8 Tips for Selling Medicare

In the US, 16% of the population is aged 65 or older, and there are approximately 54.1 million Americans who are eligible for Medicare insurance.

As an Agent, you can access a vast pool of potential customers who could benefit from your plans.

Selling Medicare supplemental insurance is crucial work, as it provides numerous advantages to seniors.

The challenge lies in reaching out to this sizable population and introducing them to your product.

The key is to establish a connection with them and assist them in comprehending Medicare's significance.

Keep reading for tips on connecting with the appropriate demographic and effectively selling Medicare insurance.

Expand Your Product Offerings

Although there is a sizable elderly population to market to, they each have different healthcare needs and financial situations.

As an insurance agent, you are responsible for catering to these individual needs.

With a variety of Medicare supplemental plans available, it would be beneficial to have a diverse product portfolio to meet the needs and budgets of all clients.

By doing so, you can effectively address the range of needs and financial circumstances your clients may have.

Get Help With Insurance Marketing

If you're new to the business world, you likely possess a great deal of ambition and motivation to succeed.

However, you may feel unsure about connecting with customers due to lacking tools, support, and experience.

But don't worry; there is a solution. Consider working with an insurance marketing agency or the AgentVia Community to help you establish yourself in the industry.

You can learn how to build a customer base and effectively connect with potential clients by seeking this type of assistance. With time and practice, you'll be well on your way to success.

Keep Certifications Up to Date

The government mandates that you possess AHIP and carrier certifications to sell specific Medicare plans, which must be renewed and recertified annually.

While it may seem tedious and bothersome, completing these certifications as soon as they become available is advisable.

Selling new Medicare Advantage health plans is not permissible until your certifications are current each year.

If you delay, you may miss the chance to sell a new product because you have not updated your AHIP and carrier certifications.

This could result in potential customers choosing other agents who are already up to date.

Up to Date Forms and Information

When selling insurance, staying on top of any changes in plan costs and coverage is essential.

Make sure to keep all of your rate forms and plan information up-to-date and accurate to avoid any confusion or misinformation.

The last thing you want is to be in front of a potential customer and not be able to provide them with accurate rates or information.

If you have to tell them that you'll get back to them, you risk losing the opportunity to secure them as a customer.

Take Advantage of Technology

It's important to remember that not all of your customers may be familiar with technology, but utilizing available technology can significantly improve the selling process.

Electronic applications are a great tool that offers less room for error and ensure a thorough submission. On the other hand, paper applications can slow down the process and make it easy to miss essential areas.

For tech-savvy customers, keeping in touch through email newsletters and social media is essential.

This allows you to maintain connections with your current customer base while also reaching out to potential new customers.

Offer Free Help Events

Meeting potential customers face-to-face can be highly effective.

Medicare can be overwhelming for many seniors, so offering free help events for seniors is an intelligent marketing strategy.

These events can be organized through a local church, organization, or community center.

During these events, greet potential customers, provide informative materials, and collect contact information for follow-up sales (CMS rules apply for MAPD here).

Another option is to sign up for a booth at local events like festivals, art shows, or community gatherings. This approach is also a great way to build an email database.

Get Professional Sales Training

To excel in the field of sales, it is vital to not only maintain certification with AHIP and carriers but also to invest in quality sales training.

Selling effectively is an art that requires skill, and taking sales training can help you build that skill set.

Whether you're new to the industry or looking to refresh your knowledge, consider enrolling in sales training classes.

Pro Tip: Also, don't forget that most states require licensing of some kind. Be sure yours is up-to-date, and you have done what's needed.

Sell to Existing Customer Base

If you have experience in the insurance industry and are now interested in selling Medicare insurance, it's important to remember your current database of clients.

Even if they aren't yet Medicare eligible, they may have connections to individuals who are. It's worth exploring this potential source of new clients.

Additionally, don't hesitate to request referrals from your current customers.

You could offer incentives to those who provide you with additional names.