Like everyone in the United States and around the world, we’re dealing with the effects of the COVID-19 outbreak. In Maryland, where Senior Benefit Services is located, and the surrounding states, most non-essential businesses are being shut down and people are encouraged to practice social distancing. Social distancing in particular can be a disaster for most agents in the senior market that work with clients face to face. But your business doesn’t have to shut down completely! Agents still have the opportunity to continue communicating with their clients over the phone or video chat (ie Skype or FaceTime) and submit applications online through the carriers’ website.
You Have Access To Electronic Applications (e-Apps)
Many carriers, especially Medicare Supplement carriers, offer some form of electronic application. Electronic applications (or e-Apps) are the same as the paper applications and are available for many different products like Medicare Supplement, Final Expense, and other Ancillary products (ie. Hospital Indemnity, Cancer, Heart Attack and Stroke, etc.). Most e-Apps are located on the carrier’s agent portal and only require internet connection to be successfully completed. As we mentioned before, the client does not need to be in the same room as you for the application to be completed. You can simply communicate with the client over the phone and submit the application online directly to the carrier.
Would The Client Still Need To Sign The Application?
Yes! The client will need to provide a “signature” in order to complete their e-app, though how that “signature” is captured does vary by carrier. The most common ways for a client to provide a signature is by phone verification, email signature, or using a passphrase. With the phone verification you will direct your client to call the carrier to complete the application process after the e-App was submitted digitally to the carrier. The email signature is a fast way of sending a verification email to your client for them to digitally sign to confirm their application. A passphrase is used in place of a signature, and combines multiple pieces of information together to validate an app. For example using your client’s name along with their mother’s maiden name, is popular combination with some carriers.
New To e-Apps? Practice!
If you never used an e-App before you will find the information and questions will not be any different from a paper application. But since the process is different we strongly encourage you to run through the e-App before you have a client on the phone ready to complete it. You are able to practice submitting an application with most carriers with a feature called “Sandbox.” Here you can familiarize yourself with the e-App before calling your client to submit the app. However, if the Sandbox feature is not available through the carrier we suggest practicing with a sample client (Example Name: S. Ample), so you can practice submitting an e-App to familiarize yourself with the online application process. But DO NOT press submit!! Otherwise your “S. Ample” application will be submitted to the carrier for consideration.
Other Benefits of Using An E-App
Putting the COVID-19 Pandemic aside, using an e-App can be beneficial for you and your client in the long run. By utilizing the carrier’s e-App there are no more missing pages, missing questions, or even incorrect writing numbers (happens more often than you think!). Additionally, most e-Apps provide a rate calculator before the online application process begins so you’ll always have the correct premium for your client. Some carriers also allow dual applications where your client can purchase more than one product all on a single application. For example, with Aetna Supplemental products, your client can purchase a Medicare Supplement and a Hospital Indemnity plan on the same e-App. Finally, the biggest benefit of using an e-App is your client’s application will be submitted immediately to the carrier, so no more faxing or mailing forms, and no more possibly expired applications.
With all this current uncertainty you can still keep your business going strong by utilizing the technology carriers are already offering. If you haven’t already, start learning more about what e-Apps your carriers offer today! Check out our list of the carriers below that offer e-Apps for their agent. Interested in a particular carrier? Contact the Marketing Department for more information and how to get appointed.
Our Carriers that offer e-Apps:
- Aetna
- Atlantic Coast Life
- Bankers Fidelity
- Cigna
- Combined
- Great Southern Life Insurance Company
- Guarantee Trust Life
- Heartland National
- Humana
- Lumico
- Manhattan Life Assurance (DVH)
- Medico
- Mutual of Omaha
- Transamerica Premier
- United American
- Western United
For this week’s Thursday Thoughts* we wanted to address common questions agents are asking us in regards to Medicare and Medicare Supplements. Many of our agent’s most frequently asked questions are focused on Open Enrollment and Guaranteed Issue.
Q: Why does it matter if I say Open Enrollment or Guaranteed Issue?
A: Many agents (even those that have been in the business for years) like to use these two terms interchangeably. A lot of that confusion comes down to the fact that at the end of the day, whether it’s an Open Enrollment Case or a Guaranteed Issue case their client is getting a plan without having to answer medical questions or go through medical underwriting. It’s all the steps in the middle that make the real difference.
Q: My client doesn’t need to answer medical questions on this app, what will my commissions be on this case?
A: The answer depends on whether the client is in an Open Enrollment Period or a Special Enrollment Period. Both are guaranteed issue plans (no underwriting) but the difference depends on the client’s situation.
