Inflation is affecting every aspect of life in the U.S. right now, including healthcare and health insurance. But people still need health insurance even with rising costs. You can help your senior clients and their families find the best policy for them, even with these increasing costs.
Read on to learn more about how to help your clients find the best policy even in the face of rising costs, then contact us at American Senior Benefits for more information.
How to Help Your Clients Find the Best Policy With Rising Costs
With rising costs affecting everyone, but especially seniors, finding the best health insurance policy at the most affordable rate is critical. Try these tips to help your senior clients and their families:
Shop Around
Perhaps the best way to find the lowest rates for almost any type of insurance is by shopping around and comparing rates. There are many highly rated insurance companies selling policies of all kinds, so it is likely your clients have choices when it comes to their insurer.
Also, when clients shop around, insurance companies compete to attract business, which means your client may find a better rate than with their incumbent carrier. As their agent, you can do this legwork for your clients and present them with the best options when you meet.
Ask About Their Needs
Make sure to talk often with your clients about their changing needs. Your client may no longer need a certain type of coverage or limits they had previously, which can change the costs and terms of their insurance policies. Asking about any changes, new conditions or needs, and talking about options help ensure you meet their needs as they change.
Remember no one stays the same over their lifetime, and the insurance options that may have worked well five or ten years ago may no longer be the best suited for your client. But you will only know by talking with them about their needs.
Help Avoid Over Insurance
As your client ages and becomes eligible for Medicare, talk with them about their other health insurance policies and how to coordinate their benefits. This can be confusing so make sure you spend time researching options and helping your client and their family understand how to make the best use of Medicare along with their private health insurance.
You may find that a Medicare Advantage plan may be the most cost-effective option for your client. Other clients may benefit from purchasing a Medigap policy instead of more expensive options.
Talk About Financial Planning
Talk with your clients about their financial plans for the future. Their health insurance fits into their overall financial picture and it is an important consideration with inflation and other costs rising. Social security benefits do afford a cost of living increase most years, but this COLA may not be enough to combat rising health insurance costs. Your clients may have other plans, such as investments they plan to use for health costs, so having a conversation about these rising costs is important.
Be honest and transparent – your clients trust you so approach the discussion about rising health insurance costs with candor and empathy. Do not ignore the issue since you are in a good position to help as a trusted agent.
How Do I Learn More?
To learn more about helping your clients find the best policy with rising costs, contact us at American Senior Benefits. Our affiliated experts will be happy to answer any questions you have.
