5 Mistakes Medicare Agents Make

A good agent knows that they can only succeed with the help of their customers. Customers look to agents for help finding a plan that meets their needs without breaking the bank, and that is what you aim to do. But your work doesn’t stop there: you need to be constantly learning and educating, as well as connecting with your clients. Here are 5 costly mistakes to avoid, along with tips to keep you at the top of your game.

picture of caucasian hands on a laptop keyboard with "never stop learning" on the screen
It is important to never stop learning because Medicare is always evolving, and you need to be able to provide accurate information to your customers.

1. You Stop Learning/Training

When you’re an agent, there is no such thing as knowing too much about a product, and that includes Medicare. Medicare is always evolving, and you need to be able to provide accurate information to your customers. Plans can change, or even disappear, while new ones emerge. For example, Plan F, High-Deductible Plan F, and Plan C all disappeared this year, while High-Deductible Plan G was introduced to replace them. If you do not keep on top of information like this, then you won’t be able to properly sell your product. Work towards becoming an expert in your field by constantly learning with online courses and training webinars.

Even when you do become an expert in this field, you still need to keep up with company notices. If there are any changes such as rate increases, then you need to notify your customers on how they will be impacted.

2. Failing To Educate Your Customers

Your job is to help customers completely understand their insurance plan. The whole process of choosing and signing up for a plan can be confusing, so explain everything  as simply as you can. Go over what is covered, what is not, and how Medicare Supplement Plans work with Original Medicare. Don’t assume they know as much about everything as you do! The more you educate them on how the system works, the more likely they will be to spot an issue on a bill or handle a problem on their own. Educated customers are happy customers –  ones who will continue to use your services as well as refer you to others.

3. Not Following The Rules

caucasian man writing "know the rules" on a piece of paper pinned against the wall.

If you do not follow the rules that the CMS has set for agents, then you could lose your license to sell Medicare Supplement Plans. The CMS is very serious about monitoring agents and will monitor agents to make sure that they are being helpful to Medicare customers and not taking advantage of anyone. Breaking their rules could even mean facing jail time.

4. Not Knowing Guidelines 

CMS is strict about agents complying with rules and regulations, and so are the  carriers you work with. Carriers have additional guidelines that you have to follow, and if you fail to comply, then you can lose your business with them. Make sure you stay on top of the guidelines of all the carriers you work with.

green price tag with money symbol on it.
If you focus too much on price, and not your customers’ needs, you could end up losing sales.

5. You Focus Too Much On Price

If you focus too much on price, and not your customers’ needs, you could end up losing sales. Sell based on value, not price. Teach your customers the value of a Medicare Supplement Plan, and ask questions about what they are looking for. Ask questions and answer any of theirs that may come up. And always check on your customers to make sure they are happy with their plan, or if they might be interested in finding a different Supplement Plan.

Medicare: The Gift That Keeps On Giving

Selling Medicare Supplement plans is a very rewarding job. Not only do you get to help seniors save money, but you get a residual income. In other words, Medicare is the gift that keeps on giving. But how?

Medicare Sales At All-Time High

man's hand with a blue marker going up in a line. the words "revenue"
Selling Medicare Supplement plans can give you a continuous revenue.

The AARP has found that each day 10,000 Baby Boomers turn 65 in America, a figure expected to continue well into the 2030’s. This is great news for Medicare agents. Many seniors cannot afford their Medicare Part B bills because they are on a fixed income, so they search for ways to help pay for it. This is where you come in to save the day with a Medicare Supplement plan. With the growth of the aging population, and increase in Medicare sales, there is no better time to sell Medicare!

Seven Years Of Commission

You read that right, when you make a Medicare Supplement sale, you will have a built-in commission for 7 years. This is where the residual income comes into play. Once you sell a Supplement plan, clients are commonly re-written year after year. 

Let’s take a look at an example to simplify things. When you first make a sale, you spend $400 on leads to make that sale, and make a commission of $400.  But because the consumer will likely sign (on average) for 8 years, there are 7 years worth of profits that can be made on that one sale. That equates to a $2800 profit for the life of that sale. So even though you have spent money on marketing and buying the lead, you still make that money back and more. You’re constantly winning.

The example below represents the residual income you could make over the years, assuming that  you’re making $30,000 in new commissions each year:

Maintain Your Relationships!

Although you can keep earning a commission for 7 years, you can’t just forget about your customers. People are more willing to buy from someone they know and trust. Be sure to follow up with your clients to make sure they are happy with your product, and  keep the relationship going. Some may want to make changes to their plans or enroll in a new plan. You want to make sure you are the one they turn to when this happens, so that you get the commission. 

