fbpx
What are Medicare SEP’s?

What are Medicare SEP’s?

What are Medicare SEP’s?

April 1, 2021

To start off you may wonder what are Medicare SEP’s and what does SEP even stands for. According to Medicare.gov  “when certain events happen in your life, like if you move or you lose other insurance coverage. These opportunities to make changes are called Special Enrollment Periods (SEPs). Rules about when you can make changes and the type of changes you can make are different for each SEP.”

Medicare enrollment form

Can You Market SEP’s?

Certain Special Election Periods you will be able to market. The most common is to go after DSNP, Dual Special Needs, Clients. Dual special needs refer to the Medicare and Medicaid coverage that these clients are eligible for.  Obviously, because they must be Medicaid eligible this means these clients are low income. This makes it extremely easy to target leads because most programs can filter clients by income.

When is the SEP for DSNP Clients?

The reason we bring up marketing Dual Special Needs clients is because they can make a change to their plan once every quarter. This is a presents ample opportunity for agents to have year-round Medicare sales. I believe that sometimes this can be a better alternative than marketing specifically to turning 65 agents. T65 clients are often over-marketed, and you make just as many commissions as you would a regular Medicare Advantage sale.

Are there other SEP’s I can Market?

There are other reasons your clients may have a SEP, a lot actually, but not as many that you could potentially market in bulk. Some examples are loss of credible coverage, change of address, or change to their Medicaid status. I would say the most popular SEP agents would run into if not marketing DSNP is loss of credible coverage. An example could be a client on group coverage retiring, losing that coverage, and enrolling into Medicare.

The team at Pinnacle Financial Services is here to help.  Not sure if your client qualifies for a SEP? Need some additional one on one training? For any other questions please feel free to reach out to a sales director today.   We can be reached at 1-800-772-6881 x-7731 or healthsales@pfsinsurance.com.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

James Norton

James Norton

Director of sales | Heatlh

x7797 | jnorton@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail

Medicare Advantage Commissions

Medicare Advantage Commissions

Medicare Advantage Commissions

January 26, 2021

Each year CMS changes the Medicare Advantage Commissions. Fortunately for Medicare agents, this amount has increased every year it has been in existence. Not only does this apply to Medicare Advantage (MA/MAPD) commissions but also to Prescription Drug plan (PDP) payouts.

piggybank

How Medicare Advantage Commissions are paying out in 2021

If you were selling Medicare advantage plans or PDP’s this past year then you know $510 was paid out on “new to Medicare” cases. $255 was paid out on renewal or plan to plan change basis. These amounts apply to the majority of states excluding  PA, CT, DC, CA, NJ, Puerto Rico, and the Virgin Islands. For 2021, those amounts have gone up to $539 and $270. The same structure applies to PDP’s except the amounts are a lot lower. $81 for new PDPs and $41 for renewals or plan changes for 2021.

What if you sell in PA, CT, DC, CA, NJ, PR, or the Virgin Islands?

Good news. If you sell in any of the states listed above your commissions are higher than listed in the previous paragraph. See the chart below for the full breakdown.

Initial Renewal
Product Region 2020 2021 2020 2021
MAPD National $510 $539 $255 $270
CT, PA, and DC $574 $607 $287 $304
CA and NJ $636 $672 $318 $336
Puerto Rico and U.S. Virgin Islands $350 $370 $175 $185
PDP National $78 $81 $39 $41

Want to learn how to increase your Medicare Advantage Commissions?

Reach out to our sales team to learn about a few of the new and most successful lead programs that we offer.  We can tailor certain programs to your needs whether you are new to the insurance industry or trying to cross-sell to a current book of business. We can get you trained up and ready to sell in no time with our library of recorded training webinars. If you would like to register for future webinars check our schedule here.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

James Norton

James Norton

Director of Sales - Health

x7797 | jnorton@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail

Inbound vs Outbound Marketing

Inbound vs Outbound Marketing

Inbound vs Outbound Marketing

July 30, 2020

As the Medicare market continues to become more technologically driven, agents need to make sure some of their marketing mirrors that. I wanted to take the time to discuss the differences in the old school vs new school styles and how you can still use both to get the most of your marketing.

Outbound Marketing

When I say “old school” I mean outbound marketing. Outbound marketing used to be referred to just as marketing. This is anything type of marketing where the agent is making the first contact. Back when most insurance agents started to market, this was the only style of marketing there was….and it worked. Some examples of these would be cold calls, email blasts, mail drops, door knocks to name a few examples. As a side note, this strategy still works just not as much as it used to.  In order to capitalize on this method, you need to pick a niche market within Medicare rather than sending generic T65 mailers. There are a few of these niche markets to choose from and our lead programs can specifically target those. The discounted programs we offer using this method are guaranteed response leads, bulk mailers, and prospecting lists you can use to cold call where it is compliant.

