Medicare Advantage sales
Medicare Advantage Sales: A Guide for Insurance Agents
Medicare Advantage plans, also known as Medicare Part C, are becoming a very popular choice for many Medicare beneficiaries. Because of this fact, many Medicare agents earn a good portion of their commission through the sale of MA plans. These plans are an alternative option to the Original Medicare plans that Medicare offers. In this blog, we go over a few things you need to know about the sale of MA plans.
Understanding Medicare Advantage Plans
Before we dive into Medicare Advantage sales, it is important to understand what these plans are. Medicare Advantage plans provide benefits similar to Original Medicare (Part A & Part B). Original Medicare does not offer these plans. Only private insurance companies can offer these plans to beneficiaries. Most plans include additional benefits such as vision, dental and hearing coverage. Many MA plans also provide prescription drug coverage (Part D).
These plans typically have either a low or no plan premium. It is important to note; MA plans have restrictions on which doctors and hospitals you can use. In addition, beneficiaries must continue to pay their Part B premium even while enrolled in a Medicare Advantage plan.
Eligibility for MA Plans
To be eligible for a Medicare Advantage plan, individuals must be enrolled in both Medicare Part A and Part B, and live within the plan’s service area. There are several instances when enrollment in these plans typically occurs. They can enroll during their Initial election period (IEP) or during the Annual Enrollment Period (AEP) which takes place from October 15th through December 7th each year. However, individuals may also be able to enroll in a Medicare Advantage plan during certain special enrollment periods (SEPs).
Selling Medicare Advantage Plans
Now that you understand what Medicare Advantage plans are and who is eligible for them, let’s discuss how to sell these plans as an insurance agent.
- Obtain the necessary licenses and certifications: In order to sell Medicare Advantage plans, you must be licensed as an insurance agent and certified to sell Medicare Advantage plans by both the insurance carrier and Centers for Medicare and Medicaid Services (CMS).
- Know your products: It’s important to understand the various Medicare Advantage plans offered by different insurance companies, as well as the benefits, costs, and restrictions associated with each plan. This knowledge will allow you to help clients choose the best plan for their needs.
- Develop a marketing strategy: Medicare Advantage sales require a targeted marketing strategy. You may want to consider advertising in local newspapers or on social media, attending community events, and offering educational seminars.
- Build relationships with clients: As with any sales business, building relationships with clients is key to success. Make sure to follow up with clients after they enroll in a plan to ensure they are satisfied with their coverage and answer any questions they may have.
- Stay up-to-date with changes: Medicare Advantage plans can change from year to year, so it’s important to stay informed of any updates or changes to the plans you offer. This will ensure that you can provide accurate and up-to-date information to your clients.
In conclusion, selling Medicare Advantage plans can be a rewarding business opportunity for insurance agents. By obtaining the necessary licenses and certifications, knowing your products, developing a marketing strategy, building relationships with clients, and staying up-to-date with changes, you can successfully sell these plans to Medicare beneficiaries.