Selling Medicare Outside of AEP

Written by Lexi Williams

January 25, 2021

Looking for ways to boost your Medicare sales outside of the annual enrollment period (AEP)? Don’t worry – there are ways insurance agents can take advantage of the other 311 days this year to increase productivity – and earn more in commissions!

Medicare Supplements

Did you know, in 2020, only 36% of all Medicare beneficiaries enrolled in Medicare Advantage plans? That means 64% of beneficiaries are eligible to be enrolled into a Medicare Supplement plan.

As you may know, Medicare Supplements can be sold year-round and do not require new certifications annually, unlike Medicare Advantage plans. Medicare Supplements are also standardized by letter and do not change based on county or state (MA, MN, and WI can be changed without federal approval). These plans are also guaranteed renewable, meaning that clients can continue to stay in their same plan for as long as they wish. Plans A, B, C, F, K, & L are also guaranteed issue, meaning that beneficiaries can enroll outside of their open enrollment period (OEP) as long as they are healthy enough to pass the plan underwriting.

It is essential to discuss a beneficiary’s health, lifestyle, medical needs, and budget when selling Medicare Supplements. Rates for Medicare Supplements can vary based on their zip code, gender, marital status, and tobacco use – many Medicare Supplements also offer Household Discounts (HHD). Household discounts are often discounts off the monthly premium of two spouses or household members who enroll in a Medicare Supplement with the same company. Some companies offer discounts for beneficiaries who have a spouse or even just a roommate over 18. Take note of these discounts with policies you offer to help find each beneficiary’s best coverage.

Medicare Supplements also pose an advantage in selling for the insurance agent and incentive programs and commissions! Selling Medicare Supplements can be a boost to any insurance agent’s income. Insurance agents can earn the same commission for at least seven years – having a steady client base and generate a stream of residual income just from commissions! For example, an insurance agent making $15,000 in commissions could earn an extra $105,000 by their seventh year. Imagine what you could do with all of that extra cash.

Incentive programs are also a huge benefit to selling Medicare Supplements; many carriers offer monetary incentives for insurance agents and agencies to sell their products. For example, Humana runs a 2021 first quarter bonus program offering up to $300 per issued Humana Achieve Medicare Supplement policy depending on the underwritten policy mix with the Humana Achieve Underwritten Business Bonus. Learn more about this and other Medicare Supplement incentive and bonus programs by visiting Agent Pipeline’s 2021 Production Incentives page.

Take Advantage of Special Enrollment Periods (SEP)

Special Enrollment Periods are also another excellent opportunity for insurance agents to sell more Medicare products year-round. Under certain circumstances, SEP-eligible beneficiaries can enroll or dis-enroll in Medicare Advantage and Medicare Part D (Prescription Drug Plans) Plans.

Outside of those who are turning 65 and are newly eligible, many of the beneficiaries who qualify for a SEP are dual-eligible beneficiaries. Dual-eligible individuals are low-income beneficiaries who qualify for both Medicare and Medicaid. When a beneficiary changes their dual status – they become eligible for a SEP to join a Medicare Advantage plan within three months of the change. Many also are eligible to change their D-SNP once each of the first three calendar quarters of the year. Click here to read more about Why it’s Worth Selling D-SNP’s for Insurance Agents.

At Agent Pipeline, we are here to help you grow as an insurance agent or agency. Don’t wait to take advantage of all of the opportunities to sell Medicare products outside of AEP – contact your Regional Market Manager at Agent Pipeline or call 800-962-4693 today!

How to Sell Medicare Outside of AEP – Needs Analysis

Agent Pipeline is here to guide you through Selling Medicare Outside of AEP. We have put together a PDF you can fill out to help you through the important questions. Click here to find out how you can gain access to The Needs Analysis PDF!

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