Grow your business by expanding your product offerings and leverage opportunity, necessity, and profitability.
Opportunity
In every sales position, you can never have enough leads. Fortunately, in the Medicare market there are 10,000 individuals turning 65 every day, giving you an abundance. This doesn't even include those who are Medicare eligible due to disability or retirement. If you are already selling life insurance and/or annuities, you are in the target demographic. These are people that are planning for their retirement and planning for their family's future in the event of their death. Ask about their Medicare. The best thing about this population is the opportunity for referrals. They are your walking billboard – if they have a good experience with you they will tell everyone they know.
Necessity
Original Medicare Parts A & B provided through Social Security are not adequate health coverage. They leave large holes that could lead to catastrophic financial hardship, so it is necessary to purchase an additional Medicare plan designed by a carrier. There are multiple options and many things that should be considered when purchasing a plan that can be confusing to consumers. They could do all the research and still want to run it by a licensed sales agent. You are the expert, helping them make an informed decision.
Profitability
Commissions and renewals are paid for the lifetime of the policy. This helps you to develop a growing revenue stream over time. Medicare Advantage commissions are a flat fee or "fair market value" set by CMS each year. Most companies pay in a lump sum for the first year and then renewals are paid monthly. Medicare Supplement commissions are paid based off a percentage of the annualized premium.
Get Started
The Medicare Annual Election Period (AEP) is the perfect time to get involved, because many individuals are shopping for their plans. The AEP runs from October 15th thru December 7th every year and now is the time to get ready with education and certification. Schedule a one-on-one training with me to learn more about how we can help you get started.
If you do not want to sell Medicare, but you'd still like to service your clients in that market, please consider using our Orion Concierge Referral Services.
Comments