What is a Medicare Supplement?
Medicare Supplement Plans are just that - a supplement to your current Medicare plan. It is rare that Medicare covers everything your client needs, so medicare supplement insurance is the perfect plan to fill in those gaps.
Medicare Supplement plans will help take care of most, if not all, of the expenses that Medicare recipients receive that Medicare currently does not cover. For example, a medicare supplement plan could cover co-payments and coinsurance costs that really add up.
Why Should Your Clients Choose a Medicare Supplement?
It is easy to get overwhelmed when trying to decide on a med supp plan. There are so many products that it quickly becomes a confusing mess. Individuals who are turning 65 are often exposed to bad or wrong information being given out, even if the intentions are good. Start understanding your customers and why they would buy on, to increase your supplement sales.
“The question really is ‘why wouldn’t I choose a Medicare supplement?’ ”
Supplements offer these benefits and more to your clients:
They are Easy to Understand
Medicare Supplemental plans (aka Medigap) plans are standardized by the federal government. Not every person qualifies for every plan and not every carrier sells every plan, but with 10 different plans to choose from, there is a Medicare Supplement plan for everyone.
The Benefits NEVER Change
Once your client is enrolled in a supplemental plan, the benefits are locked in. There is no need to worry about benefits being reduced in the future. It’s good to know that your clients are safe and secure for the future.
No Need to Worry About Network Restrictions
As long as a provider accepts Medicare, then he/she will also accept a supplement. Approximately 98% of all doctors in the United States accept Medicare. There is also peace of mind for clients knowing that they are not bound by state lines when it comes to where they can receive care.
Which Supplement Plans Should You Sell?
The most important thing to consider when deciding which plan you should focus on selling is what will work best with your clients and their lifestyles. It is also important to focus on who you prefer to do business with because it is important to have a strong relationship between all parties. Each plan has its benefits, so we have broken down our carriers in detail with the top bonuses for you so you can decide for yourself.
CSI Life, CSO, Humana Achieve, Lumico, Manhattan Life, Union Security, and Western United Life are Tidewater Management Group's exclusive Medicare Supplements. They each fall within the top five or six within each state the carriers are contracted in, so you really can’t go wrong with any of the exclusive Medicare Supplements.
To view the rest of the Medicare Supplement carriers that you can contract with through Tidewater Management Group, click here.
Do You Know Which Scenarios Warrant Guaranteed Issue Rights?
If your client's coverage is changing through no fault of their own, then a Guaranteed Issue plan could be right for them. Also referred to as Medigap protections, guaranteed issue rights may protect your clients from medical underwriting. If this type of plan is necessary for your client, an insurance company:
Since health insurance companies often use health history and data on a prospective client's pre-existing conditions to determine whether or not he or she will be covered and the amount of coverage provided, guaranteed issue rights are in place to protect those who may not be eligible otherwise.
If your client needs a guaranteed issue Medicare Supplement, an insurance carrier will cover all pre-existing health conditions and will not charge for a Medigap policy due to health reasons.
There are seven scenarios in which prospective clients have a guaranteed issue right. This can be confusing for both the agent and the insured, so we have outlined each scenario below to make guaranteed issue plans easier to navigate. Read the full blog post that describes each of the seven scenarios in detail to learn more.
“If your client needs a guaranteed issue Medicare Supplement, an insurance carrier will cover all pre-existing health conditions and will not charge for a Medigap policy due to health reasons.”
The Best Time For Clients to Purchase a Medicare Supplement Plan
How to Prepare for Medicare Supplement Rate Increases
What to look for in a Medicare Supplement Company
History of Medicare Supplement Plan Changes
Are You Ready to Sell These Fantastic Medicare Supplements?
Are you ready to get contracted? It's easy! Simply fill out this form to get started. If you have any questions, don't hesitate to give us a call at 888-622-9122. Our expert agent support team is always ready to help.