The health insurance industry is a part of a heavily regulated sector of government, especially when it comes to Medicare and Medicaid. As a result, strict rules and regulations will determine how you can and can’t market and sell. These rules protect the beneficiaries, carriers, and agents.
One of the biggest rules that every person in the industry must understand is that an agent cannot cross-sell Medicare products in most cases. That means that if a client is expecting to hear about one aspect of their health insurance, the agent, in most cases, cannot discuss another sector in that same appointment. These regulations protect the health care industry from becoming a profit-based industry instead of a care one. Consequently, your job is harder.
Generally, anything discussed in an agent-client Medicare meeting that is not about ancillary products must be under the scope of appointment. Both parties must sign and date a legally binding form (like this one) before the meeting that states what will be discussed. The beneficiary may want to discuss multiple sections (Medicare Advantage, Medicare Supplements, prescription drug plans, ancillary) and that’s okay, as long as it is agreed upon beforehand.
While we recommend that agents always bring along scope of appointment forms for their own protection, they are only absolutely necessary for the sale of Medicare Part C (Advantage) and Part D (prescription drugs).
Do not –
Medicare seminars are meant to inform the public. If an interested party wants to contact you after your event, great! You have a lead. While you can’t ask for permission to contact at an educational event, the client can ask YOU. It has to be the client’s idea – even if you invited your preexisting clients to the seminar.
People with higher income are more likely to be able to purchase ancillary policies. They’re more willing to buy strictly precautionary policies. Even though they’re your best bet for cross-selling, you legally cannot target based on income. However, you can market to the general public and hope the wealthy attend!