If you’re on the fence when it comes to selling Medicare, you’ve come to the right place! There are many misconceptions that deter agents from expanding their primary focus.
We’re here to clear up those myths and give you the facts. Adding Medicare plans to your repertoire could be the boost your business needs.
Myths Agents May Believe
Myth #1: The Medicare market is too small.
Fact check! Many agents focus solely on the over-65 population because more than 4.1 million Americans are turning 65 each year through 2027!
While it’s true that Medicare is marketed mainly to people who are 65 and older, there are other populations who are eligible as well. Those who are under 65 and receiving Social Security Disability Insurance (SSDI) also qualify for Medicare.
Additionally, those under 65 who have been diagnosed with End-Stage Renal Disease, more commonly known as kidney failure, are eligible.
The Medicare business is anything but small — you just have to know your market.
Myth #2: CMS’ Medicare Advantage & Part D Communication Requirements make it impossible to find clients.
Here’s the truth. While there are rules to follow in this industry, there’s no reason they should stress you out! The Medicare Advantage & Part D Communication Requirements are in place to help you. An agent who is educated in the Medicare Advantage & Part D Communication Requirements knows that there are plenty of ethical ways to market to clients.
Having a vast portfolio will make it easier for you to find the right plans for your clients.
When following these rules, you can be confident that you’re going about your career in the correct manner. In fact, we believe these rules keep the less motivated agents from encroaching on your turf, helping you gain more clients — the right way!
Myth #3: There’s no money in selling Medicare.
Far from it! Maximum commission rates for Medicare Advantage and Part D plans are on the rise for the third year in a row and Medicare Supplement commissions are as lucrative as ever.
The real value of Medicare sales comes in the renewal income. Typically, after you help your client enroll in a plan, you will receive an initial payment for the first year of the policy.
For every year after that your client remains enrolled, or makes a switch to a “like plan type,” you’ll receive a renewal commission. Some carriers pay lifetime renewals while others cap commissions after five to six years.
The longer you work with clients and put forth the effort to find their best options, the more money you could make in this industry.
Either way, renewal commissions truly add up! The longer you work with clients and put forth the effort to find their best options, the more money you will make in this industry.
Myth #4: Certification isn’t worth it.
Take a closer look. Once you have your certification, you’ll be able to sell many more plans, and having a vast portfolio will make it easier for you to find the right plans for your clients.
It’s true, in order to sell Medicare Advantage and prescription drug plans, most carriers will require you to complete your AHIP training. This certification typically costs $175 and is split into two parts: Medicare and Fraud, Waste, & Abuse (FWA).
During these courses, you’ll learn about the different types of plans, as well as how to remain compliant through all facets of selling these products. Finally, some carriers also require their own product certifications to prove you have an understanding of each product you sell.
This may sound like a lot, but the payoff is quite great once you come out on the other side! There are also tons of great resources available through FMOs like Ritter Insurance Marketing that make passing certification a breeze.
Since you have to learn about the plans you’re selling regardless, getting certified is the best way to make sure the information you’re receiving (and sharing with your clients!) is accurate and up to date. It will greatly benefit you now, and in the long-run of your career, to complete these certifications.
Additionally, there are even plans that you can sell without completing annual product certifications! These include some Medicare Supplement plans and, depending on the carrier, dental, vision, and hearing plans.
Myth #5: It’s too hard to compare all my clients’ options.
Think again! We consider it a blessing for clients to have a wide selection to pick from! The great thing about the sheer number of plans offered by carriers is that your clients are even more likely to find a plan that fits their unique needs.
That said, we understand that an agent may find it overwhelming to sort through all the Medicare Supplement, Medicare Advantage, and even prescription drug plans from a variety of carriers. Fear not! If you’re an agent partnered with an FMO like Ritter, there are many tools that you can utilize to manage it all.
You can use IntegrityCONNECT to find and compare plans based on your clients’ age, gender, and location. By using the feature Ask Integrity, which acts as a virtual assistant, you can instantly generate answers on various plans in their area.
Ritter’s partnership with Integrity also offers a great advantage for agents. Through PlanEnroll, you can create your Agent-personalized Website that you can share with consumers!
PlanEnroll also makes connecting with future clients a breeze, and consumers, who might otherwise miss you due to large brands advertising nationally and locally. You can start using PlanEnroll as well as Integrity’s entire technology platform by completing one sign up with IntegrityCONNECT!
Selling someone a Medicare plan is more than just a transaction — it’s about creating relationships with and helping your clients. We recognize Medicare agents as members of a helping profession. You can make a positive impact on the lives of others by helping to insure their health and well-being. The goal is not only to make your clients’ lives easier by saving them money and lessening their bills, but also to create a sense of safety and security.
Myths Clients May Believe
Helping clients understand the truth behind these myths can position you as a trusted resource and make the enrollment process much smoother.
Myth #1: Medicare is free.
Let’s double check! While many people assume Medicare comes at no cost, beneficiaries can still be responsible for premiums, deductibles, copays, coinsurance, prescription costs, and other out-of-pocket expenses depending on the coverage they choose.
Although many beneficiaries qualify for premium-free Medicare Part A, most still pay a monthly premium for Part B. Costs can vary depending on income level, prescriptions, provider usage, and the type of coverage selected.
Although many beneficiaries qualify for premium-free Medicare Part A, most still pay a monthly premium for Part B.
Helping clients understand these costs upfront can prevent surprises later and help them choose coverage that better fits their needs and budget.
Myth #2: You can enroll in Medicare any time.
Actually, no, that’s not the truth. Timing matters when it comes to Medicare enrollment. Missing an Initial Enrollment Period or other qualifying enrollment window can lead to late enrollment penalties or gaps in coverage.
Educating clients on enrollment timelines, including the Initial Enrollment Period, Annual Enrollment Period (AEP), and Special Enrollment Periods (SEPs), can help them make more confident decisions.
Many beneficiaries are also unaware that delaying enrollment without qualifying coverage through an employer can result in long-term penalties for Part B and D coverage.
Myth #3: Medicare covers all medical expenses.
This isn’t the case. Even covered services can still come with costs that add up over time. This creates an opportunity for agents to educate clients on Medicare Supplement, Medicare Advantage, and ancillary products that can help fill those gaps.
Even covered services can still come with costs that add up over time.
By reviewing a client’s doctors, prescriptions, budget, and health needs, you can help beneficiaries better understand what coverage may work best for their situation.
Myth #4: You can’t change your Medicare plan after you sign up.
This is false. Many beneficiaries assume they’re locked into their coverage forever once they enroll, but that’s not the case. Depending on the situation, clients may have opportunities to review and change their coverage during AEP or qualifying SEPs.
Many beneficiaries assume they’re locked into their coverage forever once they enroll, but that’s not the case.
Annual plan reviews can help ensure clients continue to have coverage that fits their health care needs and budget as they change over time.
Selling someone a Medicare plan is more than just a transaction, it’s about building relationships and helping clients feel confident in their coverage decisions. By educating both yourself and your clients, you can grow a stronger, more trusted Medicare business.
Furthering your career can be a big step and may leave you with a bit of uncertainty. But one thing that’s for sure is people will always need Medicare. Expanding your business to become a well-rounded, respected agent will put you on the path to success.
Not affiliated with or endorsed by Medicare or any government agency.
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