Cross-selling is a key strategy for health insurance agents and agencies to maximize revenue and provide better service to their clients. If you already sell Medicare Advantage plans, you have a great opportunity to offer complementary products that cover additional needs for beneficiaries.
In this article, we will explore how to effectively cross-sell with Medicare Advantage, what products you can offer, and how to structure your conversations to increase sales without being intrusive.
What is Cross-Selling and Why is it Important for Medicare Advantage?
Cross-selling involves selling additional products that complement an initial purchase. In the case of Medicare Advantage, it means offering extra coverage that helps beneficiaries fill gaps in their health plan.
Why is it so important?
- Increases your commission without the need to find new clients.
- Helps your clients get better coverage tailored to their needs.
- Builds loyalty among beneficiaries, as they trust you to protect their health and well-being.
- Sets you apart from other agents, positioning you as a trusted advisor.
When applied correctly, cross-selling not only boosts your earnings but also strengthens long-term client relationships.
Step 1: Identify the Client’s Needs
Before offering an additional product, you need to understand what the beneficiary truly needs. Ask strategic questions like:
- Are you looking for better dental, vision, or hearing coverage?
- Are you concerned about the cost of prescription medications?
- Have you had unexpected medical expenses in the past?
- Do you travel frequently outside your coverage area?
- Are you interested in a life insurance policy to protect your family?
With this information, you can recommend specific solutions rather than making a generic sales pitch.
Step 2: Offer Complementary Products
Several products perfectly complement a Medicare Advantage plan. Below, we explain how each can benefit your clients and increase your sales.
Dental, Vision, and Hearing Plans
While some Medicare Advantage plans include dental, vision, and hearing benefits, they are often limited or don’t cover certain treatments.
Benefits:
- Expanded coverage for cleanings, root canals, dentures, and orthodontics.
- More comprehensive eye exams and discounts on glasses or laser surgery.
- Coverage for hearing aids and audiology consultations.
How to Sell It: Explain that Medicare Advantage does not fully cover these services and that an additional plan can prevent high out-of-pocket costs.
Hospital Indemnity Plans
If a client needs hospitalization, they might face extra expenses not covered by Medicare Advantage, such as deductibles, copays, and transportation.
Benefits:
- Direct cash payments to cover hospital costs.
- Flexibility to use the funds for any expenses.
How to Sell It: Ask, “If you had to spend five days in the hospital, how would you cover the extra costs?” Then, show them how this plan provides financial peace of mind.
Cancer, Critical Illness, or Major Medical Insurance
Treating serious illnesses can be expensive, and Medicare Advantage may not cover all associated costs.
Benefits:
- Lump sum payout upon diagnosis of cancer, heart attack, or stroke.
- Helps cover treatments not included in Medicare Advantage.
How to Sell It: Share statistics on treatment costs and explain how this insurance can make a difference in their financial recovery.
Prescription Drug Plans (PDPs)
Not all Medicare Advantage plans fully cover prescription medications. A Prescription Drug Plan (PDP) can help lower these costs.
Benefits:
- Covers medications that Medicare Advantage may not include.
- Reduces out-of-pocket expenses for prescriptions.
How to Sell It: Ask, “Are you paying too much for your medications?” If they say yes, introduce a PDP as a solution.
Final Expense Life Insurance
Many Medicare beneficiaries look for life insurance to cover funeral expenses and prevent their families from assuming that financial burden.
Benefits:
- Affordable policies with guaranteed coverage.
- Financial security for their loved ones.
How to Sell It: Ask, “Would you like to ensure that your family doesn’t have to worry about funeral costs?”
Travel Insurance for Seniors
Medicare does not cover medical treatments outside the U.S.. If a beneficiary travels frequently, this insurance is essential.
Benefits:
- International medical coverage.
- Protection against emergencies abroad.
How to Sell It: Ask, “If you had a medical emergency while traveling, do you have a plan to cover the costs?”
Step 3: Use an Educational Approach, Not Aggressive Selling
Senior clients value transparency and trust. Instead of pushing a sale, educate them on the benefits of each plan and show how they enhance their current coverage.
- Use visual materials (charts, examples, comparison tables).
- Share real cases of clients who benefited from these products.
- Explain how a small monthly investment can save them thousands of dollars in the future.
Step 4: Take Advantage of Annual Reviews
Each year, during the Annual Enrollment Period (AEP), beneficiaries can make changes to their coverage. This is an excellent opportunity to review their plan and offer additional products.
Best times to introduce complementary products:
- During the Medicare Advantage enrollment meeting.
- In a follow-up call a few months after enrollment.
- During AEP (October 15 – December 7) when clients reevaluate their coverage.
Step 5: Use Technology for Follow-Ups
Not all clients buy immediately. Use tools like a CRM to:
- Record each client’s needs.
- Schedule reminders for follow-ups.
- Send emails with valuable information about complementary products.
Cross-selling with Medicare Advantage not only helps increase your income, but it also provides more complete coverage for your clients.
- Identify needs with strategic questions.
- Offer products that complement Medicare Advantage.
- Use an educational approach instead of just selling.
- Take advantage of annual reviews to introduce new options.
- Maintain follow-ups with digital tools.
If you apply these strategies, you will see an increase in your sales and client satisfaction. The goal is not just to sell more, but to sell better and provide real value.
Are you ready to improve your sales strategy with Medicare Advantage? Implement these tips and take your business to the next level.
