With many people now offering the Part B Rebate plans across the country, agents are asking what they should do with the rebate money. If you are a smart agent, what you’re going to look to do is help that consumer purchase an additional product that will give greater protection and greater benefits than the Part B Rebate plan will alone.
"If you write someone a Part B Rebate plan, and that’s all you do for them , then most cases you have not done what is best for the consumer".
Ronnie James
As Ronnie has said many times, "if you write someone a Part B Rebate plan, and that’s all you do for them , then most cases you have not done what is best for the consumer". Many of the Part B Rebate plans will have higher hospital copays and higher MOOP, so what you have done is put that consumer at risk.
Part B Rebate & a Hospital Indemnity Plan
With so many carriers offering hospital indemnity plans, it would be wise to package the hospital indemnity plans along with those Part B Rebate plans to give the consumer a greater security and still be at a net cost of 0. Some of the plans out there offer $29, $39, and $59 a month premiums, but they still have $200-$400 a day hospital co-payments. However, with these hospital indemnity plans, you’re able to offer then a net cost 0 plan with 0 exposure if they go into the hospital.
Ronnie says "the number one thing he thinks you should do with a Part B Rebate is to look at a hospital indemnity plan". There are a lot of plans out there that have very few health questions, and in some cases, depending on their age, may have no health questions. The plans are easy to write, easy to get issued, and they are quick to pay. Give them a product that costs them 0 and gives them greater benefits, and as an agent you’ve added 2 products to the home.
Ronnie says "the number one thing he thinks you should do with a Part B Rebate is to look at a hospital indemnity plan".
Ronnie James
If you have been in this business very long, you understand the more products you have in a home, the more likely the customer is going to stay loyal to you. We make our living on residual income, so we need to do everything we can to secure the customer for the long term. If for some reason the customer is not eligible for the hospital indemnity plan, there are other options to look at.
Offer a Home Health Care Plan
There are some carriers who offer home health care plans and are designed to help cover those expenses. These plans are very affordable and have almost no health questions and one carrier in particular where you can add a hospital indemnity rider on the home health plan. So it’s an around about way of getting the customer the hospital indemnity plan without having to answer and health questions.
Add on a Cancer Plan
The third option is a cancer plan. As most of you know cancer is not prejudiced; it doesn’t matter who you are, it is a possibility for everyone. You can help that consumer with their fears about cancer. On Medicare Advantage plans, Ronnie has seen that cancer is the quickest way to reach out of pocket maximum.
With chemotherapy, all Medicare advantage plans cover that Part B drug at 80 percent leaving the customer with 20 percent coinsurance until they reach maximum.
"On Medicare Advantage plans, cancer is the quickest way to reach out of pocket maximum".
Ronnie James
Cancer plans are very affordable and you can add a cancer plan with that Part B Rebate money and help give them the peace of mind. If they were to develop cancer, they wouldn't have to worry about any medical bills because a check will be delivered to them that they can take and put into their bank. They can also pay all the co-payments, all the coinsurance, and all expenses all year long and focus on getting better instead of focusing on the bills.
Don't Forget About the Big 3
You can also add the heart attack and stroke benefits because we know cancer, heart attack, and stroke are what we call the big three and statistics tell us that if we live long enough one of those three are going to get us. They may not kill the consumer but they will set them back financially, and we want to help minimize their risk.
Adding Dental is a Popular Option
The fourth option is a dental plan and we are hearing more and more consumers ask for dental recently. As an agent, we don’t always find great dental benefits due to the fact that we know the people who buy them are absolutely going to use them. However, there are several dental plans we find to be very attractive with good premiums. The premiums are going to be around $47 a month with some of these carriers which will almost completely be covered by the Part B Rebate, depending on the plan.
If you’re an agent in the field and you see value in not only building width with your customers, but building depth, the Part B Rebate plans can be fantastic. If you add the additional coverage, it will give you that depth and help you create and build a relationship with that client.
They will tell everyone how well you took care of them, which could turn into a potential referral.
If you have any questions about Part B Rebate plans call the office we’d love to have the opportunity to talk to you. Give us a call at 888-622-9122.