Packaging Cancer Insurance with a Medicare Supplement
In this video, Chase Gruening shares his method for cross-selling a Cancer insurance plan with Medicare Supplement insurance.
I'm going to talk about the Aetna cancer policy, specifically that's the one I go to when packaging a cancer benefit. Usually agents sell Plan F, but the Plan G is more popular right now, just because it's better for the client.
I think if you can take the Plan F, go to your Medicare & You handbook, and explain that to the client, what the Plan F entails and what average premiums are, say they're turning 65, and I'm explaining how that average premium is going to be in the $140-150 range.
Then I'm going to go to the Plan G and try to package the Plan G (on average around $96 per month or in that range) with a cancer benefit (in the $10,000-20,000 range).
I try to explain to the client how I'm going to give them this extra benefit, which is going to keep them below that Plan F premium, and still provide them with an additional cancer benefit. It's really important to explain why we are recommending that cancer benefit, and if you can do this up-front, packaging the Med Supp with a Cancer Plan, instead of filling out the Med Supp application and then saying "Hey let's talk about cancer plans", doing them together is where I've found success.
Some key points when packaging those: talk about what Medicare does not cover in terms of cancer, and if you're using the Aetna cancer benefit, I think it's really important to bring out this brochure, which explain s some really important statistics. 1 in 2 men will be diagnosed with cancer, and 1 in 3 women will be diagnosed with cancer. 77% of those cancers are going to be in those people aged 55 or over, which is the market we're dealing with.
Now, what Medicare doesn't cover in terms of cancer: deductibles, co-pays (if you're dealing with a Medicare Supplement obviously not a huge issue, but if they're on Medicare Advantage this could be something to hit on), experimental treatments (neither Medicare nor a Supplement will cover), and the big one here in my opinion is experimental drugs. In particular with cancer that's where they're going to have the least amount of coverage. I have one client who pays $2500 per month for a prescription that Medicare won't cover. Also, family care, lodging, travel expenses - those are all big areas to hit on.
The last thing I really like to go to is on Medicare.gov, it says that your doctor or healthcare provider may recommend that you get services more often than Medicare will cover. If you can pull that off the Medicare website it really adds value to your presentation, and will help you package more cancer benefits.
Overall, there doesn't really have to be a history of cancer in their family, just stick to the point that you''ll sell them Plan G with a cancer benefit, and essentially give them more benefits than Plan F would provide, for less money, a lot of times it'll be a no-brainer for your client, and you're doing them a service by giving them something that other people aren't even asking for.
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