Why Selling Med Supps Makes Sense?
- No Annual Certifications: Most Med Supp plans don’t require certifications, saving you time and effort.
- Sell Year-Round: You can connect with people on Original Medicare and close sales even during the lock-in period.
- AEP Bonus: You can still benefit from selling Med Supps during the busy AEP season.
- Remote-Friendly: Thanks to e-Applications from most carriers, you can sell Med Supps right over the phone.
- Extra Rewards: Selling Med Supps often qualifies you for sweet bonuses like Ritter’s Quest for Cash.
- A Growing Market: By 2030, 1 in 5 Americans will be 65 or older—that’s a steady stream of potential clients!
What You Need to Know About Med Supp Plans
Standardized Benefits
All Med Supp plans (A through N) offer the same standardized benefits regardless of the carrier. So, a Plan G from one company will be the same as a Plan G from another (except for price). However, some states—like Massachusetts, Minnesota, and Wisconsin—have slightly different rules.
Important Note: If a carrier offers Med Supp plans, they must provide Plan A.
Premiums Vary
Plans with more coverage, like Plan G, tend to have higher premiums than basic options like Plan A.
Guaranteed Renewable
Once your client is in a Med Supp plan, they can stay in it as long as they keep paying their premiums.
Guaranteed Issue Rights
- For People Eligible Before 2020: Plans A, B, C, F, K, and L are guaranteed issue. Plans D, G, M, and N aren’t unless it’s during their Medigap Open Enrollment Period or they qualify for a guaranteed issue right.
- For People Eligible After 2020: Plans D and G are the go-to guaranteed issue options. Even if clients have health issues, they can switch to these plans if they qualify.
Compare Rates the Smart Way
Since Med Supp benefits are the same for plans with the same letter, finding the best deal comes down to price and stability. Tools like NIM’s Connecture make it easy to compare rates and find the most competitive carriers for your clients.
Talking with Clients
When chatting with clients about Med Supp plans, ask about:
- Their health and medical needs.
- Their budget and how much they’re comfortable spending.
- Any specific preferences, like coverage for foreign travel emergencies.
What Affects Rates: Factors like zip code, age, gender, tobacco use, and marital status can all influence premium costs. For clients expecting significant medical expenses, a more comprehensive Med Supp plan can provide peace of mind and save them money in the long run.
When to Recommend Plans K, L, M, or N
These plans are great options for clients who prefer lower premiums but don’t mind a bit of cost-sharing.
Build Lasting Client Relationships
People appreciate agents who listen to their needs and offer solutions that truly fit. A diverse portfolio of Med Supp options not only helps you meet those needs but also builds trust and loyalty. And let’s be real: happy clients lead to a thriving, long-term business. So, dive into the Med Supp market—it’s a win for you and your clients!