You know the importance of building your Medicare business during the Annual Enrollment Period (AEP). What if we told you that building your Medicare business outside of AEP is equally important?
Now that it’s the offseason, you have the time to work on expanding your reach and attracting new clients. So, how can you keep the cold winter temperatures of the lock-in period from stunting your Medicare business’ growth? Turn up the heat with these four surefire ways to keep things warm through winter.
1. Continue Selling Medicare Products
Just because the busy season is over doesn’t mean you have to put selling Medicare products on ice. There are certain Medicare products you can keep relying on to kindle your business post-AEP.
Special Needs Plans
Special Needs Plans (SNPs), for instance, open the door to an abundance of sales opportunities. These unique Medicare Advantage (MA) plans are available to individuals who:
- Are dual-eligible
- Qualify based on a chronic illness or institutional care.
Those eligible for an SNP have a Special Election Period (SEP) to join one, so you can sell them post-AEP.
There are certain Medicare products you can keep relying on to kindle your business post-AEP.
Medicare Supplements
Medicare Supplements (Med Supps) are also particularly valuable to have in your portfolio during lock-in. Why?
First, Med Supps can be sold year-round. Second, people who enrolled in an MA plan during their Initial Coverage Election Period (ICEP) can request to disenroll from it.
They can then join Medicare Parts A and B during the Medicare Advantage Open Enrollment Period (OEP), which runs from January 1 to March 31. These individuals may want a Med Supp policy to fill the coverage gaps of Part A and B.
You can sell Med Supps to clients eligible for their Med Supp OEP that happens once when they turn 65 and enroll in Medicare B. Additionally, switching plans using the Medicare Supplement birthday rules is also becoming increasingly popular. More states are adding birthday rules to their legislature, so you’ll want to familiarize yourself with them!
MA & Part D Plans
What’s more, you can also continue to sell MA and/or Part D plans outside of AEP by utilizing SEPs. There are many ways Medicare eligibles can qualify for an MA or Part D SEP.
Ask your clients to let you know if they experience any of the qualifying life events so you can help them determine if they can, and should, switch plans.
You can also sell Medicare Advantage and Part D plans tp clients who are turning 65 in their Initial Enrollment Period (IEP), which lasts three months before, the month of, and three months after your client’s 65th birthday. Keep those dates in mind for each of your clients and be sure to let them know about enrollment around that time!
2. Sell Non-Medicare Products
It sounds a little counterintuitive, but selling non-Medicare products can also spark Medicare sales and help you maintain a thriving business during the next few months.
If you limit yourself to selling only Medicare-related plans, you’re limiting your clientele. Selling under-65 health insurance, ancillary products, life insurance, and annuities allows you to connect and form relationships with more shoppers, who you may be able to help find Medicare coverage later. It also opens the door for you to receive more referrals from satisfied clients.
Moreover, cross-selling non-Medicare products to clients you’ve already helped into Medicare plans could help you retain those clients and build their loyalty to you. By becoming more of a one-stop shop for your clients, you add value to your business.
By becoming more of a one-stop shop for your clients, you add value to your business.
Shoppers tend to stick with businesses who feel they treat them well and actually care about them. According to Business Dasher, 81 percent of consumers want a relationship with a brand. You might not have thought of it this way before, but your insurance business is its own brand!
3. Follow Up with Prospects and Clients
Ever hear the old saying, “The fortune is in the follow-up?” It didn’t become an old saying for nothing. Following up with prospects and clients post-AEP is another way you can fan the fire to keep your Medicare business nice and toasty this time of year.
Follow-up calls or appointments show prospects you’re prepared and willing to help them meet their coverage needs when they’re ready for you. Similarly, follow-up calls or appointments show current clients that you care, and you’re dedicated to helping them find the insurance products that work best for them. They also allow agents like you an opportunity to further build relationships and check if you can meet any unfilled coverage needs.
A potential new market of prospects you may not have considered (if you’re usually selling Medicare plans) is the Millenial and Gen Z population. Approximately 44 percent of millennials and 46 percent of Gen Z are reported to need more life insurance. Besides looking online, they’ll be turning to professionals like you for guidance.
Following up with clients allows you to build relationships and check if you can fill any coverage needs.
As an agent, it’s a good habit to schedule follow-up calls or appointments with your prospects and clients at the end of your initial meeting. When you’re scheduling these events, you’ll want to try to follow up with clients you’ve helped into a new MA plan sometime in December or January. Some clients may not like their new plan, and may want to switch to Original Medicare and a Med Supp during the MA OEP if they’re able to (just make sure you’re following the OEP rules).
4. Track Down More Leads
Lastly, perhaps the most obvious way you can keep your business growing this winter is by compliantly tracking down warm leads.
One of the best ways you can do this is with Integrity Leads through IntegrityCONNECT! With Integrity Leads you can:
- Source verified leads
- Use targeted campaigns
- Utilize a geographic heat map
- Purchase leads with automated delivery
To access IntegrityCONNECT Leads, register for free with Ritter today!
Hosting educational events and seminars is also a great way to get your name out there and build your reputation as a knowledgeable, friendly, local support system for the newly Medicare-eligible or confused Medicare enrollees. One such seminar could be one you set up for those before they turn 65!
If you don’t want to leave the comfort of your own home, there are other lead sites out there that can send you a list of leads for a fee. However, if you go this route, it’s important you do your research to find a good provider, so you stay compliant.
Consider teaming up with a field marketing organization (FMO) to find new leads more easily.
To find new leads more easily, consider teaming up with a field marketing organization (FMO), like Ritter Insurance Marketing. One of the benefits of working with select FMOs is that they offer exclusive lead programs.
In a nutshell, winter may seem like the time you can hunker down and hibernate. It’s not — especially if you want to sustain a growing business. While you may be out of the busy season, don’t fall into the trap of thinking your business is seasonal.
People have different needs year-round. There are several products you can sell throughout the year to help them meet those needs and maximize your success.
Warm up your sales with Ritter! Register for free and gain access to contracts, sales technology, training, event invites, and so much more!
Not affiliated with or endorsed by Medicare or any government agency.
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