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?
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.
*For Agent use only. Not affiliated with the U. S. government or federal Medicare program.
Medicare Blog | Medicare News | Medicare Information
Tags: Guarantee Trust Life
Among these steps, PSM has created an internal task force consisting of leaders from our Executive, Regulatory and Compliance, Sales and Distribution, and Marketing and Lead Generation teams. This task force is responsible for assessing the impact we believe this rule will have on customers and relaying this information to CMS during the comment period, ensuring that any new MA-PD rule allows PSM to continue to effectively perform our mission of helping people live longer, healthier, and more secure lives. Additionally, this task force is responsible for ensuring that any required strategic and tactical shifts in our business operations are performed in a way that minimizes disruption to our core operations.
Outside of PSM, Marketing leaders are working with industry consortia to gather information, provide a shared point of view on the proposed rule, and make additional comments to CMS reflecting our industry’s shared commitment to performing Sales, Marketing, and Oversight operations in a customer-centric manner.
Precision Senior Marketing is committed to keeping our entire agent community informed about changes that may be required because of this rule, as well as providing guidance once the final rule is instituted. As we progress with our work on this topic, you will be kept up to date.
Tags: Prescription Drugs
Experience MedicareCon in person for a networking event like no other. Take your business relationships to a new level by networking with industry moguls that are disrupting the Medicare Insurance market.
Join industry experts to learn how they scaled their agencies.
We’ve all heard the term, “It’s not what you know, it’s who you know?”
One of the greatest things about the MedicareCon is the attendees themselves. Friendships, partnerships, and mentorships have all happened from agents just like yourself who happened to bump into the right person in the audience.
By connecting with the person to your left or your right (or both) at the conference, you can hold each other accountable to your new goals, challenge yourselves to do more every day, and help each other to keep a growth mindset.
It’s important to keep successful people around you if you want to achieve your goals and the people who attend MedicareCon are the ones who are committed to doing something big with their lives.
Join us for a one-of-a-kind learning and networking insurance experience.
April 11-22, 2023
Join us at the MGM Grand in Las Vegas for the #1 conference for Medicare and health insurance agents. Did we mention it's in Las Vegas?
We provided the link to the website below if you want to learn more or register.
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Medicare Advantage Open Enrollment Period
Well, it's that time of year again. Agents have just finished up the AEP season, and are now thrown into OEP.
|If you have any questions or need assistance in getting appointed with our leading Medicare Advantage and Part D companies, call us today and one of our knowledgeable marketers would be happy to assist.|
OEP Trainings Start in January - Register Now!
Join us in January for the first of our Medicare open enrollment period (OEP) trainings. These trainings will focus on retention, supplemental benefits, and special needs plans. In each class, you’ll learn valuable tips to help you build your sales strategy for OEP and beyond.
Please see below for an overview of our January classes.
Open Enrollment Period (OEP)
Join us as we cover the ins and outs of OEP. We’ll talk about sales opportunities, compliance guidelines, and strategies for growing your business. We’ll also provide some useful resources to help you make the most of this OEP.
Keep your customers in your book of business. In these sessions, we’ll share proven strategies to increase customer retention and reduce rapid disenrollment.
Leveraging Medicare Advantage (MA) Supplemental Benefits
During AEP, our supplemental benefits were differentiators. Learn how our benefits compare with the competition and why they could help you make the sale this OEP.
Special Needs Plans (DSNP)
Help your customers find the right plan and increase sales. In these sessions, we’ll go over special needs plan enrollment opportunities, focusing on dual-eligible Medicare beneficiaries.
Here's how you can sign up:
Make sure to log in to Producers' University first, and then click on the links below to register. After clicking the links below and navigating to Producers' University, click on the event title and select 'Register.' After you register, you will be able to add the event to your calendar and access the webinar URL.
Monday, January 9, 2023
Retention Strategies - 2:00pm - 3:15pm, EST
OEP Training - 4:00pm - 5:15pm, EST
Tuesday, January 10, 2023
Retention Strategies - 9:00am - 10:15am, EST
OEP Training - 4:00pm - 5:15pm, EST
Wednesday, January 11, 2023
Retention Strategies - 9:00am - 10:15am, EST
OEP Training - 11:00am - 12:15pm, EST
Thursday, January 12, 2023
Retention Strategies - 11:00am - 12:15pm, EST
OEP Training - 2:00pm - 3:15pm, EST
Tuesday, January 17, 2023
Leveraging MA Supplemental Benefits - 9:00am - 10:15am, EST
DSNP Training - 4:00pm - 5:15pm, EST
Wednesday, January 18, 2023
DSNP Training - 9:00am - 10:15am, EST
Leveraging MA Supplemental Benefits - 11:00am - 12:15am, EST
Thursday, January 19, 2023
DSNP Training - 11:00am - 12:15pm, EST
Leveraging MA Supplemental Benefits - 2:00am - 3:15am, EST
Monday, January 23, 2023
DSNP Training - 2:00am - 3:15pm, EST
Leveraging MA Supplemental Benefits - 4:00pm - 5:15pm, EST