As an insurance agent, you understand that every product and target market has its own set of challenges. It’s no different when it comes to selling Medicare to seniors. Seniors have different insurance needs and personal values than other consumer groups. In order to be effective at selling this product, you must be well-versed in their main concerns. With more seniors alive today than ever before, there is a huge opportunity for you at stake.
When it comes to insurance policies, a single sale is great, but longstanding relationships are even better. To help you make the most of your efforts, we’ll examine the primary concerns of seniors related to health coverage. Once you understand these concerns, you will be able to address their needs more effectively, and turn more interested consumers into satisfied clients.
Rising Senior Population Creates Agent Opportunities
People are living longer than they ever have before. With this comes a significant shift in the United States demographics. By the year 2030, all baby boomers will be older than 65. This marks the the age when it becomes necessary to switch to Medicare. Additionally, according to the U.S. Census Bureau, 2030 will also mark a time where these people over 65 will make up about 20% of our population. What does this mean for you? Well what it means is that by 2030 1 in 5 individuals will likely be in need of Medicare policy. Needless to say, if you’re not already working with this product, you may want to think about starting.
Top Senior Concerns When it Comes to Health Insurance
1.Affordability
Still at the top of the list of concerns is affordability. This includes affordability when it comes to premiums and other associated costs. It also includes the costs of medical expenses when an illness or injury occurs. Simply put, the older we get, the more healthcare expenses we face. For this reason seniors want coverage that will help them avoid as much financial stress as possible during times of crisis. With that said, the perfect plan for most seniors is made up of comprehensive benefits for an affordable price.
When addressing affordability concerns there are a few things that you can do. First off, you’ll want to introduce your clients to a variety of plan options. Including Medicare Advantage and Medigap plans that can often help lower out-of-pocket costs. Additionally, it’s important to tell them about the importance of comparison shopping. This enables them to find premiums, copayments and deductibles all of which fit their budget. Lastly, if they are eligible for subsidies or low-income assistance, this can help them lighten their financial load.
2.Comprehensive Benefits
Just as important as affordability to seniors is a Medicare plan that comes with extensive healthcare coverage. As touched on, seniors tend to have a wider variety of medical issues and this often requires a larger range of services. From preventative care to hospital visits, to specialty clinics and prescription drugs, looking for a plan that checks all the benefits boxes continues to be a high priority for people over 65.
The reality is that some seniors are much healthier than others. When talking about plans and their benefits there are some key points to keep in mind. Explain to them the differences between Original Medicare (including Part A and Part B) and Medicare Advantage plans. When touching Medicare Advantage be sure to provide clients with information about supplemental benefits like vision and dental. In general the people with the most health needs will want an Advantage plan. With that said, be sure to address each person individually.
3.Prescription Drug Coverage
Many seniors rely on prescription drugs to address a plethora of chronic health issues. It’s estimated that almost 90% of people over 65 take at least one prescription drug, about 80% take at least two, and about 36% take at least five. Glancing over these statistics, it becomes obvious that for the majority of seniors having a Medicare plan that includes sufficient prescription coverage is a necessity. On the flip side, seniors with multiple medications and no comprehensive drug coverage, pay higher out-of-pocket costs. This drives home the point that it’s vitally important to discuss this topic with your Medicare clients.
When having this conversation, your clients will be appreciative if you offer ways to reduce their prescription costs. One way to do this is by explaining the benefits of a Medicare Part D plan, which is more comprehensive prescription coverage. You can also give them tips to save money such as purchasing generic medications as opposed to the name brands, or using a mail-order pharmacy that provides them with discounts.
4.Healthcare Provider Preference
Many seniors have strong preferences when it comes to specific healthcare providers. Older people oftentimes already have established relationships with certain providers that they have maintained for years. To allow these clients to be able to continue seeing their preferred doctors, you must address the concern head on.
When helping them compare various plans, make sure to help them check each plan’s network of providers, making sure that their doctors are within that network. If they are less educated when it comes to health insurance, make a point to explain to them the concept of out-of-network care and the higher costs that can come along depending on the plan at hand. Lastly, if your client wants a plan that covers the highest number of provider networks, encourage them to look at Medicare Advantage plans. All of this information will help them to make the most informed decision and leave feeling satisfied with their coverage.
5.Wellness Benefits
Health and wellness benefits have become more common on health insurance plans. In turn, seniors have started to be more interested in them. This makes sense considering that these benefits aim to help individuals maintain a healthy lifestyle. Some examples of common wellness benefits that your senior clients might be interested in include fitness programs, preventative services like screenings and vaccinations, and even transportation to appointments. While these benefits tend to be included only in Medicare Advantage plans, they can pay off in the long run, as living a healthier life can reduce the number of doctor and hospital visits that one needs. When offering these types of plans and benefits, explain to your client that even if it doesn’t seem necessary now, these benefits can contribute to a more stress-free retirement.
6.Long-Term Care
Long-Term care includes things like nursing homes, assisted living and at-home care. Even though most Medicare plans don’t include long-term care, planning for the future is something that all seniors think about. With that said, by mentioning the topic most clients will be appreciative, knowing that you’re thinking about their overall well being and not simply making a sale.
When bringing up the topic, introduce insurance options that may not be included in Medicare. This includes=s long term care insurance. For those who are limited financially, mention the option of Medicaid and the long-term care benefits that it provides. Lastly, even if you are not able to help them find a plan that has many long term benefits, explain to them the importance of future planning.
7.Customer Service
For seniors, especially the less technologically savvy ones, simplicity goes a long way when it comes to their health insurance. They look to their agent to guide them through this often stressful process, explaining confusing terms and jargon and making knowledgeable suggestions along the way. Additionally, it is your job to make sure that when they leave your office, they feel confident in their new plan and carrier. Something to keep in mind when dealing with clients is to treat every person as an individual. Try to address everyone’s needs no matter how unique they are. You can also offer them resources such as videos, or infographics to explain complex topics to them. You are the intermediary between them and their health plan. With that said, be diligent and personal, and you’ll have no problems.
Wrapping Up
As the population of seniors continues to grow year after year, the necessity for Medicare increases as well. As a trusted insurance expert it’s your job to assess individuals specific needs and address them accordingly. By being informed about their values and what’s important to them, you’ll not only be able to satisfy more clients, but you will also be contributing to their future, making it less stressful and more enjoyable. When it’s all said and done, every senior is unique, so take time to listen to them closely, and walk them through the process as slowly as they may need you to. By doing this, you will be more effective in your role. In turn , you will create more relationships that last for years to come.
As a Medicare agent or any other type of insurance agent, you want to make as many sales as possible. While traditional marketing and sales tactics are great, sometimes you might need to find interested consumers in another way. At Benepath we specialize in generating only the most qualified insurance leads. Our leads are guaranteed to be both exclusive and produced in real-time. This ensures that you’ll have the best chance at making sales. We offer both data leads and inbound phone calls in a variety of verticals. They include, individual health, group health, Medicare, life and commercial insurance. To learn more about what our services can do for you, fill out a form or call us at 888-684-3121.
