Being an insurance agent who specializes in selling Medicare Advantage, also known as Part C, can be both lucrative and fulfilling, allowing you to help seniors protect their mind and body. With that being said, Medicare Advantage isn’t the most straightforward coverage. And can confuse even the most experienced health insurance agents. Whether you already have experience working with Medicare Advantage, or you’re just now thinking about adding it to your repertoire. It never hurts to brush up on the details of these plans.
In order to be successful in this field you need to become an expert on the various parts making up Medicare Advantage plans, the benefits of each part, and the top selling points that you can lean on when meeting with interested consumers. While this may seem like a whole lot of information to take in. We’ve gone ahead and compiled it all into an easy to understand guide for you to use to your advantage (no pun intended). Keeping the information that we go over in mind, you will be equipped with everything you need to satisfy more clients, and ultimately close more sales.
The Main Components: Medicare Parts A, B, and D
In the simplest terms Medicare Advantage is an alternative to Original Medicare and comprises parts A and B. Additionally, most of the time these plans also include part D, but it is not a requirement. Before we dive into the key benefits and selling points of these plans. It’s imperative that you have a firm grasp of each component’s purpose. By understanding the parts individually, you will have a better understanding of the product in general. And in turn will be able to provide clients with exceptional customer service.
1.Medicare Part A: Hospital Insurance
The primary purpose of Medicare Part A is to cover inpatient hospital stays, skilled nursing facilities, hospice care and some types of at-home care. For inpatient facility stays that qualify, Part A usually covers 100 percent of the hospital-specific costs for the first 60 days. Assuming the client has already paid their deductible for that plan year. This aspect and the emphasis that Part A has on skilled nursing facility care for recovery after leaving the hospital provide clients with security knowing they will be properly cared for, and can recover with ease.
2.Medicare Part B: Medical Insurance
Medicare Part B is the typical medical insurance aspect of the Advantage plans. Part B serves beneficiaries by providing them with coverage for things like outpatient care, preventative services like screenings and vaccinations. As well as some home health care benefits. It can also cover medical equipment including wheelchairs, walkers, hospital beds and more. For seniors in particular, the preventative care coverage is particularly important, as it is a great way to catch potential issues before they cause serious issues, and to help maintain one’s overall health. Additionally, most seniors will be happy with the provider flexibility that this part of Advantage provides. As they will be able to select doctors and other specialists at their convenience.
3.Medicare Part D: Prescription Drug Coverage
Medicare Part D is meant to cover prescription drugs, allowing your clients to be able to get any necessary medications without breaking the bank. While Medicare Part D is not included in every Advantage plan, it is a part of most of them, and as an agent you should always encourage them to your clients. When discussing part D with your clients, it is also important that you make sure that they understand the concept of a drug formulary, and that each formulary and their list of covered drugs varies from plan to plan. Especially considering the fact that almost 90 percent of people ages 65 and older take at least one prescription medication, it’s crucial that you understand the details of this part, so you can convey the information accurately.
Reasons Why Medicare Advantage is Superior
There are a variety of reasons why Medicare Advantage plans serve as the best option for a large number of seniors. When standing alone, the benefits of Medicare Advantage plans are obvious, but when you compare these plans to Original Medicare, the reasons become even clearer.
All-in-One Coverage
No one wants to struggle when managing their appointments, premiums, copays, deductibles or any other aspect of their healthcare plan. With Medicare Advantage plans, hospital stays, a variety of medical services, and prescription drugs will be wrapped into one coverage. This simplifies things making the administrative process far easier for the plan’s recipient.
Cost Saving Potential
While not always the case, in general Medicare Advantage plans will come with lower out-of-pocket costs compared to Original Medicare. Some plan types such as Health Maintenance Organization (HMO) plans can even have premiums as lows as $0 per month. Especially, if the client at hand does not need to major medical care very often. Advantage plans could be the perfect fit to help them save some dollars in the long run.
