Ten-thousand Americans are turning 65 everyday, qualifying for Medicare, and becoming interested in Medicare Supplements and what they can do for their health-care security. Medicare Supplements are used in conjunction with Medicare and supplement the coverage not provided by Parts A and B of Medicare. Also known as Medigap, Medicare Supplements are standardized meaning that every company that sells Medigap must offer the exact same plans. The best time to issue a policy for a Medicare Supplement is right when the client becomes 65 as they are eligible to enroll no matter their health condition. With the baby boomers turning 65 starting in January 2011, now is the best time to get contracted to sell Medicare Supplements.
The best way to market Medicare Supplements is by direct mail pieces, cold-call lists, referrals, and internet leads. There are several companies, with an array of costs, offering senior Medicare Supplement leads. Also, if you are web savvy you can create or hire someone else to create your own website, do Search Engine Optimization on it, and receive leads that way. Websites also allow you to have a Medicare Supplement online quoting tool or Medicare Supplement online quoting engine which will help you capture more leads and provide price ranges for your potential clients. Creating your own website is, obviously, the most time and money consuming option; however, if done properly it can be a great revenue boost as well.
Sell Medicare Supplements by Phone
Please see more information on selling Medicare Supplements by Phone with Precision Senior Marketing.
Medicare Supplement E-App
Please see more information on the Medicare Supplement E-App process.
Medicare Supplement Cross Marketing
Medicare Supplement cross marketing is also a great way to boost your revenue, by combining a Medicare Supplement with Life Insurance, Long Term Care, or Annuities from brands like Forethought and Sentinel Life. Cross marketing is ideal for both your client, who gets more of the products they want all from the same agent, and you who can get a greater profit from a single client or couple.
Medicare Supplement Open Enrollment Period
The most popular time to purchase a Medicare Supplement insurance policy (also called a Medigap policy) is during the Medigap open enrollment period. This six month period begins on the first day of the month in which your client turns 65 or older and enrolls in Medicare Part B. During the Medicare supplement open enrollment period, you will not use medical underwriting. This means Medicare supplement companies can't refuse to sell your client any Medigap policy that they offer, make them wait for coverage to start, or charge more for a Medigap policy because of health conditions. Clients are also provided a six month window prior to their Medicare A and B effective dates (their 65th birthday) to apply for a Medicare Supplement without underwriting.
Medicare Supplement Guaranteed-Issue
Guaranteed-issue periods are generally shorter than Open Enrollment, and allow seniors to switch Medicare Supplement policies for the best price for their age, without a waiting period and regardless of health condition. The Guaranteed-Issue period generally occurs when your client's current health care plan is changing in a certain way, you are involuntarily losing your coverage, or in some cases when an insurance company may have their own Guaranteed-Issue situation.
There are seven circumstances that could take place and cause Guaranteed-Issue:
1. Your client’s employer or union coverage that acts as a Medicare Supplement is ending
2. Your client’s Medicare Advantage plan is leaving the Medicare program, stopping service in their area, or they are moving out of the area the plan services.
3. Your client is moving out of you Medicare Select's service area though they can keep their current policy, they want to change policies.
4. Your client’s Medicare Supplement company goes bankrupt or they lose their Medicare Supplement policy through no fault of their own
5. After enrolling in Medicare Advantage or PACE they decide they want to switch to original Medicare (and a Medicare Supplement) within a year of joining
6. Your client dropped their Medicare Supplement to switch to a Medicare Advantage plan or Medicare SELECT for the first time; however, if after less than a year they decide you want to switch back to a Medicare Supplement policy
7. Your client decides to drop their Medicare Supplement or Medicare Advantage plan because the company has not followed the guidelines or misled them in some way
Medicare Supplement Underwriting
If your client is not in an Open Enrollment or Guaranteed-Issue period, then their Medicare Supplement will be subject to underwriting. Underwriting is the "Yes/No" portion of the Medicare Supplement application process, with those who answer the most questions "No" having a better chance at receiving coverage. Some insurance companies also do a telephone interview to further go over the responses to the questions and decide if they will qualify for their Medicare Supplement.