With nearly 4.2 million baby boomers turning 65 in 2025, Medicare agents need an effective strategy for targeting and converting these T65 prospects. Capturing this lucrative market will have a measurable impact on your long-term business growth and income. This group is actively looking for guidance regarding their healthcare decisions. They want someone who can educate them on their options and simplify the enrollment process. The following are some best practices for reaching this audience.
Timing
Many baby boomers start researching their Medicare coverage options well before their 65th birthday, which means you need to start your outreach early. If you’ve developed a relationship and built trust with these potential clients, you’ll be the one they reach out to when they are ready to make a decision.
Marketing Strategy
You need a targeted marketing strategy that educates T65 prospects on their Medicare coverage options and important enrollment deadlines. To reach this diverse age group, you’ll need a multipronged approach.
- Direct Mail Campaign – Targeted mailers designed for the T65 audience are still a reliable and cost-effective marketing tool.
- Digital Marketing – Social media is a great way to interact with T65 prospects, and it doesn’t cost you anything. Of adults aged 65 and above, 74% reported using social media, with Facebook and YouTube being the most popular platforms, followed by Instagram. Keep your online accounts up to date with relevant, informative, and engaging information.
- Networking and Community Engagement – Participate in events where you can meet potential clients and enhance your visibility in your community. This includes hosting educational seminars, participating in charity events, and joining the local chamber of commerce, senior clubs, and organizations.
- Referrals – Don’t forget the importance of asking for referrals from satisfied customers, including your newest clients. For example, if you have assisted a new T65 prospect with enrolling in Medicare coverage for the first time, say “I’m so glad I was able to help you find the right coverage to meet your needs. If you have any family members or friends who are turning 65 and need assistance, I would be happy to help them as well.”
Remember to stay compliant with CMS marketing rules and guidelines. You’ll not only avoid potential penalties, you’ll also protect the best interests of your clients.
Tips for Servicing Dual-State Clients
You may encounter T65 prospects who plan to spend part of their retirement years living in another state. To help these dual-residency prospects, you must ensure the Medicare coverage they choose covers them in multiple locations. In this case, the enrollees should:
- Choose one location as their primary address. This is where they live most of the time, file their taxes, are registered to vote, and hold a driver’s license.
- Enroll in Medicare Part A and B in the state where they have primary residence.
To help beneficiaries find the right coverage, it’s important to understand how often they will be spending time out of state, what type of medical services they might want to receive while out of state, and what they can afford.
Original Medicare and Medicare Supplement Plans
This coverage provides the most flexibility, since the beneficiary can use it wherever he or she is living, as long as the provider accepts Medicare assignment. This is often the best choice for individuals with health issues who want the option to receive medical services wherever they are. It’s important for beneficiaries to know that if they don’t enroll in a Supplement plan when they are first eligible, they could be denied coverage at a later time based on any health issues they have. Depending on the location and plan choice, Medicare Supplement plans typically cost more than Medicare Advantage plans. Not all Supplement plans are available in all areas.
Medicare Advantage Plans
Beneficiaries who choose to enroll in an MA plan must select a plan offered in the area where they have their primary residence. Since these plans utilize provider networks, it’s important to verify which providers a beneficiary will be able to see while out of state. An HMO plan, for example, will only cover emergency room and urgent care visits, while a PPO plan will cover some out-of-network services at higher out-of-pocket costs. While the premiums are usually lower for an MA plan, these out-of-network costs may add up.
Individuals who move outside their MA plan’s coverage area will be granted an SEP to either enroll in another Medicare Advantage plan or return to Original Medicare.
Part D Coverage
Whether the beneficiary has his or her Part D coverage as a stand-alone plan or as part of a Medicare Advantage plan, you need to confirm there are in-network pharmacies in both states that accept the coverage to avoid issues with filling prescriptions. If the plan requires mail order for specific medications, check if the plan will allow beneficiaries to change their mailing address to an out-of-state location.
Make sure you have an in-depth understanding of Medicare’s rules as well as the rules for the plans in your portfolio. This will allow you to confidently and accurately provide the important information a T65 prospect needs to make an educated and informed decision.
The dedicated team at Western Asset Protection is here to support you in all aspects of your business. Contact us today.