Inbound Marketing

As you might have guessed inbound marketing as a lot to do with technology and is a mostly newer type of approach. Inbound marketing is essentially when your targeted audience makes the first contact with the agent. Now, this sounds obviously like the much better option, but you will need to invest some time, research, and maybe and some hard-earned money here or there to achieve this. The easiest example of inbound marketing that even the oldest of agents are familiar with is a referral.  This can happen without technology and just by word of mouth but imagine getting clients contacting you from your working radius or even from a different city or state where you work who did not know you previously.  Inbound marketing has relatively lower costs depending on how well you are with the internet, where you may have to pay is having someone manage your website and possibly an SEO service to help you utilize the correct words to help your blogs draw more attendance. That brings me to my next topic which would be an example of inbound marketing, a blog. We recommend you do this biweekly and pick topics on what your target audience might type into their internet search. If you would like to see some examples, you are reading one, but if you want to see more check out our blogs on our website.  Assuming you have a website, we can teach you how to optimize your brand’s look online and how to appear on more prospective client’s internet searches. Feel free to check out my webinar I did covering this topic here.

You often pay more for outbound marketing and you can usually see results from your campaign quicker i.e: mailing cards coming back in 3-4 weeks. Inbound marketing however is not going to be successful overnight, but there is not as much cost involved. If you can spend an hour at the end of each day looking up good topics to write about you could be seeing yourself on google searches sooner than later. Paired with our client and agent facing enrollment website Connect4Medicare. Agents have access to tools such as electronic scope of appointments, and text app features to offer in-person and over the phone enrollment capabilities and capitalize on your marketing efforts.

As a top Medicare FMO, Pinnacle Financial Services will assist in guiding and training you on all aspects of lead generation. 

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

James Norton

James Norton

Director of Sales - Health

x7797 | jnorton@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail

Medicare Sales Training

Medicare Sales Training

Medicare Sales Training

July 14, 2020

During the COVID-19 pandemic, a lot of insurance agents specializing in other products have realized firsthand that senior insurance services are a recession-proof career. This has proved evident in our recent growth in contracting and production from newly contracted agents.  

Here at Pinnacle Financial Services Medicare Sales Training paired with all the tools and free technology we have for our agent including the client-facing proprietary online enrollment tool, Connect4Medicare has made all the difference for agents. We have been able to see continual sales growth throughout this time. During this onboarding and training process, we have been developing a set strategy that has been working to get new agents contracted and submitting business within a month.

The first step is training. Here at Pinnacle, we have training webinars twice a day 5 days a week. We also offer 1 on 1 training on webcam, screen share, PowerPoint slides and not to mention we have a full-time National Training Specialist. You may have listened to his webinar where he discusses creating a Medicare compliant website for less than $20. We will walk you through some mock sales, prospective sales, and get you used to our different quoting and enrollment platforms. With these platforms, you can create profiles for your clients using their personal info such as prescribed medication, preferred pharmacy, and doctor networks. You will be able to see estimated annual health costs, exact medication co-pays for the year, not to mention showing if they can save money by receiving meds through the mail. This includes the electronic scope of appointments and sending quotes and enrollment links by text or email.

The next step is getting the first sale. No matter if you are a property and casualty, life and annuity, or even home and auto insurance agency the first thing we always recommend is cross-selling to your current book of business. When we discuss personal branding and one of the biggest steps is first creating a relationship or common bond. If you have already sold a client a plan then you have already completed this step. Not to mention the more policies you have in a household the higher your client retention. On average about 3 policies get you above 90% retention.   

After cross-selling to your current book of business, the next step of the process would be to start marketing yourself as a Medicare Agent/Agency utilizing outbound vs inbound marketing. This can have many different faces such as adding Medicare information on your webpage, to your email signature, blogging, dropping Medicare mailers, radio ads, and other marketing strategies. Click the link above to view a recent webinar done on the different forms of marketing. From here this is how you grow as an agency and continue to grow your presence in the senior market. Pinnacle Financial Services provides you with the tools and the training to grow your business as a valued partner.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

James Norton

James Norton

Director of Sales - Health

x7797 | jnorton@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail

Final Expense vs Medicare Lead Programs

Final Expense vs Medicare Lead Programs

Final Expense vs Medicare Lead Programs

June 8, 2020

As a sales director at Pinnacle Financial Services, one of the most popular questions I often get is “What are your Final Expense and Medicare lead programs?” Now of course the follow-up question from that is “which lead program should I use?”  The simple answer could be “both”.  But often as a new insurance agent that just might not be in your budget.  As a Sales Director in our Medicare department I may seem to have a bias by saying this, but I usually always recommend Medicare leads.

Reas0n One: Cost Matters

I usually see final expense leads going for about $28-$30 per lead. Our Medicare leads come out at about half of that, not to mention if you qualify for our marketing coop program. Call for more information.

Reas0n Two: Cross-Selling

When purchasing final expense leads, yes, they will all be final expense prospects but not always Medicare-eligible prospects. Whereas Medicare leads will be 65 and you can also talk about Final Expense plans to everyone. With the saturated T65 leads market I often recommend targeting outside the 6-month window and creating a life or final expense sale to get a policy in the household followed by a Medicare conversation when they are eligible. This will also assist with client retention, when increasing from two policies to three in a household your client retention rate rises from around 50%-60% to over 90%.

Now I am not trying to say our Final Expense lead programs are not effective, they are, and we have success with them. If you would like to hear about those please reach out to our Final Expense team.
To get started with lead program marketing with Pinnacle Financial contact a Sales Director today.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

James Norton

James Norton

Director of Sales - Health

x7797 | jnorton@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

CallEmail