Seven Medicare Advantage Myths Busted

MYTH #1: The Medicare Advantage market is too small.

FACT: The MA market is bigger than you may think, and it’s getting bigger.

It’s true! Over the past decade, Medicare Advantage enrollment more than doubled from 11.1 million enrollees in 2010 to 24.1 million in 2020.[1] Almost 40% of Medicare beneficiaries are currently enrolled in Medicare Advantage plans.¹ The Congressional Budget Office projects that 51% of beneficiaries will enroll in Medicare Advantage by 2030.¹ That’s significant growth, and potential opportunity for you.

With market trend, your clients will likely be interested in learning more about Medicare Advantage. To stay competitive, you’ll want to be a full-service Medicare Agent who offers a variety of Medicare options, so your clients won’t have to look elsewhere for answers.

MYTH #2: Medicare Advantage plans can sometimes be difficult to compare.

FACT: Humana helps prepare you to find the right plan for each client’s need and budget.

Humana’s training and sales support coaches you through the sales appointment process, with questions to ask clients to help understand which plan might be right for them based on their needs, wants, budget and lifestyle. We’ll teach you when you might want to recommend Optional Supplemental Benefits for dental and when to recommend a stand-alone plan. We’ll help you learn about plan options that may complement the needs of Veterans. We’ll teach you how to get to know your clients better so you can recommend the right plan for them with confidence.

Our tools like Rx Calculator and Find a Doctor Tool with Care Highlight^TM Ratings make it easier to compare important factors like prescription drug costs and health care providers. With Rx Calculator, Agents can review the total estimated prescription costs—monthly premiums, copays and deductibles—for the current plan year to help make informed recommendations. Humana’s Find a Doctor Tool with Care Highlight Ratings not only helps you confirm in-network providers according to criteria that may be important to your clients but also provides you and your clients with objective clinical quality and cost-efficiency metrics to help you and your client decide which provider is right for them.

MYTH #3: The Centers for Medicare & Medicaid Services compliance rules are confusing.

FACT: We help break it down and give you the dos and don’ts in layman’s terms, plus we set you up for success with our tools and resources.

You won’t need a degree in legalese to be a successful sales Agent with Humana. Our job aids, training courses and educational resources put compliance requirements in language you can understand. Our tools, like the Marketing Resource Center, help you stay compliant simple with pre-approved, ready-to-use customizable marketing assets for both traditional and digital channels you can customize. No need to sweat compliance. We’ll point you down the right path and give you the support you need along the way.

MYTH #4: The effort isn’t worth the payoff.

FACT: The long-term earning potential is huge.

CMS Medicare Advantage commission rates grew by 21% from 2014 ($425) to 2021 ($539). Let’s see how that adds up over time.

• If you sell one plan a week for a year, that could add up to an estimated $28,028 your first year* at $539 per sale.
• If you maintain that pace of sales for year two and retain all clients from year one, you could make up to an estimated $42,042.
• By year three, selling one new plan a week and retaining all clients from the previous two years, you could make up to an estimated $56,056.
• If you sell 100 Medicare Advantage plans in year five and retain 400 Medicare Advantage clients from the previous years*, you could earn an estimated $160,000 in commissions.

*Compensation is an estimated calculation based on the Humana Producer Partnership Plan. Commission information varies by type of plan and by state and may be modified or discontinued by Humana at any time. Commissions are only paid as long as the member remains enrolled in the plan, and as long as the Agent is under contract with Humana and properly licensed, certified and appointed as required under state law or CMS guidance. Please reach out to your Humana Sales Rep for more details.

MYTH #5: Medicare Advantage enrollees switch plans a lot.

FACT: Only 12% of Medicare Advantage enrollees switched plans during the 2021 Annual Election Period.

Medicare Advantage Annual Election Period switch rates have fallen by 11 points since 2015.[1] This means the majority of your clients likely won’t switch plans each year. And, if they do switch to a like plan, and all other requirements in the agent of record policy are met, Humana’s Agent of Record policy means you retain credit for the sale, earning renewal commissions.

MYTH #6: Being an independent Agent means going it alone.

FACT: Humana’s local support team is here for every step of your Agent journey.

No matter what you need help with—marketing, enrollment tools, plan details, client retention—our team of local support managers and executives will help you strategize, prioritize and maximize your potential. We understand the nuances of your local market. We help you connect with leads at Veteran Service Organizations like Veterans of Foreign Wars. We share ideas for grassroots events at local senior centers, food banks and community events. We guide you on which tool to use when and why. We help you learn the difference between a Health Management Organization and a Preferred Provider Organization and which would be right for your client. We’ll help you craft your message for 3-, 30-, 60- and 90-day and beyond client calls. With Humana, you’ve got a team dedicated to your success.

MYTH #7: Certification is too time-consuming and difficult.

FACT: Humana makes certification simple and straightforward for new Agents.

We’ve created a simple, six-step process for new Agents to get certified:

1. Fill out this contact form to hear from a Humana representative in your area.
2. Chat with us about local prospects and plan options.
3. Craft your personal business plan (we’ll be your co-author).
4. Complete your Broker contract and online certification. This year, we’re offering certification through AHIP or NAHU. We’ll help you train and provide on-demand support throughout the process. Plus, we offer discounts on certification to make it more affordable.
5. Boost your knowledge with Humana’s training events and educational resources.
6. Start selling!