With health care costs on the rise, choosing a Medicare plan that balances coverage with affordability is more important than ever. Many Medicare beneficiaries have limited incomes—half earned less than $36,000 in 2023—and health expenses only increase with age. As an agent, you play a crucial role in helping clients find a plan that meets their needs without stretching their budget.
Step 1: Start with a Comfortable Conversation About Finances
Getting to know your client’s budget is essential, but it can feel a little personal. To keep things comfortable:
- Build a Connection: Keep the chat friendly and relaxed, like you’re having a normal conversation rather than a formal interview. Listen actively, and let your clients know you’re here to help, no judgment.
- Gently Ask About Expenses: As you chat, ask about any health costs they expect or what they feel comfortable spending on coverage. This helps you understand what they can afford in a Medicare plan without making the conversation too focused on finances.
This approach not only gives you insight into their budget but also builds trust, showing them that you’re genuinely interested in helping them find the right plan.
Step 2: Provide Accurate Plan and Prescription Quotes
Once you know your client’s budget, accurate quotes are key. Here’s how to make sure they’re seeing real numbers they can trust:
- Run Plan Quotes and Estimate Drug Costs with Connecture: The Connecture platform lets you pull up Medicare plan quotes by zip code, making it easy to show all options in their area. It’s user-friendly and gives clients a clear view of costs. You can also estimate prescription costs tailored to each client’s needs. You can even email or text these quotes to the client anytime, helping them get a clearer sense of out-of-pocket drug expenses.
Step 3: Explain Plan Costs Clearly
Helping clients understand what they’ll pay for their Medicare plan is crucial. Break down the main costs so there are no surprises later:
- Copays, Deductibles and Premiums: Go over any costs associated with the plan, including copays, monthly premiums and any deductibles, explaining how these might impact their budget.
- Maximum Out-of-Pocket (MOOP): Talk about the MOOP limit and what it means for out-of-network expenses, so they know exactly what to expect.
By giving clients the full picture, you’re empowering them to choose a plan they feel confident about, which reduces the risk of unexpected expenses down the line.
Step 4: Offer a Variety of Medicare Options
To meet different budget needs, it helps to have a wide range of Medicare plans in your portfolio. Here’s what to include:
- Competitive Medicare Advantage Plans: Look for plans that offer extra savings, like Medicare Part B premium givebacks.
- Medicare Supplements: These plans can be more flexible for clients who want extra budget control.
- Ancillary Products: Offering add-ons like dental, vision, hearing, critical illness or hospital indemnity insurance can help clients build a more complete coverage package that protects them from high out-of-pocket costs.
Having a diverse portfolio ensures you can offer clients a solution that fits their specific needs, while also giving you the chance to earn extra commissions and strengthen your client relationships.
Helping clients find Medicare coverage that works with their budget isn’t just about crunching numbers. It’s about understanding their needs and guiding them toward a plan that gives them peace of mind. Taking a personal, straightforward approach builds trust and ensures clients feel good about the choices they make for their health and finances.