Happy New Year from PSM

Posted by www.psmbrokerage.com Admin on Tue, Dec 29, 2020 @ 08:31 AM

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Medicare in 2021 - A YourMedicare.com, LLC Resource

Posted by www.psmbrokerage.com Admin on Tue, Dec 15, 2020 @ 02:39 PM

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Tags: YourMedicare

Medicare Advantage Market Snapshot

Posted by www.psmbrokerage.com Admin on Tue, Dec 15, 2020 @ 10:48 AM

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Tags: Medicare Advantage

7 Scientifically Proven Benefits Of Gratitude

Posted by www.psmbrokerage.com Admin on Tue, Dec 15, 2020 @ 09:17 AM

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Nassau Medicare Supplement Producer Bonus Program Extended

Posted by www.psmbrokerage.com Admin on Fri, Dec 11, 2020 @ 09:43 AM

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Tags: Medicare Supplement, Nassau

Medicare Advantage plans achieve better outcomes than traditional Medicare, BMA analysis finds

Posted by www.psmbrokerage.com Admin on Fri, Dec 11, 2020 @ 08:55 AM

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Tags: Medicare Advantage

2021 Medicare Advantage Open Enrollment Period (MA OEP) Defined

Posted by www.psmbrokerage.com Admin on Thu, Dec 10, 2020 @ 10:17 AM

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Tags: Medicare Advantage, Medicare Part D, OEP, 2021 OEP

Special Election Period for COVID-19 Clarification

Posted by www.psmbrokerage.com Admin on Thu, Dec 10, 2020 @ 09:15 AM

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Tags: COVID-19

Google search activity for "Medicare Advantage" is up

Posted by www.psmbrokerage.com Admin on Wed, Dec 09, 2020 @ 04:38 PM

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Tags: Medicare Advantage plans, google

New Study Shows Why the Coronavirus Pandemic is Leading Many Americans to Enroll in a Medicare Advantage Plan For 2021

Posted by www.psmbrokerage.com Admin on Wed, Dec 09, 2020 @ 09:41 AM

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Tags: Medicare Advantage plans, COVID-19

8 Habits of Highly Successful Prospectors

Posted by www.psmbrokerage.com Admin on Mon, Dec 07, 2020 @ 02:56 PM

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Tags: Sales Tips, Prospecting new clients

CMS May Let Private Groups Run Part of Traditional Medicare

Posted by www.psmbrokerage.com Admin on Fri, Dec 04, 2020 @ 02:14 PM

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Tags: Medicare Advantage, CMS

Top Medicare Advantage Companies Enroll More Than Two-Thirds of U.S. Market, Eye Further Growth in 2021

Posted by www.psmbrokerage.com Admin on Fri, Dec 04, 2020 @ 09:34 AM

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Tags: Medicare Advantage

5-Star Special Enrollment Period

Posted by www.psmbrokerage.com Admin on Thu, Dec 03, 2020 @ 03:54 PM

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Medicare Enrollment Period Options

Posted by www.psmbrokerage.com Admin on Thu, Dec 03, 2020 @ 03:00 PM

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Medicare Part A & Part B sign up periods

Posted by www.psmbrokerage.com Admin on Thu, Dec 03, 2020 @ 02:21 PM

When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.

If you're eligible for Medicare when you turn 65, you can sign up during the 7-month period that:

Begins 3 months before the month you turn 65
Includes the month you turn 65
Ends 3 months after the month you turn 65

Note

If you didn’t get automatically enrolled in premium-free Part A (for example, because you’re still working and not yet getting Social Security or Railroad Retirement Board (RRB) benefits), you can sign up for premium-free Part A (if you’re eligible) any time during or after your Initial Enrollment Period begins. If you’re eligible for premium-free Part A, you can enroll in Part A anytime after you’re first eligible for Medicare. Your Part A coverage will go back (retroactively) 6 months from when you sign up, but no earlier than the first month you’re eligible for Medicare. You can only sign up for Part B during the periods listed below. Your coverage start date will depend on when you sign up. If you have to buy Part A and/or Part B, you can only sign up during a valid enrollment period.

