The Agent Survival Guide focuses a lot on preparing you for the ever-changing Medicare Advantage market and its Annual Enrollment Period. But did you know there’s a Medicare product available to the growing senior population that has no election periods?
Medicare Supplement plans, or supplemental coverage for those on Original Medicare, are excellent products to reach the growing group of seniors looking for great coverage. Sometimes called Medigap plans, Medicare Supplements are offered in 10 lettered plans. Each letter provides uniform benefits, no matter the carrier, and helps cover coinsurance, copays and deductibles. But should you add them to your portfolio?
The answer is a resounding yes. Here are three reasons why adding a Medicare Supplement to your portfolio can boost your sales and transform your business.
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Plain and simple, adding Medicare Supplements will broaden your portfolio. Expanding your product options will expand your client base, allow you to complement your existing product offerings, and help you be proactive with insurance industry trends.
At Ritter, we recommend offering products from carriers with strong financials. The lowest rate doesn’t always mean the best option; matching your client with a higher A.M. Best-rated carrier can pay off in the long run, with more reasonable rate increases and product stability.
Plain and simple, adding Medicare Supplements will broaden your portfolio.
Also, it’s important to review the underwriting questions for the plans you’re looking to add. Not all underwriting guidelines will be the same. For instance, some carriers have pre-existing clauses, while others don’t. Some carriers may look back two years for a certain condition, while others look back three. Having products that provide underwriting for all of your client’s various needs and conditions could be a good option, even if they are pricier.
Be sure to diversify in every spectrum when building a portfolio. Remember, pricing may vary, but the product that perfectly fits your clients’ needs is priceless.
Attracting and Retaining Clients
Since your clients are at or reaching retirement age, they’re looking for someone to help them navigate their health care. Providing the right product and guidance will gain their trust. Also, seniors’ health needs can change rapidly, so having a variety of products can help keep your clients long term.
Pricing may vary, but a product that fits your clients’ needs is priceless.
Certain carriers offer pricing that benefits certain age groups more than others. By having products for a multitude of age groups, you can help switch your healthy clients in and out of plans that suit them best, without them having to leave your book of business.
By making sure your clients are happy and in the plan that best meets their needs, your client base will grow naturally. Happy clients tell their friends, and renewal income for Medicare Supplements is extremely attractive.
Expanding Distribution Reach
Having a Medicare Supplement in your portfolio also allows you to expand the amount of clients you serve. It stretches your client base from the Medicare Advantage market into the Medicare market. In theory, now you can serve every senior. You can also compliantly sell Medicare Supplements over the phone, which could open up your market geographically.
Not only that, but Medicare Supplement products are often a gateway into other plans. An appointment is a perfect opportunity to cross-sell other products, like final expense plans or prescription drug plans, which keeps your clients covered and boosts your commissions.
Filling the Gaps
Adding a Medicare Supplement product can increase your sales and fill the gaps in your clients’ coverage. By having a diversified Medicare Supplement portfolio, you can attract and retain clients, as well as expand your distribution reach. Opportunities in this booming market are overflowing, and preparing yourself to reach the thousands of seniors that are joining the market every day is your ticket to success.
A Medicare Supplement product can increase your sales and fill the gaps in your clients’ coverage.
Seniors are looking for agents like you to guide them through the process and help give them a sense of security about their health care. Building a portfolio with stronger products will put you in a better position to serve the senior market.