If you are not bringing up Hospital Indemnity with every one of your Medicare Advantage clients, you are not only leaving huge amounts of profit on the table, but you are also doing your clients a disservice.
Think about every time you buy an appliance, power tool, or electronic device and the cashier asks you if you want to purchase the warranty on said item. You may or may not choose to take the coverage, but if your $2000 refrigerator breaks after a few months and you find out that you could have bought extra coverage for $30 more but no one had even mentioned it to you I think you would probably feel cheated. Shouldn’t that have been your decision to make, not the cashier’s?
Well that is exactly how your clients will feel if you sell them a Medicare Advantage plan and they have a hospital stay and get a bill for $1758 (the average cost for a week in the hospital for someone on a $0 Medicare Advantage plan), and then they find out later that if they had been paying around $30/month for a Hospital Indemnity plan that they would have had all of those costs covered.
If you are not convinced on the value of a Hospital Indemnity plan to your clients, give us a call and we would be happy to go through all of the benefits offered and what a difference they can make for both your clients, and your profits!
Value to your Clients:
- Medicare Advantage saves clients on monthly premium but leaves them exposed to risk of high out-of-pocket costs
- Many clients can’t afford not to have additional coverage
- Hospital Indemnity can help cover the major areas of exposure to financial risk
- Inpatient Hospital Copays
- Hospital Observation Care
- Skilled Nursing/Recovery Care
- Provides great coverage at a fraction of the cost of a Medicare Supplement
Value to you the Agent:
- Potential to double your profit per client
- Increased client retention/loyalty
- Your clients are as loyal to you as you are helpful to them
- If all you do is price shop their Med Sup/MA plan, then their loyalty is only tied to the price
- Build your clients a comprehensive benefit package and they will be far more loyal because you have provided them value beyond just price
- According to a study done by LIMRA, there’s a 35% client retention rate over five years with one product or service, but if you sell two products, the number jumps to 56%. Sell them three or more products and there’s a 92% chance they’ll stick with you over five years!
- Increase your referrals with satisfied clients