This year many agents are wondering what to do about lost PDP commissions. We are offering a few solutions to help supplement the loss of commissions. Please note there are still many opportunities to earn income in the field of Medicare sales.
The first thing you need to remember is that clients rely on your assistance to find the best plan options each year. Stay with us for a few suggestions to help raise your income.
Look at your client’s current PDP plan
Although your client’s current PDP plan may not be commissionable, it may still be the best option for them. Remember they have other plans with you, and you must make sure they know they can rely on your guidance. When clients see that you are willing to help them without a commission, it may lead to increased trust and a boost to your reputation. This can even lead to more client referrals in the long run.
Although we understand this will not pay your bills, if you do not want to provide assistance, someone else might. A smart agent knows, there are plenty of opportunities to assist clients with other commissionable products.
Watch a quick video on the prescription payment program
It is also important to know; some carriers are still paying commissions on PDP sales. Be sure you are contracted with a variety of carriers and plans in your service area. The best choice for the client may be a commissionable plan and, in that case, it’s a win for you both.
Click here to add carriers to your current Crowe contract or start a new contract request
Look at making a Medicare Supplement plan change
As you know, clients who are enrolled in a standalone PDP plan are usually enrolled in a Medicare Supplement plan. Many clients do not think about changing their Medicare Supplement coverage. The plan just renews each year and goes unnoticed.
In some instances, the Medicare Supplement plan carrier may have raised the plan cost over the year, and clients may not realize it. This provides an opportunity to find them a savings opportunity with the same coverage at a better rate from a competitive carrier. Keep in mind, some states may require underwriting to make a Medicare Supplement change. If you are lucky enough to be selling in a GI state, changing plans is as easy as writing an app.
A MAPD plan could be an option
Clients may want to give a Medicare Advantage plan a try. For some enrollees, this a great way to save money and still receive the protection of comprehensive medical coverage. MAPD plans are a very popular choice and can add to your bottom line. MAPD plans pay a generous commission rate for both new and renewal business.
Click here to learn about 2025 Medicare commissions
If you offer PDP plans, you already need to complete your AHIP, so there’s no reason not to add MAPD plans to your business.
Having a variety of product offerings help protect your income stream and gives clients a greater choice of coverage options.
Offer other needs-based products
Before you meet with each client, you should conduct a thorough needs-based assessment. This often leads to cross-selling opportunities. Clients may want to purchase insurance that fills a specific coverage gap. If you plan to discuss these coverage options, be sure your SOA includes ancillary products. In some cases, you may need to collect an additional SOA and make a subsequent appointment.
Ancillary products such as dental, vision, hospital indemnity, critical illness, cancer, heart attack and stroke or even long- and short-term care or life insurance are a few options. These products can provide necessary coverage for your clients and a supplement to your income as well. These products can more than make up for lost PDP commissions.
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