The first step to making sure you’re ready to sell on October 15, 2019 is to get certified:
- Create an Oscar Broker account or log in at business.hioscar.com.
- Click on Medicare book at the top right of the page.
- Click the Get certified button to access the Oscar Medicare Advantage Certification Checklist.
- Complete all six (6) required steps of the Certification Checklist.
How do I start selling Medicare Advantage plans?
Before you can start selling Medicare Advantage plans, you must receive the proper training, licensing, and certifications. Check with your state’s department of insurance to learn about state-specific requirements. After you’re licensed, the next step is marketing your services. First, you need to be licensed to sell Medicare plans in your state.
Why learn how to sell Medicare Advantage?
Learning how to sell Medicare Advantage, you’re selling a product that they’re using that’s going to maintain their health. So it’s so much easier. Remember, you’re not asking for money.
When is the best time to get credentialed to sell Medicare Advantage?
DD: I’ve worked with more than 1,000 agents over the years. And there’s this perception that the best time to get credentialed to sell Medicare Advantage is at Annual Enrollment Period in October.
Can I Sell Medicare supplement plans without being certified?
You cannot sell a prescription drug plan without being certified, so you have to have your certifications to offer that anyway. So get a couple of carriers that are strong in your area that are competitive with the Medicare Supplement plans. There’s only two that you’re going to offer, a G or an F.
How hard is AHIP test?
Many returning Medicare agents say AHIP is easy — once you get the hang of it. Nobody's perfect, especially when learning something new! If you get more questions incorrect than you thought you would, or if you fail your first time taking the final AHIP exam, don't fret. Just study up on those areas a little more.
What is an AHIP certification?
AHIP certification is proof that you've completed a series of AHIP Medicare training courses and that you now know how to sell plans in a way that is compliant with up-to-date Centers for Medicare & Medicaid Services (CMS) regulations.
Is being a Medicare agent worth it?
Medicare agents have significant earning potential and a promising future of stable career growth – but it's not just about the money. Medicare agents also get to help others while taking control of their own careers. For the right person, Medicare sales can be a very rewarding and lucrative career.
What is the commission for Medicare Advantage?
Renewal commissions increased from $255/member/year to $270/member/year, a 5.88% increase. Here's a chart comparing the increases from last year. (By comparison, Medicare Advantage commission increases ranged from 5.41% to 5.90% for 2020.)
How much does AHIP cost?
We didn't mention it yet, but AHIP isn't free. Typically, the AHIP certification test costs $175, but many carriers offer a discounted rate of $125 if you take the exam through their agent portals.
How long is AHIP certification good for?
How long does my AHIP certification last? You must re-certify with AHIP each year. You can recertify via a carrier link for the discounted $125 rate as long as you are an agent in good standing.
Is selling Medicare Advantage lucrative?
Is Selling Medicare Lucrative? In short, yes. The average Medicare Advantage policy pays around $287 a year in commission if the purchase replaces an existing plan. However, you can get approximately double that — $573— if you write up a new Medicare Advantage plan for someone who hasn't had one before.
How do I get Medicare clients?
⍟ 14 Ways to Generate Medicare Supplement LeadsBuild & Maintain a Website. ... Social Media Presence. ... Video Marketing. ... Blogging, Writing Articles. ... Email. ... Online Events: Live webinars, podcasts. ... Direct Requests / Client Referrals. ... Lead Swapping Partnerships (Asking other professionals for referrals)More items...
Is it easy to sell Medicare?
No, it's not hard to sell Medicare Supplements. When you're first starting, it should be easy, because everyone on Medicare needs one. It's just an insurance product. You're not a member – you're a policyholder, and that means a lot to people.
What is an FMO?
FMO — Field Marketing Organizations A field marketing organization (FMO) is basically the same as an independent marketing organization (IMO). FMOs are typically top-level organizations that are licensed to sell health insurance products in most, if not all, states.
What is the Medicare Advantage commission for 2022?
