The Top 5 Products to Sell During Medicare's Lock-In Period

Which products should insurance agents selling Medicare products focus on outside of the Annual Enrollment Period to keep earning commissions? We’ve got the top five additional plan types that should be a part of your portfolio for lock-in period sales.

If you primarily sell Medicare plans but want to earn money selling insurance all year-round, great news! It’s entirely possible. And if you do it right, you may not have to look too hard for prospects either. They’re likely already in your book of business!

So, what are the top five insurance products to sell during the Medicare lock-in period? Here’s what we think!

1. Medicare Advantage Special Needs Plans

If Special Needs Plans (SNPs) aren’t on your radar already, now’s the time to take notice. SNPs are specific Medicare Advantage (MA) plans available to certain people who qualify for them. Individuals can generally enroll in these plans outside of the Annual Enrollment Period (AEP), upon meeting eligibility requirements. They may even be able to switch SNPs outside of AEP, depending on their plan, their plan options, and their state regulations.

There are two main types of SNPs that agents can sell: Chronic Condition Special Needs Plans (C-SNPs) and Dual Eligible Special Needs Plans (D-SNPs). You already sell Medicare products. Why not start offering these similar types of plans and keep selling Medicare year-round?

Click on the links below for details about selling each plan type:

2. Hospital Indemnity Insurance

In our professional opinion, anyone selling MA plans should also be selling hospital indemnity plans, especially if they offer low-premium MA plans or Medicare Medical Savings Account (MSA) plans. MA plans can provide beneficiaries with a lot of great benefits, but unfortunately, many can also leave beneficiaries exposed to large bills for hospital stays.

Hospital indemnity plans can make a perfect cross-sale, since they can fill in hospital-related coverage gaps in an MA plan and provide beneficiaries with a lump sum that can help them pay for deductibles, ER visits, observation stays, surgeries, medications, transportation, lodging, health screenings, and more! Learn more about selling hospital indemnity plans by checking out these previous posts:

3. Dental, Vision, and Hearing Insurance

Medicare insurance typically doesn’t cover basic dental, vision, and hearing (DVH) exams and services. That’s why DVH plans can make for another great product type to cross-sell to your Medicare clients!

Many people are used to having this type of coverage through a previous employer and already understand it. Plus, no underwriting is required, making this coverage even easier to cross-sell!

You can learn more about selling dental, vision, and hearing insurance here:

4. Cancer/Critical Illness Plans

Cancer and critical illness plans are a valuable form of coverage that knowledgeable agents who sell Medicare products can discuss with their clients.

Cancer, heart attack, stroke, and other critical illnesses are extremely prevalent in the United States. Fortunately, the survival rates associated with these conditions have greatly improved over the years; however, that means more people are now dealing with the costs of suffering a major health event and managing these conditions. Luckily, you could help them be better prepared with a cancer, heart attack, and stroke or critical illness plan.

Discover why this type of coverage may be worth selling!

5. Long-Term Care/Short-Term Care Insurance

Did you know that long-term care (LTC) costs are one of the greatest financial risks for someone in retirement? Many people, probably quite a few of your clients, incorrectly believe that Medicare will cover the costs associated with a nursing home or a stay in an assisted living facility if they need one when they’re older. However, Medicare won’t cover LTC costs for people in need of “custodial” care — they’ll only help pay for costs if the care is deemed “medically necessary.”

You may remember traditional LTC insurance plans and the problems that haunted them, but the LTC insurance market has greatly evolved over the years. Now, there are many fantastic hybrid LTC insurance options (e.g., LTC/life and LTC/annuity policies) and riders available to your clients. If one of your clients doesn’t qualify for an LTC plan, there are also many great short-term care (STC) insurance options on the market that may satisfy their coverage needs. Update your knowledge on these products! Check out these previous posts:

Bonus: Life Insurance

You’re already a health insurance agent, why not become a health and life insurance agent? After all, your clients are probably interested in this common type of coverage… why not be the agent to offer both?

Ritter Insurance Marketing makes entering the life insurance market easy for health agents with training resources and a strong list of competitive carrier contracts, strategic partnerships, and live and recorded trainings. What’s more, our dedicated team can help with quotes, illustrations, and tough cases. You can register with RitterIM.com today (it’s completely free and only takes a minute) to access our tools and life insurance resources! Read more about how to offer your clients life insurance:

● ● ●

Don’t let lock-in lock you out of maximizing your earning potential! If you’re already selling Medicare products, you could definitely sell these other products, too. You have the sales experience and perseverance. You might just need a little know-how, and we’ll gladly provide you with that, in addition to all the turn-key marketing tools and strategies you need!

What products do you have success with selling during the Medicare lock-in period? Have questions about selling any of these products or want to discuss them further? Join the conversation in Ritter’s Round Table Facebook group for insurance agents!