Why Sell Advantage Plus In Maine?
In the above video we take few minutes to review how to sell the Advantage Plus plan and to deal with 3 typical client objections. Now it’s time for us to explain why you should sell the Advantage Plus plan.
- Works With Any Plan in Maine
- Very Affordable Premiums
- Extra Benefits are Second to None
- Extra Commissions
Works With Any Plan in Maine
In Maine we’ve noticed how beneficial the Advantage Plus plan is and how the plan fits well with any existing health plan. The Advantage Plus plan was created to coincide with Medicare Advantage plans, covering the out of pocket costs of a hospital stay. However, agents can think outside the box adding this indemnity plan to a Plan N, High Deductible Plan F, or any MarketPlace plan (for those under 65).
The Advantage Plus plan allows the agent to get creative to find extra and beneficial coverage for their client that won’t break the bank. However, we must note that those under 65 and not on a MarketPlace plan or Medicare Disability, the Advantage Plus plan, alone, will not fulfill the Individual Mandate.
Very Affordable Premiums
In the video above, we review the cost of adding a hospital indemnity plan to a $0 premium Medicare Advantage plan. The example was the client purchasing a $250 daily benefit for 6 days with a total premium of $22.64/month or $269.50/year. Less than $300 a year your client can receive benefits of $1,500! And those benefits reset after 60 days of being out of the hospital. Comparing risk to reward, we think it’s clear to see the client will come out ahead with the Advantage Plus plan.
In fact, the plan is so affordable in Maine that it seems ridiculous not to offer the Advantage Plus plan. According to Maine Insurance Code, 2152-B, agents in Maine …cannot use an appointment that was made to discuss Medicare products or to solicit the sale of Medicare products in order to solicit sales of life insurance, health insurance, or annuity products…. So here’s the selling technique that stays within the guidelines: Write your client the Medicare Advantage plan during your first appointment and then schedule a follow up meeting where you will have a chance to review their new Medicare Advantage plan.
In your follow up meeting, remind your client of why they wanted this Medicare Advantage plan such as, it’s in their network, their doctor visits are covered, and they are paying a very minimal premium if any. Then, remind your client about the out of pocket costs and make sure they are aware of what they are missing: the Advantage Plus hospital indemnity product! With the client’s premium only at $271.68 for the entire year and potential benefits of $1,500, the thought of adding the plan becomes a no-brainer.
Extra Benefits are Second to None
Here’s another reason the Advantage Plus plan stands out in Maine: the optional benefits and riders! The base of the plan is the daily hospital copay benefit and benefit period. However, looking at the additional features, you could really make this plan into a full coverage for your client. As we listed in the video above, the extra benefits in Maine include:
- Lump Sum Hospital Benefit
- Short Term Duration Stay
- Ambulance Service Rider
- Skilled Nursing Facility Rider
- Lump Sum Cancer Benefit with optional Recurrence benefit
- Outpatient Surgical Rider
- Dental and Vision Rider
These benefits can be used to customize the client’s coverage. For example, adding a $10,000 Lump Sum Cancer Benefit with recurrence benefit is an additional $33.98 to your client’s monthly premium…and an extra $224.27 in commissions!
Speaking of commissions, let’s take a look at how much you’ll earn from one client. Sticking with our example of $269.50 annual premium, you will receive Top Level commissions of $148.23 for this one policy. Now, imagine returning to all your Medicare Advantage clients or Medicare Supplement clients and offering extra coverage. Your commissions from the selling the Advantage Plus plan will add up to a sizable paycheck!