How Med Supp agents can still sell to Medicare Advantage prospects

Maybe you sell Medicare Supplement insurance plans, but not Medicare Advantage. No doubt you’ve run into a prospect who has an MA plan, and they’re happy with it. You can shake their hand and wish them all the best - or you can still help them.

Over the last several years, a large amount of Med Supp clients have switched to MA  membership for a number of reasons. However, recent statistics reveal that MA enrollment is growing, resulting in over 30% of all Medicare beneficiaries being enrolled in a MA plan.

So what?

Because of growing MA enrollment, you’ll be well served as a Med Supp agent by having a Hospital Indemnity Plan in your portfolio.

You may have experienced a hit to your block of business, and an Hospital Indemnity Plan gives you an opportunity to recapture ex-clients with an HI sale.

When a Med Supp-only agent goes on an appointment to work a Medicare lead there’s about a 1 in 3 chance that the prospect is going to have an MA plan. So you can either pack your bag and leave empty-handed, or make an HI sale.

If you cross-sell (congratulations!), you know that once you have one policy with a client, adding the next one is a bit easier.

Now, more than ever, HI plans are a senior market agent's best friend - either as an add-on sale or a way to get back in the door to get in front of ex-clients again.

How to sell them

Sentinel Security Life offers a great HI Plan, and a few useful training resources. The main focus is to educate your prospect on what they’ll be required to pay out of pocket for various co-pays, such as doctor office visits, inpatient hospital care, ambulance service, skilled nursing care, and so on. Once they see the gaps in their coverage, you can show your prospect how a HI Plan can cover them for those out of pocket expenses.

Sentinel has created a Needs Analysis form for that exact scenario. You can download yours below:

Needs Analysis for Hospital Indemnity Plans

And for more in-depth product info and training, download Sentinel’s Powerpoint presentation:

Sentinel HIP 2.0 Agent Training