Note

If you wait until the month you turn 65 (or the 3 months after you turn 65) to enroll, your Part B coverage will be delayed. This could cause a gap in your coverage.

In most cases, if you don’t sign up for Medicare Part B when you’re first eligible, you’ll have to pay a late enrollment penalty. You'll have to pay this penalty for as long as you have Part B and could have a gap in your health coverage.

Between January 1–March 31 each year

You can sign up for Part A and/or Part B during the General Enrollment Period between January 1–March 31 each year if both of these apply:

You didn't sign up when you were first eligible.
You aren’t eligible for a Special Enrollment Period (see below).

You must pay premiums for Part A and/or Part B. Your coverage will start July 1. You may have to pay a higher premium for late enrollment in Part A and/or a higher premium for late enrollment in Part B.

Special circumstances (Special Enrollment Periods)

Once your Initial Enrollment Period ends, you may have the chance to sign up for Medicare during a Special Enrollment Period (SEP). If you're covered under a Group health plan based on current employment, you have a SEP to sign up for Part A and/or Part B anytime as long as:

You or your spouse (or family member if you're disabled) is working.
You're covered by a group health plan through the employer or union based on that work.

You also have an 8-month SEP to sign up for Part A and/or Part B that starts at one of these times (whichever happens first):

The month after the employment ends
The month after group health plan insurance based on current employment ends

Usually, you don't pay a late enrollment penalty if you sign up during a SEP.

You may also qualify for a Special Enrollment Period for Part A and Part B if you're a volunteer, serving in a foreign country.

Note
COBRA and retiree health plans aren't considered coverage based on current employment. You're not eligible for a Special Enrollment Period when that coverage ends. This Special Enrollment Period also doesn't apply to people who are eligible for Medicare based on having End-Stage Renal Disease (ESRD).

Note

If you have a Health Savings Account (HSA) with a High Deductible Health Plan (HDHP) based on your or your spouse’s current employment, you may be eligible for an SEP. To avoid a tax penalty, you should stop contributing to your HSA at least 6 months before you apply for Medicare. Remember, premium-free Part A coverage begins 6 months before the month you apply for Medicare (or Social Security/RRB benefits), but no earlier than the month you turn 65. You can withdraw money from your HSA after you enroll in Medicare to help pay for medical expenses (like deductibles, premiums, coinsurance or copayments). If you’d like to continue to get health benefits through an HSA-like benefit structure after you enroll in Medicare, a Medicare Advantage Medical Savings Account (MSA) Plan might be an option.

Source: https://www.medicare.gov/sign-up-change-plans/how-do-i-get-parts-a-b/part-a-part-b-sign-up-periods

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Your Manual for How Selling Works

Posted by www.psmbrokerage.com Admin on Thu, Dec 03, 2020 @ 10:17 AM

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Tags: tips on selling insurance to seniors, sales ideas

Guarantee Trust Life Bonus Incentive

Posted by www.psmbrokerage.com Admin on Wed, Dec 02, 2020 @ 02:59 PM

For qualified Hospital Indemnity, Precision Care™ Cancer Insurance, and/or Short-Term Home Health Care applications submitted between October 1, 2020 and December 31, 2020.*

View PDF for Bonus Details

Submit 10-24 Applications During Q4 ——————

$20/app

For each Advantage Plus®, Precision Care™ and/or Short-Term Home Health Care application submitted, signed and dated within the qualification period.*

Submit 25-49 Applications During Q4 ——————

$40/app

For each Advantage Plus®, Precision Care™ and/or Short-Term Home Health Care application submitted, signed and dated within the qualification period.*

Submit 50+ Applications During Q4 ———————

$60/app

For each Advantage Plus®, Precision Care™ and/or Short-Term Home Health Care application submitted, signed and dated within the qualification period.*

View PDF for Bonus Details

(800) 998-7715

or email info@psmbrokerage.com

FOR AGENT USE ONLY - Cannot be distributed to the public or used in any consumer solicitation.

* Please view the Bonus PDF for full details and exclusions.

