Medicare Advantage vs. MedSups

Episode Summary

This Medicare supplement masterclass provides a comprehensive overview for insurance agents looking to expand into selling Medicare supplement plans, also known as Medigap plans.

It starts by explaining the key benefits of Medicare supplements. They offer clients freedom of choice without networks or referrals. Clients can see any provider nationwide who accepts Medicare. The plans are guaranteed renewable as long as premiums are paid, providing reliable coverage. Supplements coordinate with original Medicare, covering deductibles, copays, and coinsurance.

Next, the differences between supplements and Medicare Advantage plans are discussed. While Advantage plans limit enrollment to certain periods like AEP, supplements can be purchased year-round. Supplements also have upfront, predictable premiums rather than the lower premiums but hidden costs of Advantage plans.

When it comes to enrollment periods, the presenter emphasizes that the initial enrollment period when someone turns 65 is best, as it guarantees access to any plan without underwriting. Other options like the guaranteed issue still allow enrollment but may require health screening. Going through underwriting is the last resort.

Medicare supplement plan options range from Plan A to Plan N, but Plan G is consistently the most popular. An important point made is that benefits are standardized across insurance carriers per CMS guidelines. So Plan G will be the same no matter which carrier it's purchased from. This allows agents to focus on price, reputation, and service rather than plan differences.

For actually enrolling clients, electronic applications are preferable when possible for speed and efficiency. However, paper apps are still an option when needed. The presenter stresses the importance of agents learning each carrier's e-app system.

Finally, commission structures are covered. Rates can vary by carrier, plan type, and enrollment period. Contests, bonuses, and incentives are also available for hitting certain production goals. Knowing the commission details is key.

In summary, this masterclass empowers agents with extensive Medicare supplement education to capitalize on this lucrative market opportunity and better serve clients.


(0:00:05) - Leigha Hayes joins us for an audio Masterclass on Medicare supplements
(0:00:36) - Leigha Hayes: We're talking about Medicare supplements and Medicare Advantage plans
(0:01:39) - Let's talk about Medicare supplements versus Medicare Advantage plans
(0:03:33) - Now let's talk about Medicare supplements and when can you enroll
(0:04:26) - Let's talk about different Medicare supplement plan options
(0:06:14) - Every carrier offers an electronic application to enroll in a Medicare supplement
(0:07:40) - Let's talk about commissions, contests, and bonuses
(0:09:09) - Leigha Hayes is your Medicare supplement director here at the brokerage
(0:09:42) - Leigha discusses how to grow your Medicare supplement book of business

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