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Why Agents Should be Selling Hospital Indemnity

Posted by www.psmbrokerage.com Admin on Fri, Feb 25, 2022 @ 03:57 PM

selling HI-1

Why Agents Should be Selling Hospital Indemnity

Ask any successful Medicare Advantage producer what they are most likely to cross sell with every Medicare Advantage plan sold and you’ll likely hear the same response… Hospital Indemnity.

While Medicare is important to have, it may still leave gaps in coverage that a policyholder is responsible for. 

For instance, most Medicare Advantage Plans don't cover the first 4 to 7 days of a hospitalization. Per the American Hospital Association (AHA) Hospital Statistics, the average hospital stay costs over $10,000, but can vary widely.

A Hospital Indemnity plan can help bridge the gaps left open from a Medicare Advantage Plan, by providing a direct cash benefit to the policyholder.



What are the Benefits of a Hospital Indemnity Plan?

  • Hospital Confinement Co-Payment Coverage - Up to 31 Days
  • Ambulance Transportation
  • Emergency Room Coverage
  • Laboratory & Radiology Benefits
  • Skilled Nursing Facility Benefits
  • Primary Care Doctor Office Visits (No Prior Hospital Stay Required)
  • Annual Wellness Benefits
  • Preventative Care Benefits

Another gap that some Hospital Indemnity plans may help with are hospital visits that are designated as "observation status". Observation status encompasses care received in a hospital without being admitted.

Here's an example:

If you go to the hospital complaining of abdominal pain, you may be placed in a hospital room or bed. This allows the doctor to monitor your condition while performing diagnostic tests to determine the cause of your pain without formally admitting you. 

Observation status is mainly a billing designation, but it matters since services received while under observation are not covered by Medicare Part A.

Medicare Part B will cover 20 percent of the Medicare-approved amount for any services received. If the beneficiary does not have Part B, then they are responsible for 100% of the costs incurred while under observation.

For most people, the out of pocket costs of having these gaps in coverage can be devastating. The right hospital indemnity plan could help ease that burden and make for a very affordable alternative to help your clients cover the unexpected.

When Can You Sell a Hospital Indemnity Plan?

The Centers of Medicare and Medicaid Services (CMS) have said that a Hospital Indemnity Plan can be marketed and sold during a Medicare Advantage appointment as long as it was agreed on the Scope of Appointment form.

You can also go back to your current clients with Medicare Advantage and do a basic Needs Analysis to see how the Hospital Indemnity Plan will benefit them and limit their out of pocket costs. 

Relative Cost of a Hospital Indemnity Plan

Of the 20,400,000 people currently enrolled in a Medicare Advantage Program 46% are on a zero-premium plan.

Indemnity medical insurance costs depend on your age, the amount of coverage you want and the indemnity insurance company. You can buy coverage per individual or per family. For the benefit that a hospital indemnity insurance plan provides, the cost is relatively inexpensive.

When you sell a $0 or low cost Medicare Advantage Plan, this allows budget flexibility with a majority of consumers to cover the gaps left behind. 

With a lower premium Medicare Advantage plan, your clients can entertain a Hospital Indemnity plan without breaking the bank and have peace of mind and a sense of security.

PSM offers several Hospital Indemnity options for your portfolio. We have plans from Aetna, Sentinel Life, Equitable Life, GTL, Heartland National and Medico.

If you have any questions, please give one of our experienced marketers a call at 1-800-998-7715 for more information on this versatile product for your insurance clients.

[Ask About our Hospital Indemnity Offerings]


*For Agent use only. Not affiliated with the U. S. government or federal Medicare program.



AgencyBloc: Grow Your Sales with the #1 Agency Recommended Management System

Posted by www.psmbrokerage.com Admin on Fri, Feb 25, 2022 @ 03:39 PM

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Social Proof: Why it Matters to You

Posted by www.psmbrokerage.com Admin on Fri, Feb 25, 2022 @ 02:51 PM

Socail Proof Why it Mattters to You

Social Proof: Why it Matters to You

Whether we like it or not, most people are getting their information today from Social Media.

