As agents and brokers evaluate the diverse needs of their clients, it's crucial to recognize the pivotal role Medicare Supplement insurance plans play in providing comprehensive coverage.
While 20.3 million Americans have individually chosen a Medicare Advantage plan (excluding Group Medicare and special needs plans), another 14.5 million individuals have individually opted for Original Medicare paired with a Medicare Supplement policy. These numbers underscore the importance of offering a range of healthcare options to meet varying healthcare needs and preferences.
At Humana, we are particularly bullish on the Medicare Supplement market, and for good reason. Over the past year, we have not only seen record-breaking sales but have also reached new membership highs, a testament to the growing trust and confidence that both consumers and independent brokers place in us. This success has been supported by unprecedented broker engagement with Humana, as we work closely with the Humana MarketPoint team and partners to educate the market and deliver value to consumers.
Humana is committed to arming agents and brokers with the tools they need to succeed. Through comprehensive industry information, product training, webinars and targeted education, we are ensuring brokers are well-equipped to present Medicare Supplement as a compelling option. Our offerings stand out for several reasons:
We also continue to partner closely with brokers by offering leading incentives, ensuring that working with Humana is both rewarding and straightforward. Our commitment to innovation remains strong, as evidenced by the introduction of our auto-underwriting, simplified text signatures and new products this year, with more on the horizon through the end of 2024 and into 2025. We are dedicated to making it easy for brokers to do business with us, with an ultimate goal of delivering a best-in-class service experience.
This commitment extends beyond Medicare Supplement to our Prescription Drug Plan offerings, which will continue to pay the maximum commission allowed on Premier and Value plans. The Basic plan (Extra Help focused) will continue to not have commissions, same as today for this year’s Annual Election Period (AEP). We understand that in a competitive marketplace, where there will be significant shopping for lower-priced plans and new entrants that need to be educated, it’s essential to stand out not only on price, but on overall value and service.
At the end of the day, we know our brokers have many choices when it comes to where they place their Medicare Supplement business. As the landscape continues to evolve, we expect there to be considerable movement, with individuals seeking both value and quality in their healthcare coverage. Humana is here to be a trusted partner, providing the support, products, and service that help our brokers protect and enhance their personal brand.
We look forward to continuing to grow our broker relationships and are confident that together, we can meet the needs of our Medicare beneficiaries while driving success in the Med Supp market. We hope everyone has a very productive and safe AEP.
Disclaimer: Well Dine is not available in Montana, North Dakota or Puerto Rico. This service is not insurance and is neither contractually offered nor guaranteed under a Humana Medicare Supplement insurance policy. It may be provided by a third party, discontinued at any time and subject to geographic availability.