This past Annual Election Period (AEP) saw over 16 million enrollments, totaling over 65 million current enrollments in Medicare. With Medicare’s AEP just around the corner, are you prepared for the wave of shoppers looking for Medicare?
While Medicare Advantage’s AEP occurs from January 1 to March 31 each year, Medicare’s AEP happens between October 15 and December 7 every year, with changes occurring on January 1 of the following coverage year. This period allows individuals to sign up for or change their Medicare coverage plans. As an agent or broker, you will be working closely with your clients during this time, and you'll need to be well-versed in selling Medicare to make the most out of AEP.
Don’t worry, though; we’ve got you covered. Consider these top five tips when selling Medicare during the Annual Election Period to help expand your marketing capabilities.
5 Tips To Remember When Selling Medicare During AEP
1. Build Rapport as a Trusted Insurance Advisor
Retaining clients is extremely important. Why? Retaining clients can result in a 25-95% return on investment (ROI) increase. For that reason alone, developing a strategy to keep your customers is essential.
So where should you start? We advise you to first build a solid relationship with your clients. It may involve educating them on the available Medicare plans, learning about their health history to help ensure you provide them with appropriate coverage for their needs, and updating them about any changes in their current health plan.
If you have satisfied customers who are happy with their coverage, they will be more likely to refer to you as their provider going forward. This maximizes your ROI per client and improves your reputation as an insurance agent or broker in the short and long term.
2. Make It Simple for Clients To Connect and Purchase
While attracting new customers might be challenging, don’t let this limit your ambitions. You just need to know where to find them and how to engage with them to meet their preferences.
Where is that, you ask? Online! Research shows that 54% of shoppers ages 18-29 and 65% of shoppers ages 30-49 bought insurance online in 2023. Here’s how we would recommend you connect with these audiences and how to do so more consistently online.
Customize Your Website and Add Live Chatting
Consider taking advantage of every opportunity to gather potential customers through online marketing, advertising, and your website. You can accomplish this by customizing your website to attract potential customers who may be more likely to buy your products. You can even purchase online solutions to equip your website with live chats to help convert incoming visitors with a more personalized, hands-on experience.
Client-Driven Shopping Carts
Now, consider adding a client-driven shopping cart. This is a great way to leverage your website. Offering prospects the option to shop for their plans, compare quotes, and enroll in coverage online will appeal to a specific subset of clientele and add more business over time.
3. Read Medicare Marketing Rules To Know How to Sell
Medicare coverage and requirements tend to change yearly, and we know how confusing it can be. Don’t let these changes be an obstacle. Instead, leverage these changes to attract more clients and provide them with coverage options.
For example, many beneficiaries take advantage of additional healthcare options that have become available thanks to Medicare Advantage. In fact, over 31 million Medicare beneficiaries are enrolled in a Medicare Advantage plan.
Taking the time to do a deep dive into your Medicare and Medicare Advantage offerings will give you the knowledge and foresight to help guide clients toward choices that will bring them maximum benefits within their budget.
4. Stay Updated on Carrier Changes That Will Affect Clients
Carriers can change their Medicare Advantage plans each year, but the good news is that they must also notify policyholders when they do.
With these changes come new opportunities for your clients to receive additional benefits from the same carrier or look at new plans that offer the coverage they need. As a trusted advisor, you will want to work with your clients to update them on any changes affecting their coverage.
5. Stay Organized With a CRM Built for Insurance
The fun part of selling health insurance is the actual selling: Meeting new people, building relationships, and helping to keep those people covered in a way that increases the quality of their lives. The less fun part is the paperwork that comes with that.
With that said, it’s still essential to ensure you are well organized and complete all necessary forms to help avoid delays or mistakes. For example, to meet with those clients eligible for Medicare, you must first get a Scope of Appointment agreement confirming that no additional types of products will be reviewed outside of what the beneficiary initially requested. This form must be completed 24 hours before the meeting is set to take place.
If this sounds like a lot, we agree. That is if you don’t have the right platform. With a CRM built for insurance, you can streamline filling out enrollment paperwork with cutting-edge features and automated tools. Additionally, all your transactions and files are recorded and stored electronically, making the process from beginning to end seamless.
Become an Expert in Selling Medicare During AEP
Look, we understand the chaos of open enrollment all too well. That’s where the right tools and resources can help you keep up with the growing number of those seeking Medicare.
With the help of the right tools, you will be able to monitor what’s happening with leads and conversions during AEPs, while offering customers a customized and seamless experience.
Want to learn more? Download Insider’s Guide to Increasing Medicare Sales today and become an expert in selling Medicare.
