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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.
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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 per 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 15th to Dec 7th) for a Jan 1st effective date. • Can change to a different plan, supplement, Original Medicare, etc…. • Turning 65 • Disenrollment period from Jan 1 to Feb 14th
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 • 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 states • No underwriting for continuous coverage in CT and NY. Simplified underwriting in many states such as NJ, PA, ect…
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, 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??