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We are in a people helping people business, and our entire team is dedicated to always being here for our customers. That’s actually where the name Wellabe comes from – the phrase “we’ll always be.” We’ll always be here for our customers, fulfilling our promises and helping them be well. Even 90-plus years later, we are still caring for our customers, pushing boundaries, embracing growth, and transforming our organization.
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www.psmbrokerage.com Admin
Recent Posts
Wellabe: Big Hospital Indemnity changes coming soon
Posted by www.psmbrokerage.com Admin on Tue, Oct 17, 2023 @ 04:07 PM
Tags: Hospital Indemnity, wellabe
2024 Medicare Parts A & B Premiums and Deductibles
Posted by www.psmbrokerage.com Admin on Fri, Oct 13, 2023 @ 10:57 AM
On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2024 Medicare Part D income-related monthly adjustment amounts. Link below along with the 2024 breakdown.
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Tags: Medicare Premiums, deductibles, 2024
Staying compliant during the Annual Enrollment Period (AEP) for Medicare sales is not only crucial for the reputation and integrity of your business but also for the well-being of Medicare beneficiaries. Agents must ensure that all interactions with beneficiaries, from initial contact to the final enrollment, are transparent, ethical, and in full accordance with Medicare rules and regulations. This includes the proper use of the Scope of Appointment (SOA) process, which grants beneficiaries control over the topics discussed during meetings, preventing aggressive sales tactics. It also involves providing accurate information about plan options, costs, and coverage, as well as respecting the Annual Enrollment Period deadlines. Compliance not only keeps you in good standing with regulators but, more importantly, it fosters trust with your clients, ensuring they receive the best possible guidance for their healthcare needs.
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Tags: AEP, Compliance
Need Medicare Leads for the 2024 AEP? PSM and LeadStar have you covered
Posted by www.psmbrokerage.com Admin on Wed, Oct 11, 2023 @ 04:08 PM
LeadStar Marketplace is a self-serve platform that allows agents to acquire new customers at scale.
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Wellcare and Mutual of Omaha - A new opportunity for MA sales
Posted by www.psmbrokerage.com Admin on Mon, Oct 09, 2023 @ 02:03 PM
Mutual of Omaha and Wellcare have formed a strategic alliance to offer jointly designed Medicare Advantage plans in select markets for the 2024 plan year. They are excited to offer this meaningful addition to their portfolio of senior health solutions designed to meet customers' individual needs. To learn more, including where plans will be available, please request details today and one of our marketing representatives would be happy to share the information. Two leaders in the senior health market - Mutual of Omaha and Wellcare have formed a strategic alliance to offer jointly designed Medicare Advantage plans in select markets for the 2024 plan year. As a customer-focused company, Mutual of Omaha is committed to offering a comprehensive suite of senior health products. Medicare Advantage plans offered with Wellcare are a meaningful addition to our portfolio of senior health solutions designed to meet customers' individual needs. For Agent Use Only. Not to be shared with Medicare beneficiaries A trusted brand among seniors with 95% brand awareness, Mutual of Omaha is the nation's second-largest provider of Medicare Supplement plans. Our company remains committed to the Medicare Supplement market and plan to continue to grow in this space. Our senior health solutions portfolio also includes prescription drug (Part D), dental and vision coverages. Wellcare and Mutual of Omaha will offer No Premium and Low Premium MAPD PPO cobranded plans in Georgia, Missouri, South Carolina, and Washington state as well as in Dallas/Fort Worth and Houston markets in Texas. The jointly marketed plans will be offered during this fall's Medicare Annual Enrollment Period (AEP) which begins Oct. 15 and runs through Dec. 7th. The customer experience, including customer service, enrollment, and member communications, will be the Wellcare experience. All sales and brokerage operations will be handled by Wellcare. All 2024 contracted and certified Wellcare brokers will automatically have access to the co-branded plans with the same compensation model. We are excited to offer this new opportunity to you and your clients. Be on the lookout for more information as we showcase the plans and the opportunities in each market.
