Medicare products are a popular and rapidly growing market for insurance professionals. With coverage typically beginning at the age of 65, demand has steadily increased as the Baby Boomer generation (1946-1964) started to become eligible in 2011. Agents can offer Medicare Advantage (MA) products as US citizens turn 65, during open enrollment, annual election period and during pre-define major life events. Medicare supplement products can be offered year round.
In addition to the growing demand, the Medicare market is popular due to the strong initial commission and because it is often an easy sell once an appointment is set. Consumers need health coverage and have an inherent trust for the product due to the government regulation/association.
While there are plenty of seniors on Medicare targeting the right prospects can be a challenging task. Marketing regulations and product availability vary from state to state so any agent looking into the market should start with the department of insurance in their state. One important regulation to note is that cold calling is not allowed for MA plans.
MA plans will see the strongest volume during the open enrollment/annual election period which occurs from mid October to mid December. During this time producers focusing on Medicare will often work long hours to get their share of the limited time volume. Leads can be obtained from internet lead companies, generated with direct mail, client referrals, senior clubs and organizations and traditional media outlets such as radio, TV, newspapers. During the open enrollment period just about any medium that has a strong 65+ demographic is something that should be considered.
The turning 65 (T65) market is also a strong area of emphasis throughout the year. We recommend focusing on cross-selling current clientele, internet leads and sales lists (for direct mail) for targeting these prospects. More here.
Med Sups have more flexibility and are a lucrative option that agents can promote on an ongoing basis. We recommend using all options already mentioned for this product with a strong emphasis on cross-selling with other senior markets products and as an add-on product to discuss with any current clientele and prospects over 65.
Referrals are without question the best way to generate more Medicare leads in the senior market. Be sure to be patient with your clients and prospects as they will have plenty of questions. As with the other senior lines keep every option available to cross-sell including final expense and long term care. There are many ways to generate Medicare business once you have an engaged prospect.