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

Which products should a Medicare sales agent sell 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 an agent’s portfolio during the other 311 days of the year!

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If you’re a Medicare sales agent who wants to earn money selling insurance all year-round, great news! It’s entirely possible. And BONUS: 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 product types we recommend Medicare sales agents to sell during lock-in?

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 that allow the certain people who qualify for them to enroll in an SNP at that time — even if it’s outside of the Annual Enrollment Period. 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?

Interested in learning more about C-SNPs and D-SNPs? 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. All MA plans 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 make the 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

You may be surprised to learn (or maybe not if you’re the knowledgeable agent we think you are) that Original Medicare and Medicare Supplements don’t cover basic dental, vision, and hearing (DVH) exams and services. And while MA plans often offer DVH benefits, their coverage of DVH exams and services isn’t extremely comprehensive. That’s why DVH plans 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 read more about selling dental, vision, and hearing insurance here:

4. Cancer/Critical Illness Plans

This type of insurance is a little morbid, we know, but cancer and critical illness plans are still a valuable form of coverage that knowledgeable Medicare agents discuss with their clients. Cancer, heart attack, stroke, and other critical illnesses are still 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 can help them be better prepared with a cancer, heart attack or stroke, or critical illness plan.

Discover why this type of coverage is 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 assisted living facility stay 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. Problems with traditional policies have been fixed, and 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 LTCi 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 their 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:

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Don’t let lock-in lock you out of maximizing your earning potential! The Annual Enrollment Period is only 54 days. 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 lock-in? 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!