medicare supplement sales Archives

Sell Medicare Supplemental Plans

By Ed Crowe | General Articles | 0 comment | 11 May, 2023 | 0

Sell Medicare Supplemental Plans

For agents who are on the fence about whether or not selling Medicare Advantage and Supplemental plans is right for them, here are five reasons that selling Medicare can be a lucrative and helpful career move.

The Large Market

According to PEW polls, over 10,000 people celebrate their 65th birthday every day in the United States. That is a large and accessible market. Medicare Supplements is also a needed service for the elderly, who will very likely need this medical and hospital coverage as they continue to age. The size of the client pool will continue to increase and the market will not get saturated.

High Profit Potential

Medicare Supplement sales tend to offer high sales commissions even in the first few years of experience as well as annual residuals. In this way, selling Medicare Supplements can provide ongoing compensation for the agents who sell it. The plans also require very little servicing on the client’s behalf and that limits the ongoing work that the agent will have to put into maintaining those clients.

Competitive Rates

Coverage is standardized across each plan, because of the guidelines set up by the federal government that the contracted private insurance plans have to follow. This means that beneficiaries will receive the same benefits regardless of the company that is servicing their supplemental plan. The differences are in premium costs and locations, which means that insurance agents need to have access to the best carriers in order to provide for their clients.

Help Clients You Already Have

As an insurance agent, it is very likely that some of the clients you already have qualify or are soon to qualify for these insurance plans. Be proactive by reaching out to your business clients when they approach their 65th birthdays and let them know that you can help them access Medicare Supplemental Plans.

The Ease of Getting Started

There is no specific certification to get in order to sell Medicare Supplemental Insurance Plans. Additionally, there is no enrollment period during which you have to sign up to sell them. It is a year-round opportunity to help your clients and make significant income.

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Medicare supplement sales

By Ed Crowe | General Articles | 0 comment | 24 March, 2023 | 0

Medicare supplement sales

Although Medicare covers many medical expenses for qualified individuals, it doesn’t cover everything. That is why many health care agents go into Medicare supplement sales. Medicare supplement plans, also known as Medigap plans, help fill the gaps in Medicare coverage.

If you want to offer Medicare supplement plans to your clients, there are several things you should know:

First, it’s important to understand the basics of Medicare as well as the different types of Medicare supplement plans.

This information will help clients choose the plan that best meets their needs. You may have to ask questions about your client’s health, budget, and preferred providers, as well as explaining the plan differences.

There are four parts to Medicare: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage). Medicare supplement plans are designed to work with Parts A and B. There are 10 standardized Medigap plans available in most states.

There 10 Medigap plans available in most states are; A, B, C, D, F, G, K, L, M, and N.

Each plan has its own set of benefits, so it’s important to understand what each plan covers and how it works with Medicare. Here are some of the key differences between the plans:

Plan F: This plan provides the most comprehensive coverage, covering all of the benefits listed above. However, it is no longer available to new enrollees as of 2020.
Plan G: This plan is similar to Plan F, but it does not cover the Part B deductible. It has become a popular alternative to Plan F since it provides similar coverage at a lower cost.
Plan N: This plan has lower premiums than Plans F and G, but it requires some cost-sharing. This includes copays for doctor visits and emergency room visits.

Please note; Medigap plans are standardized. This means that each plan must offer the same benefits, regardless of which insurance company is offering the plan.

Because supplement plans have their own benefits, it’s important to understand what each plan covers and how it works with Medicare. For example, some Medigap plans may cover deductibles, copayments, and coinsurance, while others may provide coverage for foreign travel emergency care or skilled nursing facility care.

In addition, it’s important to be aware of the rules and regulations surrounding Medicare supplement sales.

For example, there are strict guidelines around marketing and advertising, and it’s important to follow these guidelines to avoid any legal issues.

It is extremely important to build relationships with clients and provide any assistance you are qualified to offer. This may include answering questions about Medicare and Medigap plan coverage and plan enrollment.

In conclusion, selling Medicare supplement plans can be a rewarding career path for salespeople who are passionate about helping others. By understanding the basics of Medicare, the different types of Medigap plans, and the rules and regulations surrounding Medicare supplement sales, salespeople can help clients make informed decisions and provide ongoing support and assistance.