Does Your Medicare Sales Approach Satisfy Different Budgets?

We all know the saying, “money doesn’t grow on trees.” Many people have limited incomes.

In fact, it was reported that in 2023, half of all Medicare beneficiaries had incomes below $36,000 per person. The good news is, you can help your clients with budgeting for a Medicare plan to afford the health care they may need.

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Health care is expensive, and costs only increase as each year passes. In 2023, Fidelity estimated that someone retiring at 65 years old could expect to spend an average of $157,500 in health care and medical expenses throughout retirement — even with Medicare coverage. So, it’s important that your clients use their money wisely when selecting a Medicare plan, as it could help shield them from high out-of-pocket expenses.

As an agent, your job is to help your clients make this decision. To do that, you’ll need to know what they can and can’t afford. Let’s explore a few things you can do to ensure you stay sensitive to your clients’ budgets.

Gather Medicare Client Information with Finesse

First things first, you have to know what the client is working with to present them with appropriate Medicare plans to fit their budget. Sometimes it can be awkward discussing someone’s finances. Of course, money plays a main role in purchasing a Medicare plan, but there’s a way to inquire about a client’s budget that is subtle and professional.

Keep meetings conversational and be an active participant. Don’t pepper them with questions like it’s an interrogation, and remain non-judgmental as you receive their personal details. No two clients will have the same health or financial situations. Creating rapport and trust is just as important as getting the info you need.

Creating rapport and trust is just as important as getting the info you need.

So, during friendly conversation, you can inquire about their expenses and assets to get a sense of what they will be able to afford in regard to purchasing a Medicare Advantage plan or Medicare Supplement and any supplemental coverage.

Client Sync with PlanEnroll

A tool you can use to keep track of all of your clients’ information is PlanEnroll, which is integrated with Integrity’s multi-faceted client relationship management (CRM) system, MedicareCENTER, to maintain one client record. Once a client creates an account on PlanEnroll and selects you as their agent, you and the client can add and maintain the info within the record (e.g., prescription drugs, preferred doctors, and pharmacies). Use shared info through MedicareCENTER to follow up with clients and set up meetings or make phone calls through the platform with compliant phone recording! Sign up for MedicareCENTER so you can access your PlanEnroll site today!

Generate Accurate Plan & Prescription Drug Quotes

Once you have established an idea of a client’s budget, you can present them with plan quotes, so they can choose the best option for their health and wallet. To do this, you want to use accurate and reliable tools. Both you and the client need to be able to trust the information you’re pulling.

Quotes Through PlanEnroll

Integrity’s consumer-facing PlanEnroll quoting and enrollment platform makes it easy to run and compare plan quotes by simply entering a zip code. Its state-of-the-art features make it one of the best Medicare quote engines for insurance agents out there today!

Estimate Drug Costs

When you run quotes on drug plans using client info stored in MedicareCENTER, you’ll see estimated costs for drug coverage tailored to that specific client. Your client can see the same estimates on the consumer-facing PlanEnroll, too, so they can get a sense of expected costs on their own whenever needed.

With more accurate drug cost information, you can provide better plan recommendations to help your clients make informed decisions and choose the best plans for them.

Explain Expected Medicare Plan Expenses

Within Medicare coverage, there’s the premium, deductible, maximum-out-of-pocket (MOOP) and more to understand. Each plan’s coverage rules and figures for these expenses are different, not to mention the complexities that come with in-network versus out-of-network details and costs. It’s important to take the time with your client to explain what their plan(s) will cover and what they will be expected to pay. There is nothing worse than getting a medical bill for an expense you didn’t know you were responsible for.

Keep a Diverse Medicare Portfolio

It’s important that you offer different Medicare plans from a variety of carriers to keep your portfolio equipped to meet the needs of clients with different budgets. Take a look at your market area and see which plans and carriers are competitive. Carriers with plans that offer financially helpful benefits, like the Medicare Part B premium giveback, are definitely ones to consider adding to your selling options. In addition, Medicare Advantage plans, Medicare Medical Savings Accounts (MSAs) and certain Medicare Supplement plans can be competitive options you can offer clients with budget concerns.

It’s important that you offer different Medicare plans from a variety of carriers to keep your portfolio equipped to meet the needs of clients with different budgets.

You also have the option of adding ancillary products to your selling options, such as dental, vision, and hearing or hospital indemnity insurance. Cross-selling ancillary products is a beneficial sales strategy because clients will appreciate that you can help them get even more affordable coverage. You’ll help them secure a unique health care coverage formation that will be specific to their needs, help shield them from high medical bills and out-of-pocket expenses, and not to mention, you can also earn some extra commission!

Don’t let contracting and MAPD certifications stop you from adding to your portfolio. Field marketing organizations (FMOs), like Ritter, are available to provide assistance and resources, like prefilled contracting and carrier information pages, to make those tasks easier. If you aren’t partnered with an FMO, Ritter is here for you! All you need to do to join Ritter is complete a free registration with RitterIM.com. Your clients will appreciate having options to choose from that can meet all of their needs and align with their budget.

To learn more about FMOs and how they work, download our eBook!

We hope these tips will be helpful as you are meeting clients with different budgets. Finances can be a sensitive topic, but follow these tips and you’ll be prepared to tackle it professionally and help your clients make the best decision when choosing a Medicare plan.

Editor’s Note: This post was originally published in December 2020. It has been updated to reflect more relevant information and statistics.