Dual Eligible Special Needs Plans are a great product to add to your portfolio, especially since 12 million Americans (20 percent of the Medicare population) have dual-eligible status.
While we think selling D-SNPs can greatly help to boost your business, there are some things to consider first. Let’s look at the answer to this question: Should you sell D-SNPs?
A Quick Background
What are Dual Eligible Special Needs Plans (D-SNPs)? The Centers for Medicare and Medicaid Services explains that D-SNPs “enroll individuals who are entitled to both Medicare (title XVIII) and medical assistance from a state plan under Medicaid (title XIX). States cover some Medicare costs, depending on the state and the individual’s eligibility.”
D-SNPs fall under the category of Medicare Advantage plans. There are five types of D-SNPs: All-Dual, Full-Benefit, Medicare Zero Cost Sharing, Dual Eligible Subset, and Dual Eligible Subset Medicare Zero Cost Sharing. For each type, there are certain criteria that clients must meet to be considered eligible.
Because these individuals also qualify for Medicaid based on falling below an income threshold, you’re more likely to find clients in low-income communities than in affluent neighborhoods.
Are You Non-Judgmental?
Due to the nature of these plans, you will mostly find prospects in the following places: food banks, soup kitchens, senior centers, utility assistance locations, and areas with low-income housing. For some agents, these places may not be very familiar.
You may have grown up around these places or you may have even volunteered there at one time or another. Everyone has different life experiences, and it’s important to be respectful of them, even if they are different from your own. Having an open mind is extremely important when selling D-SNPs. If you find yourself looking down on a client because of their current living or financial situation, selling D-SNPs may not be right for you.
Are You Empathetic?
Empathy is a valuable trait for any insurance agent to have, but it’s especially beneficial for agents who are selling D-SNPs.
Try putting yourself in your client’s shoes and think how you would want to be treated and spoken to if you were in their situation. An agent who will excel in selling D-SNPs is one with a compassionate heart. You may have to figuratively hold your client’s hand through the process and give them a significant amount of guidance. Patience is very valuable in cases like these.
Selling D-SNPs may be a good route for you to take if you’re the kind of agent who likes to go above and beyond for your clients. You may want to help connect them to local resources in their area, such as community centers and food banks. Going the extra mile for your client now will lead to greater client retention in the future.
If you think you have the right personality to sell D-SNPs, go ahead and add some plans to your portfolio. Our team at Ritter Insurance Marketing can help you get started and support you every step of the way.