Increase Medicare Supplements Sales: Why You Need to Use the Internet

Retirees and persons with disabilities under 65 buy Med Supps or Medigap policies because of the limited services that Original Medicare cover. Most Medigap plans help pay other out-of-pocket costs, like medical care when you travel outside the US, copayments, coinsurance, and deductibles. Medigap is a convenient policy to have for people who often travel because most providers out of the network accept Medigap.

Unlike other insurance products, Med Supps have straightforward and standardized plans, which means the same plan letters (Like F, G, and N) give the same coverages across the United States. There are only small differences from each plan but they are easier to learn due to the standardization. The only thing that varies from state to state and from person to person is the premium or price, which is influenced by many factors, like the client’s age, location, and the carrier’s position in the market.

Unlike other Medicare products, selling Med Supps is relatively easier because most carriers don’t require annual certifications and you can sell over the phone because most carriers offer e-Applications. On top of that, many perks are up for grabs, like high commissions, incentive trips and bonuses, and being able to sell not only during the Annual Enrollment Period, but all year long.

But it’s important to note that, given the vast, ever-growing demand for Med Supps, it’s still a challenge to succeed in this field. And it’s not just the regulations and state licensing requirements, or the carrier- and client-related factors that make it hard, it’s the fact that you’re competing with hundreds of agents and brokers in your area, selling the same standardized plans and similar rates.

For your potential clients, their primary concern is to get covered as early as when they hit the age of 65.  As an agent, your priority is to sell a plan that fits each client’s individual needs and wants. You must first learn to build their trust for your business to thrive. In return, you’ll better maximize commissions and grow your annual residuals at a steady rate to make a profitable career out of it. And that entails selling fast and smart.

The traditional way of selling Med Supps involves sending out thousands of promotional materials via direct mail, buying telemarketed leads, or knocking at people’s doors to discuss policies. From acquisition to enrollment, it takes a lot more time and effort to convert leads into sales using traditional methods. Many veteran agents have made six-figure incomes using this technique, but the times are changing. Though there are fewer agents now than before, stricter regulations and rising Medigap premiums are making it harder for agents to sell more policies.

Fortunately, technological advancements have opened up ways to connect more efficiently and effectively with about 10,000 people turning 65 each day.

​​To forge a personal connection with your client, listen to his or her needs, wants, and concerns.Give meaningful answers to each question before you jump into talking about your products.Arrange the call in a quiet office with good lighting, and make sure your Internet connection is spotless (only have open what you need).

Given that many seniors use a computer or mobile device and have high-speed Internet at home, offering an E-App option will increase your chances of making more Med Supp sales. This option eliminates paper and mailing. All critical aspects of the application process, like the client’s signature and check, are done electronically.

The margin of error is close to none since electronic applications are easier to complete and revise. Not only that, clients and agents will benefit from “shared-screen” technology that most agent portal websites have. This tool lets you and your client fill in, review, or make changes to the online form together in real-time while being in different locations.

Social media is widely used as an inbound marketing platform where Medigap agents can build their brand and let prospects reach out to them first. Having a LinkedIn, Facebook, or Google+ page, or even a YouTube channel helps you instantly create brand awareness. From there, you can build your credibility by posting regularly about your products, answering questions from prospects, and providing other relevant information that can help inform your prospects’ purchasing decisions.

The main advantage of using social media is to build a trusting relationship with seniors in your area until they gain sufficient information to buy a plan from you. To succeed in this platform, be genuine and honest when engaging with prospects, use automation tools, like Hootsuite or Buffer to save time, and get insights into the health needs of clients in your area.

Social media is a low-cost and efficient way to promote your brand. By simply publishing educational articles about Medicare and Medigap or responding to comments on your posts, you’ll boost your chances of getting referrals and qualified leads.

Voice over Internet Protocol or VOIP is the technology used in Medicare phone sales process. It allows agents to nurture leads and make a sale by simply having high-speed Internet and a VoIP handset or softphone. Tools like automatic dialer, auto-attendant, and telephonic application let clients get the information they need about each policy and complete the enrollment process over the phone. You can also use the voice signature option (if the carrier allows that option), eliminating the need to send electronic signatures via direct mail or email.

• Maximize your time, sales, and provide a one on one connection with your client.
• Reach a larger audience quickly by selling Medicare supplements over the phone or online.
• Practice your presentation and sales pitch with your friends and family online.
• Be human, smile and use gestures to put yourself and your client at ease.
• Make sure you listen and give meaningful solutions to your client.
• Use the tools available to you to make it easier on yourself and YOUR client.
• Social Media is a good medium to use for helping prospects and building credibility. 

We'd love to hear your thoughts in the comments below on:

1. Do you currently sell medicare supplements over the internet? Why or Why not?
2. Will face to face ever fade from insurance sales? 
3. What other software do you use to schedule appointments with your client?
4. Have you tried the approach in the article and had struggles?

If you have any questions, please leave a comment below. We will carefully read each one of them. Happy Selling!