Open Enrollment Period defined:
- A six-month period where the client can buy any Medicare Supplement policy without being denied
- Begins the first month the client signs up for Medicare Part B and is turning age 65 or older
- During this period the client will not be denied for a Medicare Supplement policy or be charged more due to health problems.
Ex:
Mr. Lewis is turning 65, signs up for Part B and wants to sign up for a Medicare Supplement plan. He is within the six-month Open Enrollment period and can choose any plan available without being underwritten.
In this scenario, the agent will be paid the full commission because Mr. Lewis is a guaranteed issue within the Open Enrollment period.
Q: What does Guaranteed Issue mean?
A: With guaranteed-issue protections, clients have the right to enroll in any Medicare Supplement plan offered in their service area, regardless of health status or pre-existing conditions. In addition, the Special Enrollment Period allows a client to make changes to their Medicare Advantage and Medicare Part D when certain changes happen in their lives.
Let’s take a look at a few examples to see how different Guaranteed Issue scenarios will affect your commissions.
Ex 1:
Mr. Lewis signed up for Part B Medicare at age 65, but his wife is still working and has great health benefits. Mr. Lewis is covered under his wife’s health plan but at the age of 68 his wife retires, losing their health coverage. Now Mr. Lewis needs to sign up for a Medicare Supplement policy. He is no longer in the six-month period (when he originally signed up for Medicare Part B) so he does not qualify for Open Enrollment. Instead, he is now in the Special Enrollment Period and can only sign up for plans A, B, C, F, HiF, K or L.
Please take note that this is prior to MACRA taking effect. If Mr. Lewis signed up for Part B Medicare at the age of 65 on or after January 1st, 2020 and is no longer in his six-month Open Enrollment Period, then he can purchase Plans A, B, D, G, HiG, K or L.
Ex 2:
Ms. Johnson is 67 and has both Medicare and a Plan N Medicare Supplement. She decides to try a Medicare Advantage Plan and is enrolled. After 30 days Ms. Johnson decides that she would like to go back to her Medicare Supplement Plan N. Because she is within the first 90 days of the Medicare Advantage Plan she can go back to a Plan N as a Guaranteed Issue.
In both of the above examples, the agent’s commission will be reduced because each are Special Enrollment Period, Guaranteed Issue cases.
Ex 3:
Mrs. Smith worked until she was 70 and will be losing her group coverage due to retirement. She needs to sign up for both Part B and a Medicare Supplement. Since Mrs. Smith is signing up for Part B now (rather than five years ago at age 65) she falls into the six-month Open Enrollment Period where her Medicare Supplement Plan will be a Guaranteed Issue.
In this final example, the agent will be paid the full commission because the client still falls in the Open Enrollment Period.
In summary, the Open Enrollment Period is based on the client turning age 65 and when they enroll in Part B, which is not the same as a Special Enrollment Period where, due to certain situations, insurance companies are required to offer Medicare Supplements as Guaranteed Issue. Open Enrollment commissions are top level pay, whereas Special Enrollment Period commissions are reduced or simply a onetime flat rate.
Contact Senior Benefit Services today to confirm that you are receiving the most competitive commissions in your area!
*Article Originally Posted on 5.17.2018
Want More Business?
I’ve said before that the best way to obtain new clients is through referrals. The problem is you have to start somewhere to obtain new leads, especially if you’re new to the insurance market. I touched on this topic briefly with a previous blog post: “Want More Leads,” but let’s get right down to it; the challenge of being an independent broker is getting your name out there for people to find you. Many independent agents start with cold calling a list of phone numbers or spending hundreds of dollars on direct mailers, but there’s a different way to advertise your services. A way to market your business that we encourage all of our Producing Partners to utilize is Digital Marketing.
What is Digital Marketing?
Digital Marketing can be explained in many ways but to sum up an array of definitions; digital marketing is simply the promotion of your services using digital technologies and media. The purpose is to bring new clients or even recurring clients to your business (versus chasing after potential leads) by using technologies such as the internet, apps, or online advertising. Honestly, digital technologies come in many forms; however I wanted to focus on the Top 3 avenues of Digital Marketing that will help you promote your business:
- Websites
- Social Media
- Digital Advertising
If You Build It (Your Website), They Will Come
When you hear about a new business, what is the first thing you do? If you’re anything like me, you “Google” that business to try to find a website with more information about what they do and who they are. And once you find that information, seeing a website, especially a well-built website, gives that business more credibility for the services provided. In talking with some agents they think that because they work from home and don’t have their own standalone office that they can’t have a website. This is the exact opposite. When you don’t have a physical location to further reinforce your credibility, a website allows you to have a “digital store front” to give your potential customers more confidence in their decision to contact you. To give your business more legitimacy to newcomers it’s best to create a website that, at least, contains the services you provide and contact information.
