Medicare Blog | Medicare News | Medicare Information

Happy New Year! We at Precision Senior Marketing want to take this time to wish all of our agents and their families a happy holiday season. We appreciate your business and the opportunity to assist you in your senior market endeavors. As always, we are committed to bringing you the most competitive products with personal service from our dedicated staff. In 2012 we have several new and exciting products coming to market that we look forward to adding to your portfolio.

If you are new in the senior market let 2012 be the year you expand your business to include Medicare Supplements, final expense, and annuities. Give PSM a call at 1-800-997-7715 to get started

Here’s to a successful and prosperous 2012!

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Just a reminder, the Annual Enrollment Period (AEP) has been moved up this year and started October 15 and goes through December 7. During this time your clients will be able to switch their Medicare plans, effective January 1, 2012. Make sure you are prepared to meet their needs and the demands at the height of the season. Following are a few tips to keep you on track during AEP.

• Make sure your certifications are up-to-date for 2012. With Medicare Advantage plans you need to certify every year. If you would like instructions on how to do so for each company please call your marketer at 1-800-998-7715. With the exception of United Healthcare, there are no required certifications for standardized Medicare Supplement product.
  
  
• Electronic applications. The Sentinel Life E-App was released a few weeks ago, and E-Apps are also available with Mutual of Omaha and Universal American Medicare Supplement products. Electronic applications are available around the clock and allow for less mistakes and quicker processing times.
  
  
• Underwriting. When not using an electronic application, it is vitally important that you are very thorough in your field underwriting with paper applications. These apps are getting a bit more complex every year and with the volume of sales that come through during this period, nothing will delay your issue times more than submitting incomplete applications. This bogs your business down, frustrates your clients, and prevents you from utilizing time spent cleaning up apps to prospect for new clients.
  
  
• Identify the best rates. Several companies took increases in multiple states in the past few months. Plan ahead and check out which company has the most affordable rates in the areas you plan to prospect. To review who has the best rates in the states you sell, contact your marketer at 1-800-998-7715 for details.
  
  
• Distribute marketing materials. Senior centers, churches, and other public spaces where seniors often go in your community are wonderful places to put some of your personalized brochures. These have your name and number and offer additional information to educate interested seniors. You can also mail lead cards using a very affordable mailing list generated from USA Data.
  
  
• Request referrals. Now is the ideal time to see if your happy clients know anyone going through the AEP season. They might have friends and family who are confused and overwhelmed, looking for an agent who can help educate them on the best plans for their health and economic means. Don’t miss out on this opportunity!

Precision Senior Marketing will be here to support all of our agents during the Annual Enrollment Period. If you have any questions or concerns, please contact your marketer today at 1-800-998-7715 and they will be happy to assist you.

Please give us your feedback!
How has the AEP season being going for you so far this year? Do you plan to change anything going forward? Do you have any tips for those in the midst of their first season?

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As a senior market agent, it’s important for you to understand the best products for your clients as they age and experience retirement, income changes, and death of loved-ones. Younger seniors, older seniors, high and low income seniors all have different needs and it is your responsibility to understand them and choose the products from your portfolio to fit their needs best. These strong relationships will result in more referrals and assure the longevity of your business.

Here are five main senior-types to consider:

1. Young Seniors – These seniors are just reaching their Medicare eligibility and being bombarded with options to consider for their health and economic futures. The process is often confusing, so it is important to take time with these clients, find out their plans for the future, and choose the products right for them. For those ready to travel and do the things they couldn’t do when they were responsible for raising a family, a Medicare Supplement might be the best option. For those who are happy to stay at home and within a network, Medicare Advantage might be the right fit. It’s also important to review their retirement income and begin discussing annuity options, which will provide guaranteed income for as long as they live.
   
   
2. Older Seniors – For those aged 90 and up qualifying for insurance plans will be significantly more difficult. For these seniors it is important to review their portfolio and make sure all of their beneficiaries are correct and their investments are risk free. Review their supplemental insurance plan to see if there may be a better fit, especially in states like New York and Connecticut where there is no medical underwriting on Med Supps.
   
   
3. Low-Income Seniors – Start by reviewing their financial situation and confirm they are signed up for the best Medicare (and Medicaid, if necessary) plan. Also, many states have programs to help pay for their medications, so look to see if they qualify for that assistance. For a low income senior it is more about asset accumulation than asset protection.
   
   
4. High-Net-Worth Senior – If your client has assets over $1 million often times you will find you need to partner with other financial professionals like tax attorneys and CPA’s in order to insure all of the client’s financial bases are covered. For these clients you are working to protect their assets and insuring their returns are consistent.
   
   
5. Widowed Senior – For those who have recently lost a spouse it is important to make sure they have secured the benefits they are entitled to in their spouse’s death, and then work with them to develop a spending and asset protection plan. It is especially important to discuss long term care or short term care insurance with them, as they may not have any family nearby and should be protected in case they should need assisted care.

With all seniors it is important to be flexible and present the products that will work best for their individual needs. By customizing each client’s portfolio to fit their specific needs you are gaining clients who will be confident in your ability to adapt as their needs change.

Please give us your feedback!
Do you work with a variety of senior's in a variety of health and economic situations? What helps you customize each plan for them specifically? Or, do you prefer to prospect with one specific type?