The maximum commission for a Medicare Advantage (MA) sale in 2022 will be $573, a 6.3 percent increase over 2021. Some states have different levels. For example in California and New Jersey, the initial MA commissions increased from to $715-per-year, a 6.4% increase over 2021.
Are Medicare brokers unbiased?
Working with an independent Medicare insurance agent means you get to choose policy options from different companies. Independent agents and brokers are more likely to give unbiased plan recommendations and advice. But they may not have in-depth knowledge of these plans.
What Is Medicare Advantage?
DD: I’d like to start with the basics, Luis. I’m sure there are a lot of people who have heard about Medicare, maybe they’re brand new agents or so...
Is Medicare Advantage A Tough Sell?
DD: When I started in final expense sales, I saw many Medicare Advantage prospects, but I never sold any Medicare Advantage plans.Why? Because agen...
How To Get Certified To Sell Medicare Advantage Plans?
DD: What’s the process for somebody who wants to learn how to become a Medicare Advantage insurance agent?You have to do more than getting your ins...
What Happens After AHIP?
Once you get that AHIP done then you’ve done about 70% of your required certifications.Each carrier that you’re appointed with wants to make sure t...
What Are The Long-Term Benefits Of Selling Medicare Insurance?
DD: What would you describe as the long-term advantages selling Medicare Advantage plans as your primary line of business?LM: When you’re doing cro...
Commission For Selling Medicare Advantage Plans?
DD: A lot of agents are looking at this like we’ve talked about it from a final expense standpoint.They’re used to getting pretty high first year c...
How Long Would It Take To Write 500 Sales?
DD: How long do you think it would take to write 500 pieces of business? Somebody who’s serious about this business, they’re full-time, they really...
Can You Cross Sell?
DD: When we look at new Medicare Advantage clients, ones that we found or wrote from maybe one of these referral partners, what’s the guidelines on...
When Can You Sell Medicare Advantage?
DD: A lot of agents look at the Medicare Advantage business and think they can only sell these products when the person turns 65 and then if not, o...
Standard Medicare Supplement Coverage
To make it easier for you to compare one Medicare Supplement policy to another, Indiana allows 8 standard plans to be sold. The plans are labeled with a letter, A through N. Plans H, I, and J are no longer offered, and Plans C and F are only available to people who were eligible for Medicare before January, 2020.
How To Get Certified To Sell Medicare Advantage Plans
DD: Whats the process for somebody who wants to learn how to become a Medicare Advantage insurance agent?
Easier Than You Think
So is it that complex? Is it hard? No. You just got to do a little bit of homework.
Passive Income Is King
DD: Ill add in my perspective. Ive been in the business since 2011 and most of my business has been focused on final expense.
Why Sell Medicare Advantage
DD: Explain to agents what the opportunity is in selling Medicare Advantage plans to clients?
Learn Cms Compliance Rules And Regulations
The Medicare Communications and Marketing Guidelines is where all the compliance rules live. These are updated semi-regularly, but you can always check the latest version on this CMS page.
What Are The Long
DD: What would you describe as the long-term advantages selling Medicare Advantage plans as your primary line of business?
How Do I Get Licensed to Sell Medicare?
However, in order to sell Medicare, you need to first obtain your license by taking the following steps.
How to become a Medicare agent?
The first step to becoming a licensed Medicare agent is to complete a pre-licensing course. You can usually choose to take this course in a traditional classroom setting or online in a self-study format if you prefer. Choose your state of residence , select the “Life and Health” option , and then choose the exam prep package that best suits your needs. Once you’ve completed the course, you’ll receive a Certificate of Completion that is valid for one year from the date it was issued. You will need to pass your state licensing exam within this time.
What is the selling point of Medicare Advantage?
Generally, the major selling point of Medicare Advantage plans is that they have no or low monthly premiums and they cover more than what Original Medicare does. However, the mark of a savvy agent is the ability to peel apart the plan benefits and apply what’s relevent to the specific person they’re servicing.
Who Is Your Target Market?
