The Greying of America, a transition period, began in 2000. Statistics show that the American population is aging. In 2000 there were 35 million Americans aged 65 and older, an increase of 12 percent from 1990. Close to one-half of the 35 million seniors were older than 75.
Currently, many of America’s seniors are choosing to live at home with their adult children, to save on medical costs. More and more seniors need and use Medicare supplement insurance plans to maintain their health.
Medical supplemental insurance, also know as Medigap, aims to cover holes in the original Medicare. Medigap is made up of various plans that can cover co-pay, co-insurance, and deductibles. Together, the plans will give seniors 100 percent coverage. Medical supplement plans and Medigap are not to be confused with Medicare Advantage.
Navigating Medigap’s supplemental plans, can be confusing to seniors. This is where a dedicated insurance agent can help. Insurance agents should understand the policies, what they mean, how they work, how to price them out to benefit a senior’s coverage, and when to apply for coverage and not miss out on enrollment in the plan.
Selling Medicare supplement insurance is a brilliant plan that can grow the business base exponentially, if agents choose to educate clients and potential clients. Inform clients about modifications to Medigap, before enrolling:
The Medigap insurance plan was modified adding more choices
Plan K/Plan L covers 50 percent and 75 percent, respectively, of Hospice part A co-insurance as a basic benefit
For Plans K, L and N, seniors must pay a portion of the co-insurance/co-payments of Part B, which means they receive lower premiums
If current coverage ends at 65, send your medical policy application before the enrollment period, to be provided with continuous coverage.
Being proactive when selling Medicare supplement insurance ensures a healthy business base for your agency.