Medicare agents can find great success if they decide to sell D-SNPs. However, agents may face many misconceptions and difficulties during this business venture. The D-SNP market is large and active, so where are agents getting lost? As we will explain in this article, it all begins with their connection with the customer. Below are three mistakes Medicare agents make when selling D-SNPs.
A Dual Special Needs Plan (D-SNP) enrolls those eligible for Medicare and Medicaid into specialized plans. Someone who is enrolled in a D-SNP program receives benefits from both programs. According to the Centers for Medicare and Medicaid, there are five types of D-SNP plans: All-Dual D-SNPs, Full-Benefit D-SNPs, Medicare Zero Cost Sharing, Dual Eligible Subset, and Dual Eligible Subset—Medicare Zero Cost Sharing. This article will focus on mistakes that Medicare agents make when selling D-SNPs to anyone.
Benefits offered by D-SNP’s may vary but typically include:
These plans are best for a lower-income audience who may struggle to pay for doctor visits or basic health needs.
There are many benefits to selling D-SNPs. The D-SNP market is constantly active, and millions of Americans qualify for these plans. Additionally, agents can sell D-SNPs year-round, while many agents who sell Medicare are confined to specific enrollment periods. However, many agents have reservations about selling D-SNPs, citing client living conditions, the inability to upsell, and discomfort with having difficult conversations. Although deciding whether to sell D-SNPs is ultimately up to each agent, it is important to disregard the hearsay about D-SNPs and weigh the actual costs and benefits of selling these plans. We will discuss misconceptions about the market later in this article; however, here are three common mistakes agents make when selling D-SNPs that may cost them sales.
A common reason agents do not want to sell D-SNPs is that it is difficult to find out if clients are eligible without asking probing questions that may deter the client. Eligibility is crucial in the market of D-SNPs. That being said, it is equally essential for agents to be attentive and reassuring to the client. D-SNPs are likely to improve the client’s quality of life, yet many Americans are unaware they qualify. When the time comes to ask probing, slightly uncomfortable questions, the agent should remember that this plan will ultimately improve the life of whoever they speak with. The conversation is temporary, but improving the lives of your community’s elders is unmeasurable. It may be helpful to consider this work a necessary community service rather than a sale.
It is vital to discover your clients’ needs to pick the best possible plan for them, as well as explain the far-reaching benefits. Here are a few questions to ask to determine whether your client is eligible for a D-SNP plan:
The answers to these questions contain hidden clues about your client’s finances and insurance plan status. For example, when an agent asks, “How much do you pay for Medicare Part B?” the answer can directly indicate whether the client is on Medicaid. For 2021, the standard premium for Medicare Part B is $148.50 per month. If they pay less than the standard, they are on Medicaid, and if they pay $0, they could be full-dual eligible. Similarly, asking if they have a Medicaid Card and if the agent can see it allows the agent to see if they are on Medicaid and, if so, which level based on the card’s color.
Sometimes, when you speak to clients about their current plan, they will also give you clues indicating whether they are eligible. For example, if a client says, “I do not pay for my doctor appointments,” that can be a clue that they are enrolled in Medicaid. Determining where your client is financially is crucial to moving forward with their healthcare plans.
Another issue some Medicare agents have with selling D-SNPs is the money. Although each insurance agent makes a guaranteed commission if they help a client enroll in a D-SNP plan, many agents are concerned that D-SNP clients are one-sale engagements. However, many agents fail to recognize the community-based nature of D-SNP sales. Once again, it can help agents view D-SNP sales as a necessary community service. While one person may not give you multiple sales for different products, one can refer you to ten others for whom you can sell D-SNPs. A considerable part of D-SNP sales comes from a stream of referrals. Agents can get more referrals by becoming integrated into their community. By holding seminars or free lunches for seniors in community areas, you can become integrated with the people you market to.
Additionally, you can increase your referrals by doing a good job. As simple as it sounds, being a kind and friendly face for seniors in your local area can make a massive difference for your personal brand. However, it is essential to be genuine. Your one-on-one sales with clients should be comfortable, friendly, and compassionate. Remember that each client has a complicated life that you do not honestly know much about. This may sound contradictory, but agents must treat each client as a person instead of a paycheck to sell more D-SNPs and make a livable wage.
You can achieve this personal relationship by helping your clients trust you. Simple things like making eye contact, taking a hands-on approach with their doctors and pharmacies, and learning about their lives to find the right plan for them can make a huge difference. For example, it can be difficult for seniors to reach out to their doctors personally every time they change their plans, and doctors’ offices are notorious for not keeping up with paperwork. If a client receives a bill for a medical visit after signing up for a D-SNP, it can be frightening. An agent could be proactive and show their client extra care by contacting their doctor and giving them a D-SNP and Medicaid card to show the doctor’s office to ensure they won’t receive a bill.
Anyone over 65 is eligible for Medicare, but fewer people qualify for D-SNPs. Even with this reduced number, many people need these dual plans. Some agents complain that prospecting D-SNP clients is too difficult. However, there is a large market for D-SNP. Therefore, when agents search for D-SNP leads and complain that it is too difficult, they are most likely looking in the wrong places. Agents must know the profile of their clients. Multiple people who qualify for D-SNP will most likely gather in one community. However, some could receive financial support from family members and live in high-income areas. Regardless of the location, your name will reach the clients you need with enough community involvement and grassroots marketing.
Some agents associate the low-income eligibility requirements of their clients with unsafe living spaces and neighborhoods. However, this is usually far from the case. Additionally, some agents are concerned that they will work with people who live in homeless shelters. The fact of the matter is that agents are vastly uneducated on the profile of their clients. No matter the area, people can be financially strained. Seniors may live with their children who cannot financially support their medical bills despite housing them, or they may live in an apartment complex made for seniors.
Once again, this idea comes from misconceptions and hearsay. Agents should not let themselves miss out on clients and businesses because they are afraid. The people who connect with their clients and educate themselves on the concerns of seniors will succeed. Many agents sell hundreds of D-SNPs during their careers without ever feeling unsafe.
No matter the business, agents will deal with sales fluctuations and different numbers of clients. Once again, agents should be attentive and caring with their clients to avoid this issue. D-SNP clients may very well change plans, but if they have a great relationship with their agent, they will contact them again. Clients will not leave their agents suddenly or for no reason.
Being a people person is the first step to being a great salesperson. After all, people want to work with people they get along with. Salespeople must focus on making themselves enjoyable to be around, attentive, and helpful in the long run to increase their chances of getting referrals and ultimately increase their sales.
Contact Lead Concepts today to begin building your DSNP market strategy
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