Medicare Advantage Sales – Making Millions
Did you know that you can make 10 to 20 Medicare Advantage Sales every single week? All you need is a good “Fixed Cost” direct mail leads program, a top notch Training platform, and a little hard work. In this article you’ll see exactly how final expense producers can easily and compliantly sell Medicare to their existing clients and make millions of dollars in this industry. We’ll also go over how easy it is to become a top producer working the best leads in the industry. The right mindset, a little hard work, and some patience, and you are well on your way to earning six figures in lifetime renewals. Here’s what we’ll be going over in this important article!
Medicare Advantage Sales vs Medicare
How Medicare Advantage Sales Commissions Work
Is Medicare Advantage Sales Difficult?
How hard is the Testing?
Medicare Advantage Sales Top Producers
Direct Mail and Medicare Advantage Sales
Facebook and Medicare Advantage Sales
Cross-selling your Life Final Expense Clients
Turning 20 Leads into $350,000 of Lifetime Renewals
Medicare Advantage Sales vs Medicare
As American Citizens, we have access to Medicare benefits at the age of 65. This means getting a super killer deal on our Health insurance. This does not mean we automatically get free health insurance, but that does happen for some. It all depends on several variables which I’m not getting into here. We’ll save that for another day. What’s important, is that insurance companies will actually pay for your Medicare costs if you have one of their plans. The plans all vary and there are different types of plans. In most cases Medicare Supplements are designed for people who can afford higher costs, and in many cases, who want more options with their healthcare. Medicare advantage is usually designed for people who have a lower income and aren’t as picky as the Medicare Supplement folks. This is why Medicare Advantage Sales and Supplements are important.
With Medicare Supplements and Medicare Advantage, you still want to be enrolled in Medicare parts A and B. Both Medicare Advantage and Medicare Supplements work hand in hand with Medicare as they both cover costs that original Medicare doesn’t cost. Medicare is a bit of a confusing beast so let me just make it easy for you. Everyone is different. We all have different needs, and we all have different health concerns. With this in mind, we all want and need to be treated different. This is why there are so many different plans available outside of original Medicare. This is also why agents working the senior market should learn to be flexible. A good insurance agent will know how and when to sell a Medicare Supplement and when to make Medicare Advantage Sales. Remember, Medicare Supplements cost more and in many cases Medicare Advantage costs nothing.
Medicare Advantage Sales Commissions
There are 2 really good reasons to do Medicare Advantage Sales. The first is to help people. Yes, I truly believe when we put our clients needs first, we will reap the rewards of success and a better life. I also love the idea of going to sleep knowing that what we do is for the good of our clients. We are actually doing something for people that helps them and is super rewarding. The second reason is the commissions. Let’s just say that Medicare Advantage Sales is the best insurance sale for lifetime renewals. The big buzz that we’ve all been hearing is about selling those products that have a passive income stream. Medicare Advantage Sales is exactly that. And for the entire lifetime of the client! Put the 2 reasons together, and you have a super rewarding career which ends up with a super awesome life.
Here’s the numbers for 2021. When you make Medicare Advantage Sales, you are paid $539 for Every NEW client who’s never had a Medicare Advantage plan. The lifetime renewals are $270 per year. Most of these will probably come from folks turning 65 years old. But not all! Some will come from new people that are Medicaid or Low-Income Subsidy recipients. Since everyone’s needs changes, and a lot of agents just don’t do a very good job, most people switch to different plans. This is where we come in. A talented MAPD or Medicare Advantage agent will uncover advantages to switch plans. These pay $270 for the first year and $270 each year that the client stays with you. In 2022 the pay structure will increase. You will make $573 for First Time clients and $287 when you switch plans. Lifetime renewals will be $287 for Medicare Advantage Sales.
How easy/hard is Medicare Advantage Sales?
When I first started selling Final Expense insurance in the senior market, there was one thing I noticed. Selling to fixed income seniors is a lot easier than selling to professionals and younger people. At least with life insurance sales it was definitely different. You see, I have been a sales professional most of my adult life. I cut my teeth selling home improvements. Trust me, selling a $10,000 stamped concrete driveway to someone who is getting multiple bids is a lot more difficult than selling life insurance to someone who is sick and in the need of life insurance. But what about Medicare advantage sales? How do you sell Medicare advantage to someone who already has a Medicare Advantage plan? The correct answer is, “very easily”.
Medicare advantage plans are all different and there are different insurance companies that offer them. When someone turns 65, in most parts of the country, they absolutely need the benefits of a Medicare advantage plan. Once they enroll in Medicare parts A and B, most seniors are automatically paying $148.50/monthly in 2021. With a good Medicare Advantage plan, they will either pay a lot less, or nothing as the insurance companies often have local plans that include paying for this cost. So think about it. How easy is it to sell a Zero monthly payment health insurance plan? Since all the plans are different, we constantly see people with plans that don’t include one thing or another like Dental or Vision. These plans are often easy to replace. Now you’ve just made a best friend out of your client. When selling Medicare Advantage, it’s all about suiting your client’s needs.
