Products To Sell During Medicare Lock-In Period

When the Medicare Annual Enrollment Period comes around, you know that commissions are about to come your way! You will be helping Medicare clients change plans, add Medicare Supplement Plans, and do everything in between. But what happens when the AEP is over? There are other ways to keep earning a commission after it is over, mainly by selling other products throughout the year (lock-in period).

Medicare Supplement Plans

illustration of a man looking at a long bill
Medicare Supplement Plans can be sold at any time, and they help cover Medicare costs, which is valuable to many.

Medicare Supplement Plans are great because you can sell them all year round. Thousands of people turn 65 every day, and each of them has the opportunity to look into Medicare Supplement Plans after enrolling in Medicare. But that is not the only time they can sign up for a Medicare Supplement Plan: technically a senior can apply for a plan anytime, even during the lock-in period, as long as they are enrolled in Medicare Parts A and B. Some seniors will look into changing Medicare Supplement Plans within 30 days of enrolling in a plan, also known as their “free look period.” Or some will want to change their Medicare Supplement Plans anytime during the year to find a more affordable plan. And the great thing about selling Medicare Supplement Plans? You will make residual commissions on them for years.

Dental, Vision & Hearing Plans

Original Medicare and Medicare Supplement Plans do not offer dental, vision or hearing insurance. These plans are the perfect products to cross-sell to your clients because no underwriting is necessary for them, and they are typically inexpensive. You can help your customers find a plan that offers them the extra coverage they need at a very attractive price.

Long-Term Care Insurance

Many Medicare beneficiaries are under the impression that long-term care, such as stays in nursing homes or assisted living facilities, is covered by Original Medicare. Unfortunately, this is not the case, so when selling Medicare products, it is important to note to your clients that long-term care is generally not covered. While Medicare does cover certain things that are deemed medically necessary by a doctor, for the most part, it will not cover costs for people who need custodial care (including non-medical needs such as eating and bathing). This is a great opportunity to suggest long-term care insurance, and if they will not qualify for it, suggest a short-term care insurance plan instead.

Hospital Indemnity Insurancewoman sitting in a hospital bed with an IV in her arm

Hospital indemnity insurance is a supplemental insurance plan that will help pay for hospital admission costs that are not covered by other insurance. Some of these plans offer cash payments to help pay for any extra expenses accrued during hospital stays, as well as deductibles, observation stays, surgeries, medications and more. These plans are beneficial for people with Medicare Advantage Plans, which can sometimes leave beneficiaries with large bills from hospital stays.

Working with Medicare leads is a great way to make an income, but you do not have to solely rely on the Medicare Annual Enrollment Period to thrive. Some insurance agents bank on getting most of their commissions during the Medicare Annual Enrollment Period, but that is only 54 days out of the year. There are so many different ways you can continue to earn commissions during the lock-in period. Seniors need coverage for dental, vision and hearing, help with some hospital costs, and coverage for long-term care if they have a chronic condition that worsens, all which Original Medicare does not cover. If you consider selling (or cross-selling) the insurance plans mentioned, then you can continue to help seniors and grow your business outside of the Medicare AEP!

How to Work with Medicare Leads With Poor Health

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

woman in a suit speaking with a man in a suit
Explain to your lead that a Medicare Supplement Plan is a great option for additional coverage.

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 Coverageillustration of a man with a computer screen behind him with logistics

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.

Selling to seniors via video conferencing

The unaddressed truth behind Covid-19 is that until we get a vaccine, those of us who have an increased risk of serious health problems are going to need to remain socially distant even after the spike subsides. While a therapy for the virus could be found as early as June, a vaccine is much further away, with most experts looking at the end of 2020.

Adjusting to the times

For a variety of reasons, many of you prefer to sell face to face, and right now you can’t, for the safety of yourself and your clients.

