Cross-Selling, Medicare

Selling Hospital Indemnity

Episode Summary

Rob Douglas, a sales manager with 20 years of insurance experience at UNL, joins the Broker Link podcast to discuss strategies for selling hospital indemnity insurance to Medicare beneficiaries. The conversation provides valuable insights for agents looking to boost sales by better meeting client needs.

Rob begins by explaining what hospital indemnity insurance is - a supplemental product that provides cash benefits directly to policyholders for hospital-related expenses. Payouts are made regardless of what other health insurance a beneficiary may have. This makes it an excellent option for filling gaps in Medicare Advantage and Medigap plans.

One of Rob's top recommendations is for agents to conduct a needs analysis for every prospective client. Review the plan's summary of benefits to identify gaps in coverage based on copays, coinsurance, deductibles, and other out-of-pocket costs. Use this information to outline precisely where hospital indemnity can help provide additional cash benefits to cover expenses the primary Medicare plan does not.

Rob advises presenting the hospital indemnity product at the same time as the Medicare Advantage or Medigap plan. Walk through the identified gaps in coverage first. Then position hospital indemnity as the ideal solution to fill those holes. This allows agents to address concerns immediately and close the sale more easily.

Premiums for added hospital indemnity coverage are very affordable, averaging around $35 per month according to Rob. Agents earn commissions of a few hundred dollars per sale. They also protect future renewals by meeting clients' needs now. It's a winning solution for both agents and beneficiaries.

Rob provides tips for roleplaying sales calls to get comfortable walking clients through needs analyses and presenting hospital indemnity as the perfect gap coverage solution. He also highlights providers like UNL that offer extensive sales training and support resources to help agents succeed.

In summary, hospital indemnity products present an excellent opportunity for Medicare agents to boost sales by better-addressing clients' needs. The right provider partner offering training, quick application processing, and hands-on support can help agents maximize results. This podcast provides actionable strategies to incorporate hospital indemnity into Medicare offerings for mutual benefit.


(0:00:08) - Rob Douglas talks to us about selling hospital indemnity to Medicare clients
(0:01:07) - I'm a sales manager for UNL, a small insurance company
(0:02:39) - You say agents should add hospital indemnity insurance to their portfolio
(0:11:36) - A lot of agents are terrified of cross-selling, Gillan says
(0:17:31) - Let's talk a little bit about money for a second. What does an average monthly premium look like for Medicare Advantage
(0:18:40) - Short-term home health care has a hospital indemnity component
(0:23:58) - What makes UnL unique is its focus on selling products from a sales standpoint
(0:28:01) - You can sell these products with the Medicare plan in a compliant manner
(0:28:47) - We encourage agents to sell more, earn more, and stay independent

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