Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

How to Sell both Medicare Supplements and Medicare Advantage Plans with Jimmy Bobson

For our fourth episode of The Heroes Huddle Podcast with Glen Shelton, we invited Jimmy Hobson, the president of Senior Services of Utah, to speak with us about the challenges of selling both Medicare Supplements and Medicare Advantage plans.

  • Be the first to comment

  • Be the first to like this

How to Sell both Medicare Supplements and Medicare Advantage Plans with Jimmy Bobson

  1. 1. The Heroes Huddle Podcast with Glen Shelton How to Sell Both Medicare Supplements and Medicare Advantage plans
  2. 2. Jimmy Hobson • President of Senior Services of Utah • Selling insurance since 2006 • Sells both Medicare Advantage and Medicare Supplements in Northern Utah and cross-sells Final Expense life insurance
  3. 3. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” 2 Myths About Selling Medicare Advantage 1) It’s harder to keep clients 2) There’s more service work involved with selling Medicare Advantage plans Here are 9 tips to dispel these stereotypes…
  4. 4. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” • Tip #1: Understand all the plan options in your area: • Pros vs Cons • Networks • Helps you understand where to put people based on their needs • Tip #2: Answer the phone and stay in contact with people • The MOST important factor for success as an agent • Send letters or cards – doesn’t matter, just send something
  5. 5. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” • Tip #3: Use a CRM • Find something to help you keep track of your notes, reminders, and meetings • Tip #4: Medicare Advantage face-to-face and Medicare Supplements over the phone • Similar plan-to-plan comparisons and Plan F-to-Plan G make Medicare Supplements easy to explain over the phone, as opposed to the many moving parts of Medicare Advantage – not too mention the compliance aspect.
  6. 6. • Tip #5: Understand Your Area’s Medicare Advantage Penetration Rate (MAPR) • Go to www.LeadHeroes.com/order-leads to see your area’s MAPR in an easy to understand Heat Map. Less than 30% MAPR is best for selling Medicare Supplements More than 30% MAPR is best for selling Medicare Advantage
  7. 7. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” “Hi, my name is Jimmy Hobson, I’m just following up on this card you mailed back” or for telemarketing leads: “You received a phone call from our office.” I say, “You had expressed interest in seeing if you might be able to save some money or make sure you’re getting all the benefits that you need.There are some other options available out there that you may or may not know about, but we might be able to save you significant money.” If they spark an interest and say, “Well yeah, I always want to save money,” then I just ask them, “Well, who do you have?” Being in the market, I know as soon as they tell me who they have that they’re paying too much…
  8. 8. “How to Qualify, Present & Sell Final Expense & Medicare Supplements to Seniors” For more scripts like these, check out my book:
  9. 9. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” • Tip #6: Study Prescription Guides • Understanding how insurance companies look at a drug or combination of drugs will put you ahead of most agents • Tip #7: Educate the Consumer • Let them know that you: 1) Represent multiple companies 2) Understand the differences between underwriting (Supplements) or network/Rx limitations (Advantage) 3) Differences between Plan F and Plan G (Supplements)
  10. 10. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” • Tip #8: Understand Customer Lifetime Value and T65 • Life expectancy is just over 20 years when a senior turns 65 • Medicare Advantage pays $455 + $228 for renewal* • Medicare Supplement pays $300 + $300 for renewal* • Total Medicare Advantage commissions is around $5,000 • Total Medicare Supplement commissions is around $6,000 *This doesn’t take into account the increase in Medigap premiums as the client ages, or premium increases for Medicare Advantage plan enrollments, which would push total commissions higher.
  11. 11. “How to Sell BOTH Medicare Advantage and Medicare Supplement Plans” • Tip #9: Prospect ‘Shoulder Niches’ and Different Lead Types for Competitive or Saturated Areas • Supplement your leads with other types, like: 1. Internet Leads 2. Direct Mail 3. Telemarketing • Consider selling other types of insurance that allow you to get in the door to eventually sell other types of insurance, like: 1. Final Expense 2. Dental Insurance 3. Hospital Indemnity
  12. 12. Findmoreresourcesonoursite @ www.LeadHeroes.com IfyoueverneedtoreferaMedicareAdvantage caseinUtah,contactJimmyat www.utahseniorservices.com The Heroes Huddle Podcast with Glen Shelton

×