2025 Medicare Open Enrollment: What Financial Professionals Need to Know

by Rebecca Pirrie

Updated October 16, 2024, at 10:43 AM

It’s that time of year again: Medicare Open Enrollment begins on October 15 and ends on December 7, bookending a period in time when eligible individuals must sort through the influx of Medicare information to make their big decision for coverage beginning January 1, 2025.

Recent studies show that 63% of people feel overwhelmed by Medicare advertising, and only 31% feel confident in making effective selection decisions.

With this year’s Open Enrollment corresponding with election season, the discourse and concern surrounding retirement topics like Social Security and Medicare are already heightened. Financial professionals can be the guiding light amid economic uncertainty, and expanding their firm to offer Medicare services is one way to do it. First, let’s explore the benefits of offering Medicare services to clients. Then, we’ll look at the type of guidance clients need, and how to seamlessly incorporate this service into your practice without adding to your workload.

Five Reasons Why Financial Professionals Should Offer Medicare Services

#1: Strengthen Client Relationships

Client retention is one of the main reasons to consider helping clients navigate their plan options. Not only are you solving an immediate concern they’re grappling with, but you’re also demonstrating how invested you are in their retirement journey, from financial security to healthcare planning. Additionally, the more substantial the trust bond, the higher the referral likelihood.

As friends and family members voice their struggles with choosing the right solution, your client’s declaration, “My advisor helped me with that,” is a powerful way to grow your business through word-of-mouth.

#2: Gain a Competitive Edge

Did you know that only 2% of retirees currently utilize their financial professional for Medicare plan selections?

Offering Medicare services is a unique selling point that can differentiate your practice from competitors. Additionally, it can establish you as a comprehensive retirement planning go-to, catering to clients who value a broad range of services for their retirement planning needs.

#3: Integrate Medicare Into an Overall Retirement Plan

Medicare is a crucial part of a well-rounded retirement plan. By offering Medicare services, you can assist clients in choosing plans that align with their immediate healthcare needs and can be integrated into their long-term financial strategy. This aims to provide a level of financial security and comfort in retirement.

#4: Expand Your Knowledge

The more you know, the more value you provide to your clients.

As you become well-versed in Medicare terms and processes, you can also identify opportunities where Medicare planning intersects with other financial strategies, creating more comprehensive plans for your clients and igniting opportunities for your firm.

#5: Tap Into a Growing Market

A record 4.1 million Americans are turning 65 this year, and the demand for Medicare-related services is also rising with the aging population.

By offering Medicare services, you’re positioning your practice to cater to this expanding market segment. This proactive approach helps you grow your client base and ensures your practice remains relevant as demographic trends shift.

2 Main Areas Clients Need Medicare Guidance

#1: Navigating the Different Parts of Medicare

Medicare can be confusing, with its four distinct parts—A, B, C, and D—each covering different aspects of healthcare. Clients often need help understanding what each part entails and which options best suit their needs.

For instance, Parts A and B (often called “Original Medicare”) cover hospital stays, routine doctor visits, and outpatient services, while Part D covers prescription drugs. Medicare Advantage (Part C) plans include A and B coverage and extras like dental or vision.

#2: Reviewing Current Coverage

58% of individuals enrolled in Medicare stay in their current plan each year instead of reviewing their options to enroll in something that better meets their current needs.

Just like you review clients’ life insurance policies to ensure they still fit evolving needs, it’s crucial to revisit Medicare plans annually. Open enrollment gives financial professionals an opportunity each year to start a discussion with their clients about their current goals, needs, and Medicare plans to explore solutions together.

Related: 7 Steps to Complete a Life Insurance Policy Review

Adding Medicare Services Without Additional Workload

Despite the benefits of offering Medicare services, many financial professionals refer their clients elsewhere for advice. The reason is that many feel that the low earning potential doesn’t outweigh the workload.

For diligent business owners, this is a legitimate pain point. So, to address it, Financial Independence Group (FIG) instituted FIG Medicare Planning. This service allows partnered FIG professionals to leverage a team of licensed Medicare specialists to assist clients with comparing and enrolling in Medicare plans.

If you’d like to learn more about partnering with FIG Medicare Planning to help your clients with this year’s plan elections, connect with us today.


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