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Tags: Hospital Indemnity, Guarantee Trust Life

Mutual of Omaha Broker Rewards Programs

Posted by www.psmbrokerage.com Admin on Wed, Dec 02, 2020 @ 02:48 PM

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Tags: Medicare Supplement, mutual of omaha

Selling Medicare Supplements and Medicare Advantage Over the Phone

Posted by www.psmbrokerage.com Admin on Tue, Dec 01, 2020 @ 03:48 PM

How to Sell Medicare Supplements and Medicare Advantage Over the Phone

Selling Medicare products to seniors over the phone takes a slightly different approach compared to selling face to face.

Your physical presence and all the things that flow from that interaction are not available to you and must be accounted for when you’re not in front of your prospect.

When selling to a prospect over the phone remember these 8 things:

1 Craft a Good Script
2 Know Your Plans Before You Pick Up the Phone
3 Take Time to Rehearse Calls
4 Let Your Personality Shine Through
5 Find a Way to Differentiate Yourself
6 Strike While the Lead is Hot
7 Have a Clear Concise Closing Strategy
8 Offer Online Enrollment

Craft a good script

man on typwriter Creating a script doesn’t mean you read from that page word for word.

You want to be able to memorize the key points and direction you will take on the call. Expect to be interrupted, and practice that when rehearsing.

Your script is designed with a purpose but it has to be conversational.

You don't want to just start talking at your prospect for 15 minutes about how great you are. If your doing most of the talking, which sales people are known to do, you aren't asking enough questions.

You want to ask the right questions that will inform you of their situation so you can guide the direction of the conversation.

That means you have to allow your prospect to participate in the process, so don’t forget to leave space for them to weigh in.

Think of it like a tennis match. Serve up an idea and wait for a return and keep the back and forth going as long as it’s in your planned direction.

If it veers off course, its up to you to take over and bring it back on track. You want to ask questions that will reveal what current plans your prospect may have as well as any information that would help determine the type of plan that is right for them.

Know your plans before you pick up the phone

dart in bullseye This remains the same whether you’re selling over the phone or in person, but it’s important to note for anyone just getting started.

After the introduction and letting your prospect know the benefit your service will provide them, it’s time to start asking the right questions.

These questions will depend on the products you’re selling and the needs of your prospect.

For starters, you are trying to gain an understanding of your clients health situation, what they are looking for in health coverage, and what plans could give them the coverage they need and fits their budget.

In order to do this properly you will have to be certified to sell at least a few competitive med supp plans, and understand the coverage they provide.

You will also want to have some ancillary plans that can cover the gaps left by Medicare and med supps.

Prepare by learning all you can about the strengths and weakness of each of the plans you offer.

Having a good understanding of the different plans and how they can work together will allow you to quickly identify possible plan combinations for your prospects over the phone.

Take time to rehearse calls

young man making phone call Rehearsing means practicing in the truest sense of the word. You want to practice the skills just like you would any other. Take it seriously and, if you can, get some help to play the role of the listener.

Get your game face on: You aren’t face to face with the customer, but your attitude will translate over the phone, so smile before you pickup the phone.

In 2008, a study by scientists in the UK found that smiling when you speak will change the tone and sound of your voice and may subconsciously inspire the person listening to you to smile.

The sound of your voice makes when smiling can be picked up on, subconsciously, by a listener. It not only marks your voice as friendly, but encourages a smile on the face of a listener.

It’s not magic but it is how human beings have been hard wired to react. Smiles are simply contagious, whether you’re over the phone or in person. Don’t overuse or force the technique, but also don’t underestimate it.

Check your attitude and energy: Don’t overdo this or try to fake too much enthusiasm. This can be sensed pretty easily. Try to find a way to get yourself in a good mood, with the intent to help people, and that energy will come through in your presentation.

Faking anything is usually pretty obvious, and may just make you seem disingenuous.

Make sure you’re speaking slowly and clearly: Many sales people tend to speak quickly when there on the phone, whether it’s due to nerves, excitement, or just trying to hit their call quota.

it’s generally a bad habit. You don’t have to waste time, just don’t rush.

Also, remember to reduce or remove the filler words, um, ahh, err, etc.

When speaking to seniors you want to be absolutely sure your speaking clear enough for them to hear and understand you. Make it a point to pay attention to your dictation and your rate of speech.

The best script in the world won’t help you if your prospect doesn’t understand you clearly.