You are left with one of three choices:

  • Stop selling
  • Sell over the phone
  • Sell over video

Why Video Conferencing

Seniors are not as tech-illiterate as many people think. In a study done by Amwell Health Solutions, data showed that 45% of American seniors have participated in video calls using FaceTime, Skype, and/or Google Hangout. Some seniors are even catching up to the new Zoom movement, using it to talk to their family and friends.

73% of seniors claim that faster health related services, such as insurance consultation, are the driving reason for their willingness to use video conferencing. Seniors have the will to participate, you just have to add this to your toolkit.

While calling could get the job done, you are missing an important layer – the visual cues. With phone calls we miss 50% of the conversation because you can’t see how the person you are talking to is responding. Video conferencing eliminates that limitation.

How do you do it?

So, how do you get seniors on the screen, not just on the phone? The first secret is that you have to make it easy. Best practice is to just have them click on a link you emailed them. You’ll probably need to include instructions on how to find the link, but the more simple you make the process, the more success you will have.

Ask the senior if they have used to using Hangouts, FaceTime or Skype. These popular systems are the most common, and you should adapt to their preferences. By adapting to their preference, the success rate of your calls will be significantly higher. While this may involve more flexibility on your end, it will undoubtedly benefit you in the long run.

The question “why you are taking meetings this way?” will come up, and be honest with them. Tell them it is to keep them safe in today’s environment. This expresses that you care about them as a person, not just a client, helping your overall rapport.

In conclusion

By incorporating live video into your sales process you’ll be able to:

  • See your customer’s visual cues
  • Share and go over your quality presentation materials
  • Build a deeper relationship with your customer
  • Make more sales!

And if you need help matching with Medicare insurance prospects, don’t hesitate to give us a call at 866-368-0377.

Should You Buy Leads or Work For Someone Who Provides Them?

How you choose to handle insurance leads is strictly a personal choice. While you may follow the suggestions of others when you first get started, chances are that over time you discover that some methods of getting leads do not work for you. That means you can choose what works and fine-tune those methods as you grow your agency.

Mostly the choice of which way to obtain your Medicare supplement leads has two options: 1) buy your leads directly through a reputable lead generation company or 2) join with or work for someone that offers its agents leads. While the second options sounds good, keep in mind that you do not have control over the leads you receive. You can not control for their quality.

On the other hand, if you buy quality leads from a lead generation company you have complete control over what you want. For instance, you can specify demographics, locations, ages, how many leads you want per day or week, right down to choosing exclusive leads versus shared leads. Ultimately, it is your choice.

To determine what strategy works best for your style, test out both options. There is no doubt you will find what works for you and kick-starts your conversions.

The Difference Between AEP and OEP

Medicare Supplement, Medicare Advantage, Medigap, Open Enrollment, Annual Enrollment. There are so many buzz words associated with Medicare insurance sales that it is often difficult to differentiate what it all means. One of the most confusing things to understand as an agent, let alone as a consumer, is what the difference between AEP and OEP is.

We are quickly approaching Annual Enrollment Period (AEP) for Medicare Advantage plans, not to be confused with Open Enrollment Period (OEP) that is correlated with Medicare Supplement plans. AEP is an 8 week period from October 15th through December 7th where consumers can sign up for Medicare Part D and/or Medicare Advantage plans.

OEP and Medicare Supplement plans (aka Medigap) is a little more complicated than AEP. OEP is a six month period from the beginning of a consumer’s Part B effective date. This is when a consumer can receive coverage without any health questions being asked. There are a few circumstances that would begin an OEP including:

  • -Particular circumstances for someone on disability before their 65th birthday
  • -An individual’s 65th birthday
  • -Retirement and therefore loss of current group health plan after the age of 65

Once an individual has timed out of the six month period, they forfeit the opportunity to buy a Medicare Supplement plan without any medical questions being asked. A consumer can sign up for a Medicare Supplement plan after that six month period, but they will be subject to health questions that could disqualify them for coverage by some insurance companies.

This graphic from boomerbenefits.com easily explains the differences we have explained above. We recommend using this to help engage and explain the difference with your clients searching for information on their Medicare options.

