If you're not discussing Plan N with your clients, it's time to start. Why? It has very similar coverage to Plan G, which is clearly one of the most popular Med Supp plans out there, next to the Plan F. If your clients are unable to purchase a Plan F due to MACRA, then you may tend to encourage them to purchase a Plan G. And that's always been a smart move. However, the differences between Plan G and Plan N are as follows:
Let's dig a little more into the Plan G vs. Plan N discussion.
If your clients purchase a Plan N:
*Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that don’t result in admission.
Consider offering Plan N to your clients and carefully explain to them the cost differences, and how in the end, Plan N might be their better option, especially if they don't visit the doctor frequently. In the end, they could wind up saving more money over a Plan G and have the best coverage for their needs.
Part B giveback is another term for a Part B premium reduction or rebate. This is when a Medicare Advantage plan reduces the amount your client pays towards their Part B monthly premium. These rebates are offered by some Medicare Advantage plans and are designed to make plans more affordable. The amount of these Part B rebates can range depending upon the Medicare Advantage plan. They can be as low as $20 for some plans and yet, some plans offer more than $100 in giveback rebates.
How it Works:
If a Medicare beneficiary is on Social Security, the Part B premium comes out of their monthly benefit before the funds are deposited to their bank account OR it's reflected in their monthly check. The Part B giveback reduces their Part B premium, which means more money ends up in the individual’s bank account. If your client pays their Part B premium directly (not by automatic Social Security check deduction), their Part B premium statement will be updated with the giveback amount credited to what they owe. The standard Part B premium for 2024 is $174.70. This amount changes yearly and is based on income. An Example: If a beneficiary's monthly Social Security check is normally $1,600 and their giveback is $100, their Social Security benefit will now be $1,700. If they pay the standard Part B premium ($174.70) the amount they will owe after receiving the giveback will be $74.70. Part B givebacks can offer Medicare beneficiaries a way to save money by choosing a Medicare Advantage plan. To be eligible for this program your client must be responsible for paying their own Part B premium, which means they are NOT eligible to receive Medicaid or participate in a Medicare Savings Plan. As always, it's important to make sure a Medicare Advantage plan fits your client's needs and budget. It's also crucial to make sure it includes access to the doctors and hospitals they need, as well as making sure their prescription drugs are on the plan’s formulary. It is with our greatest sorrow that we must share the news that our founder, and fearless leader for many years, Sam Corey, Jr. passed away peacefully on April 20, 2024. Sam founded The Brokerage Resource in 1992 and built his Field Marketing Organization from the ground up, providing independent insurance agents with tools and resources for over 26 years, before stepping down and passing the torch to his eldest son, Sam III. Sam began his career as a commissioned Life insurance agent after graduating from University of Georgia in 1965 with a BBA in Insurance, received his CLU designation from the American College of Life Underwriters in 1968 and received his MBA in 1970 from Temple University. From there he had a very impressive 46 year career in the insurance industry. Sam was very involved in the insurance community and was a past President of the Triangle Association of Life Underwriters, former President of the National Brokerage Agency and former President of National Association of Insurance and Financial Advisors – Triangle. He also served on the General Agency Advisory Council of American National of Texas, Mutual of Omaha and United World insurance companies. Sam Jr. had a presence about him that commanded attention, but always made you feel at ease. He worked tirelessly for decades to build The Brokerage Resource to be an exemplary FMO. He always made time for his employees with his open-door policy and always welcomed calls and visits from agents. He inspired others to do their best and he made The Brokerage Resource feel like home to so many. Sam will be greatly missed, not only by his family, friends and colleagues, but by his community and the insurance industry as a whole, to whom he made an indelible mark. Sam is survived by his wife, Trenna, his sons: Sam III, Lee and Russell and his six grandchildren.
No one wants to think that at some point in their life they're going to need someone to take care of them. We all like to think we'll be healthy, strong and capable for years and years to come. At some point we have to face the fact that we're going to get old and with that may come challenges. Discussing Long-term Care insurance with your younger clients is something to consider doing now. And we have a way to open the door to this conversation without them shutting it down.
70% of Americans over age 65 will need some sort of Long-term Care.
Ask your client to think about their parents and/or grandparents and their health. Ask them if they have family members who are utilizing Long-term Care services (Home Health Aide, Nursing Home, Assisted Living Facility); it will help make an impact on their decision to consider purchasing Long-term Care insurance.
If they give you the argument that their parents/grandparents are healthy and longevity runs in their family, you can acknowledge that, but then you can also point out the facts below if the statistic above doesn't nudge them:
If you need help with Long-term Care products or just have questions, please reach out to us. And if you're new to selling Long-term Care insurance, request our Getting Started with Long-term Care guide.
You're entering the world of Medicare solutions and you now have to select an FMO to work with, but how do you choose? When you Google 'Medicare FMOs' there's a long list and many are even sponsored. When it comes right down to it, FMOs are essentially the liaison between you and the insurance carriers you contract with. You have to go through an FMO in order to represent multiple carriers to your clients. If you don't, you'll have to look into becoming captive with an insurance company which will only allow you to sell their specific products. So back to your FMO research. Ultimately you need to find a partner who will be there to work with you to help you grow. Some important things to consider before placing all your contracts with one FMO are: longevity in the industry, selection of carriers and products, commission structure, education and training, marketing and sales support, quoting and enrollment tools, lead generation and finally back office support.
Below are some questions you should get answers to before placing your contracts with any FMO:
When you partner with an FMO that wants you to succeed, you're headed on a path for success. Do your research and be sure you get a good feeling about the organization before committing. The right FMO will fuel you with all the tools and resources you need to have a rewarding and profitable career. |
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