Selling Medicare Supplements, otherwise known as Medigap, is a fantastic opportunity for you to help people receive quality health care and help relieve some of the financial burdens they may face. Medicare Supplements cover financial benefits such as copays and coinsurance payments.
What you Need to Start Selling Medicare Supplements
The first thing you need to sell Medicare Supplements is a health insurance license from your state. Each state may have its own licensing requirements, so it’s best to check with your state’s licensing board if you have any questions. For instance, North Carolina requires special Medicare licensing in order to sell Medicare supplement plans.
You don’t need AHIP certification in order to sell Medicare supplements, but you’ll want to be certified so that you can also sell Medicare Advantage plans. It may seem like a lot of work to get that certificate, but it’s worth it. Medicare Advantage plans serve a different purpose than Medicare supplements, and every client has different needs. You’ll have much more success in closing sales when you can offer a variety of products.
You’ll also want to partner with a FMO (field marketing organization) to have access to plans from many different carriers. A FMO may also give you access to leads you wouldn’t be able to find otherwise. The right FMO can give you the tools you need to target your audience, talk to the right people, and develop relationships that result in closed sales.
What Medicare Supplement Plan A Covers and Why to Sell It
When selling Medicare Supplement Plan A, look for people who need more coverage than what Original Medicare offers, but don’t plan on using a lot of additional healthcare services. Your client’s costs will vary based on the carrier, location, tobacco use, age, and gender. Plan A can be one of the most budget-friendly options because it covers less than other Medicare supplement plans. Plan A monthly premiums can range from $70-140.
Plan A covers:
- Coinsurance and Hospital costs under Medicare Part A
- Copays and coinsurance under Medicare Part B
- Copays for the first three pints of blood
- Coinsurance and copays for hospice care
How to Develop Medicare Supplement Leads
Knowing your audience is the first step in getting Medicare leads. More than ten thousand people turn 65 every day. That’s an enormous potential market and you’ll want to talk to them before your competitors. You have to work to be visible and that can mean researching sales techniques and making sure your marketing materials are on point.
One good way to find your audience is to be active on social media. Almost 40 percent of seniors use social media to connect with their friends and family. That number is growing every day.
You must also follow every rule that applies to selling Medicare Supplement Plan A and any other health insurance. For instance, you aren’t allowed to blatantly ask people for referrals, but you are allowed to hand out business cards and your clients can refer other people to you. Failure to comply can result in a lost license and heavy fines.
Contract With us Today
When you contract with a FMO like Senior Market Advisors, you get an experienced marketing team that knows the compliance rules of selling Medicare. We’ll help you with the marketing side of things so you can focus on selling. Want to learn more? Call us at 844-452-5020 or fill out this form today.
