Once you're licensed, you'll need to contract with Medicare carriers to sell their products. This process is also called "getting appointed." Certain carriers allow you to skip the contracting process if you already sell their other products. Others require you to contract for each new product line you sell.
Where can I find information about Medicare Part D drug coverage?
Official Medicare site. Learn about the types of costs you’ll pay in a Medicare drug plan. Learn about how Medicare Part D (drug coverage) works with other coverage, like employer or union health coverage.
Can a company hire an independent agent to sell Medicare plans?
In other situations, the companies hire independent agents/brokers who are not employees to sell the companies' Medicare plans.
What licenses do I need to sell Medicare plans?
What kind of Medicare-related licenses do I need? Just as with selling other types of insurance, you'll generally need a health insurance license to sell Medicare plans. Specific requirements for licensure vary by state, but you'll need a resident license for your own state and non-resident licenses for any other states in which you plan to sell.
How do I get Medicare Advantage and PDP certifications?
While the training modules you’ll work through to complete Medicare Advantage and PDP certifications will be provided by the carriers, CMS publishes two annual resources that make valuable self-study resources: Medicare and You, and the Choosing a Medigap Policy Guide.
How do I learn to sell Medicare?
To sell Medicare Advantage plans, you'll have to complete the America's Health Insurance Plans (AHIP) certification in addition to each carrier's compliance and product certifications. These certifications exist to help protect seniors and reward agents who do things the right way.
How hard is it 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.
How do I sell PDP?
7 Powerful Practices for Selling Prescription Drug Plans. ... Ask Your Clients for a List of Their Prescriptions Right Away. ... Find Out If They Qualify for Additional Help. ... Use a Medicare Plan Finder to Compare Plans. ... Narrow Down and Recommend a PDP. ... Make Sure Your Clients Understand Their New PDP.More items...
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...
Can you make good money selling Medicare?
Earning income potential is dependent on sales commissions, talent and location. On average, medicare sales agent jobs pay around $65,000 annually, but top agents can earn six-figure incomes in just three years, suggests Redbird Network.
Is selling Medicare insurance a good career?
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.
How do I sell prescription drugs?
California prescription drugs may only be sold by a qualified individual with the necessary training to understand prescriptions and product labels. A retailer must employ at least one qualified individual and must provide proof of the qualified individual's credentials to CDFA.
Can you sell Medicare door-to-door?
MA/PD PLANS May not market to beneficiaries door to door, including leaving materials at a beneficiary's doorstep. May call a beneficiary they enrolled in a plan to discuss plan business, as well as discuss the availability of other plan options/types within the same parent organization.
Do Medicare reps go door-to-door?
Medicare officials don't go to door-to-door and will only correspond with recipients via phone or email if prompted to first. Official insurance communication is always mailed.
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
How do I get Medicare leads for free?
5 Ways to generate Free Medicare LeadsAsk for Referrals. Referrals or word of mouth may be the oldest, best, and least expensive ways for insurance agents to generate Medicare leads and grow your business. ... Form Community Partnerships. ... Create a Digital Presence. ... Host and Network with Seniors at Events. ... Personal Contact.
What are the three main ways in which Medicare sales occur?
There are three different types of Medicare products sold by agents and brokers: Medicare Supplement plans (Also called Medigap plans), Medicare Advantage plans and Medicare Part D Rx plans.
What is Medicare Part D?
Medicare Part D is optional prescription drug coverage. It's also called a Prescription Drug Plan, or PDP for short. You may also hear it referred to as stand-alone PDP. Part D plans are run by private insurance companies that follow rules set by Medicare.
How many pharmacies are there in Medicare Part D?
Most Medicare Part D plans have a broad array of preferred pharmacies, such as SilverScript, which has over 65,000 pharmacies including CVS, Walgreens, Walmart, and many small, mom-and-pop pharmacies. Clumsy Kramer GIF by HULU - Find & Share on GIPHY.
How many Medicare beneficiaries are covered by Medicare Part D?
In 2018, nearly 25 million Medicare beneficiaries were covered under a standalone prescription ...
How much is late enrollment penalty for Medicare?
Currently, the late enrollment penalty is calculated by multiplying 1% of the “national base beneficiary premium” ($32.74 in 2020) by the number of full, uncovered months that you were eligible but didn’t join a Medicare drug plan and went without other creditable prescription drug coverage.
What happens if you don't join Medicare?
If they decide not to join a Medicare drug plan when they're first eligible, and they don’t have other creditable prescription drug coverage or get Extra Help, they’ll likely pay a late enrollment penalty if they join a plan later . The late enrollment penalty is an amount that’s permanently added to the Part D premium.
What happens if you don't follow Medicare marketing rules?
If you don't follow the Medicare marketing rules, you risk not being paid commission, being terminated from your contracted drug plan, being fined, or even losing your insurance license ( CMS ). To avoid making a mistake and dealing with compliance, some agents choose to offer Part D help for free.
How much does Medicare cover in 2020?
Now, when your client reaches the coverage gap, which begins after you and your drug plan have spent $4,020 for covered drugs (as of 2020), they will be responsible for 25% of the cost ( Medicare.gov ). That coverage gap ends when you've spent $6,350 out-of-pocket in 2020.
What is Medicare quoting engine?
2. Medicare Quoting Tool / Online Quoting Engine - A Quoting Engine makes it easier for agents. to have access to accurate, up-to-date pricing and plan details for the nations top senior.
Do you need certification for Medicare Supplement?
Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.
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 get prescription drug coverage
Find out how to get Medicare drug coverage. Learn about Medicare drug plans (Part D), Medicare Advantage Plans, more. Get the right Medicare drug plan for you.
What Medicare Part D drug plans cover
Overview of what Medicare drug plans cover. Learn about formularies, tiers of coverage, name brand and generic drug coverage. Official Medicare site.
How Part D works with other insurance
Learn about how Medicare Part D (drug coverage) works with other coverage, like employer or union health coverage.
What to do when selling Medicare supplements?
When you sell Medicare supplements from home, you need to offer a variety of products to meet each beneficiary’s needs. This includes supplement products, prescription drug coverage, Medicare Advantage products, and ancillary products. Ensure the products you are offering benefit the client, not a push for your pocketbook.
How to remain independent with Medicare?
To remain independent, you will likely need to obtain your insurance company contracts through a Medicare Insurance FMO. An FMO will work to obtain the best contracts for you to sell clients. Their support in finding you the best product to offer frees your time to meet clients and close sales.
How many clients does Medicare have?
Your income is only limited by the time you put into working. On average, a Medicare insurance agent in business for five (5) years has around 400-500 clients.
What is Medicare Advantage?
One of the benefits is the sale of Medicare Advantage or a Medicare supplement that provides you with a residual income for years. This is a passive income you enjoy the benefit of from every sale. Working as an independent agent means the commissions pay directly to you.
How many people will be on Medicare in 2060?
Projections are that by 2060 there will be 98 million people in that age range. The estimation is 21.1 million over age 85 in 2030. What this means when it comes to Medicare insurance sales is that one in every seven people, the equivalent of 15.2% of the population, meets Medicare age qualifications.
What is the difference between captive and independent agents?
If you plan to hang out a shingle and run your own business, independent is the way to go. A captive agent works for a company or agency. They must sell only the products that the company offers, limiting your options.
How many Americans have Medicare Advantage?
Ambition to put forth the effort to make sales. About 1/3 of Americans obtain their Medicare through Medicare Advantage Plans. The other 2/3 of the eligible persons have original Medicare, and about 81% of those enroll in supplement coverage.
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.
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.
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.
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.
