Selling health insurance to seniors requires a specific understanding of their needs. Seniors have issues, such as pre-existing conditions, limited income, and an increased need for medications. Seniors also have the help of Medicare to cover certain medical needs. However, they often need supplemental coverage to cover the costs of specialists, medications, and other medical needs.
These following tips can help you understand seniors’ health insurance needs and provide them with the most affordable products to offer them the best coverage for their needs.
⦁ Be Conscious of Fixed Incomes
Not all seniors live on social security alone. Many have retirement savings. However, even those with a large amount of retirement savings are on a fixed income. Many seniors have no other way to increase their monthly income. Furthermore, when the money is gone, they have nothing left to live on.
Therefore, they are more conscious of price points for everything. While they need medications, doctor visits, and specialists, they will try to stick to anything affordable and covered by their insurance coverage.
These customers are a prime candidate for a Medicare Supplement. At the same time, they need you to explain why they need to spend the extra money and how it will save them money in the long run. Make sure to offer them the most affordable options without trying to upsell them. They know their budget. You just need to help them raise their comfort level slightly.
⦁ Talk About Tax Benefits
Supplemental health insurance plans cost money. However, they can also save money with insurance premiums. Insurance premiums are tax-deductible. Therefore, any money paid out for health insurance premiums can be used as a tax deduction at the end of the year.
Highlight this tax benefit. It will ease concerns regarding higher costs for premiums. When seniors can save money by saving money, they may begin to have questions. These questions begin the conversation. Use this opportunity to highlight all of the benefits of the plans you can offer.
⦁ Listen to Their Medical Concerns
Insurance sales are about building relationships. Building relationships with senior requires listening. They have medical concerns. They need you to listen to their concerns. Listen like you are speaking with your grandparents. Do not listen like you are trying to sell them something.
As you listen to their concerns, show them you understand and want to help. Ask questions that can help you understand what they need while allowing them to know you are truly interested. To sell them supplemental health insurance, they need to trust you. Building a relationship allows them to build trust.
⦁ Do Not Ignore What They Have
Some seniors have a supplemental plan already. Do not ignore that. Offer to look over their current plan. See if it offers a reasonable amount of coverage.
Maybe they receive supplemental coverage through their children. Maybe they still work and have a supplemental policy through their employer. In these cases, they may not need your services today. However, that does not mean they will not need you in the future. Show them plans that can help if those coverages end.
⦁ Be Honest
Honesty is the best policy. Seniors do not want you to soothe their concerns. They want to know the truth to ensure they are covered when needed. Be honest about the health insurance options available to them.
If you look at their current coverage, and it is a good plan, do not lie to them to get their business. If you are honest, they may decide to change their agent or policies to give you the business. Honesty is literally the best way to gain a senior’s trust and insurance business.
To learn more about selling health insurance to seniors, contact the sales professionals at Aspen Insurance Coaches at https://americanseniorbenefits.com/. Our benefits specialists will be happy to answer your questions.
