Explaining Medicare supplement products

The outline shows what Medicare pays, what Plan F pays and then what the client would pay. If you’re showing Plan F you’d go over the outline for Plan F. By showing them this information it lets them know what the gaps are in Medicare and how the Medicare Supplement will pick up those gaps.

You will want to let them know that you’re an independent agent. Tell them that you’re licensed with the top carrier in their state, yet if any new plans come out you’ll let them know about it. This is very important, because if you don’t tell them about the new plans when they become available, another agent will.

Also, use the brochure that your carrier provides. Go over the fact that the plan is guaranteed renewable (meaning as long as they pay their premium they can keep their coverage regardless of claims or health issues), there is no waiting period for pre-existing conditions, and any other benefits that the brochure shows. These are the things you’ll be leaving with the client.

Highlights

• First day coverage, no waiting period for pre-existing conditions.
• Guaranteed coverage with no health questions (open enrollment).
• Medical coverage that can be used with any doctor or hospital throughout the U.S. that accepts Medicare assignment.
• Automatic claims filing, no paperwork or claims to submit.

Reasons seniors buy senior products

• NEED – They feel a need for protection.
• WANT – They want to transfer risk from themselves to an insurance company.

Your key to success: Establish the need and determine an affordable way to pay for the coverage. Seniors tend to focus on how a situation makes them feel. Their responses are based on their total life experiences.

For more from Lloyd Lofton, see:

• Long-term care as a component of financial planning
• Financing long-term care needs with an annuity
• Medicare: The basics