Medicare AEP Cross Selling
Medicare AEP cross selling is a popular idea with agents but not put into practice that often. There is a great opportunity to sell other health related products such as hospital indemnity, accident, cancer, dental and visions plans. It is also a great opportunity to open the door to other non health related products such as life insurance and annuities. In fact, Medicare clients are one of the best candidates for annuity sales. This is especially true for Medicare agents focusing on T-65 sales.
Selling Hospital Indemnity
In many instances, clients who enroll in a Medicare Advantage plan also purchase a Hospital Indemnity plans. There is a great opportunity to add a hospital indemnity plan with an initial T-65 Advantage sale but client renewal meetings are also a great way to add them. A number of agents also sell hospital indemnity plans with lower cost Medicare supplement options such as plans High G, L and K. For existing client renewal meetings and calls, adding an indemnity plan can help with potential out of pocket costs of the MAPD plan. Talk to your current clients about the cost for inpatient hospital visits on their plan. Quote them the indemnity plan and explain how it works. Many agents compare the MAPD plan to the cost of a Medicare Supplement plan G or N and then use the MAPD with a hospital indemnity as a middle option.
Medicare AEP Cross Selling: Dental and vision plans
Stand alone dental and vision plans are a popular option with Medicare supplement prospects and clients. The trend over the last few years is more and more Advantage plans come with enhanced vision and dental benefits. This has made stand alone vision and dental plan sales less frequent with MAPD plans. This product is a great add on for your Medicare Supplement clients. This is because Medicare supplement plans do not carry vision or dental benefits. However, some Medicare supplements offer discount dental options. There are a number of stand alone dental plans that can be a good fit for Medicare supplement clients. Cigna dental and Nationwide, National Care dental are two good options
Medicare AEP Cross Selling: Final expense and annuities
Medicare clients are ideal candidates for annuity sales. T-65 clients are often retiring and have money they are looking to move from a retirement plan such as a 401K, SEP or other account. Medicare agents will often cross sell annuities in these situations. The reality is however that most agents do not inquire about this opportunity at their new prospects meetings or Medicare renewal calls and meetings. Agents are able to contract to offer fixed and fixed indexed annuities with a Life insurance license.
There are often opportunities for Final Expense and life sales with Medicare clients. The biggest obstacle with these sales are that most agents do not inquire about the opportunity or even let the clients know the work with them.
CMS rules regarding selling non health related products at a Medicare meeting
Agents can sell health products such as; hospital indemnity, dental and vision plans at a Medicare meeting. It is very important to document them on the scope of appointment form. Non health related products such as life, annuities, long term care and final expense CANNOT be sold during a Medicare meeting. However, it is alright for an agents to mention that they work with those products. If the client shows an interest in discussing them, the agent must schedule a future appointment to go over them. Agents are prohibited from discussing those products during the scheduled Medicare appointment.