Top Products to Sell Now that AEP is Over

AEP is over, the holidays are over, it’s a new year, and it’s time to get back to work! There are many opportunities to continue to earn commissions in this “off-season.” You should already have these products in your portfolio – you need to know how/when to start selling them!

Last month we talked about the 3-30-60-90 rule for contacting clients. During these different contact dates, we gave you the strategies to use during each phone call. We gave you the topics to talk about but now, we want to discuss what products you can begin introducing to your clients.

Dental, Vision, and Hearing (DVH)

As agents, we all know these can be a pain to work through, but this is the coverage our clients need. Every Medicare Supplement plan should have this, as there is no coverage included for DVH. Medicare Advantage plans only have basic dental, so an additional policy for DVH will cover more than the basics for your clients.  

Special Needs Plans

These plans are available all year round. As soon as you understand the basics of selling this product and how to communicate with this market, you’ll become comfortable and not have to refer this business to other agents. Special Need Plans (SNPs) are a type of Medicare Advantage Plan that coordinate care for beneficiaries with specific needs, whether it be low income, disabilities, chronic conditions, or they are institutionalized (assisted living, for example). The plans, including Part D, are modified to fit the beneficiary’s needs.

Hospital Indemnity

This is a no-brainer. For a newly eligible to Medicare, it fits perfectly with a Medicare Advantage, but it also can be quoted with a Medicare Supplement plan. Hospital Indemnity plans pay whether another policy pays or not. This plan provides cash your client can use for other costs when the client is in the hospital. Suppose your client wants the peace of mind of a Medicare Supplement plan that already pays most benefits. In that case, they may feel more comfortable with the added protection of the Hospital Indemnity products (or other ancillary plans, for that matter). 

When quoting these plans, keep it simple by only showing the hospital costs that would occur on a MA plan, whether they are getting the MA plan or not. Why? The great thing about hospital indemnity plans is that they are Guaranteed Issue from age 64.5 to 65.5, and rates typically do not increase during the policy’s life. Your client may start on a Med Supplement plan but may eventually end up on a Medicare Advantage as the Medicare Supplements out premium themselves.

Also, if you have a client that has been on Medicare due to a disability earlier than 65, you can still use this age guarantee issue when the beneficiary does to 65.

Cancer/Critical Illness Plans

These plans are typically more specific to your client, and often they will ask for this product, but of course, you’ll be ready to discuss these with your client at the right time. Since you always do your due diligence with your client, you’ll educate them about the cost of cancer treatment and drugs because many of these treatments are considered in a Part D Formulary. They are either not covered or are VERY expensive. A basic lump sum plan should be considered if your client has a cancer concern.

Special Election Periods (SEP)

There seem to be many more opportunities with SEP from 5 Star Plans, Weather Emergencies, and the latest. You can check the carriers or Medicare.gov to see if your client has a special circumstance.

Many agents do not feel these products, including the work that goes into selling them, are worth their premium and do not offer them. Just remember, if you’re not offering them to YOUR clients, someone else will be. Refrain from losing your client to another agent by not offering these products in your portfolio.

Just pick one new product or carrier and add it to your conversation, AND always quote it. Not only are you giving your client the options they may want, but you are also receiving another residual check and making this client’s retention with you even stronger. Sticky, Sticky, Sticky! We will be happy to work with you to make it a habit.

Feel free to reach out to discuss strategies, help with choosing suitable carriers, and how to get started on offering these products to your clients. Please call us at 800-878-1058, ext. 1380 to learn how we can help you deliver these products to your clients and boost your income while you’re at it.

Bonus Reminder!

If you’re on a call with a client during OEP season, these are the changes you’re allowed to make for those Medicare Advantage-eligible beneficiaries:

• Medicare Advantage plan with prescription drug coverage to a different Medicare Advantage plan with prescription drug coverage
• Medicare Advantage plan with prescription drug coverage to Original Medicare with Part D 
• Medicare Advantage only plan to a different Medicare Advantage only plan
• Medicare Advantage only plan to Original Medicare