You can follow us on LinkedIn, YouTube, Facebook and Twitter. Stay Informed: You'll receive updates on the latest developments in the insurance industry, particularly in the senior insurance market. This includes changes in regulations, new insurance products, and market trends. Educational Content: Informative articles, videos, and resources that can enhance your knowledge and skills in insurance marketing. Networking Opportunities: You can connect with other professionals in the insurance and financial services industry, which can be valuable for sharing ideas and building your network. Industry Insights: Stay ahead of the curve with insights and expert opinions on industry topics, helping you make informed decisions in your insurance career. Product Information: Receive updates on new insurance products and services that you can offer to your clients, helping you provide a wider range of solutions. Compliance Guidance: Precision Senior Marketing may share information and tips on remaining compliant with industry regulations and best practices, reducing the risk of compliance issues. Exclusive Promotions: Sometimes, following them on social media might grant you access to exclusive promotions, discounts, or training opportunities. Engagement: You can engage with Precision Senior Marketing by asking questions, offering comments, and participating in discussions, fostering a sense of community and mutual learning.
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www.psmbrokerage.com Admin
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Tags: social media
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Tags: social media
Marketing Masterminds: Closing Live Transfer Leads to Power Your AEP - Sales Process & Overcoming Objections
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 01:28 PM
We hope you enjoyed last week’s edition of Marketing Masterminds. In this session, Bobby and Brian further reinforced their sales process and answered live questions from our attendees. If you couldn’t make it, we recorded the session for you to watch by clicking this link. A copy of Bobby and Brian’s sales process is also available here. Want to join us for another Q&A session? We’re hosting 2 more during AEP that you can register for by clicking either of the links below! Thursday, November 9 at 1:00pm ET Wednesday, December 6 at 1:00pm ET
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Tags: Medicare Advantage, AEP, Marketing, social media
Why Place Your Medicare Business With Precision Senior Marketing
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:33 AM
This $430 credit per 10 sales can be used for initiatives including:
* Street level contract direct to PSM / * Med Supp GI Business not included
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Why Agents Should be Selling Hospital Indemnity
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:33 AM
Ask any successful Medicare Advantage producer what they are most likely to cross sell with every Medicare Advantage plan sold and you’ll likely hear the same response… Hospital Indemnity. While Medicare is important to have, it may still leave gaps in coverage that a policyholder is responsible for. For instance, most Medicare Advantage Plans don't cover the first 4 to 7 days of a hospitalization. Per the American Hospital Association (AHA) Hospital Statistics, the average hospital stay costs over $10,000, but can vary widely. A Hospital Indemnity plan can help bridge the gaps left open from a Medicare Advantage Plan, by providing a direct cash benefit to the policyholder.
What are the Benefits of a Hospital Indemnity Plan?
Here's an example: If you go to the hospital complaining of abdominal pain, you may be placed in a hospital room or bed. This allows the doctor to monitor your condition while performing diagnostic tests to determine the cause of your pain without formally admitting you. Observation status is mainly a billing designation, but it matters since services received while under observation are not covered by Medicare Part A. Medicare Part B will cover 20 percent of the Medicare-approved amount for any services received. If the beneficiary does not have Part B, then they are responsible for 100% of the costs incurred while under observation. For most people, the out of pocket costs of having these gaps in coverage can be devastating. The right hospital indemnity plan could help ease that burden and make for a very affordable alternative to help your clients cover the unexpected. When Can You Sell a Hospital Indemnity Plan? The Centers of Medicare and Medicaid Services (CMS) have said that a Hospital Indemnity Plan can be marketed and sold during a Medicare Advantage appointment as long as it was agreed on the Scope of Appointment form. You can also go back to your current clients with Medicare Advantage and do a basic Needs Analysis to see how the Hospital Indemnity Plan will benefit them and limit their out of pocket