Medicare Advantage Sales – Making Millions
A few years ago one of the agents on our final expense platform decided to make the move into selling Medicare Advantage. Adam Howard was already selling the senior market for years and had thousands of final expense clients on the books. Between his existing clients and working a large number of leads, he broke the record for face-to-face Medicare sales. In his first calendar year, he sold over 800 Medicare Advantage enrollments. Yes, that is totally insane. Selling over 15 new enrollments per week, for an entire year just seems hard to fathom. But it’s really not as hard as you might think! It’s all about having plenty of leads and a great work ethic. You see, even more interesting, when he and I spoke about it, he reminded me that he really didn’t work his book of business. This mainly came from working leads.
Here’s a simple breakdown on what it takes to be a Super Producer selling Medicare Advantage, along with some of the costs. First you need the training. Next, you need the leads. Our Medicare Advantage fixed cost leads program can guarantee you as many leads as you want, and at a guaranteed fixed cost. Currently in 2021 the leads cost $25 each. With our Leads Credit program, you’ll get $75 in lead credits for every MAPD plan that you sell. The closing rate average is 30-50% so all you have to do is close 15 out of every 45 leads and your lead cost is Zero. Most agents working 45 leads each week use an appointment setter or an assistant to help them get in front of most of the 45 leads. The cost for something like this is around $350-$450 per week. There’s the bulk of your weekly costs.
Facebook and Medicare Advantage Sales
One of the things that I absolutely love about Facebook, is that you can use this social media platform to meet clients. There are several companies that sell their lead generation systems that you can use to specifically target our seniors. Not only that buy you can even target brand new turning 65 Medicare parts A and B enrollees. Medicare advantage sales through Facebook is not as hard as you might think either. We have a company that gives our agents access to a simple system that is used to target final expense sales. Programs like this go for over $1,000 and our agents can have it for $700. Here’s what cool about it. The same system and techniques can easily and compliantly be used to target our senior market for Medicare advantage sales and even Medicare supplements. It’s all about finding the right product based on individual needs, right?
There are also companies that sell Facebook and google leads at a cost per lead. By purchasing leads, you can cut out the hard work however, the quality and intent of these leads may not be as high as the leads you self-generate. But they still work! There are also people out there that will run your Facebook leads campaigns for you. They usually charge a flat monthly fee (around $500) and it’s worth every penny. By hiring someone who knows what they’re doing, you’ll have more free time. This means more time in the field selling, and less time messing around with your ads. If you are using someone good, they will be rotating your ads on a regular basis and will be able to make adjustments for higher conversion rates. The idea is to get the maximum return on investment with your Medicare advantage sales leads.
Medicare Advantage Sales from Direct Mail
Agents on our platform get a $75 lead credit for every MAPD sale that they make. Since our Medicare Advantage Sales direct mail leads currently cost $25 each, you shouldn’t have to every pay for leads. Agents are closing between 25% to over 40% of these leads and the top producers are closing around half of them. Medicare Advantage direct mail leads are in my opinion, the best way to meet with new clients. I’ve always said that direct mail is king when it comes to selling final expense insurance. It’s the same for MAPD. Some of the smarter agents work their weekly direct mail leads while they’re running local Facebook ads. Our direct mailers target low-income folks that can be moved and sold all year long. With Facebook, you can target those low hanging T65 folks that have never had a Medicare Advantage Plan or Medicare Supplement.
If you’re thinking, great, I can pay $500 for a company to do a mail drop for me, you might want to think again. In some states the mail drop returns are around 1%. This means that you could easily pay over $50 for each lead. Just another reason to make your Medicare Advantage Sales through us. Intensive training to get you started added to the leads credit program, and you’re getting the best deal in the country. And yes, you are fully vested on the first day which means full commissions and full lifetime renewals on your Medicare Advantage Sales. You are paid directly from the insurance carriers, so no one is doing any funny business with your money. I’m pretty sure that we’re the only insurance agency that is doing all of this, and in just about every state too!
Medicare Advantage Sales to Your Existing Final Expense Clients
If you’ve been selling final expense for a couple of years now, you are in the perfect position to make some of the easiest Medicare Advantage Sales possible. You will be able to compliantly go back to these people that you already have a relationship with, and make sure they have the best MAPD plan for their needs. You’ll also find out that a lot of these folks have not even heard from their Medicare Advantage agent in years. With some carriers, the clients can request that you become the agent of record. This means you can now help them with any questions they have about their plan. It also means that you’ll take over the lifetime renewal commissions for the plan. Winner winner, chicken dinner! My wife’s Final Expense clients often ask her if they can help her with their Medicare because she strong in the relationship department.
With the right Medicare Advantage Sales training, you’ll know exactly how to speak with and approach your final expense clients. You’ll also be able to go back and see your Medicare Advantage Clients about their final expense insurance. Compliantly cross-selling is important in our industry. If you don’t do it right, you can get fined or even worse, lose your insurance license. The entire cross-sell process really isn’t very difficult. It’s all about approach and ethics. As long as you put the needs of your clients first, everything else will usually fall right into place. If you’ve ever watched my YouTube channel you’ll recognize that statement.
About the Author
As a top producer, I (Douglas Massi) wrote over a Million Dollars of Annualized premium during my first 3 years while selling to the final expense market. The information we share is all from proven techniques based on what I have either done personally or seen accomplished by agents on our platforms. We are currently seeing Medicare Advantage and Medicare Supplement agents breaking records in the industry by using our Fixed Cost Direct Mail Leads program and by cross-selling their existing Final Expense clients. Today, I mainly teach agents how to effectively sell Final Expense while our Medicare trainers work with our MAPD agents. Feel free to contact me directly with any questions.