Additional Boomer Health Products
Additional Boomer health plans encompass an array of different types of insurance coverage, types offered by private insurance companies to alleviate the financially damaging gaps left either by the cost-sharing portion of a major medical or of a Medicare plan or by the deliberate coverage omissions for legislative or policy reasons. Depending on the plans, examples of these gaps and omissions may include the coverage gap for cancer treatments, which often has cost-sharing portion of 20%, and coverage omissions for ears, eyes, and teeth. As you can tell, the quality of a beneficiary’s life may be affected deeply by these gaps and omissions.
Additional Boomer health plans are often known as ancillary plans by agents who have focused on Medicare services. Plan types include:
- Dental/vision/hearing plans (DVH)
- Hospital Indemnity plans (HIP)
- Cancer-Heartattack-Stroke (CHS)
The category of additional Boomer health plans includes both insurance and discount plans. Sometimes the value for the premium dollar is in the discount plan rather than the insurance plan. The availability of such additional products vary from state to state as the different states’ regulators have varying ideological stances on the benefits of the products.
Additional health plans are regulated by state governments rather than the federal government. This means that there are fewer restrictions on your being able to reach out to people. You are free to market to them without having to obtain signed scopes of appointment, a federal requirement that can scare Medicare beneficiaries meeting with insurance agents for the first time.
The compensation for additional health plans varies by type, state, and carrier. However, an agent can often double his commission if clients find that such products are in their best interests. The products offer a way to achieve 5 goals that contribute to the stability of your small business:
- Building a client book from marketing and selling under state rather than federal oversight
- Marketing to Baby Boomers rather than to Medicare beneficiaries since many of the products have no age limitations
- Purchases of additional health plans count toward the number of sales required to retain client loyalty
- Establish of a client/agent relation that builds trust and facilitates your helping them as they age-in to Medicare
- Create residual cash flows or savings to carry you through 4th quarter where CMS postpones the compensation for your efforts
Offering additional plans will stabilize your cash flow, your business, and your book of clients. It is a key to being a Boomer agent and is an important part of the Stone Hill Full Spectrum sales approach.