Source: Agent's Sales Journal

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In the August issue of Agents Sales Journal market experts Jay Cox, Howard Peck, Richard Peitzmeier, and Tony Colistra were called upon to give their take on the Medicare Advantage market. They spoke of the tremendous opportunities in the Medicare Advantage market and urged those agents who might have moved away from the market due to changes to come learn the benefits. Noting the new rating system will improve the quality of care for Med Advantage members they are optimistic about plans that are proactively working to better the care that members receive. They also see the market going toward a more quality focused approach. Though the details of the cuts Congress is proposing to Medicare Advantage haven't been released the agents speculated that they would include either a decrease in the payment to doctors, increased premiums to policyholders, or reduced benefits. This would then be beneficial to the Medicare Supplement market, for those seniors looking for more coverage who may not have even known Medigap existed due to geography or lifestyle.

Cox stated that Med Advantage is a year-by-year benefit, and that adapting to the changes is part of selling the product. He explains the importance of the yearly education; it is essential for agents to stay abreast of the changes and keep their clients informed. He advises agents working in the business to have a mid-year check-in with their clients in order to assure they are taking full advantage of their benefits, explaining that this justifies the agent's role to skeptical clients. It also builds trust, adds value to your service, and allows another chance to seek out referrals from satisfied clients. His no-holds-barred advice is "don't evaluate it; just sell it. When it changes, we'll change. If it stops, we'll stop, and we'll worry about what to do next then."

Colistra states that "The future for Medicare Advantage is a bright one… Med Advantage plans have proven themselves to be innovative, offering valuable services to member. All of these points combined point to an industry that will continue to thrive." With the Medicare population expected to double in the next thirty-five years, Cox advises those agents still on the fence about going into the Medicare market to "Try it, you'll like it!"

When prospecting with clients it's important to keep a diverse portfolio, including both Medicare Supplements and Medicare Advantage, in order to meet each client's individual needs with a plan that offers both the coverage and price-point they are looking for.

Please give us your feedback!
Have you chosen to roll with the changes in the Medicare Advantage market? How has it benefited your business? Do you have any advice for those just starting out in the market?

Source: Agent Sales Journal

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We agents are always looking for new ways to grow our business. So, while you are prospecting don’t forget about your access to Combo Apps. These applications combine Medicare Supplement and Final Expense products on one app, simplifying the cross selling opportunity, and providing an efficient means to increase sales and commissions with a more diverse portfolio. It’s important not to leave business on the table with your clients and a good Combo App is an easy way to start.

Here are the Top 5 Benefits of selling the Combo App:

1. Increase your sales volume – When you can submit two applications on each client you are, literally, doubling your sales volume with commission results you will see immediately.
   
   
2. Increase your commissions – Commissions are paid at the same level as they would be if you sold the two products separately. Having the extra income will allow you to continue to grow your business.
   
   
3. Get the most out of your leads – Leads can be expensive, so doubling the return on each investment will help you to continue to purchase more from outside sources or, possibly, develop your own website form to capture your own leads.
   
   
4. Diversify your portfolio – Offering both life and health policies will allow you to talk to both new prospects and your current Med Supp clients about their final expense and burial needs and suggest options for them to consider.
   
   
5. Retain your clients – When both of their insurance policies are with you, they are even more likely to keep their business with you. Your higher retention rate will keep old business on the books while allowing you to continue to prospect and accept referrals.

Combo Apps are a great way to increase your business while retaining clients. Be sure to have the products in your portfolio before Annual Enrollment Period starts this fall. We offer both Forethought Life and Sentinel Life top contracts to qualified agents.

Please give us your feedback!
Do you sell the Combo App? Do you find it easy to sell along with the Medicare Supplement? Are your clients usually receptive to both products? Do you have any advice for those just getting into it?

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In the past few years, the senior insurance market has seen tremendous growth. Curious if this would continue to be the case, Bryan R. Neary and his associates launched a study to find out if Med Advantage would trump Med Supp in the next ten years. They found the process more complex than they originally thought, but in the end they saw the Med Supp enrollment increasing in the 10 year time frame. Due to the proposed new health care laws, Neary and his team made conservative assumptions based on what is already known. They took the current Medicare enrollment, a reliable Medicare enrollment projection, the historical changes in the Medicare market, and a realistic Medicare Supplement projection into consideration when compiling their data. The assumptions they used were that the demographics of current Medicare beneficiaries are accurate, there will not be a dramatic shift in the future, lapse and replacement rates will not experience a dramatic change, and annual rate increases will not have a dramatic change.

Neary explained that signs of growth in the Med Supp market include:

1. Baby Boomers – with this generation comes an influx of 15.4 million over the next 10 years, providing multiple opportunities for Med Supp sales.
   
   
2. Medicare Advantage Reductions –the health care law includes Medicare provisions that will gradually reduce subsidies paid to Medicare Advantage starting in 2012.
   
   
3. Decrease in Retiree Health Benefits – due to the economic times less companies will be able to offer retiree health benefits, by 25% over the past 20 years.
   
   
4. New Medicare Supplement Plans – new plans should be introduced in 2014, eliminating first-dollar coverage. Like with the introduction of Plans M and N in 2010, this will likely create a buzz in the market and generate more sales. He also suggests more lower-cost plans become available, which would open the market to those who previously couldn’t afford it.

Their conclusion is that the Medicare Supplement offers a long-term sustainability. With the opportunities available like Baby Boomers, Medicare Advantage reductions, decrease in retiree health benefits, and the insertions of new Med Supp plans into the market there will be an increase in selling opportunities and, therefore, enrollment.

To review the list of Medicare Supplement companies that we offer, please see our Medicare Supplement carriers.

Please give us your feedback!
Do you agree with Neary's findings? Have you already begun to see an upswing with the influx of Baby Boomers?

Source: InsuranceNewsNet

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