- Slides: 25
Medicare Sales Training Topics ◦ Why Sell Medicare? ◦ Medicare A and B ◦ Medicare Advantage plans ◦ Medicare Supplement plans
Medicare Sales Training Why Sell Medicare ◦ Clients need a plan one way or the other ◦ Hot topic – Lot of people turning 65 and everyone 65 and older is interested in it. ◦ Medicare clients tend to be good annuity clients ◦ Others are good final expense clients
Medicare Sales Training Why Sell Medicare ◦ Renewals on business and strong first year commissions (Fast payment from many companies) ◦ Very high retention with Medicare Supplements ◦ United, Aetna, Wellcare, pay quickly on Advantage plans (United is fastest) ◦ United, Cigna, Trans, Aetna, Omaha, Bankers and others pay quickly on Supplement plans
Medicare Sales Training Why Sell Medicare ◦ Compensation for MAPD ◦ Generic – not state specific MAPD $536 with $277 renewal Supplement – varies but $270 with AARP with $270 renewal Sample producer = 50 MAPD and 40 Supplements = $30, 800 new comp with $24, 650 renewals. Continued pace for 4 years = $98, 600 in renewals. ◦ Our top agents have averaged 200 sales per year for the last 4 years. They make over $250, 000 in renewals per year
Medicare Sales Training Getting appointed Fill out three page contracting kit ◦ Provide to us with a copy of E and O and insurance license ◦ We can then send contracts to all companies needed/requested ◦ Need to Take AHIP cert every year (if selling advantage or part D plans) Cost $125 through United and Aetna cert link Need to take online certifications with each company every year.
Medicare Sales Training Original Medicare A and B ◦ Very Important to know how it works ◦ Study and learn it well enough to talk about it ◦ Use this site for a review of the benefits and costs of Medicare A and B http: //www. croweandassociates. com/medicare/ news ◦ Medicare A and B is primary Billed directly by Medical providers ◦ Medical only- No RX Must buy a part B plan
Medicare Sales Training Original Medicare A and B ◦ Sign up for A and B when you turn 65 Sign up 3 months before/month of/ 3 months after Can sign up if on state disability for 2 years at any age Part A cost nothing for most Hospital coverage Part B is $134 a month person Doctors and testing Some people pay more for part B based on income
Medicare Sales Training Original Medicare A and B ◦ Must have Part A and B to buy a supplement or Advantage plan ◦ Do not need part B if 65 or older, actively working and getting coverage through employer ◦ Dr. or hospital must accept Medicare for benefits to be paid
Medicare Sales Training What are you going to sell ◦ Need to determine which type of products to sell. Selling supplements only eliminates the need for certifications and AHIP. Disadvantage is there will be some sales you can not get because clients wants an MAPD and you will not get the Part D sales. Some agents sell all three Supplement, MAPD and Part D. Disadvantage is the learning curve and need to take certs every year.
Medicare Sales Training Medicare Advantage plans ◦ Helps to cover the costs not covered by original Medicare Senior pays copays when they receive services Plans are very similar to a group health insurance plan Includes drug coverage Doctors/hospitals and other providers no longer bill original Medicare- The advantage plan is primary- Very Important-
Medicare Sales Training Medicare Advantage plans ◦ Senior still pays the part B premium to Medicare ◦ Advantage plans have networks ◦ HMO/POS/PPO ◦ Rules Can change advantage plans every AEP (from Oct 15 th to Dec 7 th) for a Jan 1 st effective date. Can change to a different plan, supplement, Original Medicare, etc…. Turning 65 Disenrollment period from Jan 1 to Feb 14 th
Medicare Sales Training Medicare Advantage plans ◦ Since Advantage plain is primary… The senior will no longer use their Original Medicare card. If they drop the plan, they will then go back to Original Medicare. ◦ Why enroll in an Advantage plan? Drug coverage is included on most plans and there is no monthly premium ($0 premium plan) Helps to control the costs of care and caps the total annual out of pocket costs.
