How to Scale Your Medicare BusinessWhat does every agent have in common? They all want to write more business. Anyone who has been in the industry for any amount of time can tell you that increasing your production isn’t something that just happens. You have to plan and work to make it happen. There are numerous paths you can take to grow your business, and what’s right for you depends on your personal preferences and goals. Today I don’t want to talk to you about how to grow your business, I want to talk to you about some key principles you will need to consider when coming up with your business plan. I’m going to share with you what factors the largest call centers and agencies in the country focus on to make sure they are running a successful business. To start with we need to quickly go over the three most important factors in an agencies business. Cash flow, CPA, and LTV.
It’s imperative that you're be able to calculate your total CPA because you need to make sure it is lower than the third key factor, lifetime value or LTV.
Too often I talk to agents who are hesitant to invest in their business because they are only looking at first year profit margin. You are running a business and just like any other business you are going to have to invest in it to see it grow. Download the guide in PDF here. Now that we know how to calculate how much business it will take to reach your goals we need to talk about your budget. Your budget is how much you have to spend on your business.
Once you’ve got your budget squared away it’s time to consider the management side of starting an agency. The hardest part of running an agency is managing agents and managing leads.
When I say this most peoples minds immediately go to selling techniques and how to close more sales. Often it’s more effective to focus on solidifying the sales you are already making to reduce attrition. If you can reduce the percentage of clients who leave you yearly from 15% down to 5% then you will most likely see more profit from that than you would by increasing your closing percentage. Here at PSM we focus on Medicare advantage so I’m going to use that as an example but this will apply to any product line.
By doing all of this you will drastically increase your placement and persistency rates. Placement and persistency are vital to your success. You spent the money to acquire these clients so you need to make sure you keep them. So far we’ve covered the key factors you need to consider when planning to scale your business. How to maximize commissions, managing your leads to workforce ratio and how to calculate the profitability of your business using LTV and CPA. The last thing I want to leave you with is how to calculate the value of your business using a ratio. This simple method will give you a snapshot of the overall health of your business model.
If I told you I’d give you $300 tomorrow for every hundred dollars you give me today you would take that deal, right? Of course you would. That’s all I have for you today. I hope that you are able to take some of this information and apply it to your own personal situation. And more importantly I hope you do take the chance, invest in your business and realize your goals. If you have any questions or want to talk about how to best scale your business please give us a call at 800-998-7715 and ask to speak with one of our marketing directors. We’ll be happy to take the time to go over any of this in more detail and can even run a personalized calculation for you on what kind of ROI you can expect. Thanks for your time and have a great day. Download the guide in PDF here.
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Introducing AFLAC Medicare Supplement and Final Expense Plans |
Aflac is here to help manage your client's health care expenses with coverage they can count on. Now is a great time to add this well respected brand to your portfolio.
Aflac announced the introduction of two new consumer-directed products: Aflac Final Expense Whole Life Insurance and Aflac Medicare Supplement Insurance. These products — underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated — are part of a robust portfolio of supplemental coverage options.
Aflac Q1 Bonus Opportunity. Check out the details here.
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Aflac expands consumer-directed portfolio in U.S. with addition of Final Expense Whole Life and Medicare Supplement Insurance |
Aflac Medicare Supplement Insurance
While Medicare provides coverage for health-related expenses, it doesn't cover all costs — such as copayments, coinsurance and deductibles. Because consumers need a way to help manage expenses during retirement, Aflac introduced its Medicare Supplement Insurance policies to help fill some of these coverage gaps.
With Aflac's Medicare Supplement plans A, F, G, and N, consumers will have the freedom to choose any provider that accepts Medicare at a convenient location that best meets their needs, without precertification or pre-authorization. Plan benefits remain the same year after year and are portable, so if policyholders move or travel, their coverage goes with them.
Aflac Final Expense Whole Life Insurance
With Aflac Final Expense Whole Life Insurance, policyholders can help protect their loved ones' financial security by helping to pay for end-of-life expenses not covered under Medicare and other programs, while also encouraging families to address uncomfortable discussions about final expenses.
The average out-of-pocket medical expenses during one's last year of life can total nearly $10,000.1 In addition to these expenses, there are often significant costs involved when settling a loved one's estate, and the median funeral expenses are almost $8,000.2 Considering that nearly 50% of American workers say they would not be able to pay more than $1,000 in out-of-pocket medical costs in the event of an accident or injury,3 Aflac's Final Expense Whole Life Insurance can help protect loved ones from inherited expenses.
Aflac's Final Expense Whole Life Insurance is available in two options: the Level Plan and the Modified Plan. Both plans include a guaranteed level premium — meaning premiums will never increase — and a guaranteed death benefit paid to the beneficiary while the policy is active. Plans are available for individuals age 45 to 80. Benefit amounts range from $2,000 to $50,000, depending on the plan selected. The level plan also offers the option to elect accelerated and accidental death benefit riders, as well as a children's term insurance rider.
Aflac Final Expense Insurance: Coverage may not be available in all states including but not limited to NM or NY. Benefits/premium rates may vary based on coverage selected. Optional riders may be available at an additional cost. Policies have limitations and exclusions that may affect benefits payable. Refer to the specific policy and rider form(s) for complete details, definitions, limitations and exclusions. In AR, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Aflac Medicare Supplement Insurance policy series AFLMS. Coverage not available in all states, including but not limited to NM or NY. Some plans may be available to qualified consumers under age 65. Plans not available in all states. Benefits/premium rates will vary based on coverage selected. For complete details of benefits, definitions, and exclusions, please carefully read the outline of coverage and policy forms, and refer to the "Guide to Health Insurance for People with Medicare." Aflac Medicare supplement insurance is not connected with or endorsed by the U.S. government or the federal Medicare program. All benefits payable under the policy are based upon Medicare-eligible expenses (as applicable). In Idaho, policies AFLMSP22A-ID, AFLMSP22F-ID, AFLMSP22G-ID, AFLMSP22N-ID. In Oklahoma, policies AFLMSP22A-OK, AFLMSP22F-OK, AFLMSP22G-OK, AFLMSP22N-OK. In Virginia, policies AFLMSP22A-VA, AFLMSP22F-VA, AFLMSP22G-VA, AFLMSP22N-VA. Aflac Medicare Supplement insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated, and is administered by Aetna Life Insurance Company. 1021 Reams Blvd, Franklin, TN, 37064; |
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