Medicare Conversations Don't Have to be Awkward
The goal of a Medicare conversation with a client should not be closing the sale. Your objective is to show them you have their best interest at heart. Knocking on Medicare’s door can be uncertain and scary. Your clients who are approaching 65 will look to you for guidance and help in making life-changing decisions. Are you up for the challenge?
They face anxieties about the costs of healthcare expenses during retirement and worry about outliving their savings. When you understand their trepidation, you can bring peace by guiding meaningful conversations that focus on providing products and services tailored to their needs.
Statistically, about 20% of your ACA book consists of clients approaching Medicare eligibility. While it might seem straightforward to get the Medicare conversation rolling, do be gentle about how you approach this subject. Some clients may be overwhelmed by the heavy marketing and confusing messages. That is why your approach – words, tone, and mannerisms – are just as important as the products you offer.
For many, Medicare can offer more suitable solutions to their needs than their current coverage might. Unlike your ACA clients, who are typically younger and may have fewer medical considerations, Medicare clients require more time because their decisions often have long-term consequences.
How Can You Help Your Clients?
In addition to compassion, put a focus on education. Clients will appreciate your honesty and assistance. Although they may not know the Medicare rules or timeframes, most seniors have a general understanding that at 65, they’ll be enrolling in Medicare. Ensuring they understand all their options and that you are there to assist them at every step will help to relieve some of the stress they are likely feeling at a time that is often accompanied by major life changes.
For now, let’s talk about how you can educate yourself about Medicare and Medicare Advantage to stay compliant while also providing your clients with the best information possible. The first place to start is CMS.
Annually, CMS publishes the “Medicare & You” handbook in the fall, usually in mid-to-late September, for the upcoming enrollment period. Printed copies are mailed to Medicare beneficiaries by late September or early October.
Download the handbook directly from CMS. Verify the guide’s program year to ensure you have the most up-to-date version, which contains the basics of Parts A, B, C (Medicare Advantage), and D coverage. It also covers Medicare changes, consumer rights, protections, and recognizing fraud.
Let’s Begin the Medicare Conversation!
As you know, if you’re ready to talk to your “turning 65” client, you’re within their window to educate and sell. Agents should be aware of this timeframe; however, for new agents and those joining as your downline, ensure it is followed to the letter.
If your client is turning 65, they have a 7-month window to sign up for Medicare and
If they are under 65 and on disability:
The way you speak to your Medicare demographic should be the same as you would talk to any other client. What will be different is your approach and expectations. They will likely require additional time to review the information and may have more questions than your other clients.
The reason they’ll need more time is due to their varying needs. Your younger ACA clients are often in good health, with fewer prescriptions and fewer provider matching issues. Typically, these clients choose plans based on subsidy eligibility, premiums, and coverage needs.
Whereas MA plans require careful selection based on prescription drugs, primary care matching, network access, and referrals, as well as ancillary benefits such as dental and vision coverage. They are also savvy to things like copays, max out-of-pocket, and star ratings.
Just as the approach is different, your expectations should be different as well. ACA clients are more sensitive to price and more likely to switch plans or agents each year. MA clients are usually older and have experience buying insurance. They value agents who are transparent and clearly explain the benefits. They look for an agent to rely on for help with matching their doctors and prescriptions, as well as assistance with claims.
Things to keep in mind:
Comparison shopping with your clients:
Don’t assume there is only one or two ways to comparison shop with your client. They are making decisions that will impact their lives long-term, so it’s essential to give them the time and space they need to make informed choices.
Ask if they’d like to do a side-by-side plan comparison, going through it together so as not to miss anything. If they agree and view the details from your computer screen, make sure they are able to see everything. Zoom in when necessary and scroll slowly, pausing to cover each part.
This approach works well for individuals who prefer visuals. If your client has vision challenges or isn’t comfortable with technology, offer to read the coverage highlights aloud. Answer any questions and offer them real-life scenarios to consider.
Some clients prefer to take their time, read through the fine print, and discuss with family members. For them, you can have a light discussion answering questions, then offer to send the side-by-side comparison via email, and discuss when you can follow up.
This puts your slower-to-decide clients in the driver’s seat, and they’ll appreciate the extra steps that allow them to review and understand what they’re choosing. This straightforward approach demonstrates transparency and fosters trust.
A best practice is to follow all of these steps with each client, unless they request otherwise. Shop for plans that meet their needs, read aloud each plan’s highlights, display it on screen or print it out, and send them a follow-up copy. This is also a way to empower your client.
High-pressure sales tactics, moving too quickly, and steering clients to specific plans are not only bad practices, they are illegal moves that will soon be noticed by CMS. In the MA insurance world, slow and steady wins the race.
To learn about options for assist in shifting your ACA client to Medicare, click HERE.
Also, check out MyMFG to seamlessly manage all of your ACA and MA clients on one platform.