Insurance agents often get caught up in the industry jargon and forget that our clients don’t understand what all the acronyms means. In general, steer away from jargon. If you use the word AEP with your clients, they may ask for the definition, but the literal definition isn’t helpful. Annual Election Period is only for MAPD and PDP plan holders.
Millions of Medicare beneficiaries have Medicare Supplement plans and they get inundated with mailings, TV and radio ads, and yes, phone calls each fall telling them that it is time to shop for a new plan.
Many seniors are under the impression that they can change to any plan they choose each fall and this is untrue. Tell them, then tell them again. This way they won’t be mad at YOU when their Med Supp rates have doubled over the past 5 years and they can’t qualify for another Plan G (and of course, they live in an area with no MAPD plans)(you get my point).
We have two tracks for supplemental coverage: Medicare Supplements and Medicare Advantage Plans. AEP (and the revised OEP that debuts in 2019) is not a chance for people to chose a new Medicare Supplement. They CAN if they can pass the underwriting questions–but they can do that any time of year!
Even when selling MAPD, take the time to explain Med Supp, and vice versa. When a prospect tells you that she wants the Anthem Plan G that her sister has, we often rush to complete the sale without laying the groundwork for the future. Your income is based on renewals and your persistency should always be on the front of your mind. Every presentation should involve a cursory explanation of the “other” type of plan that your client may insist she doesn’t want. Because…we know that someone will later tell them about those plans and they are often irritated at YOU for not informing them at the time of sale.
I love the saying “Less is more” and that works when we are talking about perfume or salt or sun exposure. But in insurance sales, More is More.
The more you teach and inform your Medicare clients about their options, the more likely they will be happy and stay with you for the rest of their life.