Medicare Part ... You
Medicare can be a complex maze of parts and plans. To explain what part covers what service, we have to make sure we inform clients of the types of services left for clients to pay, even with some of the best supplemental coverages on the market. Using a Medicare supplement or Medicare Advantage plan is essential in building a comprehensive plan. Still, they are seldom enough to cover many of the costs that could be left uninsured, and therefore be left for the client to pay themselves.
For example, in observation care, a Medicare Supplement could leave the cost of maintenance medication, and supplements seldom offer coverage for items like dental or vision. Medicare Advantage often has copays and coinsurance that can add up significantly for a client. Add to that the overlooked expenses for travel or the unpaid medical assistance from a family member, and the dollars can add up.
Every client’s situation is unique. As you look back over what you have recommended for clients, do you see a variety of solutions being offered or do you observe that you have shown the same basic solution for every client? Your client files should reflect the evidence of personal care for each client. If you have fallen out of the habit of doing a thorough needs analysis, let this be a wakeup call to start again.
Clients today expect to have a unique experience in all of their business transactions. We live in a world where everything can be purchased to fit our specific needs. From buying on Amazon to getting a cup of coffee, the options are endless.
An advisor for Medicare-related products is not an exception. When a client meets with you, enter the meeting with an open mind and without preconceived notions of what is best for them. Ask a lot of questions, and make sure your portfolio of products is broad enough to address any situation you may run into. Think about building a comprehensive benefits package instead of just offering a core product and feeling like your job is done. Your client may turn down some of the options of additional coverage, but if you did not even offer them, then you are to blame if they are left financially exposed.
It may be a cliché, but your best clients are your competitors’ best prospects. Don’t hand opportunities to your competitors by failing to do a complete job when meeting with your clients. Ask your clients, “Are you familiar with Medicare Part You? That’s the part of Medicare that you have to pay.” Let your clients know that you have to discuss all options to keep them fully protected.