Medicare sales is a competitive market, but agents can find success by maximizing commissions and cross-selling related Medicare Supplement products. These ideas will provide good customer services to your clients by providing more comprehensive coverage, in addition to bringing in more income.
How Do Commissions Work
Medicare agents make a commission based on each sale or renewal of a plan. The Centers for Medicare & Medicaid Services (CMS) sets national commission maximums for Medicare agents and agencies each year. CMS determines the maximum amount for commissions to prevent conflict of interest, to keep agents focused on the best plans for their clients, and to promote competition between insurance plans.
Strategies For Maximizing Commissions
It’s very important for Medicare agents to understand how to make the most of their commissions in order to earn more money while helping your clients find all the coverage they need. Here are some strategies to help:
Focus On First-Time Enrollees:
- Commissions for first-time enrollees are the highest, so that is where it makes the most sense to focus your efforts. Easy ways to reach out to those who are new to Medicare include hosting educational seminars, partnering with community organizations like senior centers, community groups, and healthcare providers. You can also reach these populations through online marketing on social media.
Provide Excellent Customer Service:
- Treat each client as though they are the only one you have. Offer personalized support and address any concerns they have to prove that you have their best interests in mind. Provide them with ongoing education, especially concerning changes in Medicare and new plan options. You can do both of these through phone calls, emails, and even newsletters to stay in touch.
Keep Yourself Informed About CMS Regulations:
- CMS often changes regulations and it’s up to Medicare agents to be informed of these changes to help educate their clients. Be sure to subscribe to CMS updates as they will send out information concerning regulatory changes. Attend conferences and workshops to learn about best practices, and join professional organizations.
Expand Which Types of Products You Sell:
- As we’ll discuss in the next section, cross-selling is another important way to maximize your earnings as a Medicare agent. Offering additional products such as dental and vision plans, long-term care insurance, and final expense insurance can be a great benefit to clients by providing them more complete coverage. Just make sure that they’ve agreed to discuss these products in their Scope of Appointment before you meet with them.
Cross-Sell To Increase You Income
One thing to remember when cross-selling is that in addition to bringing in more money for you, it also is a great help to your clients. They may not have considered some of the products you sell, so this can increase their trust in you, increasing client retention.
Identify The Needs Of Your Client:
- Take a strategic approach to cross-selling by finding out what your clients may need that they don’t already have. Conduct a needs analysis, including their healthcare needs, financial situation, and how willing they are to take risks. You can also look through the history of your client interactions to see where they have unmet needs.
Educate Your Clients And Offer Relevant Products:
- Your clients may not be aware that they are eligible for dental coverage, or other types of ancillary products. Listen for cues that they are concerned about this and offer more information to help them. You are their guide to Medicare, so being able to anticipate their needs builds trust.
Build Trust And Rapport:
- Cross-selling is most effective when you’ve built a strong relationship with your clients. By building trust and rapport, agents can increase the likelihood that clients will consider your recommendations.
This approach not only increases income but also solidifies your role as a trusted advisor.
Specifically Time Cross-Selling Opportunities:
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Cross-selling works best when you’ve timed it correctly. Make sure that you have established a strong relationship and understand the needs of each individual client before you you offer additional products. Not knowing what your client could benefit from may come off as pushy, but offering something they need before they ask for it will show that you are looking out for their best interests.
When cross-selling, it’s crucial to ensure that these products are appropriate for the client’s individual circumstances and that you are properly licensed and trained to sell them.
Fidelis wants to help you grow!
If you have trouble with cross-selling or maximizing your commissions, contact us to find out how Fidelis can be a support. From ongoing education to one-on-one support from dedicated Sales Directors, Fidelis Consultants can help you succeed.