4 Medicare Supplement Myth-Busters
Myth: The commissions are too low
Many agents believe that selling Medicare Supplements is not worth their time and effort due to low initial commissions. However, you need only look around to see that most Medicare agents find great success in the ever-growing market of senior sales.
While it is true that initial commissions are lower than products such as life insurance or final expense, the residual commissions you build are the number one reason agents say they love selling to seniors.
Myth: I don’t know enough seniors
It is important to work with an FMO that offers you quality leads from seniors who are ready to buy now. AMAC Broker Services can help you build a base of senior clients. However, the senior market is not like other insurance markets. In fact, it is the fastest growing market segment in insurance, and the number is expected to grow in the next 30 years. People are living longer and healthier lives, and they need a trusted advisor to help them make an informed decision that best fits their needs.
Start spreading the word to your friends and family. One of the biggest perks of selling in this market is that seniors – if they like you – will refer you to their friends and family, even if you can’t help them.
Myth: There is a short window of sales opportunity
Open enrollment does see a large spike in the sales of Medicare products because seniors can switch or make changes to their plans, or disenroll during the Annual Election Period (AEP) or if they experience qualifying situations that allow a change out of AEP.
In fact, more than 10,000 seniors turn 65 every day in the United States and chances are you know quite a few of them. Since people turn 65 every day, there is always an opportunity to talk with seniors who need coverage now.
Myth: There is too much regulation
That is one myth many senior insurance market insurance agents don’t mind you believing. It is true that the sale of Medicare Products are highly regulated. However, some products, such as Medicare Supplement plans – or Medigap coverage – do not require some of the compliance and certifications needed to sell Medicare Advantage and Prescription Drug (Part D) plans. Some agents think that it is too complicated to explain the various drug plans, or that it is too time consuming to take AHIP on an annual basis.
Don’t miss out on sales because of this myth. Call AMAC Broker Services if you feel like you are walking away from too many sales, and if you want to be a one-stop shop for your senior clients. We can help you with a step-by-step review of your options so you can make an informed decision on the best sales plan for you and your agency. We have the tools and expertise to help you!