by Jeff Spain
Medicare Advantage (“MA”) sales have skyrocketed over the last 10 years!
Total Medicare Advantage Enrollment, 1999-2020. Data Source: KFF analysis of CMS Medicare Advantage Enrollment Files 2008-2020, and MPR, 1999-2007; enrollment numbers from March of the respective year, with the exception of 2006, which is from April. Number of people eligible comes from the CMS Medicare Advantage Penetration Files for years 2010-2020, number of people eligible for Medicare comes from the Medicare Enrollment Dashboard. https://www.kff.org/medicare/issue-brief/a-dozen-facts-about-medicare-advantage-in-2020/. Accessed March 3, 2021.
UnitedHealthcare, Humana, and BCBS are the leaders in MA sales.
Medicare Advantage Enrollment by Firm or Affiliate, 2020. Data Source: KFF analysis of CMS Medicare Advantage Enrollment Files, 2020. https://www.kff.org/medicare/issue-brief/a-dozen-facts-about-medicare-advantage-in-2020/. Accessed March 3, 2021.
Insurance agents in the senior market commonly leverage needs analysis methods and client fact finders to review the risks, or “gaps,” in coverage that could affect their clients’ assets and savings. The monumental growth of the MA market has forced agents to be armed and ready to address the gaps of the MA policy. The key to addressing these needs is to follow a sales process pointing out the potential for financial loss while maintaining the professional client/agent relationship.
Using a financial advisor sales technique called “The Wedge,” created by Randy Schwantz, a senior market insurance agent can address the MA gaps to arrive at a comprehensive solution for the consumer.
As Seth Groff related in last month’s national webinar, the consumer may elect to self-insure, utilize savings, try to use cash flow, borrow from friends, or invest in a hospital indemnity plan. Whatever the solution, The Wedge will help us get to that decision.
Over the past several years working with licensed health insurance agents, senior market insurance agents, life insurance specialists, and P&C agents, this is the one commonality I have found: Most are one to two skills away from realizing their dreams.
The Wedge sales technique is an awesome tool to get you to the next level. The Wedge selling system is worth your time and investment. This month’s national webinar will introduce you to the concept of The Wedge, as well as provide you with several key phrases & heuristics to improve your sales skills.
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