What could be better than saving a senior $300 a month? Every year I meet two or three people who do not know they are eligible to receive Low Income Subsidy (LIS) benefits to reduce their prescription drug costs or have their Medicare Part B premium covered by Medicaid. Once I sit down with these folks at the kitchen table and help them see real savings, I know I’ve made a meaningful impact in their life and can add a lifetime client to my book of business who would be more than happy to send friends and family my way. You can do this too.
You can save your client up to $300 a month or more by helping them apply for LIS and other Medicare Savings programs that do not require them to be a full dual-eligible. Individuals who make between 100-135 percent of the federal poverty level can apply to have their Medicare Part D premium covered and their prescription cost sharing significantly reduced as well as their Medicare Part B premium covered. Click here for a link to your state’s programs.
I recently went on an appointment with one of our new career agents in Arizona, and we helped a woman save $325 a month. Taking away her $35 Part D premium and reducing the cost of her prescriptions she takes she saved $225. We also saved her $104 a month on her Part B premium. It gives you a good feeling inside when both you and the client have tears in your eyes because you have had such a profound effect on their lives.
If you can help a senior that is on a fixed income save more than $3,600 per year, it will make a huge difference in their lives. Based on my experience, saving a senior $300 a month is significant: the difference between being able to afford medications or groceries. The data doesn’t lie either: Senior hunger is a real problem in our country. You can do a good deed and build your book of business by sharing your knowledge of Medicare Savings Programs.
Agents who are knowledgeable of these available programs really have an advantage over other agents who just say “I have nothing for you” or “I can’t help you.” Even though you may not have anything to sell that prospect, helping someone enroll in LIS or a Medicare Savings Program is a very positive way to spread the word about your business. Remember, you’re a senior insurance advisor, so that implies you sometimes offer pro bono advice. The bottom line is referrals are the easiest way to generate Leads, so you may see some sales from these connections for Special Needs Plans or other products.
Are you looking for more information on where to get started saving a senior $300 a month? Click here to watch a recorded webinar about LIS and how you can implement these practices in your business! Call our office for more information at 1-800-997-3107!