Getting Started with a Website
Building a website can seem daunting, but it doesn’t have to be a challenge. If you have the cash flow, the easiest thing to do is hire someone to develop your own website and most website designers will keep up on the website’s maintenance for a monthly fee. However, if you don’t have that kind of cash then look into building your own website using 3rd party companies such as SquareSpace, Weebly, or Wix. These websites are much more affordable than hiring someone and are designed to be simple for any one to use – even if the only experience you have is browsing the internet. With these website builders, you can add a simple drag-and-drop feature to create your website layout with pictures, descriptions, links, and basic information about your business.
The Power of SEO
One thing to keep in mind about websites is keeping up with SEO (Search Engine Optimization) so when your potential clients type in Google, “insurance in __(enter your city and state here)_” then your website page is at least on the first page of results. In order for you to appear on your client’s Google search, you need to have certain keywords on your website. Google picks up these keywords and will push your website towards the top of the list of possible answers for anyone typing a question into the search engine. Great keywords to have for your business if your focus is the senior insurance market is: “Medicare”, “Medicare Supplement,” “Senior Insurance”, “Senior Coverage,” “65,” “Part A,” “Part B,” “Part D,” “Rx”, and make sure you include your location as well. You can use these words through descriptions on your “About Us” section of your website or the “Contact Us” section or, another option, is to post a monthly blog that would increase your SEO. If writing is not your forte, then film a quick video to post on your website. Blogs and vlogs (video blogs) alike can be shared on social media driving traffic back to your website.
Now, I won’t go into the nitty-gritty of SEO so you’re welcome to do your own research for more details, but I will suggest using Google Analytics. This is a great source to see how many people are visiting your website so this gives you an idea of how your website is doing right now and what you can do to improve website traffic.
Get Social…Online!
The amazing part about technology is that you can connect with people without being face to face. Yes, I’m talking about the power of social media! If you are unfamiliar, consider it the digital “door knocking;” but instead of being face to face you now have the ability to connect and talk with potential new clients without even leaving your desk.
Connecting on Facebook
A great place to start is Facebook only because (as I mentioned in my previous article, “Want More Leads?”) it is the most popular social networking website among seniors and has been consistently growing every year since 2012. So where do you begin? If you prefer to keep your profile on lockdown and staying within your friend group then we suggest that you create a separate business profile page so you can connect with people outside your friend group. With your business profile (or personal profile if you don’t mind using that) you can then create a business page.
Creating a Facebook Business Page
In my opinion, it’s important to have a Facebook Business page because it is a free and simple way to advertise your services, plus you have the ability to connect with your clients. Your Facebook Business page is a great source for potential clients to find out more about your business, read reviews, see photos or videos, find your website, and ultimately connect with you. An excellent feature is the ability to create a community within your page. So wherever you live you can connect with the business around you – not necessary in insurance – but in the same location. The people that already “liked” the other Business Pages that you connected with now discovered your services available in their area. This is basically another great way to connect with new people so they can find out more about your services. Lucky for you, Facebook has easy to use guides to help you get started building your social media presence:
Set Up Your Facebook Business Page
There are more social media outlets available such as Instagram (owned by Facebook), LinkedIn, Twitter, and YouTube and I know this section has been real Facebook heavy. But remember, if your business is the senior insurance market then focus on Facebook because it’s the most prominent among seniors. Even better, using your Facebook business page you can connect with seniors in your area for potential new business. As an added bonus, Google loves finding businesses on social media sites. Even if you don’t actively use social media, having a Facebook or LinkedIn page is an instant boost to your personal website’s SEO and an easy way to make it to the top of someone’s Google search results.
Make Your Business “Ad” Up
With any business to increase revenue, you have to get your name out there and bring people in. You got it! I’m talking about advertising, particularly focusing on digital advertising. To dive in a little bit of detail, examples of digital advertising can be:
- Posts on your social media page (FREE)
- “Boosts” on your social media posts (where you pay to have your post reach more viewers)
- Purchasing online ad space on websites or social media (i.e. Facebook or Instagram)
- Email newsletters
Posting on Social Media
Advertising can be really expensive so the most inexpensive (and most of the time FREE) form of advertising is posting on social media. And I’m not referring to a simple status update, I’m talking about uploading a flyer, or advertisement piece that tells a little bit about your business. This can be something as simple as, “Confused about Medicare Supplements? Click Here to contact an expert in the field.” Then you can link your uploaded design to the contact page of your website. Now you’re probably wondering how to create something like this to post on social media. Lucky for you, there are a few websites out there that have the answer by offering solutions that can make anyone a design pro.
