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Unlock new growth potential by integrating ancillary products into your Medicare sales strategy. Why? It creates happier, stickier clients while increasing the profitability of your health insurance practice.
Understanding the Importance of Ancillary Products
The Medicare space is more competitive than ever, and offering only the basics just isn't enough anymore. Ancillary products like hospital indemnity plans and dental coverage present a powerful opportunity for agents to maximize their portfolio and meet evolving client needs. These products help fill critical gaps in coverage, providing both peace of mind for clients and growth potential for your business.
Ancillary products are essential tools that extend beyond traditional Medicare Supplement (Med Supp) or Medicare Advantage (MA) plans, offering additional benefits that clients value. By incorporating these products into your Medicare business strategy, you can deliver more comprehensive protection and support, ultimately enhancing client satisfaction and loyalty.
Exploring Key Ancillary Products
Hospital indemnity and dental coverage are two key ancillary products that can significantly enhance your Medicare offerings. Hospital indemnity plans provide a fixed daily benefit for each day a client is confined to a hospital, helping to cover out-of-pocket expenses not covered by Medicare. This type of coverage is particularly valuable for clients with high-deductible plans or those concerned about unexpected hospital stays.
Dental coverage, on the other hand, addresses a common gap in Medicare benefits, as traditional Medicare and some MA plans don’t generally include comprehensive dental care. By offering dental insurance options, you can help clients maintain their oral health, which is closely linked to overall well-being. Dental plans can cover routine check-ups, cleanings and more extensive procedures, ensuring your clients have access to the care they need.
How Ancillary Products Fill Critical Coverage Gaps
Ancillary products like hospital indemnity and dental coverage are designed to fill the gaps left by standard Medicare plans. These products not only provide additional financial protection but also enhance the overall value of your Medicare offerings. Clients are more likely to feel secure knowing they have coverage for expenses that can quickly add up, such as hospital stays or dental procedures.
By addressing these critical gaps, ancillary products help to reduce the financial burden on clients, making health care more accessible and affordable. This added layer of protection can lead to higher client satisfaction and retention, as clients appreciate the comprehensive coverage provided by their plans.
Insights From SMS’ Ancillary Webinar Series
Senior Market Sales® (SMS) recently hosted a webinar series highlighting the importance of ancillary products in a Medicare business strategy. The series provides valuable insights into how these products seamlessly fit into existing Medicare offerings and addresses common agent questions and challenges.
Licensed SMS staff, along with qualified carrier representatives, shared high-level strategies and real-world scenarios where ancillary products create extra value for both agents and policyholders. The webinars emphasize the flexibility and essential features of various top-carrier ancillary portfolios available through SMS, ensuring agents are well-equipped to incorporate these products into their sales strategy.
Overcoming Common Challenges in Selling Ancillary Products
One of the primary challenges agents face when selling ancillary products is understanding and communicating their value to clients. The SMS webinar series addressed this by providing clear guidance on eligibility, application processes and how to combine coverage for greater client retention.
Agents often struggle with accessing the right resources and leveraging marketing materials to promote ancillary products effectively. The webinars offered practical solutions, ensuring agents are never left wondering where to turn next or how to get the answers they need. By addressing these challenges head-on, agents can confidently integrate ancillary offerings into their routine sales conversations.
Leveraging Ancillary Products to Boost Revenue and Client Loyalty
Ancillary products are more than just add-ons; they are essential tools for building client loyalty, increasing your value proposition and boosting your bottom line. Offering a variety of ancillary product options, can lead to higher persistency, improved cross-selling opportunities and greater revenue per client.
These products can also help offset lost Part D commissions and create stickier client relationships, especially when paired with high-deductible Med Supp or MA plans. Ancillary products not only fill insurance gaps but also drive long-term business growth through increased client satisfaction and referrals.
Here are some helpful articles on pairing hospital indemnity with Med Supp and MA.
Ready to take your business to the next level by integrating ancillary products into your sales strategy?
The full webinar series is available exclusively behind a secure login via your MySMS account under the Resources section. If you don't have a MySMS account, and want to watch this webinar series, contact an SMS marketing consultant at 1.888.747.3810 to get started, or fill out the form below. With an account, you'll have exclusive access to tools, content and resources to boost efficiency and productivity.
For more than 40 years, SMS has been helping insurance agents and financial professionals grow their health and wealth sales. Reach out to learn more about SMS' suite of sales tools and other opportunities.
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