Navigating Medicare Supplements: An Agent’s Guide to Success
Today's knowledge-packed episode of Insurance Business Babes is actually from the MedicareMentorsMedia.com Pro training program. This episode features Steve Pomerantz, dubbed the “Medicare Supplement King,” as he joins Zach to break down the ins and outs of selling Medigap (Medicare Supplement) plans. If you’re an insurance agent ready to sharpen your Med Supp skills—or just curious about what goes on behind the scenes—this blog post will walk you through the key takeaways and strategies from their lively discussion.
Getting Started with Medicare Supplements
Steve’s journey into Medicare Supplement sales began out of necessity—responding to a local doctor’s need and diving deep into the Medigap world. As Zach and Steve recall, many agents stumble into Med Supp sales and aren’t always encouraged to focus on it due to perceived lower commissions compared to Medicare Advantage. But as they point out, Med Supp can become highly lucrative with the right approach, especially when factoring in bonuses and cross-selling opportunities.
Understanding Medigap Plans & Client Education
A major theme is demystifying Medigap for clients—emphasizing that all standardized plans with the same letter (e.g., Plan G) offer identical benefits, with only the price and insurer differing. Steve and Zach stress repeatedly communicating this to clients to build trust and reduce confusion. They also clarify common misconceptions, such as doctor acceptance (if a provider accepts Medicare, they accept all Medigap plans) and the absence of annual open enrollment periods outside initial eligibility.
Mastering Underwriting & Rate Shopping
Navigating underwriting is key. Steve demonstrates tools like Insurance Toolkits to assess medication histories and quickly identify carriers with lenient approval processes for specific health conditions. They advocate for mastering a handful of competitive carriers in your market and becoming familiar with their underwriting quirks, so you can confidently place business and answer client questions.
Choosing the Right Carrier and Managing Rate Increases
Steve and Zach shed light on the importance of understanding “books of business”—how insurers open and close rate classes and why premiums may spike after a few stable years. They recommend agents explain this cycle to clients, setting expectations for future review calls and highlighting the agent’s value in helping them shop for better rates over time.
Cross-Selling for Greater Value
Finally, bridging price gaps becomes easier by bundling in ancillary products like dental, vision, hearing, or cancer protection. This not only adds value for the client but helps agents boost profitability and differentiate themselves.
Conclusion
Steve’s advice rings clear: keep it simple, start with a core set of reliable carriers, know your underwriting, and leverage cross-selling. By educating clients and staying proactive with rate reviews, agents can thrive in the Med Supp space and foster client loyalty for years to come.
To get more information about Joanna's Pro Training program, go to https://MedicareMentorsMedia.com
This episode is sponsored by CertifiedMedicareAgents.com. Use the coupon code BABES2024 for a free lifetime BRONZE membership.