Consider indemnity plans to help fill the gaps in your clients’ Medicare coverage

Minnesotans will be hearing a lot about Medicare Advantage plans over the coming years.  Many plans focus their marketing on $0 premium options, which will drive clients to ask ‘what’s the deal?’

The national average for Medicare Advantage premiums is $40, and lower premiums will be increasingly attractive to your aging-in clients.  With lower premiums it is important to ensure you have a record of your suitability discussions to reduce complaints.

It is important to remember with lower premiums come thinner networks and benefits, along with more cost sharing, especially when it comes to in-hospital stays. By discussing with your clients how to cover higher cost sharing, while still having lower premiums, you are offering the best of both worlds.  Agents across the country are building significant businesses pairing advantage plans with hospital indemnity plans.

One option to consider is Guaranteed Trust Life, which has one of the nation’s top Hospital Indemnity plans available in Minnesota.

What to consider

So although your clients are used to higher prices with Cost Plan and Medigap premiums, Medicare Advantage plans have an average premium of $40. In the coming months we will begin to see  changes in plan choices, which in turn may cause members’ who previously signed up for a Medigap or higher premium Medicare Advantage plan to reshop their plan looking for a lower premium.

Although these lower premiums may seem preferable to your clients, it’s important to remember that with lower premiums come thinner benefits and more cost sharing. However, even the healthy want to cover the risk of the extra cost sharing, which why agents across the country are beginning to discuss  hospital indemnity plans, before they even look at Advantage premiums.

Indemnity plans can be designed to cover the per day stay or daily cost of a Medicare Advantage plan.

One option to consider is Guaranteed Trust Life, which has one of the nations top Hospital Indemnity plan available in Minnesota.  When it comes to your aging-in clients, GTL is guaranteed issue between 64 ½ and 65 ½, which means that you can either sign them up during their enrollment meeting or during your followup in the New Year.  Remember: clients outside of the initial GI period may have to go through basic underwriting, which for many won’t be a problem.

You can learn about GTL’s indemnity plan by viewing the short video below.

It’s important to bear in in mind that indemnity sales are always much more successful if positioned as a way to lower premiums and reduce the financial risk.

Here’s how it works and what it costs………..

The $0 premium Medicare Advantage Plan Guarantee Trust Hospital Indemnity Cost per month Guarantee Trust Hospital Indemnity
offers this benefit, in cash
Cost per month of Guarantee  Trust Life
Has this exposure for insureds………
Inpatient hospital Stay
$300 per day for 5 days
$300 per day $34.97
Outpatient surgery
$20-$400, depends on MA plan
$250 $15.69
Ambulance Benefits
$250-$375, depends on MA plan
$200 $3.06

Learn more about Guarantee Trust Life’s Hospital Indemnity plan, and how to pair it with a Medicare plan, by attending our webinar on May 23 at 11:a0am CDT. This webinar will be hosted on LeClair Group’s  BrightTALK channel. You will need to set up an account to access the webinar.

Another thing to consider when discussing low premium MAPD plans with your clients is Dental Insurance. While some $0 premium plans contain preventative coverage, many have very limited or no coverage when it comes to dental. Consider offering Ameritas, to cover not only preventative services but also fillings, extracts, crowns and more. Ameritas offers up to $2,000 per year which can really assist someone in managing health care costs. For $34 to $53 a month, a client can add $1,000 to $2,000 in benefit coverage. You can learn more Ameritas’ Dental Insurance plans by viewing our on-demand webinar.

Contact us today to get contracted with Guarantee Trust Life or Ameritas and provide your clients with the assurance they need to cover their gaps.

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