The insurance industry, especially in the realm of Medicare plans, presents a landscape brimming with opportunities for those seeking a blend of autonomy, financial stability, and the satisfaction of providing a valuable service. As an independent insurance agent specializing in Medicare plans, you stand at the forefront of a rapidly growing market, offering vital services to a demographic that is expanding each year: seniors. The Expanding Senior Market The demographic landscape of the United States is undergoing a significant shift. With the Baby Boomer generation reaching retirement age, there is an unprecedented increase in the population of seniors. Statistics indicate that by 2030, all Baby Boomers will be over the age of 65, thereby expanding the senior market substantially. This growth translates into a growing need for Medicare plans, tailored to meet the diverse health care needs of the aging population. Unlike many other professions, where income is directly tied to the hours worked, Medicare plans offer the potential for earning a recurring income on policies sold. This means that each policy sold can continue to provide income for years, compounding over time as you build your client base. This structure offers not only a steady income stream but also the peace of mind that comes with financial stability. Autonomy and Flexibility Being an independent agent means being your own boss. This autonomy allows you to set your own schedule, choose your clients, and create a work-life balance that suits your lifestyle. Whether you prefer to work from home, set up an office, or be on the move, the flexibility inherent in this career path supports a variety of working styles and preferences. This level of independence is particularly appealing to those who thrive in an environment where they can take charge of their business growth and direction. The satisfaction of providing a service that helps people understand and access the healthcare they need cannot be overstated. It’s a role that not only benefits your clients but also brings a deep sense of personal fulfillment. The opportunity is here! The role of an independent insurance agent selling Medicare plans offers more than just a career; it presents a pathway to a fulfilling, flexible, and financially rewarding profession. In the face of the growing senior market, the ability to generate residual income, and the autonomy of being your own boss, this career path stands out as an excellent choice for those looking to make a positive impact while building a sustainable business. As the population ages, the need for knowledgeable, compassionate, and dedicated Medicare plan agents will only grow, making now an ideal time to step into this rewarding field. With approximately 10,000 individuals in the United States becoming eligible for Medicare each day, finding the right Field Marketing Organization (FMO) to partner with is crucial for achieving success. PSM goes above and beyond to empower independent agents, agencies, and brokers by offering unparalleled insurance products, exceptional back-office support, and a wealth of valuable tools and resources. We take pride in providing our agents with high quality senior insurance products that bring a sense of security and peace of mind to the nation's exploding senior population. Our experienced insurance marketing team provides our agents with a robust product portfolio, game-changing technology and unrivaled support. We look forward to showing you how we can personalize our services to help grow your business. Precision Senior Marketing was founded in 2006, in Austin, Texas. In the intervening time with almost two decades of experience, PSM has grown to a nationwide footprint, with a mission to empower agents to honestly and ethically help people live longer, healthier and more financially secure lives.
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Medicare Blog | Medicare News | Medicare Information
www.psmbrokerage.com Admin
Recent Posts
The Rewarding Path of Selling Medicare Plans as an Independent Insurance Agent
Posted by www.psmbrokerage.com Admin on Thu, Dec 21, 2023 @ 02:48 PM
Tags: Medicare Advantage, Medicare Supplement, New Business Opportunities
15 Strategies to increase customer retention
Posted by www.psmbrokerage.com Admin on Thu, Dec 21, 2023 @ 11:33 AM
"Loyal customers, they don't just come back, they don't simply recommend you, they insist that their friends do business with you." – Chip Bell Retaining clients is of paramount importance for any business, as it signifies not only the satisfaction and trust of existing customers but also offers a multitude of benefits. It is significantly more cost-effective to retain clients than acquire new ones, saving resources and marketing expenses. Additionally, loyal clients tend to spend more, refer others, and become brand advocates, thereby boosting revenue and brand reputation. Retaining clients also allows for deeper relationships, better understanding of their needs, and the opportunity to tailor products or services accordingly, leading to increased customer satisfaction and long-term success.
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Mutual Sales Leaders 2025 - Dublin
Posted by www.psmbrokerage.com Admin on Thu, Dec 21, 2023 @ 10:07 AM
Mutual Sales Leaders 2025 - Dublin Dublin is considered the friendliest city in Europe, if not in the entire world. Kindness and politeness are baked into the city’s honest, down-to-earth culture, which is evident on the cobblestone streets as locals look each other in the eye and salute each other with a jolly “dia dhuit” — or hello. So, channel the Irish spirit of hard work and become an honorary Dubliner by qualifying for Mutual Sales Leaders 2025, where we’ll raise a glass to your success and recognize you for your outstanding achievements. You belong in Dublin in 2025!
