9 Tips to Increase Your Medicare Supplement Underwritten Business

As an insurance broker, expanding your underwritten Medicare Supplement business can be rewarding both for you and your clients. Underwritten policies offer clients the opportunity to change plans, or even carriers, with a premium that may better meet their specific health care needs.???

To help brokers excel in this area, here are a few tips to write more underwritten Medicare Supplement business.??

1. ?Understand Underwriting: To effectively navigate underwritten Medicare Supplement policies, it's essential to have a strong understanding of the underwriting process. Familiarize yourself with the criteria used to evaluate applicants, such as health history, pre-existing conditions, and lifestyle factors. This knowledge will help you assess client eligibility and guide them through the application process.??
2. Educate Clients: One of the keys to success in underwritten Medicare Supplement business is educating clients about the nature of Medicare Supplement. A Medigap Plan G with company “x” is the same coverage as a Plan G from company “y,” so use this to your benefit when helping your client. Highlight the flexibility to potentially change coverage plans, if it makes sense, and the possibility of lower premiums. Emphasize the possibility of long-term savings when considering other plans and carriers.?
3. Target the Right Audience: Identify the target audience that is most likely to benefit from underwritten Medicare Supplement plans. Focus on individuals who could benefit from lower premiums, have relatively good health, and are willing to undergo the underwriting process. Consider working with local health and wellness organizations to host educational seminars on Medicare Supplement plans to reach potential clients.???
4. Leverage Data and Analytics: Use data and analytics tools available to you to identify trends and opportunities in the underwritten Medicare Supplement market. Analyze demographic information, enrollment patterns, and consumer preferences to develop targeted marketing campaigns and tailored communication strategies. Data-driven insights will help you refine your approach and generate higher-quality leads. ??
5. Streamline the Application Process: Simplify the underwritten Medicare Supplement application process to enhance the client experience and increase conversion rates. Use digital tools or carrier eApps to minimize paperwork and improve efficiency, which will help clients feel more at ease with the underwriting process.??
6. Offer Personalized Recommendations: Take the time to understand each client's unique healthcare needs, budget and preferences. Provide personalized recommendations based on their specific circumstances, ensuring they are aware of available options that align with their goals. By offering tailored solutions, you demonstrate your expertise and dedication to finding the best coverage for each client.??
7. Stay Informed about Underwriting Guidelines: Stay updated on underwriting guidelines, policy changes, and market trends. Attend industry conferences, participate in webinars, and engage in continuous professional development to stay ahead of the curve. Being well-informed will enable you to offer the most accurate and up-to-date advice to clients, fostering trust and confidence in your services. Underwriting guidelines do vary by carrier. Keep in mind, a “yes” response doesn’t necessarily mean an automatic decline. For example, a carrier, like Humana , may not decline specifically for high blood pressure (hypertension), but may decline if the applicant has taken a blood thinner in the past 12 months.?
8. Nurture Client Relationships: Building strong relationships with clients is crucial for generating repeat business and referrals. Provide ongoing support, maintain regular communication, and offer assistance whenever needed. Send personalized birthday or policy anniversary greetings, and regularly check in to ensure their coverage continues to meet their evolving needs.??
9. Monitor Competitive Landscape: Keep a close eye on the competitive landscape to stay aware of new entrants, product innovations, and pricing strategies. Understand the strengths and weaknesses of competing insurance carriers and adjust your approach accordingly. Offering competitive rates and understanding unique selling propositions will give you an edge in the underwritten Medicare Supplement market. And remember, the lowest rate is not always the best answer – look for long-term trends in rate strategies.?

Expanding your underwritten Medicare Supplement business requires a combination of expertise, strategic planning, and personalized client engagement. With dedication and a client-centric approach, you can help individuals secure tailored coverage that provides peace of mind and long-term satisfaction.??