They may click a post that takes them to a website to read an article or watch a video, but they are finding that info first on a social media platform.

An important role for social media in your business is spreading word-of-mouth. Or, as it’s called today, “Social Proof”.



What is Social Proof?

Social proof is a psychological phenomenon where people assume the actions of others in an attempt to reflect correct behavior for a given situation.

That’s the boring definition, but here’s an example.

When people see evidence of people having a positive experience through their interaction with your brand, like with testimonials or reviews, or comments, they assume they will have the same experience.

This is a very simple but powerful phenomena that can be used to help your business.

According to a Nielsen survey, 82% of Americans say they seek recommendations from friends and family before making a purchase. 1

A similar study found that 88% of consumers trust online reviews as much as personal recommendations. 2

Yet Another study showed most people need to see a 3 star or higher rating in order to consider a review positive. 3

When it comes to reviews, specific examples are always more powerful.

It’s great when people leave unexpected reviews for your business, but it is always better to ask for a review and give them examples of how to specifically to leave a review.

So, think of the types of reviews that would work best for you and suggest that kind of language to your client.

Once you have reviews, this social proof can be used in endless ways. Add a quote to an email, to a website page, to a blog, social media, etc. Anywhere that you want to build trust.

At then end of the day that’s the key thing to remember. A good review will build credibility and trust with a potential client, before they ever meet you.

Ask for reviews regularly, and remember to ask for specifics. Don’t leave anything to chance.


So, how do you get good reviews?

Well, it will happen organically, but you should be asking regularly. When a client has a good experience, ask them if they would be willing to leave a review. 

The key to a good review is to ask for specific examples to be cited when you ask a client for a review. Reviews aren’t as effective if they are broad or vague.

For example, saying “I liked working with Bills Best Medicare”, will not have the same impact as “Bill from Bill’s Best Medicare answered all my questions, explained all my options, and made it easy to pick the Medicare supplements that were best for my situation. I would definitely recommend him”

When it comes to reviews, specific examples are always more powerful.

A good review will build credibility and trust with a potential client, before they ever meet you.

Ask for reviews regularly, and remember to ask for specifics. Don’t leave anything to chance.


But what about the dreaded bad review?

Most business just won’t display them and this could be a mistake. Everyone realizes it’s only a matter of time until you get a bad review.

If a bad review is unreasonable and is clearly someone being dramatic or venting, it’s not the wrong decision to remove it. That's a decision only you can make.

But not showing anything but 5 start reviews can look suspect. If you get a questionable  review just make sure you respond to it appropriately.

Apologize for the customer’s bad experience and review what happened. Let them know you are doing what you can to make it right, and ensure them that it won’t happen again.

Remember, you’re speaking as much to everyone who reads the review as you are to the person who left the review, so choose your response carefully.

Everyone makes mistakes. The important thing is, how you react to your mistakes.

Showing a willingness to accept responsibility for mistakes and put effort into correcting those mistakes will go a long way toward building trust in the mind of your prospects.

People want to do business with people they trust and like. That is especially true for in the insurance space.

Having evidence in the form of social proof, supporting the fact that people like and trust you will go a long way towards making the decision to work with you an easier one.

So, create a plan to reach out to your satisfied clients and ask for a review.

Then use those positive comments in any way you see fit.

You’ll be surprised how easy it is, and the positive effect it can have on your business.

Good luck, and happy selling.




  1. https://www.getambassador.com/blog/survey-says-referral-practices-of-todays-consumers#:~:text=Family%20and%20Friends%20Matter,via%20social%20media%20or%20email.
  2. https://searchengineland.com/88-consumers-trust-online-reviews-much-personal-recommendations-195803
  3. https://www.searchenginejournal.com/online-review-statistics/329701/#close

*For Agent use only  *Not affiliated with the U. S. government or federal Medicare program


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