We dispel common misconceptions about selling Medicare Advantage and help you get the facts.
May 15, 2019
If you’re reading this article, you might be interested in selling Medicare Advantage. Good! Now may be a good time to sell Medicare Advantage. Not convinced? We bust seven myths of Medicare Advantage sales with the facts. Because opportunity awaits. Humana can help you seize it.
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. 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.
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 HighlightTM 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.
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.
CMS Medicare Advantage commission rates grew by 21% from 2014 ($425) to 2021 ($539). Let’s see how that adds up over time.
*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.
Medicare Advantage Annual Election Period switch rates have fallen by 11 points since 2015. 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.
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.
We’ve created a simple, six-step process for new Agents to get certified:
Still wondering if you should contract with Humana?
We’ve got five reasons why Humana should be your carrier of choice. Read more Five Reasons Why Agents Should Contract with Humana.
2“2021 Medicare Shopping and Switching Study, Research Brief #2 of 2: Election and COVID,” Deft Research