The people of Dublin are fiercely proud of their city’s rich history. Dublin was established more than 1,000 years ago on the east coast of Ireland, and many of the places that helped define the traditions, customs and identity of Ireland’s capital still stand today. View Flyer
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F&G: How can you jump start your clients' retirement?
Posted by www.psmbrokerage.com Admin on Tue, Dec 19, 2023 @ 09:32 AM
How can you jump start your clients' retirement? With a New Year rapidly approaching, learn how F&G’s Performance Pro®, a fixed indexed annuity, can reignite your clients’ retirement with a 15%1 jump start. In summary, Performance Pro offers: Check out our latest flyer to learn how Performance Pro’s premium bonus can jump start your clients’ retirement goals today.
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Higher lifetime withdrawal rates for Nationwide Peak® 10
Posted by www.psmbrokerage.com Admin on Mon, Dec 11, 2023 @ 04:23 PM
Provide your clients with even more guaranteed retirement income! Effective December 11, 2023, Nationwide is boosting withdrawal percentages on the Bonus Income+ rider for the Nationwide Peak 10® fixed indexed annuity.
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Tags: Annuities, Nationwide
The Medicare Open Enrollment Period (OEP), which runs from January 1st to March 31st each year, is an important time for Medicare beneficiaries. It allows individuals enrolled in Medicare Advantage plans to make certain changes to their coverage. Here are key rules and guidelines for the Medicare OEP: Medicare Advantage Plan Changes: Prescription Drug Plan Changes: No Changes for Standalone Part D Plans: No Effect on Medigap Policies: One-Time Change: Coverage Effective Dates: No New Enrollments for Medicare: Marketing Restrictions:
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Tags: Medicare Advantage plans, OEP, Compliance
Get More with Physicians Mutual®
Posted by www.psmbrokerage.com Admin on Thu, Dec 07, 2023 @ 12:20 PM
Get More with Physicians Mutual You can now add Physicians Mutual to your product portfolio. This is a game-changing opportunity for agents like you who want to increase their sales while helping clients save more money. Find out why so many agents are excited! Great reasons to add Physicians Mutual to your portfolio: More Innovation
Comprehensive Coverage | Products for all ages, including dental, cancer, life, and pet insurance. Extras | Policyholders receive access to Rx discounts, discounted fitness club memberships, vision & hearing discounted and more.
More Rewards Earn More | Competitive compensation packages and monthly bonuses with no cap. World-Class Incentive Trips | Yearly trips for our top performing agents. Recent trips include Mexico and Ireland. Ask us for details on what sets Physicians Mutual apart from the competition — and why you won’t want to sell others' products. You won’t regret it! To request details, Please call us at 800-998-7715 or click on the link below. For recruiting purposes only. Products/features vary by state. |
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Newest Blog Posts | All Blog Posts |
Tags: medicare supplement insurance, dental plans, Physicans Mutual
Contract Year 2025 Policy and Technical Changes to the Medicare Advantage Plan Program, Medicare Prescription Drug Benefit Program, Medicare Cost Plan Program, and Programs of All-Inclusive Care for the Elderly, and Health Information Technology StandardsBackground On November 6, 2023, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that would revise the Medicare Advantage Program (MA), Medicare Prescription Drug Benefit Program (Part D), Medicare Cost Plan Program, Programs of All-Inclusive Care for the Elderly (PACE), and Health Information Technology Standards and Implementation Specifications. The proposed policies build on existing Biden-Harris policies to strengthen beneficiary protections and guardrails to promote healthy competition and ensure Medicare Advantage plans best meet the needs of beneficiaries. In addition, these proposed policies would promote access to behavioral health care providers, promote equity in coverage, and improve supplemental benefits. On December 14, 2022, CMS issued CMS-4201-P, which proposed revisions to regulations governing MA, Part D, Medicare cost plans, PACE, and Health Information Technology Standards and Implementation Specifications. All the provisions included in the proposed rule CMS-4201-P were open for public comment from December 14, 2022, to February 13, 2023. On April 5, 2023, CMS issued final rule CMS-4201-F, which finalized several provisions proposed in CMS-4201-P. CMS intends to address a number of the remaining provisions from the proposed rule, CMS-4201-P, in future rulemaking, including in the final version of this rule. This fact sheet discusses the major provisions of the 2025 proposed rule. The proposed rule can be downloaded here: https://www.federalregister.gov/public-inspection/current. Enhancements to Medicare Advantage and Medicare Part D New Guardrails for Plan Compensation to Agents and Brokers to Stop Anti-competitive Steering. Many beneficiaries rely on agents and brokers to help navigate complex Medicare choices as they comparison shop for coverage options. The Medicare statute requires that CMS’s marketing standards ensure that CMS develops guidelines to ensure that the use of compensation creates incentives for agents and brokers to enroll individuals in the Medicare Advantage plan that is intended to best meet their health care needs. However, financial incentives to agents