While checking off your certifications, you can start honing in on your selling strategy. The first step is narrowing in on who you’re selling to. Baby boomers, yes. But to really sell effectively, get into their mindset and view the sales from their perspective.
Is Medicare a strict set of standards?
The Medicare industry has a strict set of compliance standards to protect consumers. Knowing and following these rules is a must for all Medicare agents.
Is selling healthcare easier?
Keep in mind that selling any type of healthcare comes easier when taking a helpful and educational approach. Never be intrusive with questions or pushy with tactics. They’ll tell you what they need—so long as you ask the right questions. Patrick Rodriguez, President of AGA always says, “If you’re helping, you’re selling. If you’re just selling, you may not be helping”
Why Sell Medicare Advantage Plans?
Typically, insurance carriers offer higher commissions for MA plans than Medicare Supplements or Part D plans.
How to Sell Medicare Advantage Plans
Before you can start selling Medicare Advantage plans, you must receive the proper training, licensing, and certifications. Check with your state’s department of insurance to learn about state-specific requirements. After you’re licensed, the next step is marketing your services.
When Can I Sell Medicare Advantage?
Many Medicare-eligibles have restrictions on when they can enroll in new plans. You need to know the specifics of each enrollment period and how they apply to your clients.
Selling Medicare Advantage Over the Phone
You may have heard that you can sell Medicare Supplements over the phone, but you want to know how to sell Medicare Advantage plans over the phone.
How Much Can I Make Selling Medicare Advantage Plans?
The Centers for Medicare and Medicaid (CMS) sets maximum compensation amounts that carriers can pay agents for sales. Click here to read more about agent compensation.
Important Terms to Know When Selling Medicare Advantage Plans
You want to answer clients’ questions with confidence, so it’s important to know the terms they’ll ask about. Here are some common terms beneficiaries will ask about:
Start Selling Medicare Advantage Insurance Today
Selling Medicare Advantage plans can be a lucrative career. At Senior Market Advisors, we give our agents tools for success such as extensive training so you can answer questions with confidence.
How Do You Get Certified by AHIP?
To get certified by AHIP, you need to complete the two courses above. Once that’s done, you need to complete a certification exam, which typically costs $175. Many insurers, however, offer a $50 discount if you sign up to take the exam through their company-branded portal.
How many Medicare beneficiaries are there in 2018?
According to the Kaiser Family Foundation (KFF), in 2018, some 20.4 million Medicare beneficiaries (34 percent) were members of Medicare Advantage plans—which are plans offered by private insurers that receive compensation from the Medicare program. KFF data also suggests that program enrollment figures have nearly doubled over the last decade.
What is FWA in Medicare?
This class teaches you how to identify FWA; what the industry is doing to improve fraud detection; which legal tools are available to combat FWA; what the human and financial costs of FWA are; what the Medicare Parts C and D FWA and general compliance requirements look like; the individuals most likely to commit FWA; and what you need to do when reporting an FWA incident.
What is the job of a health insurance broker?
As a health insurance broker or agent, your job is to sell health insurance to as many people as possible. To do that, you target all kinds of people—young millennials, small-business owners, HR administrators at larger organizations, self-employed individuals, and even seniors. According to the Kaiser Family Foundation (KFF), in 2018, ...
Do insurance brokerages need AHIP certification?
Although it may take some time and cost a little bit of money to pass the certification exam, these resources are well spent. Not only are brokerages and agencies that have AHIP certifications able to sell to more customers, but they are also well-positioned to help improve the overall health insurance landscape for every stakeholder involved.
Are You Ready to Complete Your AHIP Certification?
In order for your brokerage or agency to reach its full potential, you need to be AHIP-certified. Otherwise, you won’t be able to sell insurance to more than 20 million potential clients during the annual enrollment period.
Is Selling Medicare Lucrative?
In short, yes. The average Medicare Advantage policy pays around $262 a year in commission if the purchase replaces an existing plan. However, you can get approximately double that — $525 — if you write up a new Medicare Advantage plan for someone who hasn't had one before.
