Med Supp Knowledge
- Thread starter usakr
- Start date
No you don't have to memorize the book. The key word in your question is "sell." Do you have to know most of the book to be considered an expert, probably!! Do you have to be an expert to sell Med. Supps, no!!! You should continue to grow in your knowledge everyday but you can sell while you are doing it.
Not the medicare and you book, but the Guide to Medicare Supplements published by CMS as well as any guide by your own state. Missouri and Kansas both publish real nice guides. You need all the rights and protections and any/all other protections afforded to medicare beneficiaries. You need to be able to draw the chart showing the plans C-J from memory or at least be able to recite from memory the difference between any plan and any other plan.
If you can simply explain what Medicare does and doesn't pay and also explain how the med supp fills in the gaps you should be fine. You'll also want to be able to explain the claims paying process.
Other than that it's really not that complicated.
Other than that it's really not that complicated.
- 707
The more knowledgeable you are, the easier time you will have selling.
Then have the lowest priced Med supp.... (I like the high deductible J because it's so cheap that I can add an FE policy to the sale).
Then have the lowest priced Med supp.... (I like the high deductible J because it's so cheap that I can add an FE policy to the sale).
- 707
i just offer it as a package deal.
You will find the answers that you are looking for on my consumer website under the medicare tab. The site is MedicareSupplementAnswers.com - Helping senior citizens make sense out of Medicare, Medicare Supplements, Prescription Drug Plans, and Medicare Advantage plans.. If you have any questions give me a call.
- 7,066
They look at me like I'm smokin' crack when I ask them if they want a burial policy, after I've just written their med supp app.
Maybe that will change with time when I get a little smoother.
I believe in being direct but I think that is a little too direct. I'm surprised they don't respond with, "Why, do I look like I'm dead?"
A better approach may be to reiterate the amount of money you saved them and then suggest, not ask, that they may want to consider reinvesting a portion of that savings in a final expense plan.
I then give them an example. For only X dollars per month you can have a $X,000 FE plan. Now you have both a Med Supp and a FE plan for less than you were paying just for your Med Supp policy and you still get to put an extra $X dollars a month in your pocket to get your hair done or whatever.
The mistake I have seen a lot of agents make is that they try to go for too large a policy/premium when trying to cross sell a FE plan to their new Med Supp client. (They get greedy.) I only want a portion of the money I saved them. I always try to leave them with money in their pocket when I walk out the door.
There are several companies that have added a section on their Med Supp app for an agent to include a small FE plan as a part of the application. This greatly facilitates adding a small plan.
Thanks Dwayne, but I wasn't looking for answers. I am well versed in the subject matter. I was simply letting the OP know that if you have a firm grasp on these items, you should have no problem selling Med Supps.