costs. Relative Cost of a Hospital Indemnity Plan Of the 20,400,000 people currently enrolled in a Medicare Advantage Program 46% are on a zero-premium plan. Indemnity medical insurance costs depend on your age, the amount of coverage you want and the indemnity insurance company. You can buy coverage per individual or per family. For the benefit that a hospital indemnity insurance plan provides, the cost is relatively inexpensive. When you sell a $0 or low cost Medicare Advantage Plan, this allows budget flexibility with a majority of consumers to cover the gaps left behind. With a lower premium Medicare Advantage plan, your clients can entertain a Hospital Indemnity plan without breaking the bank and have peace of mind and a sense of security. PSM offers several Hospital Indemnity options for your portfolio. We have plans from Aetna, Sentinel Life, Equitable Life, GTL, Heartland National and Medico. If you have any questions, please give one of our experienced marketers a call at 1-800-998-7715 for more information on this versatile product for your insurance clients. [Ask About our Hospital Indemnity Offerings] - “Cross-selling occurs when an opportunity to sell a Medicare plan is also utilized to sell a non-health related product (such as life or home insurance or financial planning services). This activity is prohibited by CMS during individual appointments, marketing/sales events or when providing Medicare plan enrollment materials to consumers. Review the current Medicare Advantage Marketing Regulations and make sure you’re complying with Medicare’s rules regarding cross-selling.” *For Agent use only. Not affiliated with the U. S. government or federal Medicare program. B02242211 |
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Why Agents Should be Selling Cancer, Heart Attack and Stroke Insurance
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:32 AM
Why Agents Should be Selling Cancer, Heart Attack, and Stroke InsuranceAs a Medicare agent it can be tricky to explain to a client who already has Medicare and Medicare Supplement insurance why they may need additional ancillary insurance coverage. This gets even more complicated when you’re trying to discuss illnesses that they may find difficult to talk about, or as the statistics imply, have a high likelihood of being diagnosed with. Cancer, Heart Attack, and Stroke are some of the leading causes of death among men and women. Medicare managed Care (MAPD) and Medicare Supplements will offer some solutions to these problems, but they won't alleviate ALL of the costs associated with being diagnosed with one of these major illnesses. If your goal is to educate your clients and provide solutions for all of life’s unexpected occurrences, then every agent should have some ancillary options in their quiver to ensure you’re providing the best possible options and mitigating as much risk as possible for your clients.
Is there a need for Cancer, Heart Attack and Stroke Insurance? Thirty years ago Cancer Heart and Stroke Insurance didn’t exist. Most people just weren’t expected to survive many of the diseases that are survivable today, so they may be completely unfamiliar with these options or how they work. With more people surviving these types of illness, more and more survivors of a major illness are facing financial difficulties because of them. It’s not just the lifesaving treatment that needs to be considered, but a number of possible financial hardships that may come out of the situation. When people get sick they may soon realize that the expenses incurred due to lost work, continuing treatments and ancillary needs that weren’t considered, quickly become a mountain of debt. Without trying to push the fear angle, it may be enough to simply review the statistics and help them realize the sobering fact that many people will need this coverage at some point in their life. [ Get details on offering Cancer, Heart Attack or Stroke Insurance to your clients ] Let’s take a look at the statistics that support that need. Heart Attack: Number one cause of death for men and women. 3
Cancer: Second most common cause of death. 1
Stroke: Third leading cause of death in women and fifth in men. 5
Survival Rates: Good News. Survival rates for all 3 illnesses are increasing.
The potential costs related to cancer, heart attack and stroke. Cancer, heart attack and stroke are among the top 5 causes of new and existing long term disability claims. 9 This is why it is imperative to have additional insurance so you don't burn through your savings and 401K just to stay afloat and tackle the problem. Costs for surgeries and procedures are expensive enough, but when you begin adding in the cost of missing work, travel to and from specialized facilities, and lodging is where people can get themselves in a real bind that could possibly lead to excessive spending or bankruptcy, if not properly mitigated through insurance. Out of pocket costs of cancer, heart attack or stroke.
