Episode Summary
This podcast episode provides valuable insights for insurance brokers on selling standalone dental plans, with a focus on the senior market. It features expert Todd Cowan, National Sales Director at Ameritas Dental.
Many seniors mistakenly believe that Medicare will cover their dental expenses. In reality, the average senior spends over $1,000 per year on dental care costs out-of-pocket. This presents an opportunity for brokers to offer supplemental standalone dental plans to fill the coverage gap.
Todd explains that their top-performing brokers use dental plans as a "door opener" to establish relationships with new clients. The commissions on these plans continue as long as the policies stay in force, creating a lifetime revenue stream.
Some key benefits of partnering with Ameritas Dental:
- They have not had a rate increase in 2 years and won't have one in 2021 either. Their large book of business and actuarial expertise allows them to keep rates stable.
- Their extensive network provides 25-50% discounts on dental services. This reduces out-of-pocket costs for policyholders.
- New plans being launched offer higher annual maximums of up to $2,500. Many include a hearing benefit to appeal to seniors.
- The "preventive plus" benefit allows costs of cleanings, exams, and x-rays do not count toward the annual maximum. This helps policyholders get more value.
- No waiting periods for coverage of LASIK eye surgery and teeth whitening procedures. This is unique in the market.
- Brokers can enroll new clients in just 3 minutes using Ameritas' personalized shopping URL. This makes getting signed up simple.
- Their new broker portal launching in Q4 will help manage in-force policies and book of business.
When it comes to sales tips, Todd emphasizes asking clients questions about how they plan to budget for dental expenses in retirement. This gets them thinking about their needs proactively. Engaging through social media and sending the shopping URL makes enrollment easy. Showcasing the savings through provider discounts also resonates with seniors, as does emphasizing Ameritas' 60+ years of dental and vision expertise.
In summary, this episode provides a wealth of practical tips for brokers looking to sell standalone dental plans, especially those focused on the senior market. Partnering with a provider like Ameritas Dental that offers robust benefits, discounts, and simple enrollment can help drive revenue. Their expertise and stability provide confidence for brokers.
Timestamps
(0:00:00) - Ameritas has an exclusive dental product available to both ACA and Medicare clients
(0:00:24) - Mike Smith: Today we're talking about dental and vision plans
(0:01:23) - Why should brokers offer dental and vision plans? Todd answers the question
(0:03:43) - A lot of people ask us about Medicare coverage with dental
(0:08:46) - Top five tips for selling to the senior market include staying relevant and showcasing value
(0:12:40) - Ameritas specializes in dental and vision plans for under age 65s
(0:15:44) - You have new products that have other features. So congratulations on some cutting-edge benefits
(0:19:03) - Ameritas wants to be the easiest carrier to do business with
(0:22:21) - Can a broker make any money selling dental envision plans? Absolutely
(0:23:25) - The key is educating your clients on what is covered and what is not covered
(0:24:13) - Todd: Top five dental sales tips include asking the important questions
(0:26:48) - Todd: Thank you for listening to our podcast. Hope this was worth your time
