SUPPLEMENTAL COVERAGE TO FILL THE GAPS
Medicare products provide supplemental health coverage for clients in retirement and those who are eligible. In addition to rounding out your portfolio and offering competitive commissions, these products can help your clients gain some extra peace of mind.
✓ Medicare Supplements
✓ Advantage Plans
✓ Prescription Drug Plans
✓ Other Supplemental Plans
Uncover Medicare Insurance Tools, Training, and More
Medicare products provide a significant opportunity for your business. Since health costs are one of the main contributors to financial distress, many people are seeking a trusted advisor to help them plan for these costs and obtain coverage for gaps in Medicare.
We offer training, certification, and case guidance for Medicare Supplements, Advantage Plans, Prescription Drug Plans, and other supplemental plans to meet your clients’ needs.
By adding these products to your business, you can be the beacon of light to guide clients through supplemental Medicare coverage.
Medicare Supplements, also known as Medigap, are private insurance policies designed to fill gaps in original Medicare coverage. While Medicare pays for a great deal of medical expenses, a Medicare Supplement policy can help cover some remaining costs, such as copayments, coinsurance, and deductibles. Enrollees can choose from a variety of supplemental plans with different benefits and costs.
Medicare Supplement plans are guaranteed renewable as long as the owner is paying premiums. They require underwriting only if enrollment occurs outside of the open enrollment or guaranteed issue period.
PRESCRIPTION DRUG PLANS
Prescription Drug Plans, also known as Part D or PDP plans, provide Medicare drug coverage for prescription drugs as a standalone plan that cannot be paired with a Medicare Advantage Plan. Enrollees can choose from a variety of Prescription Drug Plans with different costs and coverage.
While Medicare drug coverage is optional and is offered to everyone with Medicare, delaying enrollment without creditable coverage can result in a late enrollment penalty. Prescription Drug Plans can be changed annually but typically only during the annual enrollment period. No underwriting is required, and the plans are guaranteed acceptance.
Advantage Plans, also known as Part C or MA plans, are insurance plans provided by a Medicare-approved private company and must follow specific rules set by Medicare. These plans offer an alternative for Medicare Part A and Part B coverage, and many also include drug coverage (Part D). These plans are required to be as good or better than original Medicare and have limits on the out-of-pocket costs.
Medicare Advantage Plans are a one-year contract, and benefits can be changed each year. These plans do not require underwriting and are guaranteed acceptance but can typically only be changed during the annual enrollment period.
In certain states, people can opt for other special Medicare supplemental plans, such as Cost Plans, a Medicare Savings Account, and Select Plans. Even with a supplemental plan, many individuals must seek additional coverage for health costs, including dental, vision, hearing, and hospital copays.
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WHY OFFER MEDICARE PRODUCTS?
Offering Medicare product advisement not only strengthens your relationships with existing clients but can also open doors to additional clients. Health costs are one of the main contributors to financial depletion, so your clients need a trusted advisor to help them plan for these costs and cover gaps to avoid financial surprises.
Medicare is complicated. You can help your clients navigate this maze.
That said, learning Medicare and taking the time to become certified might not be for all advisors. If you don’t have the bandwidth to add Medicare products to your business, consider partnering with another advisor or helping a colleague in your office pursue Medicare certification to meet your clients’ needs.
FINDING THE RIGHT PRODUCT FOR YOUR CLIENT
Each Medicare product can help clients in different ways and at different stages of their lives. The key is ensuring the plan is suitable for your client’s specific needs. We provide training and guidance to assist you in determining suitability for each case, taking into account a variety of factors, including travel, provider preference, health needs, location, and more.
The information on this website is for agent use only and not intended for use by the general public.
Not affiliated with or endorsed by the government or Federal Medicare Program.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.