With Medicare clients switching plans at increased rates from January to March, it’s more important than ever to support your clients’ needs with various carrier offerings.
Many consumers are aware of the plan options in their market, whether their current agent is offering them or not. A lot of agents think they have all the carriers they need to be successful yet discover they have clients leaving through the back door for other plans. Having a well-rounded plan offering helps secure more clients year-round and eliminate book-of-business attrition.
Which carriers and plans are needed to secure more Medicare-aged clients?
Medicare Advantage Prescription Drug Plans
Around 54% of all Medicare beneficiaries are on a Medicare Advantage plan – that’s roughly 34 million people*. This number continues to grow year-over-year. National carriers such as UnitedHealthcare, Humana, CVS (formerly Aetna) and HealthSpring (formerly Cigna) have a lion’s share of the market, but other regional carriers such as UCLA Health Medicare Advantage Plans, SCAN and others continue to increase their membership. In short, having a mix of both national and regional carriers is vital to support and retain members.
Medicare Supplement Insurance Plans
Consumers searching for Medicare Supplement Insurance Plans, commonly referred to as Med Supps, often base their shopping decisions on the best available rates. To stay competitive, agents are adding more Med Supp carriers annually to stay ahead of rate hikes.
Dental & Vision Plans
Roughly 101 million U.S. adults do not have dental insurance**. Some Medicare Advantage plans have dental benefits, but many lack complete coverage. Stand-alone dental plans are key to helping clients obtain more complete healthcare.
Hospital Indemnity Plans
In simple terms, Hospital Indemnity Plans are there to fill in the cost gaps for when a member ends up in the hospital for a variety of reasons. These plans make stays more affordable by providing indemnity payouts directly to the consumer, which makes it a lot easier to pay their hospital bill. Hospital stays are some of the highest costs members incur and having a plan specifically for these situations provides peace of mind.
Cancer / Heart Attack / Stroke Plans
Roughly one in three Americans will be diagnosed with cancer at some point during their lives***. Insurance carriers have plans specifically for these events. If a consumer is diagnosed with cancer, the plan pays the member a lump sum to help with medical bills and treatments. Few agents offer such plans, opening the opportunity for those who do to help more Americans.
Agents who offer a mix of these plans can help fill their clients’ health insurance gaps. Without a well-balanced portfolio, the chance of clients moving their business elsewhere increases. Finding an FMO partner who offers and services these product lines can make all the difference in growing a successful, long-term agency.
As a Field Marketing Organization (FMO) that works with thousands of independent agents, we understand you must generate leads and stand out from the competition in order to grow your business. That’s why we work diligently to provide the resources necessary for successful marketing. If this information is valuable and you want to know more about the services we provide our Medicare agent partners, please contact us at marketing@berwickinsurance.com or 888-745-2320.
*Kaiser Family Foundation – https://www.kff.org/medicare/medicare-advantage-enrollment-update-and-key-trends/
**National Association of Dental Plans – https://www.nadp.org/new-study-estimates-that-31-million-older-americans-lack-dental-coverage/?utm_source=chatgpt.com
***National Cancer Institute – https://www.cancer.gov/about-cancer/understanding/statistics