and brokers, more readily paid by large plans, can result in beneficiaries being steered to some Medicare Advantage plans over others based on excessive broker and agent compensation and other bonus arrangements—rather than recommending plans based on the prospective enrollee’s best interests. Specifically, CMS is proposing to redefine “compensation” to set a clear, fixed amount that agents and brokers can be paid regardless of the plan the beneficiary enrolls in, addressing loopholes that result in commissions above this amount that create anti-competitive and anti-consumer steering incentives. The proposal ensures the payment of agent and broker compensation reflects only the legitimate activities required of agents and brokers by broadening the scope of the regulatory definition of “compensation” so that it is inclusive of all activities associated with the sales to/enrollment of a beneficiary into a Medicare Advantage plan or Part D plan. The proposed national agent/broker fixed compensation amount for Medicare Advantage is $642. This proposed fixed amount for Medicare Advantage compensation, compared to the existing national compensation cap of no more than $611, would eliminate the current variability in payments and improve the predictability of compensation for agents and brokers. Additionally, the proposed rule would generally prohibit contract terms between Medicare Advantage plan organizations and marketing middlemen, such as field marketing organizations, that result in things such as volume-based bonuses for enrollment into certain plans, which may interfere with the ability of agents or brokers to assist the enrollee in finding the plan that is best suited to their needs. These proposed policies advance the goals of President Biden’s historic Competition Council and Executive Order signed in July 2021 by helping to ensure a robust and competitive Medicare Advantage marketplace
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In January, some clients who recently enrolled in new Medicare Advantage plans may contact you, expressing uncertainty about their decision. Moving from a familiar plan to an unfamiliar one can be daunting. Fortunately for your client, they're not locked into their new coverage. Shortly after the Annual Enrollment Period (AEP), beneficiaries in Medicare Advantage plans have the option to reconsider their plan choice. Today we'll look into what options beneficiaries have, as well as a few points to consider as it relates to restrictions on marketing during this time. As you might be aware, the Medicare Advantage Open Enrollment Period (MA OEP) is designed for two specific groups:
This means that clients who contact you in January, expressing dissatisfaction with their new plan, have the opportunity to make a one-time switch in their coverage. So, what alternatives do they have? Keep in mind that Part D changes during the MA 0EP are tied to MA plan changes. Clients can modify their drug coverage by switching to a different MAPD plan, transitioning from MA to MAPD, or returning to Original Medicare with a standalone Part D plan. However, if someone has Original Medicare with a Part D plan, they cannot switch to a different drug plan during the MA 0EP; they must wait for a Special Enrollment Period (SEP) or the next Annual Enrollment Period (AEP). Restrictions on Marketing One major point to consider is the restriction on marketing during the MA OEP window. Agents cannot knowingly target or send unsolicited marketing materials to MA or Part D enrollees during the MA OEP 0anuary 1 to March 31). It's important to note that "knowingly" takes into account the intended recipient as well as the content of the message.
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Tags: Medicare Advantage plans, OEP, Compliance
Maintain Momentum and Continue Growing After AEP
Posted by www.psmbrokerage.com Admin on Thu, Dec 07, 2023 @ 10:18 AM
After the Annual Enrollment Period (AEP), there are several effective sales strategies you can employ to maintain momentum and continue growing your business: Follow-Up with Prospects and Clients: Reach out to those who didn't make a decision during AEP. They might be more receptive now that the rush has subsided. Review and Cross-Sell: Analyze your current client base for cross-selling opportunities. Offer complementary products like life insurance, dental, vision & hearing plans, or discuss long-term care insurance. Educational Workshops and Seminars: Host events focused on educating seniors about health and wellness, financial planning, or other relevant topics. This can position you as a trusted advisor. Referral Programs: Encourage satisfied clients to refer friends or family members. Offer incentives for referrals that lead to new business.
Digital Marketing: Utilize email campaigns, social media, and a robust website to keep your audience engaged and informed about their options outside of AEP. Personalized Communications: Send out personalized birthday cards, holiday greetings, or newsletters to stay in touch with clients and prospects. Client Reviews and Feedback: Schedule reviews with existing clients to discuss their current plans and any changes in their needs or circumstances. Networking: Attend industry events, join local business groups, or collaborate with other professionals (like financial planners or healthcare providers) to expand your network. Health and Wellness Programs: Partner with local gyms, nutritionists, or health coaches to offer wellness programs, adding value to your clients’ lives beyond insurance products.
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