Supplemental Medicare insurance, also known as Medigap insurance, is sold to Medicare subscribers to help pay for medical costs not covered by Medicare. There are many health care costs, deductibles and co-pays that are not paid for by Medicare. With Baby Boomers turning 65, the market will grow exponentially. Selling supplemental Medicare insurance must be done with the mindset of the retirement age population taken into consideration.
Things You'll Need
- Life and health insurance agent license
- Contract with private insurance company
- A reliable vehicle
- Business cards
- Information on policies offered by your employer
- Pamphlets and informative brochures for prospects
- Application forms
- Outline of Coverage forms
Get a life and health insurance agent license. Enroll in a course approved by your state of residence for licensing. Take online courses that generally takes 10 to 15 days to complete or a classroom course that can be completed in five days. Pass the course, the state exam and background check to get licensed.
Apply for an agent’s position with a private insurance company that sells Medigap policies. Many insurance companies sell these policies and they are often hiring new agents.
Call Medicare eligible individuals from your leads list. This list is supplied to you by the insurance company. The list will be compiled of people based on their birthday or requests for information.
Know your stuff! Medigap eligible people are elderly, not idiots. Stay informed on changes in Medicare and when the changes will go into effect. If you are unable to give them accurate current information, prepare to be schooled. Looking the fool will not inspire confidence in you and the prospect will likely go elsewhere.
Make sure the prospect is not already enrolled in Medicare Advantage (Part C). A person already enrolled in Medicare Advantage must terminate the coverage before purchasing a Medigap policy.
Make an appointment to meet with the person. The appointment is usually at the person’s home but can be at a coffee house or other mutually agreed upon location.
Drive a reliable car to the appointment. Do your best to be on time but be sure you have the person's phone number with you so you can call him if you are running late. Introduce yourself with calm confidence and give him your business card.
Ask what Medigap policy she currently has, if any. Find out what she is paying for the current Medigap policy and if she is happy with the coverage. Your company may offer the policy at a lower rate. Suggest a plan that may better fulfill her needs.
Talk to the prospect to get information on his personal situation and concerns about possible future medical costs. Ask about parents’ health. Find out what his parents died from if they have passed away and how their medical expenses were paid. Who cared for the parents in their failing years? This will help him consider his own possible medical circumstances and who may become a burden.
Set a date and, if possible, time for the follow-up if they want to have time to think about it or discuss it with her children. Schedule another face-to-face meeting if at all possible. Suggest including their children in your meeting. Leave information with them to look over. Follow up by phone if the prospect refuses to set up another meeting. Be gently persistent, not pushy or belligerent.
Have the prospect fill out the application form if they agree to purchase the coverage. Fill it out with him and make sure he understands the importance of filling it out accurately and honestly. Get a check for the premium to submit with the application. Leave an Outline of Coverage form and other appropriate materials.
Call her immediately when you receive notice of approval or rejection. Deliver the policy right away when it is approved.