For a month and a half out of the year, AEP allows agents to enroll new clients into MAPD plans and increase their Book of Business. However, new enrollments don't have to be limited just to AEP, here are the top 5 products to have as part of your portfolio to keep commissions coming during lock-in.
1. Medicare Advantage SNPs
Offered by Medicare companies, Special Needs Plans or SNPs, allow qualified individuals to enroll outside of the traditional Annual Enrollment Period. There are two main types SNPs to consider adding to your portfolio: Dual Eligible Special Needs Plans or D-SNPs and Chronic Condition Special Needs Plans or C-SNPs.
Already selling Medicare? Add these to your portfolio and be able to add new clients and commissions throughout the year!
2. Dental, Vision, Hearing Insurance
Although Dental, Vision, and Hearing benefits can be covered under a MAPD plan, the coverage is hardly comprehensive, especially when it comes to exams and services. Original Medicare and even Medicare Supplements don't cover DVH at all, making DVH great plans to have in your portfolio, not only because the can be sold outside of AEP, but because they are more readily understood by the every day consumer, making them easier to sell.
3. Hospital Indemnity Insurance
MA plans cover a large swath of medical expenses, however when it comes to the cost of hospital stays, often times beneficiaries are left potentially exposed to high-cost stays for surgeries, ER visits, and a number of other hospital related visits.
Hospital Indemnity fills that gap and provides financial security and peace of mind, providing the beneficiary with a lump sum to assist with paying deductibles and costs associated with hospital visits. If you are selling MA plans, you should have Hospital Indemnity plans in your portfolio.
4. Cancer/Critical Illness Plans
Although a less pleasant plan type to discuss with clients, there are very real costs associated with cancer or critical illness treatment. These plans help to cover the costs of cancer treatment as well as heart attack, stroke and other critical illnesses. Ensure your clients are prepared for this possibility and offer to sell these plan types any time of the year.
5. Long-Term Care/Short-Term Care Insurance
Long-term care is an often overlooked cost, as beneficiaries assume these costs are completely covered under a MA plan. However, MA plans only cover costs deemed as "Medically Necessary" and won't cover custodial care costs.
With long-term care potentially being such a significant financial burden on those over 65, it provides a great and necessary cross-selling opportunity for agents outside of AEP.
If a client does not qualify for a long-term plan, short-term plans maybe an ideal alternative to offer them.
Expand your commissions earning capabilities by adding one or more of the above plan types to your portfolio. If you're already selling Medicare, these plans are perfect compliments to cross sell to your new and existing clients, improving your commissions income and their quality of life.
What products do you have success with selling during lock-in? Join our agent partner conference call next week at 9:00 AM CST. Click here to RSVP.