Selling Medicare Supplements
All prospective and current Medicare sales people have heard there is a huge opportunity selling Medicare supplements. Most people say this is due to all the Baby Boomers turning 65 every day. In theory, this is correct. Although there are so many people turning 65, it does not mean the business is easy. There are a number of steps to take in order to make it in the Medicare sales field. I am not going to repeat all the same old numbers. Instead I will explain how you can take advantage of the opportunity.
Why Selling Medicare Supplements works
There are positives as well as negatives with Medicare Supplement sales. The first, if you are selling supplements and are not selling Medicare Advantage and/or Medicare stand along PDP plans, you will be missing out on revenue. In fact, most people who buy a Medicare supplement will also buy a stand alone RX plan. Some clients will not want a supplement and will only want an Advantage plan. On the positive side, supplements are easy to market and do not require annual certifications. Some of the benefits are….
- Most don’t require annual certifications to sell them
- You can use them to connect with people in Original Medicare and make sales throughout the year.
- There are a number of guaranteed issue states. This makes it very easy to sell supplements to clients over age 65.
- Our agency (Crowe and Associates) has an electronic enrollment system that allows you to enroll clients in any Medicare supplement company over the phone.
If you want to learn about Medicare advantage and Part D sales Click this link to learn more. Also read review our Medicare sales agent guide for more basics on Medicare sales and how to get started. Keep in mind, there are a number of rules when selling MAPD or PDP plans. CMS marketing rules
START SELLING MEDICARE SUPPLEMENTS CLICK HERE FOR A CONTRACT
To get started, simply fill out our contracting kit CLICK THIS LINK FOR CROWE AND ASSOCIATES CONTRACTING 2019 and fax it back to us at 203-567-6235 or email to [email protected]
Click the link below if you want to watch our webinar on how to have a face to face Medicare sales appointment.
Medicare sales appointment training
More about Selling Medicare Supplements
Standard Benefits
All Med Supp plans (A through N) are standardized. This means any company that offers a plan F supplement, must offer the same benefits. The only difference is in the pricing. An exception to this rule is in the states of MA, MN and WI which are non-standardized states. They do not have standardized plans and (In Massachusetts, Minnesota, and Wisconsin, standardized plans can be changed without approval from governing bodies)
Standard Medicare Supplement Plans & Benefits as of 2019
Click here to view a chart of the different supplement plans and their benefits
1Enrollees in high-deductible Plan F must pay for their Medicare-covered costs up to the deductible amount before the Med Supp begins to pay.
2Med Supp pays 100% of the Part B coinsurance. This excludes co-payments of up to $20 for some office visits and up to $50 for ER visits that don’t lead to inpatient admission.
3Upon meeting your annual out-of-pocket limit and annual Part B deductible, the Med Supp pays 100% of all covered services for the remainder of the calendar year.
Selling Medicare Supplements plan costs
Usually, the better the benefits (the more things covered) the higher the premium of the plan. This is not always the case but usually is. For example a Plan G should cost more than a plan N or a Plan N should cost more than a plan K. Companies pick and choose which plans they want to be competitive with price point vs. benefits. Usually, it is good to be able to sell the lowest cost plan G, N,L and high F in your area. There are exceptions of course but those 4 plans will cover just about all of your bases.
Selling Medicare Supplements that are guaranteed to renewable
All Med Supp plans are guaranteed renew. This means that clients can stay in the plan as long as they pay the monthly premium. This even applies to plans that have been discontinued by the carrier.
Guaranteed Issue
Some states such as NY, CT and MA are always guaranteed issue for any age regardless of health status. Most states only have guaranteed issue during certain times. An example is when someone is turning 65 or first becoming eligible for Medicare. It is also true for someone that is 65 or older, losing group coverage and signing up for part B of Medicare. However, if they are outside any of the mentioned periods, they will be subject to medical underwriting.
Selling Medicare Supplements: Comparing rates
Since Medicare supplements have the same benefits, it is really just a matter of finding the right supplement (usually G,N, K, L or high F) and the company with that plan at the lowest price. This is easy to do using our online quote system which quotes Medicare Advantage, Supplement and part D plans. Click for site (call for a password to give it a try)
Working with prospects:
Its important to understand your clients situation in order to recommend the right supplement. In other words, get an idea how often they utilize care and what they can handle in their budget.
Med Supp plans can have different rates based on an individual’s zip code, age, gender, use of tobacco, as well as marital status. Keep in mind; not all plans include foreign travel emergency coverage either. Some states do not allow pricing differences. Everyone gets the same rate regardless of age, tobacco use or gender. The three common states that do this are NY & CT as well as MA.
Selling Medicare Supplements: Plan C and F discontinued for 1-1-20
Plans C and F will not be available to those aging into Medicare as of 1-1-20. Anyone that turns 65 or enrolls in Medicare A and B prior to that date can stay in or buy plan C and F even after 1-1-20. This is not a big issue as plan G will still be available and covers just about the same benefits with the exception of the part B deductible.
Selling Medicare Supplements: Marketing
In fact, one of the hardest parts of starting in the Medicare sales business is getting in front of enough people. Because we work with new agents every day, we can provide suggestions that can help you get started. In addition, we provide lead support to help with your marketing efforts.
Click to learn about our Medicare lead program Please feel free to contact us. You can either call our office at (203)796-5403 or email us at [email protected] We can schedule a training meeting as well as help you plan your marketing strategy.
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