As we prepare for another disruptive AEP, a real question arises: How are we actually going to do this?
While we can recommend segmenting your list (which we do, by the way, recommend you do), proactively reaching out to your clients to set up their review appointments (again, do this), and researching plans and industry trends ahead of AEP (seriously though, this is a big one), there are some fundamental aspects of being a Medicare agent that should not be overlooked this Annual Enrollment Period (AEP).
Those elements are to Prepare your agency and your clients for AEP, Protect your clients by leading with education, and Produce the coverage and the information they need to have the best coverage possible for 2027.
We talk a lot about the preparation that goes into a successful AEP for agents. But it's more than just segmenting distribution lists and setting appointments. It's about really knowing your clients, their needs, their pain points, and meeting them there. A huge part of being successful this AEP is being able to hear client feelings, without judgment, and be able to explain the current Medicare landscape while making sure clients feel heard and informed.
Plan switching is on the rise. The percent of seniors switching their plans each AEP continues to rise year over year. The reason? Higher premiums, decreased benefits. A legitimate reason for anyone to want to shop their plan.
In previous years, agents may have had more options to indemnify their clients to the standard they are used to regarding zero to low premiums and plan perks. However, as the Medicare landscape changes, premiums are up and perks are down—across the board. The most important thing is making sure your clients' medical needs are covered through benefits and networks. Shift focus to this important fact and take it off the continuously decreasing plan perks that have become an expectation with Medicare Advantage plans.
Here are the questions we recommend you focus on with your clients:
Let this drive the conversation and let the perks go for 2027.
Your clients trust you. That means you have a responsibility to serve them to the best of your ability and your integrity. That may mean having a proactive conversation with them before AEP to level-set expectations for their 2027 coverage. It can also mean making them aware of the ancillary products that could better protect their health and budget as the Medicare landscape continues to evolve.
Making sure clients, especially clients with a Medicare Advantage plan, know what a Hospital Indemnity Plan can do for them is part of protecting them, as their agent. Other products, like Dental, Hearing, and Vision (especially Dental) can be an important quote to recommend as well.
Research shows the more beneficiaries understand the products available to them, the more likely they are to opt for a comprehensive bundle of coverage. The responsibility to protect your clients lies largely in your duty to educate them on their current coverage and their coverage options.
While we are mostly concerned with Medicare coverage during AEP, we do want to note that Multi-Year-Guaranteed Annuities (MYGA) and Fixed Index Annuities (FIA) are a great way to protect your clients' retirement income. In fact, research shows that beneficiaries who understand these products because their agent brings them up are likely to purchase them. If you would like to learn more, check out our Annuity Mentorship Program.
You have prepared and protected your clients, now it is time to produce for them. This can mean selling a policy, but it can also mean being the trusted advisor they need. Someone who sells when it is in their best interest, explains why things are happening, and recommends the coverage that is truly best for them. Even if this means keeping them in the plan(s) they are currently in.
This also means your clients hear from you at least one other time throughout the year. We recommend the first quarter of 2027, after their plan has become active and they have had the opportunity to use their benefits. Agents who are communicative, authentic, and check in with their clients throughout the year are the ones who are going to see success despite the changing Medicare industry in the coming years.
This year's AEP is continuing a disruptive trend we are seeing in the Medicare industry. Increased premiums, decreased benefits, and lower commissions. This also means that the opportunity for agents is growing as more clients than ever before are seeking agents to advise them. Now is the time to focus on Prepare, Protect, and Produce.
Continuing to build trusted client relationships, based on education and engagement, will set you, their agent, up for success while continuing to produce the best results for your clients. A win-win!
We also want you to know you are not alone in this. We are here every step of the way to answer questions, brainstorm solutions, and remove barriers to your success with carriers, marketing solutions, and an expert team. Reach out to us with needs or questions any time!