Now is the time to capitalize on your hard work. Make an effort to follow up with your clients. Find out if they are 
satisfied with their plans, but maybe just as importantly, see what ancillary products might interest them.
Seniors live on fixed incomes and must be prepared for worst-case health scenarios. In a CDC study that covered data from 1980 to 2010, the average hospital stay for those over 65 years old was 5.2 days in 2016. In 2016, nearly one in four seniors on Medicare had an inpatient hospital stay. Seniors with one inpatient stay paid on average 50 percent more out-of-pocket than those who had none.
Since low- or $0-premium MA plans typically have high inpatient hospital copays, extended hospital stays can be very expensive for senior population. Just a few days in the hospital could cost a client thousands in out-of-pocket costs!
Help your clients ease the burden of these costs with hospital indemnity plans. Hospital indemnity plans provide a pre-determined benefit that is paid directly to the beneficiary when they are hospitalized. Because the benefit is provided directly to the individual, there aren’t any network restrictions.
These plans provide flexible benefits to cover inpatient hospital copays. Sometimes a sale is as simple as explaining to your clients that they have that option.
What’s more, hospital indemnity plans often pay very generous commissions. Estimates based on averages show that you could increase your income from initial Medicare Advantage business by 45 percent, and replacement Medicare Advantage business by 90 percent, if you wrote every MA client into a hospital indemnity policy as well.
Through a conversation about hospital indemnity, you can continue to build on your relationship and be better prepared for next year. Ask some questions to determine what worked and what didn’t. While ideally, this conversation would take place face-to-face, the current COVID pandemic is making that difficult in many ways.
When you call your clients, don’t go straight for the sale. Check-in on them. Find out how they are doing and if there family is healthy. Your clients will be more likely to consider new products when they feel you have their best interest at heart.
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To learn more about the carriers and products available to agents with MCC Brokerage, contact us today.
