Medicare doesn’t cover everything. Your clients may be looking to you to round out their coverage. You’ve got to be ready to help.
Below are five ancillary products that go well with Medicare that you can pitch to your clients.
Want a more in-depth look at cross-selling ancillary products with Medicare? Flip through our eBook A Quick Guide to Cross-Selling Ancillary Insurance with Medicare Products for info, tips, and tricks for all things cross-selling!
Why Cross-Sell Insurance?
You cross-selling ancillary insurance products can be rewarding for both you and your clients. Chiefly, you can earn more in commission while protecting your clients from out-of-pocket expenses. You can also sell ancillary all year long—not just during AEP or OEP!
Many specific ancillary insurance benefits exist for your clients, such as:
- Filling coverage gaps
- More comprehensive protection
- Convenience and efficiency
- Potential cost savings
- Promotes preventative care
There are also advantages of cross-selling ancillary insurance for your business as well:
- Increased revenue and commissions
- Higher client retention and loyalty
- Variety of solutions in a competitive market
- Expanded client base and referrals
- Year-round sales opportunities
But which ancillary products should you consider cross-selling to your clients?
What Are the Ancillary Insurance Product Examples?
Here are the five best ancillary product examples to pair with Medicare products.
1. Dental, Vision, and Hearing
Original Medicare and Medicare Supplements don’t offer DVH coverage for routine, preventative services. This makes DVH insurance a top ancillary product for clients with Original Medicare.
Additionally, Medicare Advantage (MA) plans usually only cover preventive dental care. A DVH plan can benefit clients who are looking for more comprehensive coverage.
2. Hospital Indemnity
Money should be the last thing your client has to think about while they’re in the hospital. Unfortunately, MA leaves your clients exposed to high out-of-pocket payments.
This is especially true for the first several days they’re admitted. Ease the burden with a hospital indemnity insurance plan so they can get back to feeling 100 percent.
Learn more about Hospital Indemnity
3. Short-Term Care
In most cases, MA plans and Original Medicare only cover the first 20 days of home health care or nursing home stays.
After that period, the patient is responsible for part of or all the costs. Short-term care insurance is a great ancillary insurance solution for Medicare clients who need up to a year’s worth of coverage.
Medicare doesn’t cover everything! STCi is a great solution for clients who need up to a year of coverage
Learn more about short-term care
4. Cancer, Heart Attack, and Stroke or Critical Illness
Serious health issues call for serious ancillary coverage. Help protect your clients from large hospital expenses with cancer, heart attack and stroke insurance, and critical illness insurance plans.
The peace of mind from one of these supplemental plans could allow your Medicare clients to focus on what matters most — their recovery.
Learn more about critical illness
5. Final Expense Life Insurance
Also known as “burial insurance,” final expense covers end-of-life costs. Some examples of covered expenses include funeral or burial costs, outstanding medical bills, and other debts.
Since Medicare doesn’t cover end-of-life expenses, it can help ease the future financial burden on your clients’ families.
Learn more about final expense
What Are Some Effective Cross-Selling Strategies for Insurance Agents?
You may be asking yourself, “What are some of the best ways to cross-sell insurance?”
There are a few options you can try that may work out for you:
- Review existing situations — Review your clients’ current policies to identify gaps in their coverage.
- Conduct needs assessments — Have open conversations or use questionnaires, like the Ritter Fact Finder, to understand your clients’ lifestyles, goals, and potential risks.
- Utilize technology — Use CRM systems (like IntegrityCONNECT)! to track client data and segment them to identify potential opportunities. Ask Integrity adds shopper tags to help refine your focus!
- Educate and explain benefits clearly — Use simple language to explain why an additional policy is beneficial and how it works with their existing coverage.
- Highlight cost savings — Show how bundling products can provide value or lead to discounts.
- Be strategic with timing — Address your clients’ immediate needs first, then introduce additional ones.
- The best time to cross-sell is often after a commitment is made, during a policy renewal, or after a major life event.
The Value of Cross-Sales
Cross-selling ancillary products can be the ultimate winning strategy. Your clients should feel more comfortable knowing their needs are covered and services should be affordable when needed. Plus, you can earn some extra commission in the process! Happy clients may also be more likely to recruit their friends!
Your clients should feel more comfortable knowing their needs are covered and services should be affordable when needed. Plus, you can earn some extra commission in the process!
Bring your A-game to your next appointment with the right support for your clients. When you offer them a product that saves them money and provides additional benefits, they’ll know you’ve got their back.
With Ritter on your side, we can help you every step of the way with tools, resources, and support. Register today to gain access to all we have to offer!
Not affiliated with or endorsed by Medicare or any government agency.
Share Post