If you're just starting to sell Medicare Supplements and have questions about who you should sell to, let's review our list of ideal candidates who would benefit from purchasing a Medicare Supplement policy from you.
When you're talking to your clients about Medicare Supplements it's important to ask them questions about their health and lifestyle. Ideal candidates for Medicare Supplements don’t want to use network doctors, and they want the freedom to go to any hospital or doctor that accepts traditional Medicare. They typically want to know their costs every year, and don’t want to deal with copays and coinsurance.*
Many ideal customers live in rural areas where Medicare Advantage plans and networks are limited. Having the ability to go to any doctor or hospital that accepts traditional Medicare is a huge draw for many people, which in turn makes them great Medicare Supplement candidates. Typical Medicare Supplement policy holders prefer having original Medicare, and would like to save money on their prescription drug plans.
Some of your clients may have health issues, but if they purchase a Medicare Supplement policy during their open enrollment period, they have the choice to pick and choose which plan they'd like without having to go through any underwriting. This open enrollment period occurs three months before they turn 65, the month of their 65th birthday and three months after they've turned 65.
Many typical Medicare Supplement policy holders have higher incomes and enjoy traveling. They want to have flexibility with their coverage, and enjoy having the ability to take their policy with them while traveling.
*Some Medicare Supplements do have copays and coinsurance.
Some of your clients may receive lower premiums.
Your clients may receive lower premiums if they:
What is MACRA? And how does that effect Medicare Supplement sales?
The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) is a bipartisan legislation signed into law on April 16, 2015. This legislation changes how Medicare pays physicians who provide care to traditional Medicare beneficiaries. And what does that mean for you, the insurance agent?
It means Medicare Supplement Plans C, F and High Deductible F are no longer available for newly eligible Medicare beneficiaries. However, clients who already have these plans will be grandfathered in, and will continue to be able to use their existing policies or even change their policy to another Plan C or F in the future, if they choose.
Newly-eligible clients are those who first become eligible for Medicare due to age 65, disability, or end-stage renal disease on or after January 1, 2020. Newly eligible Medicare beneficiaries will have to choose from other Medicare Supplement plans which include: A, B, D, G, K, L, M and N.
Plan G continues to remain a popular Medicare Supplement plan, but you can review the differences below.
Plans C and F will NOT be options for Medicare beneficiaries who turn 65 on or after January 1, 2020.
*Plans F and G have high-deductible options in some states. If your client chooses this option, they must pay for Medicare covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,340 in 2020 before the policy pays anything.
**After your client meets the out-of-pocket yearly limit and yearly Part B deductible, the Medigap plan pays 100% of covered services for the rest of the calendar year.
***Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in admission.
Nearly 11,000 people turn 65 every, single day. Clearly, there is no shortage of Medicare Supplement prospects. Before discussing different plans with your clients, be sure to ask them questions about where they plan to live if they're retiring, if they have health issues, whether or not they're still working and have employer based coverage or spousal coverage. Asking these important questions will help you when you review the different plans available to them, guaranteeing a Medicare Supplement that provides the best coverage and price for their needs.
Need more info? Download our Medicare Supplement Kit to learn more!
12/2/2020 03:38:57 pm
It's good to know that not having a history of tobacco use can lower your premiums. My parents were telling me a couple of weeks ago about how they want to look into applying for Medicare supplements, and they wanted to know more information about being a good client. I'll make sure to pass this information along to them once they find a place to apply for Medicare supplements.
2/16/2021 02:49:41 pm
Wow, I didn't know there were so many considerations to take into account when selling Medicare. Thanks for mentioning that it's smart to ask potential clients about their lifestyle and health. My husband was thinking about becoming a Medicare agent. I think since it can be kind of a big process, it would be smart for him to look into working with a company that could help train him.
