Four Tips to Selling HospitalWiseTM in the Senior Market
High issue ages, flexibility in plan design, and competitive pricing are all contributing factors to increased sales of the SureBridge HospitalWise plan in the over 65 market. To meet the need, agents should educate their clients on how HospitalWise may pay them cash to help cover some of the out-of-pocket costs associated with MedAdvantage plans. Copays for hospital stays, nursing home confinement following a hospital stay, outpatient surgery, emergency room visits, and diagnostic testing are some of the more common areas HospitalWise might benefit your client.
Here are four tips that can help you start protecting your clients with a HospitalWise policy today!
1. Utilize the HospitalWise Sr. Plan Builder – The HospitalWise Senior Plan Builder is designed to help you identify potential out-of-pocket costs your clients might face with a Medicare Advantage plan. You can access the HospitalWise Senior Plan Builder in the Surebridge Point of Sale tool on the Select Plans screen when running a quote on an individual that is 65 or older. Choose the carrier and plan you are selling and it will show you the HospitalWise plan design options that may be most suitable for your client to help simplify the quoting process and sales presentation.
2. Customize a Plan – Once you have met with your client and identified their needs and any copays they could be responsible for under their Medicare Advantage plan, find out their biggest concerns. Utilize this information to customize a plan that provides benefits to help address what is most important to them. If the client is unsure of where to begin, start with showing them plans that may meet their needs based on the information they’ve provided.
3. Keep Premiums Within Their Budgets – Some seniors have limited budgets when it comes to paying for insurance. Be sensitive to your client’s financial situation and other expenditures that may impact their ability to pay for supplemental insurance plans. If premiums are a concern for your client, try adjusting the daily benefit amount, the benefit period, or rider selection.
4. Be Ready to Pivot – One of the more common objections to selling HospitalWise alongside Medicare Advantage plans is that your client may already have enough discretionary income to pay for any out-of-pocket costs. If this is the case, make a note in your file and circle back with them later to see if a CancerWise® Plus policy may be a better fit for their situation. Often consumers will like the idea of receiving a lump sum cash benefit to help cover travel expenses, experimental treatment, and other costs associated with heart attacks, cancer, strokes, and other conditions covered in a CancerWise Plus plan.
By following these tips and taking a consultative approach with your clients, you will be able to provide them with additional protection to meet their needs while increasing your sales. Please contact your Sales Director if you need any assistance in designing a HospitalWise plan for your clients
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