Maintain good posture: This is an easy one to forget, especially by late afternoon. If your slumped over on the phone your tone an energy level will reflect that. Try to alternate between sitting and standing to ensure you don’t get too relaxed.

When you’re sitting, pay attention to your posture and your voice and attitude will reflect that.

Add verbal cues to replace visual cues: When you’re face to face with your prospect they can see your smile, hand movements, head nods, etc. These are normal responses we expect to see when talking to someone.

When you’re on the phone with a prospect you’ll want to get these mannerisms across verbally. If you naturally make these motions when you speak, then continue to do so while on the phone, and add a vocal equivalent.

For example, if you are nodding in agreement, give a verbal cue such as stating “ok”, or “sure I see”. Whatever the verbal cue is that comes to mind. They can’t see the gesture, but when you verbalize the gesture it gives the same kind of flow to the conversation.

Let your personality shine through

pretty girl with personality It’s important to be seen as approachable and authentic over the phone.

You can do this by building rapport with your prospect. If they seem willing, ask questions about their children / grandchildren, etc.

Share personal stories with your prospects, tell a funny story if you have one.

Do whatever you can to come across as friendly and caring. Since your prospect isn't able to look you in the eyes and see you smile, you are going to need to get that same feeling across with words.

Remember to use your normal hand and body movements while you're on the phone with your prospect. Moving naturally will allow your voice and personality to come through more authentically.

The techniques you use will vary wildly from person to person as it needs to be authentic and personal to each agent.

Let your personality shine through with the sound of your voice and the words you choose while building rapport with your prospect.

Don't let the conversation turn into a dull question and answer session that will have your prospect just waiting for an opportunity to end the call.

Find a way to differentiate yourself

One of the best ways to stand out in the crowd is with Social Proof:

Social Proof is the process of using others reviews or testimonials to help people gain trust in the service you provide.

This can be done over the phone as well, but you will need to share it with your prospect in the form of a story, detailing how you helped someone else with a similar problem.

This will help build confidence and trust in your abilities to help your prospects. They will have an easier time felling like you can honestly help them with their situation if you share a story about how you helped someone else in the same way.

Put reviews on as much of your marketing materials as possible. Put them on your website, marketing flyers, email signature, etc. This can help reduce the friction that lack of trust creates before your prospects get to know you better.

Strike while the lead is hot

Studies have shown that by waiting 10 minutes to call a lead rather than calling in the first 5 minutes, your odds of qualifying the lead decreases 4 times.

Your odds when calling a lead within 30 minutes instead of the first 5 minutes decrease 21 times.

By waiting an hour after the lead is created to contact the lead, you are fighting an uphill battle.

And if you wait 3 days to call a lead your odds have decreased several thousand times! This is extremely important information for all sales people.

The chart below shows how the contact and qualification rate are affected by time.

lead time chart

There is additional information that shows that by calling after 20 hours or more after the lead was created, you are actually hurting your chances by calling a lead. Meaning, the prospect is turned off by waiting so long.

Does this mean you should stop calling after 20 hours? That would be a little unrealistic, but it certainly highlights the importance of contacting a lead as soon after it is created as possible.

At some point before or around that 20 hour mark, your lead may turn cold. You will either have to simply deal with the long odds or have a plan to warm the lead again somehow prior to calling.

Important to note: The information for these statistics is from 2007. With the “I want it now” culture of today, it’s even more critical to contact your leads ASAP.

Have a clear and concise closing strategy

businessman making a deal Closing isn’t something you do at the end of a sales pitch. It requires a foundation built throughout your sales process.

Check out our article for a deeper dive on closing. These are the basic steps, in no particular order:

Listen intently
Remember, your providing a solution to a problem
Use the power of stories
Limit your offer to a few good options
Highlight the value to justify the price
Ask the right questions and they will close themselves
Summarize previously agreed upon points

If you are doing these things throughout your presentation, you will naturally come to a close with your prospect without seeming pushy.

Offer online enrollment

woman working You will need the right tools to be efficient as well as to be able to quote plans quickly and offer your prospects the ability to enroll online.