Michaela, we'd be more than happy to work with your husband if he has his Health license and Medicare Supplement/Long-term Care license. We encourage him to reach out to us and visit our website to learn more about how we assist our agents. - Carolyn Portanova/Director of Marketing
4/15/2021 08:49:40 pm
I do agree that it is important for us to consider who is suitable for medicare supplement insurance. The other day my parents mentioned that the would like to get health insurance. I will look at how feasible and suitable it is for them to be a supplement.
4/26/2021 01:08:23 am
I appreciated it when you shared that individuals with Medicare Supplement plan are able to go freely to any doctors they want. My friend just mentioned the other day that she is thinking of getting an insurance plan for her parents who are getting old now. I will suggest to her getting the right Medicare plan that is suitable for their needs.
6/18/2021 05:12:26 am
I’ve been surfing the web for more than an hour today, yet I was unable to find any stunning articles like this one. It’s alluringly worth it for me. Keep posting more such amazing blogs.
7/9/2021 04:58:06 am
Usually, I never comment on blogs, but your article is so convincing that I never stop myself from saying something about it. You’re doing a great job Man, Keep it up.
8/18/2021 05:02:51 am
Spot on with this write-up, I truly believe that this amazing site needs far more attention. I’ll probably be back again to read more, thanks for the advice!
It really helped when you said that eligible clients would be covered until the age of 65 for medicare plan supplements. I will share this information with my mom because she plans to get covered with this. And she mentioned that she might include her grandmother with this policy who just turned 60 this year.
7/13/2022 11:33:55 pm
I was captivated when you mentioned that Medicare Supplement policyholders can take their policy with them when they travel. My grandmother is confused about the policy that fits her needs. I should advise her to seek help from a certified Medicare insurance advisor to help her pick the best coverage for her.
7/28/2022 01:11:01 am
I like that you said that questions about lifestyle and healthcare should be implemented for safety. My mother told me that she was planning to fix her Medicare supplemental insurance to have the benefits of them for her lifestyle, and she asked if I had any idea what would be the best option to do. Thank you for the information, I'll be sure to consult a trusted Medicare insurance service as they can help us with our concerns.
8/25/2022 08:58:43 am
I want to get a Medicare plan, but I want to see if I can save money on it. It's good to know that not using tobacco could help me get lower premiums! It's would be a good idea for me to get a Medicare insurance specialist to ensure that I get the best insurance plan for me.
10/19/2022 04:37:48 am
Thanks for helping me understand that there are many people who are becoming eligible for Medicare because of turning 65 or having disabilities and illnesses. In that case, I should suggest this to my sister, because she already had a mobility issue. It's because of an accident she has been in earlier this year.
12/2/2022 08:59:59 am
It's interesting to know that there are different factors to be considered when applying for Medicare. My father has been considering Medicare benefits, but he doesn't know where to start getting coverage. I should look into Medicare insurance for him soon.
1/30/2023 07:28:10 pm
I found it interesting when you said that understanding lifestyle and health could provide a proper understanding of the best Medicare plans. After moving to our current area, my aunt told me she was hoping to find a brokerage firm that can help make the most out of her Medicare insurance health plans. You did a great job of explaining how a certified medicare insurance advisor can help her with her planning. I’ll share this with her.
2/23/2023 03:56:58 pm
It's good to know that Medicare supplement plans are beneficial for people that travel a lot and have higher incomes. Recently, my mom told me she needs to choose a Medicare plan in a few months, but she's not sure which one would be better, so I think your article could help her. Thank you for explaining who is ideal for medicare supplement plans.
3/22/2023 04:38:40 pm
My grandfather is getting older and wants to maintain his independence. I'll be sure to tell him that a Medicare Supplement Insurance Plan may be the ideal solution for him since it allows him the freedom to choose any hospital or doctor that accepts traditional Medicare without having to use network doctors. With this type of plan, he can still access the care he needs without sacrificing his independence.
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Carolyn Portanova is the Director of Marketing at The Brokerage Resource and has been with the firm since 2012.