Helping Clients Enroll in Medicare
Medicare is a government funded health insurance program that people ages 65 and older are eligible to apply for coverage here in the US. Typically, individuals apply for this benefit as they prepare for retirement and applications are only accepted 3 months before their retirement date. There are some cases where those who are younger than 65 can still qualify for Medicare if they have certain disabilities or have permanent kidney failure.
Your clients can apply for two Original Medicare parts:
- Medicare Part A covers inpatient care in a hospital or nursing care facility following a hospital stay while also paying for some home health care and hospice care.
- Medicare Part B is the part that pays for services from doctors and other health care providers as well as outpatient care, home health care, and some other preventative services.
These two parts cover medical expenses based off of government-set amounts which can be viewed here.
Helping Clients Shop for Additional Medicare Coverage
If you are an agent working with a Medicare based client, that client has a window of opportunity to change, add, or drop the carrier or plan for the next year. This period is known as AEP or Annual Enrollment Period which takes place from October 15th to December 7th.
It is during this period that clients can shop around for Medicare Part C (now known as Medicare Advantage Plans) and also Medicare Part D – which only covers prescription drug costs. Medicare Advantage Plans are marketed by private insurance companies to help provide additional medical coverage that Medicare Parts A & B provide. This includes prescription drugs and vision, hearing, and dental.
During AEP, Final Expense could be pushed aside but you can assist your client through this period to possibly find a Medicare Advantage Plan with a giveback. While not every Medicare plan has a giveback, as the specifics are dependent for each client. A giveback could be worth somewhere from $50 per month upwards to $130+ per month, therefore, clients could have more money in their budget to play around with.
This giveback is a way for you to get your client a Final Expense plan, at a rate they can afford.
Making Every Dollar Count
Knowing that your client has some extra funds to allocate, you could follow up with them to see if they received their Medicare coverage and potentially cross sell a Final Expense life insurance plan if they don’t have one already. Note that there are restrictions where you can’t sell Final Expense while trying to sell Medicare. Instead, try to see if the client would be willing to setup another appointment to discuss getting a Final Expense plan with the money they saved with their Medicare giveback.
Showing your client that you’re trying to make sure they’re fully protected will help build rapport and boost your reputation when your client tells their friends and family.
Ignoring Final Expense when selling Medicare is the easiest way to leave thousands of dollars on the table and leave your client with an insurance void that they should have filled.
Do your health fact finding with Best Plan Pro (click here for how BPP helps with fact finding). Once you’ve done that, you can run an analysis of the health profile within the given budget / for the desired face amount against the latest underwriting for the carriers you want. You don’t have to think about generics, medication combos, double knockdowns, or anything like that. Let BPP do the heavy lifting – that’s what it’s there for. Underwriting with BPP takes about 60 seconds on average and can yield thousands in annual commissions…plus you’re helping your client. It’s a win-win.
As always with Best Plan Pro, we strive for efficiency and accuracy for our agents to get their client the best possible plan. With BPP in your arsenal, be it in the field or via telesales, you can fully serve your clients without having to worry about underwriting.