Let’s look at a few reasons why you should be using E-Applications:

E-Apps are a great way to submit business. They are quick and easy for agents and clients alike, and can be signed electronically. An application that may take you 30-40 minutes by paper may take you just 10 minutes online.
You can pre-qualify your clients by answering required health questions.
Most insurance companies are offering bonuses to agents when they use e-apps. Why are they doing this? Because they benefit from the efficiency of online applications just like everyone else does. As agents turn more and more to online applications it allows insurance companies to streamline their business around that process.
Some carriers offer immediate underwriting approval. With these carriers you know on the spot if your client is declined. No more waiting for days just to find out the app was approved or not.
Complete multiple apps at once. Some carriers such as Mutual of Omaha and Cigna (as of the date of this article) allow you to submit applications for different plans. Ex. A client that is looking for a Med Supp. and a cancer policy can be done in one pass without the redundant paperwork.

Don’t think of handling applications online as a novel method to be used in just a few circumstances. There is no reason not to be using e-apps as often as possible. It will benefit you, your clients and the carrier if you do.

Final Thoughts

In many ways selling over the phone is just like selling face to face. Your sales process won’t change that much.

Nevertheless, there are a number of constraints a phone presentation places on you that need to be addressed.

By understanding the challenges unique to phone sales, you can adjust your technique accordingly, and continue to be successful in any situation.

Note:

Medicare Advantage(MA) has it’s own set of regulations and restrictions you must be aware of if you are going to sell it.

If you aren’t already selling MA we think you should at least consider it. The MA market is growing and evolving, and plans are selling very well.

Check out these articles for more info pertaining to Medicare Advantage, and download the Agent Compliance Guide.

How to Become Certified to Sell Medicare Advantage

Staying Compliant Before the Sale

Good News - Save your clients money on their dental premiums

Posted by www.psmbrokerage.com Admin on Tue, Dec 01, 2020 @ 03:06 PM

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Tags: mutual of omaha, dental plans

Identifying Leads, Prospects, and Opportunities

Posted by www.psmbrokerage.com Admin on Tue, Dec 01, 2020 @ 08:33 AM

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Medicare Blog | Medicare News | Medicare Information

Why sell Nassau Re Medicare Supplement Plans?

Google Trends Barometer

YouTube Barometer

Consumer Knowledge Gaps

What Consumers Are Buying

Key Findings

COVID-19 Related Supplemental Benefits a Big Reason For Increasing Popularity of Medicare Advantage Plans

Many Beneficiaries Are Switching From Original Medicare Plans to Medicare Advantage Plans

Are Medicare Advantage Beneficiaries Simply Doing More Research?

Methodology

Survey Results

1) They actually set aside time to prospect.

2) They don’t reinvent the wheel.

3) They’re really good at identifying good fits.

4) They use technology to their advantage.

5) They know how to balance quantity and quality.

6) They build social media into their routine.

7) They don’t jump the gun when they connect with a prospect.

8) They don’t take meetings with just anybody.

CMS plans to start a test of the "Geographic Direct Contracting Model" in at least four markets in 2022.

Resources:

How Traditional Medicare Works Now

Geo Test Program

Geo Test Program Challenges

Agents’ and Brokers’ Role

When you first get Medicare (Initial Enrollment Periods for Part C & D)

During certain times each year (yearly enrollment periods for Part C & Part D)

When you're first eligible for Medicare, you have a 7-month Initial Enrollment Period to sign up for Part A and/or Part B.

Between January 1–March 31 each year

Special circumstances (Special Enrollment Periods)

Responding to vs. Creating Needs

Traditional vs. Modern Discovery

Simple vs. Complex Solutions

Pricing vs. Investment in Results

Resolving Concerns

Negotiation and Acquisition

Execution

When you write qualifying Medicare supplement policies with Mutual of Omaha, Mutual of Omaha rewards you with broker incentive programs. Below are a few of our incentive programs that rewards you for your hard work throughout the year, not just during AEP.

How to Sell Medicare Supplements and Medicare Advantage Over the Phone

Good news regarding Mutual's Dental Portfolio – with three years under their belt, they have a few exciting items to communicate.

What Are Leads?

What Is a Prospect?

What Is an Opportunity?

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During certain times each year (yearly enrollment periods for
Part C & Part D)