February 21

7 Reasons You Should Sell Medicare Supplements

If you aren't in the Medicare Supplement arena, you're missing out on a huge market. Here are 7 reasons you should be selling Medicare Supplement plans. 

Medicare supplement plans will never have network issues.

Medicare Advantage plans are network based, meaning you're going to have to make sure that their doctors are in the network or at minimum that they will file out-of-network benefits for the consumer. This creates a higher out-of-pocket expense for that customer.
With Medicare Supplement plans, any doctor that is contracted to take Medicare takes Medicare Supplement plans. The ease of use is fantastic for the consumer.

No lock-in season

With Medicare supplements, there is no lock-in season. As you know, with Medicare Advantage plans, we have the annual enrollment period that we can advertise for, and we have the open enrollment period which we cannot advertise for.

Simplicity - Benefits never change

As far as benefits are concerned; with a Medicare supplement plan, once you have written it, you will never have to worry about benefits changing. Now it is true premiums may increase, but benefits never change. A consumer always knows each year, the steadiness of that plan.

Consistent Benefits

With a Medicare supplement plan, the benefits never change. A consumer always knows each year, their plan will remain consistent.

Medicare Supplement plans don't require prior authorizations

Medicare supplement plans do not require prior authorizations. This doesn't come often but when it does, it is catastrophic.

If you're not aware of what prior authorization is, it is when an insurance company can say, wait a minute... we're not sure that a particular test is medically necessary. We want to review that before we'll agree to pay for it.

Prior authorizations slow things down

They can slow down a test sometimes by 48 or 72 hours. That may not sound like a lot to you, but when things are critical with that loved one or critical with their family, that matters.

Time is of the essence sometimes, and prior authorizations can delay tests that could potentially be life-saving. 

Customizable drug plans

By writing a Medicare Supplement plan for your customer, you give them the opportunity to be able to truly customize their own prescription drug plan.

As you know, if you're writing a Medicare Advantage plan, the prescription drug portion is packaged, so you have to take it as a comprehensive plan. You can't take the medical from one Medicare Advantage plan and put it with the drug benefits from another Medicare Advantage plan.

Less compliance with Med Supp plans

Keep in mind, Medicare supplement plans have much less compliance around them. We don't have to worry about cold calling, door knocking, or approaching someone and asking them about their Medicare supplement.

If you're worried about compliance, you don't have to record your telephone calls. When it comes to Medicare supplements, it's just an easier approach. Many times when we meet with new agents, their biggest challenge is getting in front of individuals with Medicare supplements, you just don't have those types of restrictions that you have with Medicare Advantage.

Don't worry about an AHIP Certification

There is also no AHIP. Taking AHIP every year is a necessary evil if we are going to write Medicare Advantage, but not for Medicare Supplements

If you're not selling Medicare supplement plans, keep in mind that you are excluding around 50% of the market

No AHIP = less stress. As most of you know, if you fail AHIP, you then run the potential of not only not being able to sell that year, but also losing all of your renewals.

If you are not selling Medicare supplements, it's time to get on board.

Statistics tell us right now there is about 50% of the market that are on Medicare supplement plans. 

Carriers are paying great commissions and bonuses, so it's a good time to jump on board with Medicare Supplements.

Remember that the majority of Medicare Supplement Sales are made during OEP, so get selling! We wish you the best during the open enrollment period.

If we can be of service to you here at Tidewater Management Group, please give us a call at 888-622-9122.


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Compliance Guidelines & Resources

Compliance Guidelines & Resources
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