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Tags: Medicare Advantage, Mutual of Omaha Medicare Supplement, dental plans, WellCare
The 2024 Annual Enrollment Period (AEP) for Medicare is right around the corner, and hopefully you have already geared up for this critical period. With the AEP fast approaching, it's essential to be well-prepared to assist Medicare beneficiaries in making informed choices about their healthcare coverage. As trusted advisors, you play a pivotal role in guiding individuals through the maze of Medicare options, helping them find the plans that best meet their unique needs and preferences. This upcoming AEP offers the opportunity to make a real difference in the lives of your clients by ensuring they have access to the healthcare services that matter most to them. So, let's make sure you are equipped with the latest updates, plan options, and knowledge to empower your prospects to make confident decisions during the 2024 Medicare AEP. Together, we can navigate this enrollment period successfully and provide invaluable assistance to those relying on our expertise.
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Conquer Cognitive Bias and Supercharge Your Sales
Posted by www.psmbrokerage.com Admin on Thu, Oct 05, 2023 @ 11:45 AM
Conquer Cognitive Bias and Supercharge Your Sales
If you're a Medicare supplement insurance agent, you know that your job isn't just about selling policies; it's about connecting with people on a personal level. And that's where cognitive biases come into play.
A Cognitive Bias can either help strengthen your bond with clients or create unexpected roadblocks. They have the potential to be your best friend or your worst enemy in the world of relationship-based sales.
In this article we’ll help you navigate the twists and turns of cognitive biases successfully. We'll take you through these quirks of the human mind, from Anchoring Bias to Action Bias, and provide you with the insights you need to not just serve your clients but genuinely understand them.
In a consultative role, where it's all about trust and lasting connections, grasping and mastering cognitive biases is your super power.
Understanding these biases will be your key to building trust, nurturing relationships, and ultimately, winning at the game of sales.
Ambiguity Bias:
Ambiguity Bias is a cognitive bias that influences people to favor known information over ambiguous or uncertain information when making decisions. In the context of sales, this bias can significantly impact a salesperson's ability to close deals because customers often encounter unfamiliar products, services, or solutions.
When faced with ambiguity, individuals tend to cling to what they already know, making it challenging to convince them to try something new or different.
Overcoming Ambiguity Bias:
To overcome Ambiguity Bias, it's essential to simplify complex information, provide concrete evidence, and build trust with your customers.
Use clear and straightforward language to explain your product or service, offer evidence such as testimonials or case studies, and establish rapport to make customers more comfortable with considering new options.
By addressing uncertainty head-on and providing clarity and assurance, you can increase your chances of successfully closing deals.
Story Bias:
Story Bias, also known as narrative bias, is a cognitive bias where individuals tend to favor information presented in the form of a compelling story over data or facts presented in a dry, statistical manner.
In sales, this bias is important to understand, and use to your advantage, because potential customers may be more influenced by the emotional appeal and relatability of a story than by the raw data or features of a product or service.
Using Story Bias:
To use Story Bias, blend storytelling with facts and figures effectively. Craft narratives that highlight real-world applications and success stories involving your product or service, preferably using testimonials from clients.
Ensure that these stories resonate with your target audience and address their pain points and aspirations. However, back your narratives with concrete data, statistics, or evidence to demonstrate the tangible benefits and value of your offering.
Ask current clients to share honest reviews and share positive reviews and stories about how you helped them. By striking a balance between storytelling and factual information, you can engage customers emotionally while providing them with the rational justification they may need to make a confident purchasing decision.
The Humor Effect:
The Humor Effect is a cognitive bias that taps into the power of emotions to enhance the impact of information. Humor, being one of our most potent and accessible emotions, can be a valuable tool in sales.
By strategically incorporating humor into your sales pitch, you can effectively engage potential customers, making your message more memorable and enjoyable.
Using the Humor Effect:
To make use of the Humor Effect in sales, use humor thoughtfully and in a way that resonates with your audience. Ensure that your humor is relatable, relevant, and enhances your sales message.
Pay attention to timing and maintain professionalism throughout your interactions. When humor is used effectively, it can create a positive and memorable experience for potential customers, making them more receptive to your sales pitch.
Confirmation Bias:
Confirmation Bias is a cognitive bias where individuals tend to seek, interpret, and remember information in a way that confirms their preexisting beliefs or opinions while ignoring or downplaying contradictory evidence.
In sales, this bias can pose a challenge because potential customers may have preconceived notions about a product or service, and they may actively seek out information that supports their existing views, making it harder to change their minds.
Overcoming Confirmation Bias:
To overcome Confirmation Bias, it's essential to approach potential customers with empathy and a deep understanding of their existing beliefs and preferences. Start by actively listening to their concerns, needs, and objections. Acknowledge their viewpoints without immediately challenging them.
