In the world of insurance sales, objections are inevitable. When it comes to selling Medicare, agents often encounter various objections from prospects. Often times, there are concerns about cost, coverage, or confusion about the options available. Addressing objections effectively is key to closing the sale. In this post, we explore practical strategies to overcome objections in Medicare sales.
As with all Medicare sales, be sure you follow all CMS guidelines and follow compliant sales practices .
Learn the key elements for a compliant phone recording
Listen
The most crucial skill in overcoming objections is active listening. When a client raises an objection, listen attentively to fully understand their concerns. Don’t interrupt or immediately start a counterargument. Instead, show genuine interest and empathy. This will establish rapport and provide valuable insights into the client’s needs and preferences.
Empathize
Acknowledge the client’s concerns and validate their feelings. Empathizing with their situation helps build trust and rapport. Express empathy by letting them know you understand their concerns and that their questions are valid. This shows you understand them and will try to make them feel confortable expressing them to you.
Educate
In many instances, objections come up due to a lack of information or a misunderstanding. Take the time to educate clients about Medicare coverage options, benefits and available plans. Provide clear explanations tailored to their specific needs and preferences. In some cases, you may need to send a brochure or use online resources like websites or zoom meetings to provide a visual aid to help expalin complex information.
Address concerns
Always remember, each client’s objections are unique. Tailor your responses, so tailor accordingly. If a client is concerned about out-of-pocket costs, discuss Medicare plans that offer cost-saving benefits, such as low premiums, low copays or value added benefits.
Offer solutions
Do not dismiss objections; provide solutions that address the client’s concerns. For example, if budget is the main objection, discuss Medicare plan options with varying premiums or if appropriate, discuss financial assistance programs. Providing personalized solutions shows the cleint you are able to meet their client’s coverage and budgetary needs.
Common objections and how to respond
Why are you calling
Let the prospect know where you got their information from and let them know you are a licensed agent who provides free consultations for Medicare enrollees. Tell them you called to answer any questions they have and from there see what products they are interested in discussing.
Not interested
Acknowledge the objection and request a few minutes to explain the potential to save a significant amount of money on healthcare costs and add needed coverage. Give them an idea of how your advice can benefit them.
Already have a plan/agent
Ask if anyone explained the differences of Medicare Advantage and Medicare Supplement plans. If they are not sure, go ahead and let them know you can check and make sure they have the best coverage for their needs.
Here are a few ways to maintain your Medicare book
Ask when they last spoke with their agent and offer to go over any changes in available benefits. Ask them a few questions to determine if they have any coverage gaps. Find out if their agent mentioned ancillary products like cancer or hospital indemnity insurance and discuss the value this coverage provides.
Watch a quick YouTube video on the benefits of ancillary sales
Not on Medicare yet
Find out if they plan to retire in the near future and see if they would like to schedule a call to put a plan in place. Make sure they understand the penalties for late enrollment and offer to assist in a smooth transition process.
Don’t want to change plans
Understand what they are saying, validate their response and ask if you can contact them at another date and time when you have updated plan information they may want to consider. Ask if you can mail them your contact information in case they have questions and want assistance.
Need to ask a friend/family member
Let them know you are happy to speak with that person as well to go over the information so they are all comfortable with any changes.
Don’t want to give information over the phone
Be understanding, you are a stranger to them asking for personal information. Many people are leery of phone scams and need to be reassured of the reasons why you need the information. If they are just not comfortable answering questions on the phone, if possible, schedule an in person meeting to go over their information and present coverage options.
Watch a YouTube about our pre-set Medicare lead program
Make the sale
After all objections are addressed, you have the opportunity to present them with coverage options that fit their medical and budgetary needs. Be sure to emphasize the benefits of enrolling in a plan tailored to their needs and reassure them you will provide ongoing support and guidance.
Get some tips for telesales
It is not always easy to overcome objections in Medicare sales. Successful agents provide a combination of active listening, empathy, education, and solution-focused communication. By understanding clients’ concerns, providing relevant information, and offering personalized solutions, agents can navigate objections with confidence and successfully make the sale.
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