Expand & Dominate | Lesson 3

Selling Opportunities by Product

We just talked about the value of a well-rounded portfolio in our last lesson. At the very least, we recommend agents have a least one product in your portfolio for each Medicare plan options.

Why? That way, you’ll be prepared for clients with a variety of different wants and needs.

We’ll start with Medicare Supplement plans. These types of plans work well for clients who prefer having a fixed monthly cost, with limited out-of-pocket costs. Medicare Supplement plans allow clients to figure their health costs in their monthly budgets. They want additional coverage, but don’t want network restrictions. Medicare Supplement plans also work well for clients that want to be able to see the doctor they choose without any network issues or the need to have a referral. A Medicare Supplement plan will be accepted by any provider that accepts Medicare. These plans work well for clients that travel frequently outside of a fixed network area or for clients that would prefer to not have to pay copays at that time of service.

Next up… Medicare Advantage.

These plans are great for clients who don’t want the higher premium of a Med Supp plan. These clients may have limited health issues but may want coverage that will cover unexpected emergencies that will include prescription drug coverage. Choosing an MAPD in their market may provide solid coverage for their prescriptions, lower their out-of-pocket costs for healthcare. If they’re looking for added benefits, Medicare Advantage plans may offer dental, vision, and hearing benefits, OTC coverage and more. These plans offer limited cost sharing with reasonable premiums and copays but also caps their maximum out of pocket costs and depending on the plan’s provider network may allow the client to continue their care with their current providers. Medicare Advantage also provides plans for clients who are eligible for both Medicaid and Medicare, Dual Special Needs Plans (D-SNP), which we will cover later.

And what about stand-alone prescription drug plans? All Medicare beneficiaries are required to have creditable prescription drug coverage to prevent late enrollment penalties. PDP plans follow specific enrollment periods, which will be covered later, therefore it is important to review eligibility with the client as early as possible. Unlike Medicare Advantage plans, Medicare Supplements do not include prescription benefits, so as long as the client meets eligibility a PDP is an easy cross-selling opportunity. And if you’ve got clients who want to stay on Original Medicare or return to it, they’ll need that prescription drug coverage too.

That’s the why for each Medicare product. In our next set of lessons, we’ll address each product separately, Medicare Supplement, Medicare Advantage, and prescription drug plans, and how to build out each section of your portfolio.

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