Now that AEP is over, we enter into the MAPD world of reduced commission advances for the next 11 months. What is a good way to keep up the cash flow? What about the business you left on the table with your turning-65 new-to-Medicare clients? Hospital Indemnity plans offer good commissions for agents year-around, and a unique opportunity for all those T-65’s you enrolled going back for the last 5 or so months.
Drop the excuses and sell Hospital Indemnity
Agents often tell me that Hospital Indemnity plans are too hard to sell, their clients are broke, underwriting is difficult, the clients enrolled in a supplement and so have no need for Hospital Indemnity, yada, yada. GTL (Guarantee Trust Life) has the cure. They offer guaranteed issue status to all applicants ages 64 ½ to 65 ½. How do you beat that? GTL may be a perfect fit for your MAPD clients who can afford a $40 or $50 premium. If you sold a supplement to a client who is still working, GTL can provide some loss of income protection for days spent in the hospital as well.
Have a new client in the age range 64 ½ to 65 ½ who anticipates a hospital stay later in the year? This plan is a slam dunk. Yes, there is a 6-month pre-existing condition clause. Accidents covered at issue, of course.
In my state, Arizona, GTL’s Hospital Indemnity plan pays around 50% commission for the first year, with a 9-month advance. Let’s do the math. My last guaranteed issue GTL application with a $39 monthly premium was submitted online on a Monday, and the approximately $200 advance was in my bank account on Thursday.
Start with Existing Clients
Okay, so where do I get the $2K teaser in the blog title? I am guessing that any busy agent that goes over the last 5 months of enrollments will be able to find at least 10 clients that fall into the guaranteed issue age range. Reach out to these clients about the benefits of having Hospital Indemnity coverage. Don’t stop there. The fully underwritten GTL can also be a gold mine. They have an easy “yes” or “no” online app, as well as a paper app. One of our top agents estimated that about 70% of his clients pass underwriting easily.
One of the best Hospital Indemnity training videos I have seen was produced by Bill Ellsworth, VP of Equitable. It is available on Equitable’s broker page as well as on YouTube. Check it out to get started on training.
For those agents working in areas where GTL is not available, of course, we also offer contracts for Equitable, Medico and other Hospital Indemnity plans with more traditional underwriting. If you do not have a Hospital Indemnity contract in your portfolio, or to request a specific market analysis for your area, give RBI a call at 800-997-3107 and talk to Charlie about these great products and how to present them.
Join Charlie Ferrell for a introduction to Hospital Indemnity with RBI’s Webinar Wednesday topic for January 18: “Mastering Hospital Indemnity!” Register now!
I hope you took a few days off over the holidays to enjoy your family and to relax after AEP. It’s hard to believe it’s January already, and time to put that momentum from AEP to work! Let’s hit the ground running! Here’s what I focus on this time of year:
Reach out to clients:
I usually give my clients a call over the holiday season or early January, especially new clients. New clients often run into challenges in January when their plan becomes effective, and it’s important that your clients know that you’re here for them. For any existing clients that are already on your books, it’s still essential to touch base with them to wish them happy holidays, and thank them for their business. In every call to my clients, I remind them that I am here as a resource for any family member or friend who has questions about Medicare. Above all, I know that a simple phone call will keep my name fresh in everyone’s minds — it is a personal touch that will keep my business on the books and will generate more business.
Plan the coming year:
The other target of my attention in the beginning of the year is putting together a business plan. I consider the following questions. How much income do I want to make? How many sales do I want to generate? Am I currently on target to meet these goals? I have found that it is ill advised to only do your best during AEP, and plan your financial goals for the year around AEP. Instead, as a self-employed professional, I come up with a monthly quota of sales or income for myself, and plan daily goals to hit those numbers.
Expand business lines:
As part of my new plan moving forward into the New Year, I take a look at my portfolio. Am I contracted with the most popular carriers in my area for Medicare Supplements? Have I diversified my portfolio with Medicare-related products like Hospital Indemnity? Often times with Supplements, the choices come down to money spent, so see if you are contracted with competitive carriers. Do the same thing with Hospital Indemnity products like GTL or Medico. Hospital Indemnity plans especially are becoming more important because the cost of hospital visits are skyrocketing.
Get involved in the community:
A lot of people are looking for an expert to help their parents and their friends’ parents with Medicare. An age group that often gets overlooked is those who are between 45-50. People who are in this age group often have parents, aunts, uncles or friends that are turning 65, and know nothing about Medicare. Becoming the go-to expert for these people starts with community involvement. I focus my efforts on food banks, church and social clubs for Medicare 101 presentations, and build my relationship with social workers, as well.
Do you have a plan for your business for this New Year? If not, it’s time to get started!
If you need help creating a plan and breaking it down into achievable daily chunks, we have the best organization in the country to help you out! Get in touch with our marketing and sales team at 1-800-997-3107, and build momentum with RBI’s MAPS method for success!