Selling Medicare policies isn’t as straightforward as selling other types of insurance. You have additional rules to follow, and Medicare can be confusing for many of your clients. If you’d like to start selling more Medicare and Medicare Supplement policies, here are five things you need to do.
Make the process less scary
As your clients approach retirement age, they’re going to face many unknowns—finding ways to spend their free time, tapping into their retirement funds and, of course, enrolling in Medicare.
Many people want someone knowledgeable to help them navigate their Medicare options and feel confident in their choice—that’s where you come in as their licensed agent. Once you’ve received the contact information of someone interested in Medicare, start your email or call by acknowledging how confusing Medicare can be and assuring the client you’re there to walk them through their options to find the best coverage. Then do exactly that.
Explain what Medicare doesn’t cover
You’ve likely had many clients and prospects assume Medicare will cover all of their medical expenses. Get ahead of any misconceptions by being straightforward about what Medicare does and does not cover. Once your customers know what to expect, you can offer to help them with dental, vision, long-term care, hospital indemnity or prescription drug coverage. They’ll appreciate your thoroughness and willingness to help them get the right coverage.
Educate your Medicare clients
Throughout the year, send articles or videos to your Medicare clients to help them learn more about their options and coverage. For example, you could send an article about exercise programs to your Medicare Advantage clients to help them tap into their fitness benefits. Or you can send tips for detecting Medicare fraud to help your customers avoid scams. You could even record a video of yourself explaining the different parts of Medicare to email to clients and post on your social media. You'll save yourself time by having blog posts and videos addressing common Medicare questions ready to go.
Send timely reminders
You want your Medicare clients to be happy with their coverage and your services. Send a few reminders to customers during enrollment and election periods for original Medicare, Medicare Advantage and Medicare Supplement policies. Offer to help your policyholders review their coverage and make changes if needed. It’s also a good idea to remind your Medicare clients to provide their insurance card to any new providers once per year.
Stay compliant
Remember to keep up with any new changes to Medicare regulations and laws regularly, not just when you do your annual Medicare training. Add appropriate disclaimers to all your Medicare materials and keep a checklist handy of things you can and can’t say during a Medicare sales call.
Submit any Medicare marketing materials to The Centers for Medicare & Medicaid Services (CMS) for approval. Make sure your license number is on your business card and any other relevant materials or communications. It’s your responsibility to make sure your agency stays compliant with Medicare marketing rules.