Why would you want to sell Medicare Supplements? Here’s Why.
Your Timing is Perfect! Since 2011, with the “Baby Boomer” generation entering retirement age, approximately 11,000 people have been turning 65 every day. This is projected to continue until the youngest Baby Boomers turn 65 in 2029.
Medicare is the health insurance that covers the vast majority of these people. While it is an essential program, Medicare does not cover all medical costs for its beneficiaries. Seniors would prefer not to spend their retirement savings on these costs. They would rather budget the amount they pay for medical expenses. A Medicare Supplement plan is the perfect remedy.
Additionally, there are a vast number of seniors covered under a Med Supp plan already who are simply paying too much for their plan. You can specialize in shopping the market for seniors, their friends and family.
As an agent who can provide this solution, you will be able to capitalize on one of the best opportunities in insurance sales. You can cross sell from here.
Plenty of Prospects
In addition to 11,000 people turning 65 every day, there are millions more who have already reached that milestone. As rates change or new carriers enter the market, people who already have a Med Supp will be searching for ways to save money on their premiums. About 3 out of 4 seniors medically qualify for a new Medicare Supplement. Best of all, you don’t have to wait for an open enrollment period as you can write a new policy at any time of the year.
Medicare Supplement sales not only provide first year commissions, it is a reliable source of renewal income as well. Carriers typically pay 6 years of level commission and some provide renewals in year 10 and beyond! Add the cash bonuses that many carriers pay for new business and that makes your income potential extraordinary!
Gets You in The Door
Seniors are usually willing to discuss ways to save on medical costs. Once you have established yourself as a trusted advisor in this area, you will find your clients willing to discuss other insurance and financial needs. Selling Medicare Supplements helps open the door to life, annuity, long-term care and supplemental sales.
The Bottom Line
Let’s say you are an insurance producer focused on life and annuities, or you are a financial advisor/planner who also sells life and annuities. You would benefit greatly by offering to handle your existing 64 and older client’s Medicare Supplement needs, and expanding to helping people turning 65 with major decisions that pertain to healthcare coverage.
Having another agent in the house rarely works out well for you, and most Medicare Supplement agents cross sell annuities and life products. Annuity and wealth management buyers are the exact market you would want to target for Medicare Supplements. They are not low asset or lower income folks who traditionally end up in Medicare Advantage plans, or on Medicaid.
True retirement planning must account for healthcare expenses in retirement, and a Medicare Supplement is the tool you use to protect middle class to wealthy clients from large financial liabilities associated with healthcare.
A short talk with our Champions team can help you understand the income possibilities with the Medicare Supplement market.
Through the Medicare Supplement Champions website, you have access to the top Medicare Supplement insurance carriers, education and training, agent library, scripts, lead vendors, and our rate comparison tool called MSCIS (Medicare Supplement Competitive Intelligence System). When you need support, we are here to help. If you want to learn more, call our Champions Advantage hotline, (866) 711-2977.
Medicare Supplement Champions helps independent insurance agents sell Medigap and other medical supplement policies. This agent only website provides you with educational materials, online training, rate comparison tools and other resources designed to assist you with selling Medicare supplement plans to consumer clients. For Agent Use Only – Not approved for use with the general public. Information deemed accurate, but not guaranteed. Copyright 2017