Learn How To Increase Your Earnings with Medicare Supplement Sales

Fact: 10,000 Americans turn 65 everyday!

This qualifies them for Medicare, and makes them hot leads when it comes to Medicare Supplements. This huge boom is due to the baby boomer generation finally reaching retirement age. Medicare Supplements can be confusing to those retiring and they need your help to show them the different types of medicare supplement plans available.

Medicare Supplements are used along side Medicare and they help to supplement the coverage that is not provided via Parts A and B of Medicare. Medicare Supplement is also known as Medigap coverage. Medicare Supplements are standardized so that every company that sells Medigap coverage must offer the same plans. The best time to offer these plans is immediately when the client turns 65. This is for two main reasons: first – many agents are working ‘turning 65 lists’ and if you can get to them first, then you can earn their business; second – they are eligible to enroll immediately no matter their health condition. The baby boomers only began turning 65 in January of 2011, which means now is the best time to get started and contracted to sell Medicare Supplements.

Best Ways to Market Your Medigap Agency:

Sell Medicare Supplements The Traditional Way:

Direct mail pieces and turning 65 lists are the two best ways to market Medicare supplements and guarantee that you get a paycheck. Referrals are also important as the agent that asks for referrals usually earns 6 figures, opposed to the agent that can’t seem to get referrals.

You can also purchase medicare supplement leads from lead brokers, just beware of pre set appointment medicare supplement leads as these are usually crap leads and ran by scammers. They know that everyone hates cold-calling and they do not qualify the leads at all.

Sell Medicare Supplements Via Internet Marketing and Website:

Owning your own website is also a great method for getting leads, but it can be expensive too. You will need to hire someone to design the site, you will also need to hire someone to make sure that it gets good search engine rankings. You can also install a medicare supplement online quoting too or medicare supplement online quote engine which will definitely increase the number of leads that you gain by providing price ranges for potential clients. While it’s one of the most time and money consuming options, building a website can be an extreme profit-boosting strategy for any medigap insurance agency.

Sell Medicare Supplements by Phone

Selling Medicare Supplements by phone speeds up the enrollment process for medicare supplement, it expands your ability to reach more clients without wasting the time and money of travelling to appointments. Selling medigap via phone also eliminates unnecessary paperwork and mailing costs. Selling medicare supplement by phone will certainly boost your income and help you reach a 6 figure income.

Some tips for selling medicare supplements via phone:

Don’t ask if “now is a good time to talk”, instead explain that you need x minutes to talk and that you promise not to take any more time than that – then stick to that. Always address your prospect by their first name, and be sure they know your name as well, avoid giving your company name unless it is noteworthy or asked for. Once you’ve reached the end of the time-frame you gave them earlier ask if they would like you to continue to talk about their specific Medicare Supplement needs or if they would like to reschedule for a better time.

Once the client asks you to continue, make sure to ask open-ended probing questions, and use stories and descriptive words to explain why they should purchase medigap coverage by phone from you. Also be sure to smile, and be happy as your mood can translate to your voice over the phone, and never address the customer by their last name as this is more formal and you want to build up a rapport with the customer.

At the end of the call be sure to summarize the benefits that you made in order to make sure there is no confusion. Then make sure the client has no further questions or comments.

Medicare Supplement Cross Marketing

Cross marketing medicare supplements is a great way to boost revenue. Cross marketing is where you combine a medigap plan with Life Insurance, Long Term Care, Annuities, or Final Expense (Burial Insurance) from companies like Forethought, Sentinel Life, or Pioneer American. Cross marketing not only benefits the agent but also the client – they get more of the products they want, and they can consolidate them all under one agent, and you receive greater profit from a single client or couple.

Types of Medicare Supplement Enrollments

Medicare Supplement Open Enrollment Period

The general time that most people purchase a Medicare Supplement insurance policy (also called a Medigap policy) is during the Medigap open enrollment period. This 6 month period begins on the first day of the month turns 65 or older and enrolls in Medicare Part B. During open enrollment the agent will not use medical underwriting as Medicare Supplement companies cannot refuse to sell clients any Medigap policy that they offer, make them wait for coverage to start, or charge more for a medigap policy due to health related issues. Clients are also provided a six month window prior to their Medicare A and B effective dates (which is on their 65th birthday) to apply for Medicare Supplement without underwriting.

Medicare Supplement Guaranteed-Issue

This period is shorter than open enrollment, but allows seniors to switch medicare supplement policies and find the best price for their age, without a waiting period and regardless of health condition. This guaranteed-issue period occurs when the client’s current health care plan changes in a certain way, they are involuntarily losing their coverage, or when the insurance company may have their own Guaranteed-issue situatiion arrise.

Here are seven examples of circumstances that might trigger a Guaranteed-Issue period:

1. The client’s employer or union coverage ends
2. The client’s medicare advantage plan is leaving the medicare program, or stopping service in the client’s area.
3. The client’s medicare supplement company goes bankrupt, or they lose their coverage through no fault of their own doing.
4. Your client moves out of your Medicare Select’s service area, they can choose to keep their existing policy or may want to change policies at this time.
5. After enrolling in PACE or Medicare Advantage they decide to switch to original medicare along with a medicare supplement within a year of joining.
6. Your client has switched to a Medicare Advantage plan or Medicare Select for the first time, and in less than a year they decide they would rather switch back to a medicare supplement policy.
7. The client decides to drop their coverage with the medicare supplement or medicare advantage plan because the company has misled them somehow, or not followed specific guidelines.

Medicare Supplement Underwriting

When the client is not in either of the open enrollment or guaranteed-issue periods then they are subject to underwriting when they apply for coverage. Underwriting can be described as the “Yes and No” portion of the application process. People who can answer the most questions with “No” are more likely to receive coverage. Some insurance companies also do a phone interview to further go over the responses to their questions.

Top Medicare Supplement Carriers