While attracting new clients is important, retaining existing clients is crucial to the success of your business and your income. Existing clients can provide a steady stream of residual income for years to come.
As you’ve probably noticed, it is much more difficult to acquire a new client than it is to keep an existing one. You want your name to be top of mind, so if clients have any questions about their Medicare coverage, they call you first. If you are proactive and communicative, you will become a trusted resource, and you can reduce the likelihood of your clients speaking to competing agents.
Ideally, you want to mail your retention letters so they arrive just before the carrier’s Annual Notice of Change (ANOC) letters in September. It’s important to communicate with your clients before they are inundated with mailings and TV ads from competitors. Keep your retention letter simple and to the point. Provide the necessary information in a clear and concise manner.
Key points to include:
- Tell your clients to expect their ANOC and to review it carefully for any changes that might impact them. AEP is the time to review other coverage options.
- Remind them that AEP runs from October 15 through December 7.
- Provide an overview of what changes they can make during this time.
- Ask them to consider how well their current plan has worked for them.
- Have they encountered any issues with the provider network or the plan’s affordability?
- Are there benefits they lack that they wish they had?
- Have they had any changes to their medications or doctors?
- Remind them that if they don’t make a change now, they will most likely be locked into their current plan for another year.
- Include a call to action. Ask your clients to call you to set up an appointment to review their plan on or after October 1.
- Ask for referrals. Let your clients know you would be happy to help their family and friends with their Medicare coverage. Ask them to share your phone number so new prospects can contact you directly.
- Provide your preferred contact information. This can be your phone number, email, website, or Facebook page. Ensure you are easily accessible and respond to client outreach in a timely manner.
- Thank them for their business and let them know you are here to support them during AEP and throughout the year.
Remember, your clients don’t owe you their loyalty, so you have to earn it every year.
Keep Compliance Guidelines Top of Mind
- Use a minimum of 12-point font, nothing smaller.
- Do not mention any specific plan benefits, premiums, or copays.
- Don’t add any carrier names or logos.
- Don’t set any appointments or seminar dates before October 1.
- You must include TTY: 711 after your phone number.
- You must state that the call will be answered by a licensed agent (or similar).
- Allow enough time to run your letter by compliance@WesternAssetProtection.comto make sure it’s compliant.
- Your letter can only be used for existing clients. It cannot be used for prospective clients.
Like many Medicare beneficiaries, your clients may be unsettled and confused by the changes being made to their plan for 2026. Now is the perfect time to reinforce your role as a Medicare expert and trusted advisor.
The team at Western Asset Protection is here to support you as you prepare for AEP. Contact us today.