According to the U.S. Census Bureau, the size of the 65-and-older population has grown by over a third in the past decade. That means there is a large market out there of older adults enrolling in Medicare and looking for a Medicare Supplement Plan. Medicare Supplement Plans are great because they are the easiest Medicare product to sell and have a high-profit potential because of the renewal commission you get every year. But you have to know how best to sell these plans: some of the leads that you’re working with might be in poor health and wondering how best to keep their medical expenses under control. So how do you sell to a Medicare client who is in poor health?
Explain the Best Option
Some of the seniors you work worth might have health conditions that could be an issue when it comes to signing them up for a Medicare Supplement Plan. The CDC reports that 60% of older adults have one chronic condition, while the other 40% have two or more. Of course, your leads will want the cheapest option, but that might not be the best choice for them if they have health conditions that require medical attention and ongoing treatments. Explain the situation to them, and point out that a more comprehensive Medicare Supplement Plan will be better for them because it will offer more coverage, even if it does cost a little extra.
It is also very important to explain to your clients how signing up for a Medicare Supplement Plan works. Make it clear to them that they will not face any underwriting if they sign up during their Initial Enrollment Period, but that this is not the case if they switch plans. Make sure they are aware of this so that they sign up for the right Medicare Supplement Plan from the start, and will not be denied or be forced to pay a higher rate later.
Medicare Supplement Vs Medicare Advantage
Because Original Medicare does not cover all expenses, and beneficiaries still have to pay coinsurance, copays and more, they will be looking for extra coverage. They have two options: Medicare Supplement Plans and Medicare Advantage Plans. Both can be great options – it all depends on their needs and budget – but Medicare Supplement Plans are generally better for those in poor health.
With Original Medicare and a Medicare Supplement Plan, your clients can better budget their out-of-pocket expenses. Not only that, but they will have access to any Medicare provider across the country that accepts Medicare assignment. Medicare Advantage Plans are more restrictive with their networks, so might not be the ideal choice for Medicare beneficiaries who need to see multiple doctors and specialists.
Finding Customers the Most Affordable Plan With the Most Coverage
Once you have spoken to your client and are aware of their conditions and familiar with their budget, you can properly search through carriers for an affordable plan. Your client wants the best, so make sure to provide them with that by finding a plan with a carrier that has a positive record and financial history.
Medicare Supplement Plan insurance leads are a guaranteed commission for at least 6-7 years. If you get a lead with no health issues, great! But more often than not, this will not be the case. Don’t worry, you can still get them a great plan, especially if they have guaranteed issue. You just have to do a little comparing to find them the Medicare Supplement Plan that will best fit their needs while saving them as much as possible on their medical bills. If you are looking for exclusive leads that are ready to buy, Benepath will provide them to you! To get more information, call 866-368-0377.
