How Brokers Can Get Ready to Ride the Silver Tsunami 🌊

Published: 05.09.2024

Roughly 4.1 million Americans will turn 65 each year from now until 2027, according to a study by Alliance for Lifetime Income. Over the past decade, 10,000 Baby Boomers turned 65 each day, but now as we enter the era of Peak 65, also known as the Silver Tsunami, this number is climbing to over 11,200 individuals each day.

What is the Silver Tsunami?

The Silver Tsunami, also known as Peak 65, is a term used to represent the largest surge of older adults turning 65 in our nation’s history. This surge of Baby Boomers will begin in 2024 and will continue through 2027.

This influx of seniors and retirement-age Americans during the Silver Tsunami will have a significant impact and create unique economic opportunities and challenges.

What does the Silver Tsunami mean for group health insurance and Medicare brokers?

Age 65 is when most individuals first become eligible for Medicare. With the large amount of Baby Boomers aging into Medicare each day, health insurance and Medicare brokers need to be ready to assist with the higher demand and influx of questions and enrollment opportunities that will come as a result.

If you are unable to assist your clients with Medicare education and plan options, someone else will, and you could miss a huge opportunity to grow your business and support your clients when they need it most.

I’m a broker that focuses on group health insurance, why should I worry about Medicare?

More and more individuals are working past age 65, and that means most of your employer groups have Medicare-eligible employees or dependents currently on their plans.

Depending on the size of the employer group, there are certain enrollment requirements when it comes to Medicare. This means, that even if someone is planning to work past 65 and continue to receive health insurance coverage through their employer, they will most likely still need to enroll in at least a portion of Medicare to avoid costly fines and penalties.

If the employer group has less than 20 employees: Any Medicare-eligible employee (or spouse/dependent) must enroll in Medicare because by law Medicare becomes their primary coverage. If the employee (or spouse/dependent) doesn’t enroll in Medicare when first eligible, claims may not be paid, and the individual may face financial penalties due to late enrollment.
If the employer group has 20 or more employees: If an employee is currently working and coverage is through a creditable employer plan, the employee (or spouse) may be able to delay Part A and Part B.
If the employer group has less than 100 employees: If an employee (or spouse/dependent) qualifies for Medicare due to a disability, Medicare would be considered their primary coverage.
All group sizes: If the prescription drug plan is not considered creditable coverage, Medicare-eligible employees may face a financial penalty after retirement.

Key Takeaways for Brokers

Many of your clients—whether employer groups or individual consumers—will be turning to you for help and guidance regarding Medicare coverage.

The Silver Tsunami presents a key opportunity for all types of health insurance brokers to assist employer groups and individual consumers with plan education and coverage—and to be a part of the growth of the Medicare market during the Silver Tsunami.

I’m ready to take advantage of the 2024 Silver Tsunami. How can I become appointed to sell Medicare plans?

There are many ways to get involved with Medicare—whether you’re looking to become fully certified to sell all Medicare plan types or would prefer to deal with Medicare Supplement (Medigap) only. My Savoy Benefit’s dedicated team will work closely with you to create a customized partnership plan that supports you and your clients.

My Savoy Benefits works with top Medicare carriers to ensure your clients have access to the best Medicare options to meet their needs. To learn about carrier contracting, appointment procedures and our partnership plans, you can contact our team for full details and resources.

I don’t have any interest in selling Medicare but I have the demand. What do I do?

Our referral program allows you to offer your Medicare-eligible clients the option to enroll in a Medicare Supplement, Advantage (MAPD) or Prescription Drug Plan (PDP) through our in-house contact center.

Plus, we’ve made it extremely easy to tie your clients back to your specific agency with our email-friendly, customizable Medicare Prescription Request form—or you can have your clients call our toll-free number directly at 833.899.6200.

From here, you can sit back while our team takes care of the rest. See what it’s all about. Watch our Life of a Referral walkthrough.

My Savoy Benefits provides additional Medicare capabilities and resources.

Remember, if you aren’t offering your groups Medicare education and enrollment assistance, someone else will. And, through My Savoy Benefits you can deliver, with no additional work on your end.

To learn more about our referral partnerships, free Medicare 101 educational webinars for employer groups, broker marketing resources, and contact center capabilities, contact our Medicare Team today!

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