Everything You Need to Know About Medicare Sales Leads

It’s a great time to be a Medicare insurance agent. With more and more people aging into Medicare every day, insurance sales agents have an abundance of prospects. To make sure they can reach those prospects, however, it’s important to have the right Medicare sales leads. 

The Need for Medicare Help Is Greater Than Ever

Baby Boomers are aging into Medicare at a rapid pace. The United States Census Bureau says that all Baby Boomers will be 65 years or older – and therefore eligible for Medicare – by 2030. With about 73 million people in this massive generation, that’s a lot of newly eligible Medicare beneficiaries. Every day, about 10,000 people turn 65. 

These people need good health insurance. According to the Center for Retirement Research at Boston College, retirees spend an average of $4,274 a year on out-of-pocket healthcare costs, not including long-term care costs. About two-thirds of this is spent on premiums, but other out-of-pocket costs, including copays and deductibles, make up the rest. When you add in the fact that many people haven’t saved enough for retirement, it’s clear that every penny counts. 

That’s where you come in. Getting great Medicare leads is the best way to make sure you help Medicare beneficiaries find the best coverage while you increase your commissions and grow your career.

Medicare Lead Generation Strategies

There are millions of people who are eligible for Medicare and many need help with their plan selections, but connecting with them and selling Medicare insurance to them can take work. As a Medicare agent, you need to find quality leads so you can grow your book of business.

Medicare insurance agents have many different ways to generate Medicare Supplement Insurance leads and Medicare Advantage leads, including:

• Hosting educational events in the community
• Networking with people in the community who know seniors
• Sending out flyers in a direct mail campaign
• Encouraging referrals from your current clients
• Maintaining an active online presence
• Using a Medicare sales lead provider

All of these Medicare lead generation methods can be effective, and successful Medicare insurance agents will typically use many – or all – of them. However, because time is limited, using a Medicare sales lead provider can be one of the most important strategies. Not all leads are equal, so it’s important to make sure your getting quality leads.

The Best Medicare Leads

When selecting a Medicare leads partner, there are several key issues to consider.

• Are the leads exclusive? You don’t want to have to compete with a dozen other Medicare insurance agents if you don’t have to. Exclusive leads reduce the competition to give you a better chance at making the sale.
• What type of leads are they? In addition to exclusive versus non-exclusive, there are many types of leads. Leads can be inbound – meaning the prospect contacts you – or outbound – meaning you contact the prospect. You can also get warm transfer leads, in which a representative transfers a qualified lead to you. 
• How do you pay for the leads? To make sure your cost per acquisition stays manageable, you need to consider how you’ll pay for leads. One option to consider is pay-per-call leads. In this method, you pay based on the number of qualified leads you receive calls from.
• Are the leads compliant? Medicare insurance agents need to comply with both CMS regulations and regulations on emails and telemarketing. Make sure that your lead provider is compliant with all regulations. Otherwise, you could end up facing big fines or even losing your license to sell insurance. 

Fast Response Times

When it comes to responding to leads, speed matters. Think about it from the prospect’s perspective to see why. You need Medicare insurance, so you fill out a form or something like that to get the information and help you need. If you hear back from multiple agents, there’s a good chance you’ll go with the one who responds first. If you don’t hear back from anyone, you might continue your research on your own and find help elsewhere.

The takeaway? You need to respond fast – before anyone else, and before the prospect loses interest. 

According to this article from Digital Market Media, a response time of five minutes is excellent – but if you can measure your response time in seconds instead of minutes, that’s even better. 

Medicare Advantage and Medicare Supplement Guidance 

Medicare beneficiaries have many options, including Original Medicare with a Medigap or Medicare Supplement Insurance plan, as well as many Medicare Advantage and Medicare Part D Prescription Drug Plans to choose from. These plans come with different costs and benefits, and the options change and grow every year. Medicare enrollees need help making selections. 

Selecting the right Medicare plan is important. Unfortunately, Medicare selections can be overwhelming for the average retiree. As a result, beneficiaries might choose the wrong plans for their budgets and health concerns, and that can be a disaster. Medicare insurance agents can help guide beneficiaries through the maze of options.

When you talk with a Medicare beneficiary, you want to make a sale and earn a commission. You know that. The prospects know that, too, and they might be wary of high-pressure sales tactics that don’t have their best interest at heart. 

You need to show the prospect that you also genuinely want to help them find the right Medicare plan for their needs. This means taking time to listen to them so you understand what their needs are and being patient as you explain the options. 

A consultative sales approach can be very effective in Medicare. Basically, you’re acting as a consultant. You discuss the client’s needs, and you help them find the solutions to their problems – in this case, the best Medicare insurance plans for their financial and health needs. 

Working with Legends United Insurance

There’s a lot of opportunity out there for Medicare insurance agents. Zeroing in on the best prospects requires a quality lead strategy. At Legends, we use live transfer leads, providing our agents with the solid foundation needed to grow their business. 

Contact us to get contracted today.