According to a 2018 study, almost 25 million Medicare beneficiaries chose to be covered by a standalone prescription drug plan. They did not choose a universal coverage approach. This makes almost half of all the Medicare beneficiaries choose to enroll in the Medicare Part D plan.
It shows that as a Medicare agent in the senior market, no matter what your personal preferences are, you need to make sure to efficiently sell the Medicare plan that:
- The client insists on wanting
- It is best for the client
So to say, there is no personal or professional bias involved. You have to agree to the decision best suited to the client. Hence, when it comes to standalone Medicare plans like PDP, the agents find themselves in a dilemma. There are better universal coverage options like MAPD or MSA. Also, the PDP can single handedly be the lead generator for their agency.
Not to mention, a Prescription Drug Plan has a caution tape around it that screams regulatory authority. Medicare Part D is regulated by the CMS. The agent selling it has to comply with their marketing regulations and compliance guidelines. This is making it a stricter regime to follow than for selling any other Medicare plan.
Therefore, needless to say, if you are a local agent looking forward to selling PDP you need to become efficient. In the senior market, here are five efficient ways of selling a PDP without hurting your career or your client.
Complete Your Certifications
First and foremost, you need to be a licensed and certified Medicare agent. This is in order to even mention PDP as your selling product. All agents, brokers, and Medicare experts are to be board certified. They can only achieve a rank on a yearly basis. This is if they get regular training and tests conducted testing their knowledge about Medicare. This will cover products, rules and regulations associated with them. Even though it is a research-based, open-book test. Many agents tend to avoid showing up for the yearly ordeal. This may only end up kicking their careers in the dirt. Therefore, make sure you complete your yearly certifications to accredit a reputable rank.
Hold Sales Presentations & Marketing Events
One of the best holistic approaches to marketing and sales of Medicare products like PDP is conducting marketing events and holding sales presentations talking about the product. Like any product, you may want to sell, using tactics and describing the benefits of standalone Medicare plans like the Medicare Part D make it a more universal approach at convincing clients and educating them for reconsideration. It helps save time, make a name for your agency, and involve other Medicare experts, and identify your target market. Moreover, you can offer free consultations as part of the program to keep the clients hooked.
Send out Regular Educational Emails to Clients
The sales and marketing activities are not the ends of your relationship-building with your clients. In order to continue with it, you shall continue sharing education emails about PDP with your client, urging them to make a decision in Prescription Drug Plans favor and maintain their contact with you. Moreover, you can allow the email to become a resource for them to get back to you regarding any related questions or if they wish to learn more about PDP. Moreover, you can use the email channel as a soft reminder platform. The idea is to not let your sales and marketing efforts slip while you maintain a healthy relationship with your client.
Don’t Go About One-on-One Sales Method.
Contrary to popular belief, the CMS regulations, you are not allowed to conduct one-on-one sales tactics with your clients. For instance, corner them at a public place to talk about PDP and its benefits and reach out to your agency to make a purchase. Not only does it go against their compliance guidelines but also the moral ethics code by law. You may end up getting your license revoked if the client does more than just brush you off and goes on to complain about you to regulatory authorities.
Utilize the Medicare.gov as Your Resource
Lastly, do not forget the Medicare is a federal insurance policy, meaning that it is part and parcel of the government. Hence, any resources put out there, whether in physical or virtual outlets, are your resources. You can use these for your educational, sales, and marketing purposes no matter how much you like. They are regularly updated, so it is your best chance of getting updated info about your industry and remaining within the educated circle of local agents.
In Conclusion,
PDP is a popularly sold Medicare plan, so showing a little bit of an effort and efficiency in conduct can lead you a long, successful way as an agent. Looking to learn more about PDP? It’s important to know the details of each plan offers as formularies vary from plan to plan. United Insurance will assess your current coverage components for your clients and determine if a PDP is a right choice. Contact us today to get started!