Do not snooze on Medicare Supplement sales or on your current clients. Medicare sales are through the roof because of the aging population. If done right, you will earn a 7 year commission on just one sale. Medicare leads are the gifts that keep on giving even after you spend your marketing dollars to acquire them.

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Some companies offer Medicare leads in real time, while others do not

Which works best —- real time leads or leads that come later? Try both and compare.

Medicare leads are just about the best leads you can get these days, largely because you have a captive audience that not only needs your services, but wants to fill in some of the areas missing in their Medicare policies. It’s pretty much a win-win situation for you. The one thing you want to pay close attention to however is whether or not your leads are coming in as real time leads; leads you have a chance to close fairly quickly.

There are a lot of myths floating around out there about what types of leads are the best for what you want to accomplish. Frankly, the decision as to which type of lead works best for your circumstances is up to you. Just know that with real time Medicare leads, the chances of closing are much higher, largely because you are usually calling this kind of lead within minutes after they have asked for information. That is provided you are online at the same time. Otherwise, you would still be responding quickly; part and parcel of offering good service.

If you’re just starting out, you might not know where to go or who to believe about Medicare leads. One person may say the shared leads are better, because they are less expensive. Another will point out shared leads are less expensive for several reasons, one of which is that at least seven other agents can be working them at the same time. In reality, that is not less expensive. It’s paying good money for not much of a chance at selling anything. What’s the point?

Some other agents will tell you real-time leads are the best. Some figure they are too expensive, but they usually are not the agents that have a high closing ratio and spend hours on the phone chasing people who are fed up with all the calls. Listen to your gut instinct on this one. Take a flyer and invest in solid, real time leads that are pre-screened, pre-vetted and pre-qualified. Do you have a sale? More often than not, yes, you will get a sale, and isn’t that what you want? To get leads to convert and grow your business?

Watch carefully to see that you are not sold generic health insurance form information. Some companies call this request for Medicare information Medicare supplement leads, when in actual fact the person who filled out the form is not looking for Medicare supplement quotes. Having said that, although these leads may be viable, you would waste a lot of time weeding out who wants what.

If you’re selling Medicare supplemental insurance, then make sure you ask the lead generation company you choose to work with for those kinds of leads. Be as specific and detailed as possible and get as much information as possible to allow you to call your leads with what they needs right at your fingertips. It’s all about growing your business, selling a product you believe in and providing potential customers with everything they need to make an informed decision.

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Exclusive Final Expense Leads Need To Be Purchased From a Company That Knows What It Is Doing

If you’re going to make your insurance business into a force to be reckoned with, you will only want to work with exclusive insurance leads of all kinds, and that includes exclusive final expense leads. Why exclusive when you could spend less and get a nice long list of contacts? Sure, you could spend less, but remember, you get what you pay for. Most of the shared leads are just that, shared with numerous other agents — up to seven, in fact.

So, do you really want to spend every day calling people about final life expenses when at least five other agents have already made the same call? If it were you getting the phone calls, what would you do? Most would hang up and not be polite about it. Plus, many of the non-exclusive leads can be false and/or in the do not call registry. That means you have paid for a lead that goes nowhere. Not smart. Consider exclusive final expense leads. They are worth their weight in gold.

Benepath.net is a leader in providing health insurance leads. Benepath provides agents with exclusive health insurance leads and Medicare leads in just a few mouse clicks. To learn more, visit http://demosite.benepath.net.

Exclusive Final Expense Leads Are Easy to Sell

While we’re talking about the benefits of exclusive insurance leads, you should also be aware that you can order exclusive final expense leads as well. This is actually a very smart way to work this niche, since the economy is in the tank these days. People are very cautious about buying insurance of any kind and it only makes sense to go with a guaranteed source of exclusive leads to make sales. Make sure you deal with a reputable online lead generation company, such as benepath.net. Their exclusive final expense leads are “genuinely” exclusive, as in you are the “only” one working them.

Being the only person working the guaranteed leads in your inbox can build you a business base like no other. Steady, high quality leads in real time, with live contacts that are eager to talk to you is a smart way to do business. Invest in your company’s future and try exclusive final expense leads. Your bank account will love the results.

Benepath.net is a leader in providing health insurance leads. Benepath provides agents with exclusive health insurance leads and Medicare leads in just a few mouse clicks. To learn more, visit http://demosite.benepath.net.

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