Why Sell Medicare Advantage – Ep. 9

In Episode 9, we talk about all the benefits of Medicare Advantage and why you should be selling it. We start by discussing the lack of dental coverage across the Medicare-eligible population. Since Original Medicare does not cover dental, many beneficiaries go without coverage. This includes over two-thirds of all Medicare beneficiaries! One way these beneficiaries could gain access to dental coverage is by enrolling in a Medicare Advantage plan.

While not all Medicare Advantage plans offer dental coverage, some do. We brought on one of our agents, Simone Cohen, to discuss all the reasons she loves selling Medicare Advantage. Simone loves selling MA plans because the Medicare-eligible population is growing, many Medicare Advantage plans offer great benefits not covered by Original Medicare, she gets to help people in need, and of course, they offer great commission rates! Finally, Simone sticks around with us to share a motivational story. Want to be featured on the podcast? Share your story with us at www.seniormarketadvisors.com/podcast.  

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Why Sell Medicare Advantage – Ep. 9 Full Transcript

Sarah: Welcome to Episode 9 of Selling SMART with Sarah Smith….

Jessica: And Jessica Vara!

Sarah: In today’s episode… we’re going to go over all the benefits of Medicare Advantage why you should be selling it. We also discuss how few Medicare beneficiaries have dental coverage and what you can do to help!  

Disruptive Waves: 

Sarah: According to the Henry J Kaiser Family Foundation, almost two thirds of all Medicare beneficiaries do not have dental coverage. That’s nearly 37 million people! This means many beneficiaries are going without dental care. This can be extremely dangerous and many dental issues and diseases can cause life-threatening circumstances if not treated.

Jessica: Since Medicare doesn’t offer routine preventative dental OR any other procedures, this leaves many beneficiaries skipping the dentist altogether. Almost half of all Medicare beneficiaries did not visit the dentist last year… This is not good! Lack of dental care can cause infections, chronic pain, and undiagnosed serious health conditions.

Sarah: Luckily, most Medicare Advantage DO offer some sort of dental coverage. And since about ⅓ of all Medicare beneficiaries are enrolled in a Medicare Advantage plan, they do have dental coverage. But what about all the other individuals who don’t have dental coverage and are struggling with chronic pain, or unpaid dental bills?

This brings us to our main topic for today… Why You Should Sell Medicare Advantage!

Jessica: We are so happy to have one of our agents on with us today to go over this topic with us. Welcome Simone Cohen! Simone, can you tell us a bit about yourself?

All Aboard the Knowledge Train:

Sarah: If you aren’t selling Medicare Advantage already… you should be! We are going to talk with Simone today about all the reasons that make Medicare Advantage plans great to sell!

Sarah: So Simone, since you’re an agent yourself, let’s start off with what got you into Medicare Sales!

Simone: Explain.

Sarah: Awesome. So what would you say is the main reason individuals would want to sell Medicare Advantage?

  • Medicare-eligible population is growing!
  • Total Medicare Advantage enrollment has nearly doubled over the past decade to 20.4 million in 2018!
  • Baby boomers are aging and by 2030, more than one in five Americans will be Medicare-eligible
  • You can sell all year long!
  • No cold calling or door-to-door sales
  • Help those who need it most by getting individuals the coverage they deserve

Sarah: So what do the commission payouts look like for Medicare Advantage as opposed to other insurance sales?

Simone: 

  • Average Commission Breakdown:
    • MA sale – $482 or $241
    • HIP average commission ($40 Mo. Premium) – $264
    • Cancer average commission ($40 Mo. Premium) – $264
    • Final Expense ($50 Mo. Premium) – $690   
  • Example Selling MA + Ancillary:
    • MA Sale = $241 
    • 35% persistency at 5 years
    • MA plus Ancillary = $1,459
    • 92% persistency at 5 years
    • Assuming 150 Clients per year at a 25% ancillary close rate…
    • MA only agent: $36,150
    • MA plus Ancillary agent: $36,150 + $45,675 = $81,825 

Sarah: We discussed earlier about how many Medicare Beneficiaries don’t have any dental coverage. Can you talk about some of the extra benefits Medicare Advantage plans may cover that Original Medicare doesn’t?

Simone: Dental, Vision, Hearing, Transportation, Telehealth, Fitness, etc.

Sarah: This goes into our mission at SMA too which is to Serve the Underserved. Do you feel like selling MA plans serves the underserved?

Simone: Yes!

Ending on a Positive Note:

Jessica: So Simone, since we have you, we always like to end each episode on a positive note. Do you have any uplifting stories you can share with us? Especially ones that involve you selling Medicare Advantage?

Simone: Tell story.

Jessica: Thanks for joining us today Simone, we appreciate it!

Sarah: Alright everyone, that concludes today’s podcast episode. You heard it straight from Simone, an agent herself. If you aren’t selling Medicare Advantage, you should be!

Jessica: If you want to learn more about how Senior Market Advisors can help get you started in the Medicare Advantage space, give us a call at 844-334-6066. If you want to be featured on the podcast, visit www.seniormarketadvisors.com/podcast and click on the button that says “Share Your Story.” 

Jessica: We appreciate you joining us this week on Selling SMART 

Sarah: with Senior Market Advisors!