<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=302779086974399&amp;ev=PageView&amp;noscript=1"> Medicare Blog | Medicare News | Medicare Information

Medicare Blog | Medicare News | Medicare Information

MA Enrollment On The Rise- An Untapped New Opportunity

Posted by Lauren Hidalgo on Fri, May 17, 2013 @ 09:05 AM

Medicare Supplements

Introducing Hospital Indemnity plans designed specifically for Medicare Advantage members that cover Primary Care Doctor Visits, Inpatient Hospital Co-pays or Co-insurance, and much more. The average hospital stay for someone age 65 and over is 5.5 days. Would your average Medicare Advantage client be able to readily cover a $250 per day as a co-payment for days 1-5, totaling $1250?

Of the 14,500,000 people currently enrolled in a Medicare Advantage Program 56% of them are on a zero premium plan, many of which provide the member with a considerable monthly Part B premium giveback. With a Hospital Indemnity plan you can offer your clients a way to take their Medicare Advantage Part B premium giveback and apply it toward their plan to help them cover many of their most common co-payment with Medicare Advantage.

Benefits of a Hospital Indemnity Plan Include:

  • Hospital Admission for Days 1-5
  • 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

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.

Not only will you be able to show your Medicare Advantage clients an affordable way to help protect themselves financially from large Maximum-Out-Of-Pocket (MOOP) liabilities, which can be as large as $6,700, but it’s also a great way to increase your commissionable income.

PSM offers several options for Hospital Indemnity. Plans from Sentinel Life, Equitable Life, GTL, and Heartland National are all available to be added to your portfolio. Please give your marketer a call at 1-800-998-7715 for more information on this versatile product for your senior insurance clients.

Article you may want to take into consideration for future product offering strategies

Coming Surge in Medicare Advantage?
Enrollment May Rise 50 Percent in Next 10 Years
By Alex Wayne and Alex Nussbaum – Bloomberg – May 16, 2013

Enrollment in the U.S.-funded Medicare plans run by UnitedHealth Group Inc., Humana Inc. and other insurers may rise 50 percent in the next decade rather than declining as predicted earlier, U.S. budget analysts said. Medicare Advantage plans for the elderly and disabled will swell to 21 million participants by fiscal 2023 from 14 million this year, the Congressional Budget Office said yesterday in its annual review of the federal budget. The CBO didn’t explain the revision from its previous estimate that enrollment would fall to 11 million and a spokeswoman didn’t respond to an e-mail. The reversal shows that a recent slowdown in health-care cost growth may be permanent, said Joseph Antos, a health economist at the American Enterprise Institute in Washington who has advised the CBO in the past. http://www.bloomberg.com/news/2013-05-15/unitedhealth-humana-may-see-surge-in-medicare-advantage.html


Additional Updates:

Tags: Hospital Indemnity, Sales Tips, Senior Market, Cigna Medicare Supplement

    Join thousands of insurance agents who receive weekly news updates and original articles.

    Like Precision Senior Marketing on Facebook!





    Follow Precision Senior Marketing on Twitter!

    Most Popular Posts

    Posts by Topic

    Click for More