Finally, as monthly payments are required, the borrower's credit score plays an important part in the approval process. We couldn’t do this if we didn’t have a team to help manage the process, but the point here is you can certainly help contain your costs by controlling your own lead source. These are usually tied to a minimum order of 15-20. Short-term loans are available to pay for care while waiting for a home to sell. E-Apps are very simple assuming your client has an email or knows how to use a computer. Sign up to get instant access to our FREE Estimator. Don’t be afraid to embrace that you’re a Medicare agent and take every chance to remind people of that. Medicare Supplements have higher than average direct mail response rates. There are 2 common ways to sell Medicare over the Phone, and you’ll need access to both.
If a client has a Medicare Advantage plan, they can apply for a Medigap policy but must leave the Medicare Advantage plan prior to the Medigap policy becoming effective. UHC offers a Medicare supplement insurance Plan F for the same 65-year-old female in Missouri for $188 ($38 less than Humana for the same coverage) per month as well as the 5% household discount. It is best to seek the counsel of a professional Medicaid planner before choosing this option. As an independent Medicare agent, you are responsible for paying for your own leads as well as all other operating costs and managing the day-to-day operations of your business. The four relevant options are renting the home, selling the home, getting a reverse mortgage, and getting a home equity line of credit. Get a copy of your turning 65 Medicare leads list once the order has been processed. Step 2: If a phone number is listed, give them a call, introduce yourself and attempt to set an appointment. One option to prevent running out of money is to buy a lifetime annuity with the proceeds of a home sale. This is very important. Here are the two most important things you need to know about Medicare Supplement commissions. A home, when occupied by the homeowners, is considered an exempt asset by Medicaid. Reverse mortgages become due when the last individual on the agreement passes away, moves away from their home for a period of more than one year, or when the home is sold. Medicare recently made two significant changes to the red, white, and blue Medicare card, so Medicare beneficiaries will all be receiving new cards. What does “work your Medicare supplement leads” mean? Choosing the best Medicare Supplement plans should be based on many facts beyond just commission percentages. Complete the registration by entering your last name, date of birth (DOB), and last four of your Social. If you’re not prepared for this, you really shouldn’t try to get started with Medicare telesales. Your ability to get in front of the prospect first will drastically improve your close rate. This is because the income can make a significant contribution toward the cost of care, and higher value homes tend to attract more stable tenants. If one fails to make their payments, the home can be foreclosed. Determine if you want to do this all on your own or with a team. Single individuals and married couples in good health should probably avoid a HELOC as a means of paying for care as their need for care is undetermined at present. There are other scenarios that allow you to sell outside of that time frame and you can find those on page 66 of the 2020 Medicare and You Handbook.
This deductible must be met before Medicare will begin paying.
When your client is using a retirement health plan, Over the age of 65, still employed, on a group health plan and the current employer has less than 20 employees, Disabled and under the age of 65, still working and on an employer health plan with an employer with less than 100 employees. The secret to telesales is speed to dial. Contract with the best Medicare Supplement companies. This is probably why Medicare Supplements are referred to as Medigap policies by CMS. This isn’t going to cover everything about selling Medicare plans, but it will give you a great starting point. With reverse mortgages, credit scores are considered significantly less important. Knowing the answers to those three questions will help you determine if Medicare is primary coverage in most scenarios. They are much more likely to forget a quick phone call from someone they don’t know. The large sum of money generated by a home sale has both positive and negative consequences. Below are some examples of Medicare Part A covered services: Gaps in coverage with Medicare Part A can result in some of the highest financial risks for your clients which is why many agents often cross sell ancillary insurance.
Yes, I gave up renewals, but I saw it as a training cost to move my career forward.
And, trust me, they will smoke you out if you’re just there for an easy sale. As we mentioned previously, always double check you are in compliance before starting any cross selling or marketing campaign. Therefore, the individual will be required to spend nearly all of the proceeds on their care costs or “spend down” in another manner that does not violate Medicaid’s look back rule, which if violated, results in a period of Medicaid ineligibility. This is true peace of mind for your policy holders. The line of credit also gives the flexibility to return to living at home should one's health allow for it or provide a source of funding for care while determining if the home should be sold.