Medicare Licenses and Training
Medicare Advantage is a great line to sell, whether you're a newcomer to selling insurance or an experienced insurance professional looking to diversify your portfolio. But no matter how much experience you have, you need proper Medicare insurance sales agent training to complete the certification process.
How to Choose Medicare Carriers and Plans to Sell
Most new agents want to rush in and offer every Medicare Advantage plan from day one. It's an understandable ambition, but it can quickly become overwhelming.
Ordering Medicare Enrollment Kits from Carriers
Each carrier has its own Medicare enrollment kit, which includes handouts that policyholders need when they're considering signing up. Different carriers include various materials in their kits, but most contain:
Help Protect Yourself with E&O Insurance
As a Medicare insurance sales agent, your role is to help your clients prepare for the unexpected and help protect themselves from financial risks. You might have the best intentions, but sometimes things don't work out as planned.
Start Working Toward a Rewarding Career Selling Medicare
All of these certifications, training requirements, and legal protections can make selling Medicare insurance feel overwhelming at first. But don't let them deter you from reaching your end goal — a rewarding and lucrative career.
How to sell Medicare Advantage plans?
If you would like to sell Medicare Advantage plans, first you will need to take the AHIP certification, and then next you will need to complete additional contracting. Use the link below to learn more.
How to become a Medicare agent?
1. Becoming a licensed Medicare Agent – Complete a pre-licensing course. Courses tend to be similar in price and content. Depending on your own specific learning/studying style, you can choose to take the course in a traditional classroom, online or via self-study.
How long does it take to get Prometric results?
In fact, Prometric notifies the Department of Insurance of your exam results within 2 business days.
What to bring to Medicare exam?
What to Bring to the exam: Becoming a licensed Medicare Agent. An original copy of the Certificate of Completion from a completed pre-licensing course of study. A current, signed form of identification.
How long is a pre-licensing certificate valid in Connecticut?
Pre-licensing education is valid for one year from the date of completion; you will need to take and pass your state exam within this timeframe. Connecticut requires you to present an original copy of the Certificate of Completion at your licensing exam, so make sure that you allow at least 5 mail delivery days between your course completion and the date of your scheduled exam.
Does Crowe and Associates offer free Medicare?
Crowe and associates offers a 100% free Medicare lead program to all agents and agencies working with us. There is no reduction in compensation and you own your own book of business. Our program is the only free lead program without any tricks or gimmicks. CLICK HERE TO LEARN ABOUT FREE MEDICARE LEADS
What happens to a broker if they don't comply with Medicare?
Agents/brokers are subject to rigorous oversight by their contracted health or drug plans and face the risk of loss of licensure with their State and termination with their contracted health or drug plans if they don't comply with strict rules related to selling to and enrolling Medicare beneficiar ies in Medicare plans.
What information is in Medicare plan file?
The information contained in this file has columns for each Medicare plan with the following information: State, county, company name, plan name, whether the company uses independent agents or not, the amount (s) paid to independent agents for selling the plan in the first year of enrollment following the sale, other plan identification numbers, and whether the plan information displayed requires correction. The information within the various columns can be sorted to more easily find compensation information about the plan or plans you are interested in.
What is agent broker compensation?
Below is a link to a file containing the amounts that companies pay independent agents/brokers to sell their Medicare drug and health plans. Companies that contract with Medicare to provide health care coverage or prescription drugs typically use agents/brokers to sell their Medicare plans to Medicare beneficiaries.
When do brokers receive initial payment?
Generally, agents/brokers receive an initial payment in the first year of the policy (or when there is an “unlike plan type” enrollment change) and half as much for years two (2) and beyond if the member remains enrolled in the plan or make a “like plan type” enrollment change.
Do brokers have to be licensed in the state they do business in?
Agents/brokers must be licensed in the State in which they do business, annually complete training and pass a test on their knowledge of Medicare and health and prescription drug plans, and follow all Medicare marketing rules.