Medicare insurance is an incredible investment for new agents or agents looking to expand their product portfolio, but it is exactly that; an investment.

Through our research and discoveries with our long term clients, we have found that Medicare consumers are likely to remain on an agent’s books for upwards of 8 years. Though forming a client book will happen over time, lead services are a great way to guide consumers your way over a local competitor. While the marketing costs may be higher than referrals, the volume of potential clients is immediate, and the return over that consumer lifecycle pays for itself.

When you are ready to increase your typical Medicare Supplement volume with exclusive leads, give us a call, because together we succeed!

Summer Seasonality of Insurance Consumers

Seasonality affects every industry slightly different. Just like landscaping companies see more volume in warm months vs cold and tax consultants see more volume from December through April, the Insurance industry has a decline in interest from end of November through June.

As seen above, search queries in Google that refer to Health Insurance gradually decline through the end of May. However, in the year over year comparison we can see that searches begin to rise from June and continue to increase through the end of fall. The only inconsistency looks to be around the Labor Day weekend, but volume of searches increase steadily throughout the entire time period regardless.

As seen above in Medicare Insurance queries though Google, we see the same type of pattern as we saw with Health Insurance. Once May is over, search queries begin to rise as consumers start to think about their insurance needs for the following year.

This data shows that there is a significant difference in the volume of consumer leads available to agents from end of February through June, when the insurance industry as a whole sees a lull in activity. However, as an agent, you can profit off of this trend.

Think about it. Most agents take their vacations in the summer when the weather is nice. This leaves less competition for an increasing volume of consumers that you can capitalize on. Take your vacation in January-April, summer is the time to sell!

Medicare Leads That Sound Good Versus Those That Are Actually Good

Real-time Medicare supplement leads are a goldmine for health insurance agents looking to build their business. Thing is, which are the best leads, the ones the stand a good chance of converting? There is so much misinformation floating around it’s hard to know.

Heads up on two tips for you before buying Medicare leads. Most companies that say they sell real-time Medicare leads are really using a plain Jane health insurance form, not one specific to Medicare. However, some companies figure that if a prospective customer is over 65 and fills in such a form, they are looking for a Medicare Supplement and they call those Medicare supplement leads. However, the individual may not want a quote for Medicare, but instead be searching for final expense insurance. False leads like that waste hard earned marketing dollars.

How do you solve this conundrum? Look for a lead generation company that has a dedicated Medicare Supplemental Insurance form.

Medicare Supplement Leads Are Great, but are They Exclusive?

Medicare supplement leads are worth the time and effort because America has an aging society. Be there and be poised on a rapidly growing insurance niche.

Selling Medicare supplements is one area you are going to shine in. However, it is important that not only do you work those leads promptly, efficiently and effectively, but you have quality leads that convert. Fresh, real time leads coming directly and only to you are leads guaranteed to garner you conversions.

While it is true that exclusive Medicare supplement leads can be expensive, they are worth the investment. Smart insurance marketing begins with a sharp eye on the profit line and a plan to achieve those goals. Spending marketing dollars in the right places boosts your bottom line and provides a good ROI. So spending that extra gets you the good leads to work with and close.

Buying leads is best summed up with one word – exclusivity. You want leads exclusively for you and in your chosen territory. Cannot get that from you current lead source? Do not buy those leads. It is your money. Your time. Your marketing skills. You know what you need. Go out there and get it. If a lead generation company cannot or will not guarantee your exclusivity in the geographic area of your choice, go find another company that does that for you.

Do not be fooled by lead generation companies that say they sell exclusive leads and it actually turns out they sell to six or seven other agents. When you say you want exclusive leads, you want those leads to go only to you. That gives you the edge in knowing no other agent has contacted that person first. Of course, it gives you a leading edge in closing a sale as well.

Leery about spending funds to buy exclusive leads? Look at the benefits:
• less competition
• higher sales
• higher profits
• ethical lead generation provider supporting you
• exclusive leads allow you to nurture clients and grow your territory

Medicare supplement leads are great when they are exclusive to you.

