I know what you’re thinking…”One of the reasons I’m so successful is because I’ve learned to concentrate on what I do best. The majority of my clients are tied to my employee benefit business, so I’m comfortable working with people that are under 65 and have needs associated with their growing families.” Well, guess what? The health insurance environment and Medicare eligible market in the U.S. is on the cusp of yet another major transition. The U.S. Census Bureau projects that 2.1 million baby boomers will cross the 65-year mark over the next five years and the 65+ population will reach 83.7 million in 2050—almost double the estimated 2012 population of 43.1 million. These are your existing clients, but they have different needs as they reach this next stage of life. So, you have a choice, do nothing OR start actively thinking about the booming over-65 insurance market and start increasing your revenue!
Here’s what your clients face. Many Boomers are making the transition from employer-sponsored or private insurance to the Medicare eligible market, while struggling to make sense of an increasingly complicated insurance market. Instead of having them seek out someone else for advice, why can’t you capitalize on these Medicare eligible market trends to help them meet the unique information and support needs?
There are basically three categories of customers to serve in this expanding marketplace:
- Seed Group (clients nearing the age of 65 that have a need for the educational process to start)
- Aging In (clients at age 64-65 that are Medicare Eligible for the first time and need to make an informed decision)
- Medicare Eligible Market (clients at age 65+ that need ongoing information and support regarding their Medicare choices)
Here’s the good news…when it comes to tapping into the over-65 insurance and Medicare eligible markets, you don’t have to do it alone. There are considerable benefits to partnering with credible experts in the field. In fact, some of the most advantageous partnerships are with vendors that provide cost-effective, well-designed and Medicare-compliant private exchanges.
The best is that these partners will deliver in three crucial areas: compliance, communications and information. They will provide you with:
- A deep, organization-wide understanding of the Medicare market
- A staff of Medicare-certified agents with specific senior training
- Marketing materials and communication strategies that are compliant with Centers for Medicare and Medicaid Services (CMS) regulations
- Proven recruitment and retention processes with touch points that extend throughout the life of the policy.
The last bullet is particularly important because converting clients into Medicare-appropriate products requires establishing relationships with individuals well before they reach age 65 and maintaining them long after. This is perfect because you have relationships with these individuals right now! What’s important is that you need to start thinking about how you can deliver meaningful, compliant and continuous communications at the key milestones of a relationship, not just around a customer’s renewal or at their first Medicare open enrollment period. The good news is that a by-product of maintaining and building long-term relationships ensures a continuous revenue stream for your business.
Okay…so your interest is peaked on the growing Medicare eligible market, but you want to know more about these ‘so-called’ exchange partners. Who are they and how can you find them? Well, one exchange partner that meets all these criteria is HealthPlan ServicesSM, which offers the MyConsumerLinkSM platform, a turn-key private exchange solution that provides information and access to a variety of plans from leading insurance providers in the under-65 and over-65 insurance marketplace. In addition to its staff of Medicare-certified sales agents, their platform provides convenient and comprehensive information; research tools and personalized guidance to help Seed Groups, Aging In and Medicare Eligible individuals meet their current and future insurance needs.
As an example, several senior associations currently leverage MyConsumerLinkSM to cater to the needs of the Seed group by including a streamlined membership platform that allows customers to shop, compare a variety of insurance plans (medical and ancillary) that can get them started and follow them as they transition to Medicare. It allows the associations to jump-start the recruitment process and establish relationships with prospects even before they reach the age of Medicare eligibility.
Now is the time! Whether a consumer is currently transitioning to Medicare or on the verge of doing so, providing the services to meet their current and future needs is vital. You can find a partner in HealthPlan Services’ MyConsumerLink, to support your needs by bringing together the plans, customer support and convenience that today’s Boomers and seniors expect. Don’t let this profitable market pass you by again this year! Act now! For more information on MyConsumerLink call 877-300-9488 or email firstname.lastname@example.org