Successful agents strive to develop a well-rounded portfolio solution suite that meets the varied needs of their clients. By expanding the types of insurance products you offer, you can create a one-stop shop experience for your existing clients and improve your prospecting opportunities to gain new clients. This will help you build a more diverse clientele to ensure year-round sales and a steady flow of income. Below are five steps to help you build a rich, diverse offering:
Step 1: Start Now with Carrier First Looks
Take advantage of the carrier First Looks that happen typically in July and August each year. You should examine the First Looks of your current carriers as well as those from carriers you are not contracted with to gather a broad understanding of plan benefits and expansions in your sales area. Consider which carriers and products will be of the most interest to your current clients and which will allow you to grow your client base. This is also a good time to consider opportunities to expand geographically into new areas where you can reach fresh prospects.
Step 2: Offer a Full Range of Medicare Products
Your portfolio should include the most competitive plans in your area. You should be contracting with large national carriers as well as local carriers in your market. Also be sure that your solution suite includes a range of premiums that fit a variety of budgets.
Medicare Advantage
Your portfolio should include a good selection of HMOs, PPOs, and PDPs. When choosing carriers, consider differences in premiums, drug formularies, provider networks, and much-desired supplemental benefits, such as hearing, dental, and vision. Are there any carriers offering D-SNPs or C-SNPs in your market? Offering these special needs plans can both benefit existing clients and help with prospecting for new clients.
Medicare Supplement Plans
Nearly half of all Medicare beneficiaries are enrolled in Original Medicare. They are prime candidates for a Medigap plan, which helps pay for out-of-pocket costs not covered by Original Medicare. Medigap plans offer year-round sales opportunities. Don’t miss out on this large segment of the Medicare population.
Step 3: Include Stand-Alone Plans for Dental, Vision, and Hearing
Original Medicare and Medigap plans offer little to no coverage for vision, dental, and hearing care, whereas coverage with Medicare Advantage varies greatly depending on the plan. Add stand-alone plans to your portfolio for clients who want to offset their out-of-pocket costs for these services.
Step 4: Contract with Hospital Indemnity Plans
Although Medicare covers a large portion of hospital expenses, it will not cover everything. Hospital indemnity plans help reduce out-of-pocket costs for hospital stays. These plans work in conjunction with any Medicare coverage, including Medicare Advantage, Original Medicare, and Medigap. Indemnity insurance may be a good fit for clients with chronic health conditions that could lead to hospitalization, those who have an upcoming surgery that will require a hospital stay, and those who want peace of mind for worst-case scenarios.
Step 5: Look for Ancillary Products to Create Cross-Selling Opportunities
Adding products such as life insurance, long-term care insurance, and annuities creates cross-selling opportunities. Offering these ancillary products allows you to meet your clients’ changing needs over time and build long-term relationships – it means clients won’t have to shop around to find the additional products they need.
These products can also help you broaden your client base to include a younger demographic. This will mean you benefit from more business and income throughout the year. Plus, a diversified portfolio will help you stand out from your competition.
CMS Compliance for Cross-Selling
You can sell ancillary health insurance products such as hospital indemnity insurance and stand-alone dental and vision plans at Medicare meetings. Remember to document the sale on the scope of appointment form. However, you cannot use Medicare meetings to sell non-health related ancillary products such as life insurance, LTC insurance, and annuities. You can mention you offer these products, but you must schedule a separate meeting if your client expresses an interest in discussing them.
Assessing Your Clients’ Needs
Understanding your clients’ needs is key to knowing which products you should consider adding to your portfolio. You should have a good understanding of all the products you offer and know how they will complement your clients’ current coverage. Carrying out regular needs assessments with your clients will help you uncover unidentified needs and gaps in coverage. Offering the right products at the right time builds your credibility as a trusted advisor.
The team at Western Asset Protection is dedicated to helping you grow your business. Contact us today.