Selling to Seniors: Making The Switch
Are you selling to seniors and Medicare eligibles? Seniors are expected to cover 45% of the total population this year as baby boomers are reaching age 65.
Selling to Medicare eligibles and seniors requires an entirely different level of thinking than selling to younger generations does. Seniors and Medicare eligibles are likely to be more sensitive and have more needs and questions.
Selling Medicare is not only lucrative but also a good community service.
Life Health Pro’s Dan Mulé organizes senior markets into five groups:
- Pre-retirees – Anyone who is nearing retirement or has a spouse nearing retirement and is preparing for financial changes (does not have to be near 65).
- Underfunded But Still Working – Seniors who are anywhere from barely 65 to 80+ and cannot retire due to low funds.
- Actively Retiring – Seniors who have reached retirement age and are facing decisions such as, “Should I retire, and when?” or “Should I start accepting benefits now, or wait?”
- Fully Retired – Anyone who is no longer receiving income and is accepting or preparing to accept retirement benefits.
- Independent and Leaving Legacies – Some seniors choose to keep working even if they can afford to retire because of their desire to take care of others. They want to avoid having their children and grandchildren take care of them.
According to an Employee Benefit Research Institute survey, nearly 60% of people have saved less than $100,000 for retirement. 24% have saved less than $1,000.[clickToTweet tweet=”Nearly 60% of people saved less than $100,000 for retirement. 24% have saved less than $1,000.” quote=”Nearly 60% of people have saved less than $100,000 for retirement. 24% have saved less than $1,000.”]
We’ve gathered some tips to help you better service the senior and Medicare eligible population:
Be personable! Seniors and Medicare eligibles, more than any other age group, prefer a friendly relationship with their health care representatives. When you go into an appointment with a Medicare eligible or senior, be ready to ask questions about their personal lives. Find common interests or show interest in their careers and hobbies. The more genuine concern you show for them, the more comfortable they will feel telling you about their health concerns and finances.
Remember that before you arrive, there is a chance that your client has already made up their mind on what they want and need from you. Instead of correcting them, make gentle suggestions backed by hard facts. Bring infographics and images to help explain your recommendations.
Coverage Over Cost
Seniors and Medicare eligibles are typically more concerned with which procedures, tests, and treatments are covered in their plan than what it will cost them. Even though they are likely living on a fixed income, studies show that they would rather discuss coverage than cost. A young family of four may be more interested in monthly premiums as they are preparing to send their kids to college or buy a new home, but seniors and Medicare eligibles don’t have some of those costs anymore and mainly want to ensure that their bills won’t skyrocket in the event of a medical emergency.
As an agent, you will become your client’s go-to for questions and concerns about their coverage. Make sure you’re constantly checking your email and keeping your phone close. A lack of responsiveness will hurt your customer retention and loyalty. Remember to reach out later about adding extra coverage, not just for more earnings but also as a way to check in and remind your client that you are their sounding board for health care questions.
Start selling to seniors and Medicare eligibles today. Get started with Senior Market Advisors as your FMO!