How Can a Lump Sum Policy Help? While Medicare, Medicare Supplement Plans or Medicaid may cover most of your direct hospital costs, the other costs can vary depending on your illness and your personal situation. That’s where a lump sum payment works so well. A lump sum benefit is paid directly to you or someone you designate, regardless of other health insurance coverage. A lump sum payment is distributed when you are diagnosed and can be used to help pay for whatever you choose, whether it’s medical expenses, groceries, a mortgage, electric bill, etc. It covers the gap left by other policies and quickly gives you 100% of the selected benefit. This provides the additional coverage needed to withstand the financial impact of diagnosis. There is no one plan that can cover everything, but the right plans do exist to create the best coverage for an individual based on their needs. A Cancer, Heart Attack and Stroke policy can provide much needed coverage when illness expenses extend outside those directly related to the treatment. People’s financial well-being doesn’t need to suffer because of the total cost involved with a major illness. Reviewing their needs, risks and options is the first step to helping them put together a complete insurance coverage plan. The more wrap around policies/coverage you offer to your clients the more secure they can feel knowing they have a “Blanket” of protection to cover them, in case something unexpected occurs. [ Get details on offering Cancer, Heart Attack or Stroke Insurance to your clients ]
Sources: 1 American Cancer Society, Cancer Facts & Figures 2017, cancer.org 2 Pediatric Cancer Research Foundation Annual Report 2015, pcrf-kids.org 3 American Heart Association, American Stroke Association, Heart Disease and Stroke Statistics 2018 At- A-Glance 4 Centers for Disease Control and Prevention, Heart Disease Facts 2017, cdc.gov 5 National Stroke Association, 2017 Facts, stroke.org 6 Cancer costs may rise 27% by 2020, John Commins, HealthLearers Media, January 2011 7 Stroke Fact Sheet, CDC and Prevention, cdc.gov 8 Top Ten Things to Know About Heart Disease and Stroke Statistics, American Heart Association heart.org, 9 https://www.uphelp.org/Emmet%20Pierce, download 8/29/18 10 http://ncbi.nlm.nih.gov/pmc/articles/PMC4194474
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Should You Start Selling Insurance Part Time?
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:31 AM
Should You Start Selling Insurance Part Time?
Starting a new career as an independent agent is a daunting task.
Some may be starting out young while others may be a bit older and looking for a new profession.
Many ask; "How do I start something new when quitting my current profession is just not feasible?"
It takes time to learn new skills and processes and that could mean less money in your pocket if you quit your full time job.
If that's your situation, then starting a new career on the side may be a good option for you.
If you can keep your regular job and get started without the pay cut, that may give you enough time to build up momentum before going in full time.
So, should you start selling insurance part time?
We're going to help you decide if it might be for you, and it will only take a few minutes. We'll look at some pros and cons and talk about the steps to take to be successful.
⍟ Start Part Time and Earn an Extra Paycheck
⍟ Start Out With a Plan
⍟ Get Familiar With the Industry
⍟ Deciding What to Sell
⍟ Managing Clients Expectations
⍟ Conclusion
Start Part Time and Earn an Extra Paycheck
Not everyone has the option of simply starting over.
If you’ve been in an industry for years and want to make a change, you are likely going to see a sizable pay cut if you start over.
Unless, of course, you can keep your current job and start your new venture selling insurance part time.
This can be a great way to get your feet wet and test out the industry.
You can test the waters and see if it might be a good fit before making any risky decisions.
Down the road when you feel more confident and the money is starting to flow, it’s even possible to reverse your situation.
You could always go full time as an independent and keep a part time job just to make up the money.
This isn’t ideal, but there is no real shortcut.
You will have to put the work in one way or the other.
This strategy will however, allow you to transition to a new profession rather than jumping in cold turkey.
Like we said, it can take some time in the beginning to start making money selling insurance.
This slow ramp up in your new venture can begin while you’re still collecting another paycheck and not cramp your lifestyle too much.
Start Out with a Plan
Because you are starting part time it will be important to have a carefully thought out plan. If you aren’t devoting your entire day to learning the craft you could easily be thrown off course.
Because you will be spending most of your day on a different job it will be easy to forget where you left off and miss details you had fresh in your mind when you were last working on it.
You want to have a system of keeping detailed information that you can refer to daily. This can be almost like a journal to record thoughts, details, important tasks, etc.
This is where having contacts in the industry will pay off dividends.
Getting advice as to when to zig and when to zag is priceless when you are just getting started. These are things that will need to be addressed as they come up and will vary depending on your situation.
You may not know exactly what you will encounter but you can prepare ahead of time by having resources at your fingertips when you need them.
Get Familiar with the Industry
Starting part time will allow you to test the waters and feel what it would be like to be in the industry without the risk of quitting a job and losing that income.
You are starting a business, but the risk is lessened when you have another job.
This way you can decide if you like the work, what type of products might be best for you to sell, what populations you like to work with, etc.
If you’re jumping into a new industry it will be necessary to have friends that are already in the business.
If you don’t have any, make some and try to learn from them. Having a mentor would also be very beneficial.
Everyone who is in the industry went through a similar process so they will understand. Don’t be afraid of asking others if you can buy them lunch and ask them for some advice.
Talk to an FMO about what's required to sell the different plans and get a better understanding of what's required.
Deciding What to Sell
This is more of a personal choice. What suits your personality? What area are you most interested in? Do you know anyone successfully selling insurance who could mentor you?
