When you conduct a Medicare needs assessment you are on a fact finding mission to gather all the pertinent information needed to recommend the plan that best meets your clients’ needs.
In order to be consistent and ensure you don’t miss any questions, you should use a written assessment form where you can take thorough notes. It’s a good practice to use the form with new prospects and existing clients alike. You can enter all the information into your CRM after your meeting.
An effective needs assessment will ask questions about your clients eligibility for Medicare, their health, lifestyle, and finances. You want to create an atmosphere where your client feels comfortable sharing this information. You need to be a good listener who exhibits patience and empathy. Check in with your client throughout the assessment to ensure their understanding and see if they have any questions.
Questions about their eligibility for Medicare
It’s best not to make any assumptions, This is where you can confirm that your client is actually eligible for Medicare in order to move ahead with the assessment. Are they just turning 65? Are they signed up for Part A and B? Are they still working? This is also a good point to provide some basic education on Medicare and the different coverage options.
Questions about their current coverage
If they already have Medicare coverage, this is also a good opportunity to ask what they like and don’t like about their current insurance as well as what they are paying. This will prove useful when you are ready to recommend a plan that fits their healthcare needs and budget.
Questions about their health
To find the right plan you need to ask about their chosen doctors, specialists, and hospitals in order to confirm they are in a plan’s network. Are out of network benefits important to them?
You also need to ask about their prescriptions to confirm they are on a plan’s formulary, as well as which tier they are on, which will determine their out of pocket costs. Check for any restrictions on medications such as prior authorizations or step edits. Ask for the pharmacy where they will fill their prescriptions and if they want the ability to fill them while out of town.
Do they have any chronic health conditions or receive any ongoing medical treatments? You want to verify you have captured all of their medical needs and understand how they will be covered on any plan you recommend.
Questions about lifestyle and travel
In order to recommend the right coverage, you need to know how often they travel out of the area and how long they stay. Will their healthcare needs be met with emergency room and urgent care coverage or do they want the ability to see other doctors while they are away?
Questions about finances
What does your client feel they can afford to pay for their healthcare? It’s important that they are aware of all of the out of pocket costs they could incur on any plan you recommend. If you believe your client may qualify for assistance, you can advise them on how to apply for special programs such as Extra Help, your state’s pharmacy assistance program and Medicare Savings Programs.
A good needs assessment is a two way conversation between you and your client. The information you collect will help them understand what factors you took into consideration in order to recommend the right plan to them. This helps them feel they were part of the process and builds their trust in you.
Cross-Selling Opportunities
An effective needs assessment may uncover other concerns or gaps in coverage your client may have. This is an ideal way to identify cross-selling opportunities. Remember in order to stay compliant you need to schedule a separate meeting to discuss non-health related products. You can discuss other health related products such as hospital indemnity insurance, stand-alone dental, hearing, and vision plans, as well as critical illness insurance in your Medicare meeting.
The team at PTT Financial is here to support you as you grow your business. Contact us today.