Medicare Supplement Leads Are About Education and Sales

Medicare supplement leads are not just about sales. They are the ideal moment to educate potential customers about the ins and out of choosing the right supplement to enhance their medical care.

It’s a well-known fact that Medicare supplement leads are hot and show no signs of diminishing in popularity. This is due to the fact that America is greying and good health coverage is a top priority for older Americans.

Medicare supplement leads can be the backbone of your insurance business, built around other top selling products. Agents and brokers need a good business foundation to make their agency grow. Making it grow can be achieved in a relatively short period of time if Medicare supplement leads make up the main bulk of sales.

The ideal thing about these kinds of leads are their intrinsic value as a tool for educating seniors. Medicare is difficult enough to understand as is. Throw in different supplement choices and the stakes are higher for seniors struggling to figure out what would work the best for them on a limited budget. If you have the ability to simplify the complex language of insurance, your sales are bound to increase.

Make certain you get quality Medicare supplement leads and work them like they are your job, because they are and they are your ticket to a thriving agency. So when you buy your leads from a lead generation company, make sure to clearly lay out your parameters for the niche you want to market in. The more specific your lead requests, the better they are and the potential for higher sales is even greater. Make them exclusive leads and that is even better, because only “you” receive the leads.

Being specific, knowing your demographics and what you want to achieve for your business means buying leads that focus on what seniors want, need and are pre-qualified to buy. Yes, spend a few more marketing dollars to get the best leads. That old saying: “Spend money to make money” is very true. If you cheap out on buying quality leads you waste your time and money and usually end up frustrated and without very many sales.

Remember, when selling Medicare supplements to seniors, this is a golden opportunity to offer even more in the way of sterling customer service. Position yourself as the expert. Have answers to the questions you are asked. Offer alternatives. Work with a senior’s budget. Make an impression. All these things lead to customer loyalty down the road.

Medicare Supplement Leads Vital Foundations to Build Your Agency

If you’re new to the business of selling insurance, or even if you’re an old hand at it, make selling a breeze by using Medicare supplement leads.

Let’s be honest here. You want to grow your business, right? You did not get into selling insurance because you intended on losing money or giving away all your products. So, where do you start to get a good solid foothold in sales; sales that increase the dollar value of your business? Easy, insurance leads, the pre-vetted ones, and in particular Medicare supplement leads, are the best place to start. There is definitely no shortage of Americans who need Medicare, and if you have the drive to succeed at your business, then this is an area you need to take advantage of right now.

You know all about health insurance exchanges. You also know that they do not sell Medicare or Medicare supplements. This means you have a virtually captive audience waiting for your call. Okay, it’s not quite that simple, but pretty darn close. You sign up to get leads from a reputable lead generation company, like benepath.net. You ask for Medicare supplement leads at least once a week to begin with to get your feet wet and get into the rhythm of calling about and selling Medicare and supplements. Once you have the hang of it, you can ask for more to be delivered to your inbox.

Medicare supplement leads, provided you act on them with due diligence, have the capacity to make you a very nice income by the end of the year. What’s more is, the customers you sell to now are likely to stay with your agency come renewal time. Why? Because you provided them with good service, are personable and cheerful, know your products, treat them with respect, find them the best deals possible, handle claims with care and alacrity and overall, represent your company in fine style. You run interference for them with the insurer and in general pave the way for a good health insurance experience. All this, thanks to health insurance leads that you bought from a lead generation company.

While the online world of selling insurance is not what it used to be, it is no less personal. People may not see you or meet with you directly, not like in the old days, but they can and will get to know you through your online presence, via your website, and as a result of you speaking to them on the phone and delivering the service you say you will deliver.

Dive into the dynamic world pursuing health insurance leads sent to you by a lead generation company. Those exclusive ones can make your week so busy, you’ll be glad you spent a bit extra to get them. Just remember that old saying: “You need to spend money to make money.”

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