If you are selling Medicare Advantage plans, you need to be cross-selling Hospital Indemnity plans to your clients. While some Medicare Advantage plans offer $0 monthly premiums, beneficiaries are left with some gaps in coverage – especially out-of-pocket costs for hospital stays and procedures. For a client living on a fixed income, unexpected costs like that can throw off their budget drastically. The good news is that hospital indemnity plans can fill in these gaps for your clients – at a price they can afford.
Your clients cannot enroll in a plan that you did not offer – so follow up with any Medicare Advantage clients in your book of business to talk about Hospital Indemnity coverage. It can start with simple questions such as “Would you say you live on a fixed income? Would you be able to afford a hospital stay with your current coverage?” The real answer may be that they are not aware of the gaps in coverage left behind with a Medicare Advantage plan. Depending on the plan the client is enrolled in, the cost of an unexpected hospital stay or admission can result in hundreds or even thousands of dollars in medical bills. Ask your clients if this is something they are prepared to deal with and take the time to go over what is – and isn’t – covered in their Medicare Advantage plans. It is also important to note that the Centers for Medicare and Medicaid Services (CMS) has stated that you can discuss and sell Hospital Indemnity coverage during a Medicare Advantage appointment as long as it is agreed upon within the Scope of Appointment (SOA) form.
Then, let them know that you have the answer – a hospital indemnity plan. Let them know that this type of plan can fill in those gaps left behind by Medicare Advantage and covers many of the copays associated with Medicare Advantage – all at the cost of a low monthly premium. If the idea of adding a premium seems to be making them uncertain, let them know that although they will be paying more monthly, it will alleviate the uncertainty in the event they need emergency medical assistance. Give them a rundown of the things covered by hospital indemnity plans such as:
- Ambulance transportation
- Primary care doctor’s office visits
- Annual wellness visits
- Preventative care
- Hospital confinement coverage
- ER coverage
- Lab and radiology benefits
- Skilled nursing benefits
So, alongside the coverage for hospitalization, these plans relieve clients of the copays associated with doctor’s visits in their Medicare Advantage plan. For clients looking for a little more, let them know that some hospital indemnity plans offer the options to add things such as:
- Outpatient surgical procedure coverage
- Lump-sum cancer benefits
- Outpatient rehabilitation benefit
Depending on each client’s medical needs and budget – some of these optional add-ons could be something they need. Once you have explained the importance of hospital indemnity coverage and how it can alleviate unexpected costs that your Medicare Advantage beneficiary may experience, work with each client to find a plan that meets their medical needs and fits their budget.
This cross-selling opportunity is not only an opportunity to boost your sales and increase productivity after AEP – you are also ensuring clients can have peace of mind in their medical coverage. If you would like more information on cross-selling hospital indemnity plans, click here or call your Regional Market Manager today.