How You Can Increase Conversion Rates on Medicare Leads
Although Medicare has been around for more than half a century, many people still don’t fully understand it. Some Medicare recipients, for instance, assume that Medicare will cover all of their medical costs related to an illness or injury. They don’t buy any supplemental, also known as Medigap, health insurance and are horrified when a huge bill arrives following a hospitalization or other extensive medical care.
As an insurance agent, you can help your senior clients by educating them about Medicare’s limitations and about the options that exist to help make sure they are fully covered. Unfortunately, this is easier said than done. If you’ve had trouble converting your Medicare leads, consider the following suggestions.
Arrange a Face-to-Face Meeting
Medigap and Medicare Advantage policies are tricky and complicated. They can be hard to explain in a phone call. A face-to-face meeting allows you to introduce charts, tables, and other written information to help make things clear. It also allows you to watch your prospect’s face and body language to make sure he or she understands the information you’re presenting.
Don’t Assume High-Tech Knowledge
Seniors today are a diverse group of people. Some are perfectly comfortable completing forms online or opening and printing email attachments. Others may not even have access to a computer. Ask your prospects upfront whether or not they have access to email and Internet services, and whether they would like to communicate with you online.
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Make It Easy for Medicare Leads to Get in Touch
None of us really loves getting lost in a telephone menu answering service, but for senior citizens, who are vulnerable to hearing loss, trying to deal with an automated telephone system can be a special irritant. Consider setting up a special phone line for Medicare health insurance leads that will always be answered by a real person. It’s also a good idea to give senior leads your cell phone number so they can reach you directly without having to go through the switchboard.
Welcome Family Members
It may be easier for your prospect to make a decision about supplemental coverage if he or she can get input from family members. Let the prospect know from your first conversation that you’re glad to work with the whole family to help them understand the ins and outs of Medigap and Medicare Advantage policies.
Keep Up with Current Medicare Guidelines
There are strict rules that guide agents who sell Medicare-related health insurance policies. For instance, you are not allowed to cross-sell non healthcare related insurance products during any appointment made to discuss Medigap or Medicare Advantage plans. Violating Medicare guidelines can result in heavy fines and a bad reputation in the community, so stay abreast of the regulations.
Converting Medicare leads is a win/win situation. Your agency makes money on the sale, and your client benefits financially from having supplemental insurance in place to cover the costs Medicare doesn’t.