Original Medicare (Part A and Part B) provides limited drug coverage at best, if at all, in many instances. A stand-alone Part D plan (PDP) is one of several products you can offer. PDPs help pay for a variety of prescription drugs, including outpatient prescription drugs, vaccines, biologicals, and some medical supplies not covered under Original Medicare.
In most cases, it’s a good idea to at least let beneficiaries consider a Part D prescription drug plan during their Medicare Initial Enrollment Period. If they delay, they will have to pay a late enrollment penalty if they decide later to join a Part D plan.
Generally, it makes good sense to sell a Part D plan if:
Most people lose their health insurance when they retire, and the uncertainty can be terrifying. People need to know that they’ll be taken care of no matter what their health or financial issues are. You’re not just selling Medicare health insurance, you’re selling peace of mind. Plus, most people have been paying Medicare taxes for as long as they’ve been working, and they’re ready to see the benefits of their efforts.
It is vital that your clients trust you. You’ll want to build a rapport with your client as quickly as possible. Don’t think of your meeting as a sales opportunity, but think of it as getting to know your client. You need to act as more of an advisor than a salesman. If you truly try to sell health insurance, well, you may not sell it. However, if you try to advise your clients and point them in the right direction, you might just close more sales. You’ll need to focus on asking the right questions and figuring out what your client’s needs are before you even present any solutions.
You can agree with them that yes, healthcare is confusing, and that’s why you’re there. You can help them navigate their options and figure out which one is really best for their needs. You are not selling, you are providing a service. That may seem counterintuitive because Medicare insurance sales is your livelihood. However, if you use these four tips you can set yourself up for maximum Medicare insurance sales success.
Don’t wait for your clients to ask you questions about Medicare. To give the appearance that you know the products your selling, ask questions first. Get to know the client’s exact needs, so you can talk about appropriate plans. Ask about their health history and current medical issues as well as their financial situation. Get to know their lifestyle and figure out what extra perks would benefit them. Would they attend Silver Sneakers programs? Would they be better off with a high premium?
While it’s important that you have key facts memorized for easy access, make sure you have marketing materials with you for all plans that you can sell. It’s an easy way to back up the information you’re delivering. Your clients will feel better knowing that they can fact-check what you’re telling them. Then, they’ll trust you more when they realize the information you gave was correct!
Show your notes as you’re taking them to improve your credibility. If you’re writing on a notebook, rest it on the table in front of you (or on your lap) so that it doesn’t look like you’re hiding it. Use your notes to show your clients how much they’ll be spending. For example, draw a Venn Diagram showing the differences between two plans, or calculate total yearly costs for a specific plan. Let them see how you’re calculating their expenses.
Even if you misspeak or get nervous, try to stay confident. Your insecurities will show and cause clients to trust you less. If you appear confident in the information you’re delivering and the products you’re selling, your clients will feel confident in it too.
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.