There are a number of things to consider, but you will have to navigate that to find something that fits you.
There are pros and cons to selling different types of insurance, it really comes down to simply choosing one that you can see yourself talking about and helping people with regularly.
With over 10,000 people a day turning 65, we have identified the senior market as a great opportunity now, and for years to come.
At PSM, we have established a strong portfolio of companies and have introduced quoting and sales technology to help our agents get a jump-start to success. If you're having trouble deciding, our marketers are here to answer any questions you may have.
Managing Clients Expectations
Whether you are jumping in full time or starting slow as a part time agent, your clients shouldn’t be able to tell the difference.
To be successful you will need to be there for your clients when they need you. Having said that, there is a lot you can do to manage their expectations.
Don't ever let your clients feel like you are giving them part time attention. Every interaction you have has to make your clients feel like they have your full attention and efforts.
Setting expectation up front can really help with this. Let your clients know the best time(s) to contact you and when they do you will return their call quickly.
Most people are reasonable enough to not expect you to answer the call immediately each time you call, as long as you set their expectation up front.
Nevertheless, just because your not able to work full time as an insurance agent does't mean you can put off communicating effectively with your clients.
Make every effort to take calls at every opportunity. Whether that's your lunch time, break time, and any time throughout the day you can pull away.
Conclusion
Being an independent insurance agent can be a very rewarding career. If you stick with it and develop a sizable client base you will also be building a book of business that will serve as your nest egg when, or if, you decide to sell it.
If you are entrepreneurial minded and like the idea of being your own boss, or owning your own company then there is plenty of opportunity as an independent insurance agent.
Just because you can't quit your full time job doesn't mean you can't still get started on a new rewarding career.
With the right approach and help from a good FMO you can start on a part time basis and begin building a business you can develop into a full time career.
Good luck in your efforts and remember, we're just a phone call away.
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Sales and Marketing = Creation and Capture
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:30 AM
Sales and Marketing = Creation and Capture No one works in sales without having losses. Some of those losses are the result of errors, bad choices, poor strategy, or sloppy sales approaches. Some of those losses are the result of circumstances that are difficult to overcome. You can do everything right and lose, and you can do many things wrong and win. Either way, losses come with the territory. Client issues are also part of sales. Even if you own the outcomes you sell your clients with someone else being responsible for doing the work that generates those outcomes, because you promised your client better results, they are going to look to you for help and for answers. You are accountable for the outcomes you sell, or you put future deals at risk (or more likely, you never see the new opportunities at all). Selling is made up of two major outcomes. The first outcome is opportunity creation, and it requires that you do the work of prospecting, whether you like that work or wish there was another way. The second outcome is opportunity capture. The first outcome always precedes the second. The workload for opportunity creation is equal or greater than the workload of opportunity capture. There will always be someone with a lower price that sells by suggesting they can produce the same result at a lower price point. Much of the time, these competitors will have an irrational pricing model that would cause you to lose money, and you will struggle to understand how they stay in business. But when they have been in business for decades, the only way you beat them is by creating greater value, not by explaining that they can’t survive with their pricing model. Selling is not situational. It is individual. There are always salespeople who succeed at selling the most commoditized, undifferentiated products and services and do well for being able to so. There are also people in sales roles with the most compelling, differentiated offer who struggle to sell what should be a much easier sell. There are intangibles that count for a lot more than most people recognize, and these tangibles are not commonly taught or developed. Success then, is a product of developing yourself. Source: https://thesalesblog.com/2018/01/09/a-few-observations-about-sales-and-salespeople/
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Tags: Sales Strategies, sales
Pre-Approved Medicare Marketing materials
Posted by www.psmbrokerage.com Admin on Thu, Nov 02, 2023 @ 11:30 AM
Great news! We are here to assist. We are pleased to provide you with a library of pre-approved marketing materials to help you retain and grow your book of business. These pieces have been created to engage consumers and motivate them to consider working with you to meet their Medicare needs. In today's competitive market, it is helpful to have marketing materials that help you stand out with potential clients. We also understand the challenge of coming up with something creative and engaging, in addition to adhering to CMS guidelines. Lucky for you, we have worked with our carrier partners to make sure our agents have access to not only carrier approved marketing materials, but also a library of generic pre-approved Medicare marketing materials. Get your free marketing materials here. Direct mail is an effective means of driving response among Medicare eligibles. It allows you to target your message to specific people at specific times. Even though direct mail is considered more effective than other mass media options, it is important to do everything you can to help maximize your success. Here are some tips to follow:
Marketing Pieces Include: Age-In, CSNP, DSNP, Educational, Generic and more To request access and speak with a marketing Representative about what pieces are available and how to have the customized, Get your free marketing materials here. You can also call us at 800-998-7715 and speak with one of our friendly marketing representatives. Carrier specific resources available through of our partners: Humana, Aetna, UnitedHealthcare, Cigna
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Tags: Medicare Advantage, Medicare, Medicare Supplement, direct mail
Medicare Marketing Guidelines
![]() Rules Renamed to "Medicare Communications & The Medicare Marketing Guidelines (MMG) have seen some significant changes since 2019. The MMG, which governs Medicare Advantage Organizations (MAO) and Plan D sponsors, were also re-named to Medicare Communications and Marketing Guidelines (MCMG). In this article, we’ll take a look at some important changes to the regulations that you should be aware of moving forward. Below, I have highlighted some of what we consider the most relevant changes to the guidelines. It is not an exhaustive list, but I think it’s a good place to start. The following sections have changed since 2019:
[ Note: Plans/Part D sponsors may impose additional restrictions on their subcontractors, downstream entities, and/or delegated entities, provided they do not conflict with the requirements outlined in the MCMG. ]
Let's look into some of the changes to the Medicare Communications and Marketing Guidelines: 20 – Communications and Marketing Definitions: The most obvious change to this section is the distinction between Communications activities and Marketing activities. Communications activities do not need to be submitted for CMS review. The MCMG defines Communications as: Activities and use of materials to provide information to current and prospective enrollees. This is the more generic of the two categories and does not require CMS review. This can be seen as a loosening of the restrictions.
The MCMG defines Marketing as: Marketing can be considered a subset of Communications and provides more detailed information. Marketing materials are those that could include information on a plan’s benefit structure, cost sharing and measuring or ranking standards. These types of materials are subject to CMS review.
Put another way, marketing materials are those with an intent to draw a beneficiary’s attention to a MA plan or plans to influence a beneficiary’s decision-making process when selecting and enrolling in a plan or deciding to stay in a plan and contain information about the plan’s benefit structure, cost sharing, and measuring or ranking standards. 30.6 – Electronic communication Policy: Section 30.6 explains that a sponsor may initiate contact via email to prospective enrollees and to retain enrollment for current enrollees. It also notes that text messaging and other electronic messaging (social media) is considered unsolicited and is not permitted. 40.2 – Marketing Through Unsolicited Contacts: As in 30.6 above, Section 40.2 adds email to the list of allowable unsolicited contact methods, as long as there is an opt-out function in the email. This section also clarifies that unsolicited text messages are not permitted. 50.3 – Personal/Individual Marketing Appointments: There is no longer any language preventing an agent from asking for referrals during a one on one appointment. (No more excuses) 60.4 – Plan/Part D Sponsor Activities in the Healthcare Setting: Section 60.4 clarifies that waiting rooms are considered part of the common areas and common areas are approved for sales activities. It also states that Communication materials may be distributed and displayed in all areas of the healthcare setting. 90.1 – Material Identification: Section 90.1 includes a new material identification process, as well as guidance on what types of materials will require submission to HPMS. Note:The section relating to the rules that apply to referral programs (30.9) has been removed. This will allow for some flexibility in gaining referrals.If you offer a gift for referrals, just remember, you will still need to abide by the Nominal Gift standards (40.4).
Appendix 2, Disclaimers:Disclaimers have been simplified and are now located in Appendix 2 of the MCMG. Some of the relevant proposed changes are listed below. The following disclaimers may be removed from your materials:
The following disclaimer may be removed from your advertising materials:
The following disclaimer may be removed from your materials:
The following disclaimer may be removed from your materials:
You no longer have to put the following text in email subject lines. As long as the material is not considered Marketing.
Appendix 3, Pre-Enrollment Checklist:The Pre-Enrollment Checklist was added to consolidate disclaimers on a given plan. The Checklist is designed to help enrollees understand important rules before making an enrollment decision.
Conclusion This update marks a significant change to the MCMG. There are new additions, several sections have been moved around and others removed entirely. We recommend reading through the entire guidelines to ensure you’re aware of any possible impact to your business. We have pre-approved Medicare Marketing Materials as well as carrier approved marketing materials available for our agents. As always, our experienced marketers are here to answer any questions you may have.
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