Medicare Sales Training Medicare Advantage plans ◦ Rules Can enroll someone 3 months prior to the month they turn 65, month of and 3 months after Can not change them mid year unless there is a special election reason (Talk about MSP and EPIC later) Common reasons, - turning 65, eligible for drug help, moved to a new area, lost employer group coverage on own or through a spouse and many others Advantage plans are guaranteed issue. No underwriting except for ESRD
Medicare Sales Training Medicare Advantage plans ◦ Companies to consider The state and county you are in makes a difference but in general, United/Aetna/Human/Wellcare/Cigna/BCBS are good choices: Some pay much faster than others: Some pay a week after the app is submitted while others pay 2 months after the effective date All pay renewals Use the Pinnacle site www. pfsinsurance. com Can compare all the plans just using a zip code
Medicare Sales Training Medicare Supplement Plans ◦ Basics Standardized in most states- Plan F is the same regardless of company only difference is price Supplements are secondary to Original Medicare is primary and there is NO network as a result. Seniors go where they want Plan F covers 100% of all medical/hospital charges AARP/United dominates on pricing in some
Medicare Sales Training Medicare Supplement Plans ◦ Basics No underwriting in any state during guaranteed issue period T-65 – newly eligible for Medicare – Lost employer coverage ◦ Why a supplement? No network 100% coverage on some plans No pre approvals needed Agent does not need to take AHIP or do annual certifications. Also not subject to CMS guidlines
Medicare Sales Training Medicare Supplement Plans ◦ Why not a supplement? Does not included Drug coverage They have monthly premiums that can be expensive Pay premiums no matter what ◦ Other thoughts Supplements are good for people that can afford the premium and do not want a network. Also good for people that are very sick Compare prices- can lead to very easy sales at times: Can change a supplement any time in many states
Medicare Sales Training Medicare Supplement Plans ◦ Companies to consider Cigna, Omaha, Liberty Bankers, Transamerica, AIC, AARP/UHC, Aetna ◦ Keep in mind that pricing is what matters with supplements. ◦ No certs with most companies- ok to door knock and cold call
Medicare Sales Training Medicare Supplement Plans ◦ Most common plans sold Plan F – Covers 100% of Medicare approved services not covered by Medicare Plan N- Most popular option. Covers same as plan F except. . Part B deductible ($183), $20 cost share for doc visit and $50 ER copay Plan G- Covers the same as F except part B deductible High Deductible F- Client pays 20% of Medicare costs up to deductible amount
Medicare Sales Training Marketing Strategies ◦ Current clients Anyone age 65 an older is interested in Medicare. You can almost always save them money so this can be an easy place to get business. Most clients do not have the lowest cost Med Supplement or the best Med Advantage plan for their situation. Sit down with them and talk about it. Some people have a supplement only because they don’t know about advantage plans.
Medicare Sales Training Marketing Strategies ◦ Online Leads- Many high volume producers use online leads ◦ Exclusive vs. Shared leads Referrals- Medicare is very easy to cross sell. Everyone is interested in it for themselves or relatives
Medicare Sales Training Marketing Strategies ◦ List for Medicare Supplements You are allowed to cold call a Med supplement prospect. We can run DNC compliant lists for you in your area. ◦ Seminars/enrollment meetings United Healthcare will train you on how to run an enrollment meeting. They will send out mailers for you and provide the supplies. These meetings can be held at a library all year. It is a good way to meet with potential clients through out the year. Aetna and BCBS now do meetings as well
Medicare Sales Training Marketing Strategies ◦ Seminars/enrollment meetings cont. Many agents will run seminars on topics other than Medicare. (Diabetic supplies, how to use a cell phone/electronic device, MSP) Many use flyers to promote meetings. Usually put up to 4 future meeting dates on the flyers and distribute them prior to meetings.
Medicare Sales Training 50% lead co-op ◦ We will co-op most lead programs at 50%. Can include costs for Medicare sales marketing such as telemarketers ◦ Must have contracts with Crowe ◦ Can use any source but RGI has leads for $16 each ($8 after co-op) ◦ We have lists of other lead vendors you may want to contact
Medicare Sales Training Wrap up ◦ I will send out a copy of this presentation to attendees ◦ Will also have a recording available ◦ Contracting links ◦ Let me know if you want to get appointed with a company or are interested in any of the lead or marketing options ◦ Which plans are best in your area? Use the Pinnacle site www. pfsinsurnace. com ◦ QUESTIONS? ?