How To Create Posts That Stand Out
If you don’t have money to spend, we recommend using Canva. This is a free website that gives users hundreds of layout options for all different forms of advertising (Emails, social media posts, newsletters, postcards, flyers, etc.). All you need to do is edit the wording and possibility a picture, and then you’re done! Your design then can be downloaded to your computer and used however you need it. Now, you can pay a monthly fee for access to more images, design layouts, and different fonts, but we have found the free version is sufficient enough for those not focused on design details.
Another website that offers design layouts at a monthly premium is Venngage. Originally this website was created so users can easily design infographics, but they recently branched out to include flyers, presentations, reports, whitepapers, and all forms of digital and print advertising. Since you get what you pay for, our Marketing Department has found that this website is easier to use and their online support is more than helpful when developing your advertising pieces.
These two websites I highly recommend if you’re looking for an easy solution to start your own advertising. The prefilled designs make it easier than ever to create something quickly to get out to the public. However, if you’re feeling creative, then you can always build your own advertising pieces. Check out our previous blog post, “Posting On Social Media…” for details on how you can develop your designing skills.
Boost Your Post
If you’re posting your advertising piece on Facebook and you want to get that information out to more people than your followers then you can “boost” your post. A boosted post is an ad that you create from your post on your Facebook page and according to Facebook, “boosting a post may help you get more people to react, share and comment on your post as well as reach new people that might be interested in your personal page or business, but don’t currently follow you.” Of course, this feature is not free, but you can adjust the cost to what you can afford and set the specific demographics of people you want your post to show up in front of. Check out Facebook’s help page for more information on Boosted Posts.
Posting Ads on Social Media
Now, boosted posts are different than purchasing ad space on Facebook. Unless you’re not frequent to social media newsfeeds, then you’ll probably notice that every four posts you’ll see an advertisement from a company or business. Advertising on Facebook or any other social media is expensive but you can really customize what you want out of your advertising such as: who you want to reach, when you want to reach your audience, what kind of ad you want to build, and even ways to collect data on clicks. With more features like this, advertising on social media sounds complicated, but it can give you the greatest turnaround with obtaining new potential clients from an extremely targeted group of people.
Monthly Emails To Your Clients
Outside of social media, another way to connect with clients and potential clients is through email newsletters. Newsletters are a form of advertising that is more indirect; basically it’s advertising without advertising. By using this form of indirect marketing your business is in front of your clients (or potential clients) once or twice a month but a newsletter is not a blatant advertisement of your business. Instead, keep the information in your newsletter to articles about healthcare, financial advice, or maybe a good dinner recipe. Now, in this same newsletter be sure to also include your contact information for your business plus links to your website and social media pages, but that’s not the main objective. With indirect marketing (like a monthly newsletter) your business will be in your client’s or potential client’s minds until they need your services.
How To Create A Newsletter
Newsletters are not as difficult to build as you think. There are easy to use online services that can help you create monthly emails with drag and drop features making your newsletter informative and eye-catching. Some online emailing services that our Marketing Department recommends are MailChimp, Constant Contact and Robly, but there are plenty of other services out there for you to choose from. Typically these services come at a monthly premium, but that cost is worth it since your email templates are saved online so you don’t have to recreate your design every time you send out a new email newsletter. Plus these online services will store your client’s emails so you don’t have to type in all your client’s email addresses every month. However, make sure you only email clients or potential clients that have given you permission to email. These newsletters are connected to your individual email account and if too many people report an email as “spam” or “junk” you could end up having your other emails blacklisted from reaching anyone’s inbox. So I encourage you to slowly build a good list of emails from people want to receive your monthly email newsletters and updates. With these online services and a good email list it’s safer and easier to touch base with your clients once a month to stay in their minds and increase client retention.
Time To Get Started
The hardest part of Digital Marketing is getting started because this process can be overwhelming to add on to your day to day schedule. My suggestion is to start with one piece of the digital marketing I suggested above and then move on to another. The easiest way to start is by creating a social media page and business page. That’s free to you and it gives you an immediate online presence where potential clients can find you. From there you can move on to creating a website (if you don’t have one already) and once you have that established then start advertising (Social Media Boosts, Online Ads, Newsletters).
What are you waiting for? Get started with your Digital Marketing and push your business to the next level increasing your overall business and client retention.