A needs assessment is a valuable tool for Medicare agents. It helps you understand your clients’ needs, identify opportunities, and offer appropriate solutions to meet those needs.
Benefits of a Needs Assessment
A needs assessment benefits agents by providing a roadmap for your conversations, ensuring that you have gathered all the information you need to guide your clients to the most suitable plans. It also helps you stay focused and become more efficient. In addition, it benefits clients because it requires a collaborative approach. It opens up a dialogue with clients and helps them feel involved in the process of finding a plan. It helps your clients understand everything you took into consideration before recommending a plan to them, which builds your credibility and their trust in you.
Best Practices for Conducting an Effective Needs Assessment
There are several best practices to follow to ensure you conduct an effective needs assessment:
- Create an environment where your clients feel comfortable and at ease. They are sharing a lot of personal information regarding their health and finances with you. They may be confused about Medicare and their choices for coverage. Throughout the assessment, seek confirmation and feedback from clients to ensure their understanding. See if they have any questions. Be an active listener who demonstrates both patience and empathy.
- Use a needs assessment with every client, even your existing clients. This will refresh your understanding of their circumstances and show you if there have been any changes – you don’t want to make any assumptions.
- Complete the full needs assessment before recommending a product. Don’t jump ahead – you may miss an important piece of information that could lead you to recommending the wrong product.
- Use a printed form and take thorough notes. Update your CRM with the information once your meeting is complete.
What Topics Should You Cover in an Assessment?
A comprehensive Medicare needs assessment should ask the right questions to guide you to finding the right coverage for your clients.
Medicare eligibility
Are your clients just turning 65? Do they have Part A and B? Are they still working? Do they have coverage options through their employer? Do they need to speak with their HR benefits coordinator before making any decisions?
Understanding of Medicare
Do clients understand Medicare basics and their different coverage options? This is your opportunity to educate them. Don’t assume that even your existing clients understand everything they need to know about Medicare.
Current coverage
What type of coverage do they have now? What do they like and dislike about their plan? How much do they pay for their coverage? This will give you information on how they use their current plan and help you to recommend a plan that better meets their needs.
What doctors and hospitals clients regularly use
You will need to check each plan’s provider network to ensure clients’ doctors are in the network. If not, they may pay more or have no coverage at all for out-of-network services.
How often clients see doctors and specialists
Copays vary significantly by plan. Someone who sees the doctor frequently may benefit from a plan with lower copays than someone who sees the doctor less frequently.
Prescription medications
You will need to check each plan’s formulary to confirm if they cover clients’ medications and to find out how much medications will cost. Are there any special requirements for medications, such as preauthorization, step edits, or mail order requirements that could pose an obstacle to clients receiving their medication? Are clients’ preferred pharmacies in the plan’s network? Do clients want to be able to fill prescriptions while out of town?
Specific health care needs and chronic health conditions
Make sure you have not missed any medications or ongoing treatments clients receive for chronic conditions. Determine how plans cover these and what the costs will be.
Whether clients travel out of the area frequently
It is important to know how often clients use their coverage while out of the area. Where do they travel to, and how long do they stay? Do they need out-of-network benefits, or is emergency and urgent care sufficient? Explain how the costs differ for out-of-network care.
Budgets for healthcare coverage
This question addresses out-of-pocket expenses and what clients feel they can afford to pay for their Medicare plans. It may also lead to a conversation about programs that offer financial assistance, such as Extra Help and Medicare Savings Plans.
The Importance of Your Product Portfolio
Once you have completed the assessment, you will have the necessary information to recommend appropriate products that match your clients’ specific needs. Of course, this requires you to have a good mix of carriers and plans in your portfolio. Your clients view you as an expert, which means you must be knowledgeable about all the products you offer. This will allow you to build long-term relationships with clients as their trusted Medicare advisor.
The experienced team at Western Asset Protection is dedicated to supporting you and helping you grow your business. Contact us today.