This AEP, more than 67 million Medicare beneficiaries will have the opportunity to enroll in a new plan that better fits their needs, and every day, around 10,000 more seniors age into Medicare. This should translate to plenty of sales opportunities for Medicare sales agents, but to close more sales, you need the right strategies to overcome common buying objections.
1. Offer as Many Plans as Possible
According to KFF, the average Medicare beneficiary had access to 43 Medicare Advantage plans in 2024. Medicare sales agents can only sell plans from carriers they’ve contracted with, and this means that agents typically aren’t offering every plan available. This is understandable, but the more plans you can offer, the better. If you’re not offering the biggest and most popular plans in your area, Medicare enrollees may wonder if they could get a better deal elsewhere.
2. Make Sure You’re Offering the Best Fit
Medicare plans don’t come in one-size-fits-all. The best plan for one person may not be the best plan for someone else. It’s all about finding the right benefits, networks, prescription drug formularies and costs for an individual enrollee’s needs. To ensure that you’re offering the best fit for each client, you need to delve into their needs:
- Who are their doctors, and which networks are they in?
- Which prescriptions do they take?
- What medical care do they expect to need in the next year?
- Do they have chronic health conditions, and which benefits could help them manage their conditions?
3. Highlight the Relevant Benefits
It’s not enough to know that you’re offering the best match for a client’s needs. You also need to show this. Highlight the relevant benefits so your clients know exactly what they’re getting out of a plan. For example, if a plan offers good vision benefits, point this out, and show how much your client could save by taking advantage of these benefits.
4. Focus on Total Costs, Not Just the Premium
Many seniors are on a fixed income, so they may be reluctant to take on any additional costs. However, the cheapest plan isn’t always the most affordable option. For example, if one plan has a $0 monthly premium but an average of $200 a month in expected copays, while another plan has a $50 monthly premium but an average of $75 a month in expected copays, the latter is clearly the better deal. To make the case, you’ll need to break out your calculator and add up all the expected costs.
5. Listen to Any Objections
If a client is reluctant to finalize the purchase of the plan, ask them what’s making them hesitate, and then really listen to any objections. Don’t dismiss their concerns. Instead, show that you’re taking them seriously and provide solutions.
For example, if a client is worried about costs, go over the figures again to ensure that the plan really is the best fit for their budget. If it’s still too expensive, provide guidance on how to apply for low-income subsidies or request generic alternatives of prescriptions.
6. Gain Trust
Medicare scams are rampant, and shady call centers have been targeting seniors and trying to get them to enroll in plans that may not be in their best interest. Medicare beneficiaries can be absolutely inundated with spam phone calls around AEP, and this can lead to suspicion and doubt.
As a result, legitimate agents need to work extra hard to win the trust of their clients. One way to do this is to offer pressure-free education. Transparency and strict adherence to all CMS marketing rules can also go a long way in showing that you are trustworthy.
Do you need more guidance this AEP? The experienced team at PTT Financial is here to help. Contact us today.