Extra Added Benefits
Another great aspect of Medicare Advantage plans are the extra added benefits that are oftentimes included. According to Kaiser Family Foundation, of the seven biggest insurance firms that deal with Medicare Advantage (making up for 83% of all Advantage enrollees), almost all 99% percent of these plans offer vision, hearing, fitness and dental benefits. Benefits such as over-the-counter medications, remote access, meals, acupuncture and transportation are oftentimes offered. But will vary widely from plan to plan. Lastly, benefits including in-home support, bathroom safety, telemonitoring and caregiver support are uncommon. But can be offered in a small number of plans. We encourage you to gather as much medical information as possible from your clients so that if they have any less common needs, you can address them head on.
Prescription Drug Coverage is Included (usually)
As we’ve briefly discussed, the comprehensive aspect of Advantage plans is a huge factor that pushes clients to choose these plans over Original Medicare. And prescription drug coverage is part of this. When someone has an Original Medicare plan, since it only covers Parts A and B, in order to receive coverage for qualified medications, people will have to purchase an additional and separate plan. Since Medicare Advantage plans generally include Part D (prescription drug coverage), it gives beneficiaries the chance to both save money and time associated with additional administrative work.
More Predictable Costs
When comparing Medicare Advantage plans to Original Medicare plans, another glaring difference is the fact that Original Medicare plans don’t have an annual out-of-pocket maximum. What this means is that beneficiaries could potentially be exposed to very high healthcare costs. On the other hand, Medicare Advantage plans do have specific associated caps on yearly out-of-pocket costs. When talking about this with your client you should be sure to highlight the predictability and extended financial security that the out-of-pocket maximum will provide them with.
When you combine all these aspects together:
- Combined coverages
- The potential to save money
- The extra benefits that bridge the gaps often present in healthcare plans
- The inclusion of comprehensive drug coverage
- The financial predictability associated with out-of-pocket maximums.
The upsides of purchasing a Medicare Advantage plan as opposed to an Original Medicare one become obvious to many seniors who are shopping. While we understand that every individual has their own specific and unique set of needs, wants, preferences, and priorities, we can’t ignore the facts at hand. If you are able to assess each client’s needs and lay all of this information out to them in an easy-to-understand way. Simply put, Advantage plans will likely sell themselves.
Wrapping Things Up
There are many reasons why you may already be or are considering becoming a Medicare Advantage specialized insurance agent. It could simply be another type of insurance that you want to learn and add to your arsenal of products. Or maybe you’ve come to the realization that with a higher senior population today than ever before. There are no shortage of clients and opportunities to make sales. No matter the reason, with all of the benefits that we’ve laid out at play, it’s obvious that this product nor the associated interested consumers aren’t going away anytime soon.
When selling Medicare Advantage policies, like any insurance product there are two factors that are vitally important. Having an in-depth understanding of the product at hand, and having an accurate understanding of your client. With that said, while you can rely on the selling points that we’ve mentioned. You must also ask the right questions to get the proper insight. This includes gathering information about medical history, current conditions, financial situations, and necessary prescription drugs. Once you have this information, you’ll then be able to use the applicable selling point or points to close the sale.
A Word From Benepath
While we’ve done all the groundwork for you when it comes to offering Medicare Advantage packages. You won’t be able to sell anything if you don’t have enough interested consumers. Luckily for you, the solution is at your fingertips! For over 15 years, Benepath has been a leader in the insurance lead generation industry. Helping to pair insurance agents like yourself with people who are in need of coverage.
Unlike many other companies, we take pride in every lead that we sell, making sure that they are properly vetted for intent. Additionally, all of our leads are exclusive and produced in real-time, so you’ll have the best chance of closing sales. In addition to Medicare leads, we also offer leads in the following other verticals. Including U65 individual health, group health, life and commercial insurance. If you’d like to start taking advantage of our services or learn more about what our leads can do for you, fill out a form or give us a call at 888-684-3121.
