Every day, thousands of seniors and Medicare eligibles skip their medications because they can’t afford them. It ends up costing people a lot more in the long run because their illnesses progress and the bills stack up. These seniors and Medicare eligibles make up a huge underserved market. If you’re licensed to sell Medicare in your area, you can help these seniors save a lot of money and improve their quality of life. You can help seniors save money on prescriptions by using the following tactics:
When you meet with seniors to talk about Medicare, ask the right questions. Find out their monthly income and the value of their assets. Ask what they can afford for monthly premium payments and be ready with some plans that can fit their needs.
Medicare Advantage Prescription Drug Plans (MAPD) may be a viable option for many seniors because they come with a variety of premiums and copays. Some people may qualify for $0 premium plans, while other people may have to pay higher premiums.
For the people who would have a higher premium, explain the differences between a high-premium MAPD and the high deductibles and copayments that can come with a standard Medicare Part D plan. It may be easier for your clients to pay the same high premium every month instead of having large prescription copayments at any given time.
Many elderly clients won’t be able to leave the house, but they still need their prescriptions. Most seniors can order their prescriptions online in advance. Plus, mail-order prescriptions come with the benefit of cutting out the middleman, so they’re often cheaper than pharmacies. Mail-order prescriptions can often come in much larger quantities than pharmacies, too (a 90-day supply rather than a 30-day supply).
LIS (Low-Income Subsidy) is a program that helps beneficiaries save thousands on their prescription drugs each year. Thousands of LIS-eligible beneficiaries don’t even know that they’re eligible! Be sure to talk to your clients about their income level to gauge whether or not they should apply for LIS. Also, use it as a lead-generating opportunity by hosting CMS-approved events. You can get a lead for yourself and help someone save thousands all in one day. Host tables at senior centers, banks, and community events to help people find out if they’re eligible for LIS.
LIS-eligible clients might also qualify for Medicaid. Clients who qualify for both Medicare and Medicare are called “dual eligible,” and those clients can qualify for Medicare Advantage plans called Dual Special Needs Programs (DSNP). DSNPs offer no or very low cost coverage, but you still get paid! The other benefit of a DSNP is that your clients don’t have to wait for the Annual Enrollment Period to make changes to their coverage or enroll in new plans. That means you make money by helping seniors save money on prescriptions.
One way Senior Market Advisors carries out its mission to serve the underserved is by giving you the tools to help seniors save money on prescriptions. If you’re looking for help with marketing materials and setting up CMS-approved events, our organization may be a great fit for you. Our experienced in-house marketing team is dedicated to helping you succeed. Contact us now to find out about all the great benefits we offer our agents.
This post was originally published on May 02, 2018, by Anastasia Iliou, and was updated by Troy Frink on May 16, 2019.