Medicare is a social insurance program created by the federal government to help older and disabled individuals. It was launched in 1965 and is still a helpful and necessary solution for many people. There are over 61 million people in the United States enrolled in Medicare as of 2019.
With countless Baby Boomers continuing to age into Medicare daily, it is a lucrative market to explore. But how do you get started selling Medicare remotely, and what are the essential things to know?
Ways to Sell Medicare Remotely
Medicare has a large market since many individuals become qualified for it when they turn 65. This means many people need to know about their options and how to enroll at that time. Read on to learn more about what Medicare is and how to sell it remotely.
What is Medicare?
Medicare is a national health insurance designed for specific populations – elderly people and those with disabilities and certain medical conditions. It is administered through a government agency called the Centers for Medicare and Medicaid Services (CMS).
There are different parts of the Medicare health plan. Part A refers to hospital (inpatient care) stays, which, in addition to inpatient hospitalizations, includes things like hospice, skilled nursing homes, lab tests, and home health care.
Part B covers doctor’s visits and other types of outpatient care. Medicare Part C is Part A and Part B combined, and Medicare Part D is prescription drug coverage.
Who Needs Medicare?
Medicare was created to provide health care coverage for elderly and disabled people. Many people rely on it for their primary source of health insurance, and for others, it is supplementary coverage.
Individuals 65 and older qualify for Medicare if they are:
⦁ US citizens or permanent legal residents who have been living in the US for at least 5 years
⦁ Receive or are eligible for Social Security or railroad retirement benefits
⦁ They or their spouse is a government employee or retiree who has paid Medicare taxes
Some individuals under the age of 65 qualify for Medicare, too. That includes the following:
⦁ Individuals receiving a disability pension or Social Security disability benefits
⦁ People diagnosed with ALS
People with permanent kidney failure or end-stage renal disease
How is Medicare Sold?
Traditional Methods
Medicare has traditionally been sold face-to-face in appointments made with potential customers. Much of the administrative process was handled over the phone with in-person visits made to a customer’s home or office to finalize the process.
Remote Methods
Remote sales methods are gaining popularity in Medicare sales. Many seniors are becoming more technologically savvy and can do research and conduct business virtually from their homes. More importantly, many are comfortable with this method. Ensuring your technology is secure and having strong cyber protections in place will help reassure your customers their data is safe with you.
Insurance is still a complex product; however, developing a strong relationship with customers will be beneficial when selling remotely. Using available technology, like video calls, will help consumers feel more confident in the product and agent. Spending time to develop a rapport will go a long way with Medicare customers.
The entire sales process can be handled remotely now, from lead generation and first contact to signing the policy documents and processing payment. Using programs like electronic signature and secure payment providers helps ensure safe transactions and gives your customer peace of mind.
How do I Learn More?
To learn more about ways to sell Medicare remotely, contact the experts at Key Retirement Solutions. Our licensed experts will be happy to answer any questions you have.
