Nearly 60 million Americans received Medicare benefits in 2018. With 10,000 baby boomers hitting retirement each day, insurance agents have a golden opportunity to sell Medicare insurance to an ever-increasing client base.
To take advantage of this favorable environment, agencies may have to adjust their priorities and expand their focus to include Medicare Advantage, Medicare Supplement (Medigap), and Medicare Prescription Drug Plans—which should help them enjoy a sizable increase in profits.
With commissions increasing—agents can earn $482 selling new plans and $241 renewing existing plans—agencies have a prime opportunity to get to the next level.
To do that, they need the right approach.
With that in mind, let’s take a look at four steps agencies and brokerages can take to get the best results selling Medicare insurance in 2020 and beyond.
1. Become a Medicare expert
For the average consumer, Medicare is a complicated insurance vehicle that is shrouded in uncertainty.
That being the case, agencies that are able to position themselves as Medicare experts are likely to increase their associated revenues. Doing this starts with committing your team to ongoing learning and training so it can stay on top of changes in the laws and coverage every year.
For the best results, take a three-pronged approach.
Insurance sales agents need to ensure that they are complying with all relevant Medicare and Medicaid laws and regulations. For example, the Centers for Medicare & Medicaid Services (CMS) has a list of marketing guidelines that agencies need to follow to avoid fines and other penalties.
When you’re selling Medicare to a first-time buyer, that person is going to have a lot of questions and concerns. While you’ll need to have intimate knowledge of plans, benefits, costs, and marketing regulations, you’ll also need to take it a step further.
Position yourself as a trusted adviser and start establishing your agency as the go-to leader in Medicare services in your area.
In order to close sales and retain clients—and, by extension, boost ancillary product sales and drive your referral business—agents need to be able to help clients find the perfect plans at the right price.
Medicare options can definitely be complicated. The better you’re able to explain everything and match clients with the right plan, the easier it will be to increase referrals.
2. Use technology to increase Medicare sales
In today’s tech-driven world, agents no longer have to conduct lead generation, management, and distribution by hand.
Thanks to automation, agencies can streamline their approach to lead management and distribution, ensuring that the best agents get paired with the hottest leads at the right times.
What’s more, agencies can also use a customer relationship management (CRM) solution to manage client interactions. With the right CRM in place, agents can easily figure out when policies renew, when clients were contacted last, and what each individual’s long-term healthcare goals are, among other things.
3. Get involved in the community
An easy way to increase Medicare sales in 2020 is to become active in the community and build trust among even more groups and organizations.
For example, by developing a friendly rapport with senior organizations, you may see your referrals increase. You can also participate in fundraising events, rec center activities, and sponsorships to get your name out there.
Additionally, you can introduce yourself to local professionals who work with seniors in your area—like financial advisers, lawyers, real estate professionals, and CPAs. You never know when a mutually beneficial professional relationship might develop.
Finally, don’t underestimate the power of hosting informative events in local senior living communities or libraries. It’s a great way to provide value to prospective clients—many of whom might decide to sign up for a plan through your agency after hearing what you have to say.
4. Support your agents
Selling Medicare is hard work—particularly when you’re just branching out into this market for the first time. To ensure your team succeeds, give it as much support as you can to make the job easier.
How, specifically, can you support your agents? Let’s take a look:
- Offer comprehensive training resources and schedule regular training sessions.
- Manage agent certifications to ensure they are up to date and licensed to sell in certain states.
- Provide tool kits and guides to help agents navigate the ins and outs of selling Medicare.
- Use CMS-approved templates for easy marketing.
- Offer a diverse portfolio of plan types to appeal to a variety of clients.
Medicare clients each have distinct needs. Agencies that are able to offer an array of plans, services, and support in a way that’s easy to understand will likely experience enjoyable results.
Sign up for a demo to learn more about how your agency can use technology to sell more Medicare plans this year!