Next, present evidence and information that is both accurate and aligned with the customer's existing beliefs. Gradually introduce new information that gently challenges their preconceptions while emphasizing the benefits and advantages of your product or service. Use relatable stories or case studies that demonstrate how others with similar beliefs have benefited from your offering.
Encourage open dialogue and ask probing questions to guide customers toward considering alternative viewpoints. Be patient and respectful, avoiding confrontational or argumentative tactics. By gradually building trust and credibility, you can help potential customers overcome Confirmation Bias and become more receptive to the value your product or service offers.
Action Bias:
Action Bias is a cognitive bias that predisposes individuals to favor taking action, even when inaction might be the more prudent choice.
In sales, this bias can manifest when potential customers feel compelled to make a quick decision, often due to external pressure or a sense of urgency. This can lead to impulsive purchasing decisions that may not align with the customer's best interests.
Overcoming Action Bias:
To address Action Bias in sales, it's crucial to strike a balance between encouraging action and ensuring that customers make well-informed decisions.
Start by clearly communicating the benefits and value of your product or service. Help customers understand that taking the time to evaluate their options can lead to a more satisfying and cost-effective choice in the long run.
Offer information on different options, pricing plans, and potential alternatives without overwhelming the customer. Present a compelling case for why your offering is a good fit, but avoid using high-pressure tactics. Instead, focus on building trust and providing comprehensive support to address any concerns or questions the customer may have.
Encourage customers to take the time they need to make a decision that aligns with their goals and needs. By respecting their decision-making process and promoting a sense of control, you can help them overcome the tendency for hasty action and make more thoughtful, satisfying purchases.
Summary
So, there you have it—cognitive biases, those little quirks in our thinking, are pretty influential in the world of consultative sales.
Remember, it's not just about selling policies; it's about connecting with people. These biases can either help or hinder that connection. Armed with this knowledge, you've got a better shot at turning them to your advantage.
Use this understanding to be more than just a salesperson; be a trusted advisor. Help your clients make informed decisions about their Medicare supplement plans and build relationships that last. It's not just about what you get; it's about the impact you can make in their lives.
Cheers to your success!
Tags: Sales Strategies
Cigna Healthcare will start paying commissions on Medicare Prescription Drug Plans (PDP) starting in AEP 2024! Here are some of the items covered in the Cigna PDP AEP Kick-Off presentation:
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Benefits of Using a Client Needs Assessment Form
Posted by www.psmbrokerage.com Admin on Wed, Oct 04, 2023 @ 12:24 PM
Want a custom version with your info and logo? Inquire with your Marketing Representative today and we would be happy to accommodate! Step 1 - Collecting information through a CNA for all your clients is the optimal method to guarantee your ability to offer coverage options and plan selections that align with their present circumstances. Step 2 - Engage in the CNA process to gain insights (or refresh your understanding) into your client's Medicare eligibility, existing coverage, and their primary concerns regarding their healthcare coverage. Step 3 - Utilize the details gathered from the CNA, along with your discussion, to introduce potential plan choices that align with their particular requirements. _____________ By analyzing the assessment form, insurance agents can identify potential coverage gaps in a client's current or desired plan. This allows agents to suggest supplemental plans to fill those gaps. By involving clients in the assessment process, insurance agents educate them about different coverage options, and potential out-of-pocket costs. This empowers clients to make informed decisions about their healthcare.
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Tags: Medicare Advantage, Medicare Supplement, Medicare Part D, Professional Networking, Marketing
Compliance Bulletin - October 2023
Posted by www.psmbrokerage.com Admin on Mon, Oct 02, 2023 @ 01:40 PM
With the annual enrollment period in full swing, we felt this was a great time to review common causes that lead to a CTM filing. Although there are many reasons a beneficiary would file a CTM, more often than not, during AEP, these complaints stem from an agent: • Not building a rapport with the client
Respond To Your Client's Needs Respond Appropriately Be Comfortable With Negative Feedback Above all, maintaining ethical sales practices is the cornerstone of Medicare Advantage sales. Always act in the best interest of beneficiaries, providing unbiased information and recommending plans that suit their unique needs. By following these compliance guidelines, you contribute to a positive experience for both beneficiaries and the industry as a whole.
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