September 23

How to Master the Art of Selling Medicare Supplement Insurance

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Selling Medicare insurance can be a wise career choice. For one, every day in the US, 10,000 people turn 65. The number of people over 65 is expected to more than double over the next few decades and account for over 20% of the population by 2050. 

What does this mean for insurance agents selling Medicare Supplement Insurance? It means you have an assured expanding market base. 

What's more, selling Medicare insurance can be lucrative. According to estimates, the average amount you can earn is around $52,817 per year. However, top-performing agents earn up to $102,000 per year.

Do you want to be a top-performing Medicare agent?

If so, continue reading to find out how to master the art of Selling Medicare Supplement Insurance.

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Position Yourself as Authority on Medicare 

Compared to other categories of insurance products, Medicare Supplement Insurance can be a relatively easy sell. 

Most Medicare leads already know that they need additional health insurance but aren't sure where to start. 

Instead of convincing leads of their need for coverage, all you need to do is be a source of information. The majority of Medicare leads are on the hunt for help choosing the right policies. 

One of the best ways to reach new leads and build trust is by positioning yourself as an authority on all things Medicare.

There are many ways you can do this. You can write informative blog posts covering common questions around Medicare Supplement Insurance.

You leverage social media and create helpful and informative posts. You can also create video content, appear on podcasts, interviews, etc. 

You can also create guides, ebooks, and other resources for free download on your website.

Engage With Your Audience

Besides publishing free information, an important part of selling Medicare Supplement Insurance is engaging with your audience.

Whether this is on social media, on your website, or via email—make sure you respond to each and every query. This will show leads that not only are you a source of published information, but you are also available to answer questions. 

According to research, 79% of consumers expect brands to respond to them on social media within 24 hours. This shows the importance of engaging with your audience and proving that you are there to help. 

This will help you foster relationships, generate new leads, and ultimately trigger more sales. 

Network

Another way to generate new leads and market yourself when selling Medicare Supplement Insurance is by networking. 

Networking is important for most professionals, but especially so for insurance agents. By attending events and networking (even virtual ones), you can make valuable connections and gain referrals.

Even if the people you meet in your business community don't need Medicare Supplement Insurance, they might know of a friend or family member who does. 

Host Free Seminars

As we said above, most Medicare Supplement leads are in urgent need of information. 

A great way to generate high-quality leads is to host free seminars and events. Not only does it allow you to reach new leads, but it can also establish you as the go-to person for Medicare Supplement Insurance in your area.

Build a Sales Funnel

Whether you're selling annuities online, selling final expense insurance, or selling Medicare Supplement Insurance—you need to build a sales funnel.

A good sales funnel ties all of your marketing efforts together. It also ensures that you target leads at all stages of the buyer journey.

Creating a watertight sales funnel can take some time and tweaking. However, once it's complete, it will guide leads seamlessly through your offerings and touchpoints. 

By the time you pitch different types of Medicare Supplement plans to them, they will already have a pre-established trust in you as an agent. 

If you are completely unfamiliar with the concept of building a sales funnel, we would encourage you to check out our training programs

Marketing is a crucial component of selling Medicare Insurance. Investing in comprehensive training will allow you to build out a solid marketing strategy and, ultimately, make more sales.

Ask for Referrals

If you speak to an established Medicare agent, you might find that many of their leads are referrals. 

Referral leads are some of the best. They come with pre-established trust, as well as a sense of loyalty in some cases. 


 

Pro Tip: According to statistics, leads which a friend refers are 400% more likely to make a purchase. You can also expect to make 16% more profit from a referral customer and enjoy a 69% faster closing time on sales.

Given these findings, who wouldn't want to generate more referral leads?

Unfortunately, a lot of agents are hesitant to ask for referrals. However, you will probably be surprised how many clients will happily refer you. The key is to ask. 

Besides asking current clients to refer you, you can also offer incentives for referrals. Incentivized referral programs can be highly effective, and clients and customers tend to love them.

Invest In Leads

Although organic lead generation methods are effective, they can take time to build up. 

If you are new to selling Medicare insurance, investing in leads can be an invaluable way to kickstart your sales.

What's more, even after your organic marketing methods start producing leads, leads can still fill in the gaps. Although organic marketing methods are important, you can't predict how many leads they will attract. 

Leads are a guaranteed source you can rely on month to month. Interested in filling up your desk with some high-quality leads? Check out our discounted lead sources here

Don't Disregard Cold Calling or Door-to-Door Prospecting

Although online lead generation methods can be very effective, don't discount cold calling or door-to-door prospecting. 

Cold calling can be highly effective if done right. Once again, the key is to provide free information and set yourself up as the go-to for everything Medical insurance-related. It would be best if you also took some time to prepare a script and have all your responses at the ready to answer prospects' questions.


 

Pro Tip: Stay organized and keep track of all the leads you call using a tool like CRM software. If a lead requires a callback, schedule this into your CRM solution and ensure you carry out all follow-up calls. 

When it comes to door-to-door prospecting, keep in mind that some older prospects might actually appreciate a personal call. Although many Medicare-eligible individuals are active on things like Facebook, this doesn't mean they have the savvy to conduct thorough online research or interact comfortably via email. 

By doing door-to-door prospecting, you may be able to serve a less tech-savvy client base in a way that other agents in your area aren't.

Get Clear on Your Clients' Needs

So far, all of our tips for selling Medicare Supplement Insurance have been focused on lead generation. When it comes to active, one-on-one selling and interviews, one of the first steps are to get clear on your clients' needs.

To match clients with the ideal plans, you should ask them questions around their:

  • Health
  • Lifestyle
  • Medical Needs
  • Budget
  • Preferences

This will inform you as to which plans will suit their needs the most. Once you have ascertained this, "selling" the plans to your leads usually isn't all that hard. Selling Medicare insurance is primarily about aligning clients with the right plans for their requirements.


 

Pro Tip: Always aim to clarify your client's needs before they start asking their own questions. If you let your appointments begin with the client's questions, this can create unnecessary confusion and lead you into a mare's nest.

Medicare Supplement plans aren't that complex, and if you let clients choose by simply shooting questions at you, this can be disadvantageous to both you and them. What's more, this approach won't allow you as the agent to fully utilize your knowledge to truly help your clients. 

For more tips and information on this vital part of selling Medicare Supplement Insurance, head on over to this guide on how to help your clients find the best Medicare insurance policies.

Know Your Plans

Besides getting clear on your clients' needs, you also need to know your plans back to front

It's no use knowing exactly what a client needs if you aren't really sure which plan will be a good match. Depending on the carrier you contract with, you might be required to carry out annual product-specific courses alongside your AHIP training. If you do, this will give you in-depth knowledge of the different products. This allows you to better promote the products, serve your clients, and stay compliant. 

Besides completing required courses, you can also carry out your own research on plans.

Are You Looking to Start Selling Medicare Supplement Insurance? Start Here

Are you looking to start selling Medicare Supplement Insurance? If so, we can help. 

TR King is committed to helping both novice and professional insurance agents. We are more than an insurance marketing organization or an FMO. Not only do we get agents contracted with leading carriers, we also supply them with tools, resources, leads, and discounts.

If you're still searching for a quality Medicare FMO, head over to our online contracting page to learn more about what carriers we work with and what's required for sign-up.

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Matthew King


Matthew King is a co-owner of TR King Insurance Marketing. When he's not creating processes, content, developing training, and implementing digital marketing strategies, he likes to immerse in gaming with his wife and friends.

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