Did you know that only 33% of seniors shop around for the best deal before purchasing a Medicare plan? Most seniors and Medicare eligibles even spend more time shopping around for the best deals on gas and food than they do for their health care. They might be thinking that shopping around for a plan takes too much time or that they won’t save much by looking, but that’s not always the case. Thousands of seniors and Medicare eligibles in your area could be losing out on great savings.
Medicare is complicated, and the signup process can seem daunting. That’s why seniors and Medicare eligibles often choose the first plan they find that looks okay without even looking for a cheaper option. Additionally, a lot of seniors and Medicare eligibles don’t have enough Medicare background knowledge to understand the differences between plans and make informed decisions. Some may not even know what a deductible or a premium is! To make their lives easier, they just enroll in the first plan they find or the plan that their doctor favors. Or, they may not start looking for a plan until right before their deadline to enroll and then not have time to shop around.
Some seniors and Medicare eligibles do shop around but make bad financial decisions because they do not understand how it works. For example, a senior or Medicare eligible person may not know what Medicare Advantage is. They may instead enroll in Original Medicare and then purchase separate prescription drug, dental, and vision plans. That can be more expensive than one comprehensive Medicare Advantage plan. They may also enroll in plans they don’t need, like gap coverage even though they have LIS and don’t fall into the gap.
You can help fix this problem by making sure your clients both new and old are aware of how much money they could be saving. They may not realize how big of a difference there can be between two plans. For example, when it comes to comparing prescription drug plans, the same drug could be $8 or $100 on two different plans. When you visit with clients, try to find out how much they are currently spending on their prescription drugs and their health care services. You can probably turn around and sell them a plan that will save them money.
If you join us in becoming a solution to this problem, not only will you make money but you’ll also help seniors and Medicare eligibles save money!
At Senior Market Advisors, we send out direct mail and complete digital marketing campaigns that help us make sure seniors and Medicare eligibles know when they are eligible to make changes to their Medicare plans. Then, our agents can show up at their door with several different plan options that can work for them. Our agents earn top-tier commissions, and their clients enroll in great plans.
To learn more about Senior Market Advisors, check out our short video here.