Important: More responsibility means more commissions. Your answers to the following questions will help determine which direction you should go. Obviously, the individual(s) in need of care cannotlivee in the home. A captive agent works for someone and does not own their book of business. When you are having that discussion need to remember to ask the following questions”. You can’t!
This may seem like a lot, but it’s the agent that pays attention to the details that will earn six figures selling Medicare Supplement insurance. Always carry a copy of the 2020 Medicare and You Handbook on your appointments. Different types of Medicare Part D prescription drug plans. Read more about Unison HomeOwner Agreements. Page Reviewed / Updated - October 10, 2020, Expert Reviewed By: Joshua Iversen, President, Syzygy Financial LLC, Today, many elderly Americans who cannot afford the ongoing cost of home care, assisted living or nursing home care are faced with the decision of whether to use their homes as a source of funding to pay for care. The ill spouse may eventually pass away or it may be medically necessary to move to a nursing home. Selling Medicare supplement plans takes an enormous understanding of Medicare, so make sure and pay attention to the next few paragraphs as well as getting your copy of the Medicare and You handbook. They began assigning every beneficiary a new Medicare number. It is usually a good option if one or both spouses intend to return to living in the home after some period of time. Selling Medicare (Med Supps or Medicare Advantage plans) is one of the great insurance jobs, even in the new world we live in with the Covid19 pandemic. Job Security due to more Baby Boomers turning 65. Read more about loans for elder care. For those who need to purchase Medicare Part A they will spend up to $413 per month in 2020. Therefore, it is only appropriate for persons going into residential care, be that assisted living or a nursing home.
Category: Great Insurance Jobs, Redbird Ultimate Guides, Resources. We were able to bring our lead generation capability in house and nearly replicate the results of Vendor 1 and cut our cost by nearly 70%. First, make sure you’re on the correct page to ensure you’ll get a discount. These loans are intended to be used as a bridge until further financing can be secured.
We love to work with agents who believe in being part of a great team, but we can’t do that if we don’t have a way to get connected. A bank will approve the homeowner for a specific amount of money for a certain period of time. Individuals with immediate care needs or couples in which both spouses require care are candidates for HELOCs because there is no requirement that they remain living at home. While direct mail lead generation remains the most common source of Medicare Supplement leads, it’s important to always keep your eyes out for additional lead sources. This is followed by the voice authorization from the client to proceed with the policy. Medicaid can put a lien on the new house. Furthermore, it only makes sense to rent the home instead of selling it if the mortgage is paid off or if the monthly payments are very low.
Your client should expect to pay monthly premiums for Original Medicare Part B, their Supplement and their Part D drug plan. Plus, Medicare sales are at an all-time high because of the aging population.
Utilizing a voice signature means there is no paper application or e signature required.
Your clients must first have Original Medicare (parts A and B).
But, give it a shot. Simply show up, knock on the door with a positive attitude and introduce yourself. One must estimate the number of months and years they can continue to live at home and receive care in that location. Baby Boomers are aging at rapid rates, creating a bubble of opportunity for an agent to start selling med supps (Medigap, as CMS calls them). It’s always better to laser target your markets.
When your clients are first eligible for Medicare, they have a 7-month initial enrollment period (IEP). At present, these programs are available in Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, and Wisconsin. Below shows you how to review the financial strength of the Medicare Supplement plans before choosing which one to sell: Higher than average loss ratio = unhealthy risk pool = increased chance of rate increases. Financial Assistance for Elder CareThere are many federal, state and local programs that provide assistance. Take a look at the Plan F case studies below which I ran for a 65-year-old female in the state of Missouri. It would gain you nothing to sell the house, because the money would have to be spent down before she would qualify for Medicaid again. If you need CE, take it with. At the point of meeting the deductible, your client will be on the hook for 20% of the Medicare-approved amount.
The typical Med Supp client coverage scenario looks like this: Medicare Supplement insurance is also referred to as a Medigap policy by CMS.
Repeat until you have exhausted your list and hit your goals. The homeowner can borrow however much they require whenever they require it.
Renting a home may be an option for those considering Medicaid, but it can be a tricky situation.