The reason why you are offering a product is called the backstory. The backstory can be broken down in three areas:

  1. Identify the issue
  2. Identify the problem this creates
  3. Identify the solution 

Instead of being concept or product-focused with clients, when you relate a product to their needs it becomes personalized and they can see the need. 

In this article, we’ll cover examples for home health, hospital indemnity plans, and final expense. You can modify these to suit your style. In fact, you can use this method for other lines of coverage too. 

Home Health Care 

The Issue = Not many seniors have Long Term Care (LTC) coverage

The Problem = No resources to help recovery not become an LTC issue

The Solution = A Home Health Care Policy 

Did you know that most people on Medicare do not have an LTC policy? The reason for this is that once someone crosses over into Medicare rates seem to get high making it difficult to qualify. 

The solution, as listed above, is a Home Health Care Policy. This can help your clients avoid the nursing home and get extra help during recovery after hospitalizations or skilled care. The benefit that is available gives access to extra funds to people when they are receiving home healthcare, usually after a hospitalization or skilled stay. These funds can be used however your client wants, such as follow-up doctor visits, extra help from a private caretaker, or prescription drugs. In addition, the benefit gives a rebate on your drugs whether or not you are receiving home health care benefits. 

Sample Question:

Do you have any plans in place currently should you need recovery from an

accident or illness?

Hospital Indemnity Plans 

The Issue = Medicare Advantage plans may have high in-patient hospital costs

The Problem = Can create a financial burden for clients

The Solution = A hospital indemnity plan

While many clients enjoy the low cost of Medicare Advantage plans, if they are hospitalized they could be looking at high costs which just adds financial strain on top of recovering from illness or injury. Adding a hospital benefit to their Medicare Advantage plan can help by paying some or even all the hospital co-payment, allowing your client to recover without the financial stress of trying to figure out how to pay the hospital bill. 

Sample Question:

Let’s look at what this hospital benefit would look like for you.

NOTE: Remember Hospital Indemnity Plans (HIP) are on the Scope Of Appointment (SOA) forms. Make sure you are telling your clients about all their coverage options. 

Final Expense 

The Issue = Burial costs are expensive 

The Problem = Can create a financial burden for family 

The Solution = A final expense policy 

When clients have left a group coverage plan, they usually also leave their life insurance which was sponsored by the company they were with. The reality is that there is still a need for life insurance, but a life insurance claim can take months to receive, creating a financial strain on their loved ones who will likely have less than a week to come up with the money for a funeral, travel plans, loss of work, etc. 

A simple life insurance policy such as Final Expense gives the family relief so they can focus on paying respects without worrying about extra funds. 

Sample Questions:

Do you have life insurance in place? Are your final arrangements set up? Does your family know where to find them? 

What do your final wishes consist of? (many clients may have burial plots only and have not planned any further 

If you are a Medicare agent and have questions about Ancillary Products or Medicare, call Arnie Fulmer at 702-820-3133. Arnie Fulmer is a Senior Market Advisor and the principal owner of Fulmer Insurance Group, a Medicare Brokerage Agency located in Las Vegas and licensed in multiple states. 

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