Medicare and enroll in a Medicare Supplement policy pay a separate monthly premium for the supplement coverage, in addition to their Medicare Part B premium.
Overall, Medicare Supplement policies can help beneficiaries to manage their healthcare costs by covering some of the costs that are not covered by traditional Medicare, such as deductibles and coinsurance. This can help beneficiaries to reduce their out-of-pocket expenses for healthcare services.
Note: Medicare Supplement policies may also have higher premiums compared to traditional Medicare and may have restrictions on provider choice.
Comparison between Medicare, Medicare Advantage, and Medicare Supplements
Although you might enroll your customers in Medicare plans and are both selling Medicare Supplements and Advantage plans, you should be able to explain the difference between the three for your prospects.
Here’s a table that can help you explain and compare the difference during the sales call:
|Feature||Medicare||Medicare Advantage||Medicare Supplements|
|Coverage||Hospital (Part A) and medical (Part B) insurance||Hospital (Part A) and medical (Part B) insurance with additional benefits and services||Supplement to traditional Medicare coverage|
|Provider choice||Any healthcare provider who accepts Medicare||Typically limited to a network of providers||No restrictions on provider choice|
|Cost sharing||High out-of-pocket costs for deductibles, copays, and coinsurance||Typically lower out-of-pocket costs for deductibles, copays, and coinsurance||Helps cover some of the gaps in traditional Medicare coverage|
|Premiums||Monthly premium for Part B coverage||Monthly premium for Part A and Part B coverage, as well as any additional benefits and services||Separate monthly premium for supplement coverage|
|Provider reimbursement||Pays healthcare providers directly for covered services||Pays healthcare providers through a contracted rate||No effect on provider reimbursement|
|Additional benefits||Limited additional benefits, such as prescription drug coverage||Often includes additional benefits, such as prescription drug coverage, vision and dental coverage, and wellness programs||No additional benefits|
It’s important to note that each Medicare plan has its own benefits, costs, and restrictions, and the best choice for a beneficiary will depend on their individual healthcare needs and preferences.
Is It Legal to Sell Medicare Advantage over the Phone?
Yes, it is allowed to sell Medicare Advantage over the phone. The Centers for Medicare & Medicaid Services (CMS) regulates the sale of Medicare Advantage plans and sets rules and standards for enrolling in these plans.
As long as the sales process is compliant with CMS regulations and guidelines, Medicare Advantage plans can be sold over the phone. This includes requirements for data privacy and security and ensuring that customers receive all necessary information about the plan before enrolling.
Do you need a special license to sell Medicare Advantage?
Yes, you do need a special license to sell Medicare Advantage. In order to become a Medicare Advantage sales agent, you must obtain a special license from the Centers for Medicare and Medicaid Services (CMS). This license is known as the CMS Producer Number (CMS-P). In order to obtain the CMS-P license, you must complete a background check, complete a Medicare Advantage Sales Agent Training program, and pass a state exam
Who is eligible for Medicare Advantage?
Medicare Advantage plans are available to anyone who is enrolled in Medicare Part A and Part B, also known as Original Medicare.
Original Medicare is a health insurance program administered by the federal government. It is composed of two parts:
- Part A (Hospital Insurance) covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care.
- Part B (Medical Insurance) covers certain doctor services, outpatient care, medical supplies, and preventive services.
This program is available to most individuals who are 65 years or older, as well as certain younger individuals with disabilities and those with End-Stage Renal Disease. In some cases, individuals may need to apply for additional financial assistance to help cover the costs if this coverage is not enough. For those who need extra help, writing a financial aid appeal letter is one way to make their case for additional funding.
Enrollment periods for Medicare Advantage plans are determined by the insurance companies that offer them.
Annual Enrollment Period for Medicare Advantage
The Annual Enrollment Period is between October 15th to December 7th. This period gives beneficiaries the chance to pick a new advantage plan, change their current one or change their Medicare Part D plan.
Open Enrollment Period for Medicare Advantage
This period runs from January 1st to March 31st of each year.
It gives beneficiaries the option to make changes to their plans, even the ones they signed up for during the Annual Enrollment Period. During the OEP, they can switch from one Medicare Advantage plan to another. They can also switch from Original Medicare to a Medicare Advantage plan or vice versa.
Making changes during OEP can save them money on their healthcare costs and get the coverage they need.
During the OEP, you as a Medicare Agent, can review their current plans and help them compare them to other plans available. This will help them decide if they need to make any changes to ensure they are getting the best coverage for their needs.
Outside of the annual open enrollment period, people over 65 may also be able to join a Medicare Advantage plan during certain special enrollment periods. This could include if they move to an area where different plans are available, lose coverage from an employer or union, or are no longer eligible for Medicaid.
It is important to note that Medicare Advantage plans may have limited enrollment periods and that the availability of plans changes from year to year.
Therefore, it is important for people to get help in reviewing their options each year during the annual open enrollment period. That’s where you as a Medicare Agent come to the picture.
How much money can you make selling Medicare Advantage
There are many different commission structures for Medicare Advantage sales agents. The structure of the sales commission typically depends on the company and the individual agent. Generally, sales agents receive a base commission, which is a fixed amount for each sale, plus a bonus or incentive.
The base commission is usually a percentage of the premium charged for the sale. This percentage can range from 5% to 15% and is typically based on the size of the policy and the amount of time the agent has been selling the product. The higher the base commission, the more money an agent can make on each sale.
In addition to the base commission, sales agents may also receive bonuses or incentives. These can include bonuses for meeting certain sales quotas, meeting a certain number of sales in a certain period of time, or selling a certain number of policies. Bonuses can range from a few hundred to several thousand dollars, depending on the company and the individual agent.
Some companies may offer a residual commission, which is a commission paid on a monthly or annual basis for each policy sold. This commission is typically a percentage of the renewal premium. This commission is paid out as long as the policy remains in force.
To sum it up, selling Medicare Advantage over the phone benefits every stakeholder by providing a convenient and efficient option for customers to enroll in a Medicare Advantage plan.
By reaching a larger audience and providing personal interaction, sales agents have the opportunity to build rapport and address any concerns prospective customers may have. With the proper training and adherence to regulations, selling Medicare Advantage over the phone can provide a win-win situation for everyone involved.
For customers, purchasing a Medicare Advantage plan over the phone is accessible and saves time compared to visiting a physical location. Additionally, the sales process can be more cost-effective for both the sales agent and the insurance company.
About Joe Troyer
I’m one of the founders of Virtual Valley. We own and grow profitable bootstrapped ventures that are entirely bootstrapped and funded by customers, forcing us to focus on building products that customers, not investors, love.
Our latest venture Review Grower aims to compete in a market with competitors doing hundreds of millions a year. Our goal is simple: By creating enterprises that address the most pressing issues affecting tomorrow’s top firms, we enable growth in marketers, agencies, and companies.