Robert Bache (aka “Medicare Bob”) is VP of Health at AmeriLife, and Founder of Senior Healthcare Direct.
I’ve been through my fair share of Medicare Annual Enrollment Periods (AEPs)—as an agent and as a leader. I’ve made mistakes, learned from them and soaked up wisdom from the people around me. Now, I’m happy to pass on my insights to new agents gearing up for AEP.
Experience is like gold in this fast-paced world. I’ve seen all the ups and downs, the challenges and the victories. Embrace those challenges, learn from your experiences and make a real difference in your clients’ lives. Every interaction is a chance to make a positive impact, and every sale is an opportunity to bring peace of mind to those navigating the Medicare maze.
Here are three tried-and-true tips that will set anyone up for AEP success.
1. Service Your Book While Adding New Clients
A big challenge I had during annual enrollment in my early years was that I had built a book of business, and then from October 15 to December 7, I had to try to service those customers while adding new ones.
Since then, I’ve learned to reach out to my existing customers for their annual reviews October 1-14, once all the new plans are out. At that point, we can update their provider and medication lists, get them into the online enrollment tool and see which plan is right for that customer so they’re ready for enrollment post-October 15.
Make sure you’re scheduling these enrollments for existing customers at a convenient time for your schedule, as well as theirs. Don’t schedule them during any prime selling times. Maybe you’re dialing the phones from 9 a.m. until 5 p.m., while someone in a retail store might expect to be busy between 10 a.m. and 2 p.m. Be cognizant of your time, and schedule out as far in advance as you can. Choose an evening or weekend to handle existing customers, so you can focus on new business during the week.
2. Make A Plan With Two Currencies
All agents have two currency options: money and time. What money you have to spend, you should invest in yourself. Use your marketing money for direct mailers or to purchase leads, inbound calls, preset appointments or even an on-hand assistant.
Try not to spend your valuable time during enrollment doing something you could pay someone $15 per hour to do. Temporary staff during busy season can be tasked with contacting your existing customers to make enrollment appointments. They can stay on standby to accept customer service calls on your behalf. Your time may be used more efficiently on the road, making face-to-face connections with your customers.
If you don’t have the funds, you always have your time. Knock on doors and cold call for Medicare Supplement plan customers. Libraries and senior centers will often allow you to host free seminars. Participate in every 5K run, go for morning walks at the mall and wear a button that says “I Can Help With Medicare.” Go to every community event that’s free to attend, and be sure to use your time wisely.
3. Always Remember To Service Holistically
Think beyond the standard offerings to determine how you can service your customers—and your business—holistically. Cross-selling hospital indemnity and final expense plans can be a great way to supplement a person’s healthcare and your income. It’s likely you won’t be paid for the Medicare business you’re writing during AEP until January or February. Subsidize your income with additional, cash-heavy ancillary products.
Finally, never be afraid to ask for referrals. It should be part of your process. Referrals are free leads that can help you down the road.
Don’t get discouraged. Selling Medicare plans is not a “get rich quick” business. Be patient with yourself, and run your own race. Lean on those around you, and let the success of others inspire you. There will always be someone who has been there before. As you gain experience, you’ll learn the best practices, and one day you’ll be that person for someone else.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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