How Insurance Agents Can Become Certified to Sell Medicare Plans
- Step One: Pass AHIP exam and individual carrier certifications. All licensed brokers are required to pass an annual exam...
- Step Two: Purchase Errors and Omissions insurance. Anyone can make mistakes, so most insurance carriers require their...
Full Answer
How do I get a license to sell Medicare insurance?
To meet the state’s qualifications, you must do the following: Once you pass the exam, you’ll receive your health insurance license, but you cannot sell Medicare insurance yet. The next step is completing a Medicare training course.
What certifications are needed to sell Medicare Advantage plans?
These certifications exist to help protect seniors and reward agents who do things the right way. 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.
Do you want to make money selling Medicare?
If you are making good money but have a desire to step out of the office rat-race and build your own lucrative business, you are in the right place. Knowing how to sell Medicare can take your income to new heights. Your income is only limited by the time you put into working.
How do I Sell Medicare supplements from home?
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.
Can you make good money selling Medicare?
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 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.
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.
How much is the AHIP exam?
$175Typically, 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 much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
Is Medicare easier to sell than life insurance?
But those without such coverage usually delivers lower benefits. Because the product is simple, your selling process becomes quicker, unlike traditional life insurance policies that may need more than an hour's worth of explanation.
What is an FMO in Medicare?
FMO stands for field marketing organization, which is very similar to an independent marketing organization (IMO). FMOs provide independent agents with perks and resources and help them get contracted with carriers to sell plans.
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 license do I need to sell Medicare insurance in Florida?
The 2-15 agents license allows an agent to sell all forms of Life Insurance, Health Insurance, Medicare Supplement, HMO, Home Health Care, Managed Care and Long Term Care policies in Florida.
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.
How long does AHIP take to complete?
about two hoursThe AHIP Medicare exam only takes most agents about a half hour to complete. It takes about two hours to work through the modules effectively. Since the AHIP is completely online and you can work through it from home, we recommend giving yourself a full three hours to really take in all the information.
What does AHIP certified mean?
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.
How long does Medicare Supplement pay commission?
Here are the two most important things you need to know about Medicare Supplement commissions. Medicare Supplements pay the same commission for seven years.
What is the confusing part about Medicare Advantage?
The confusing part about Medicare Advantage is that client’s often think if they have a Medicare Advantage plan, that they no longer have Medicare.
What is Medicare Supplement insurance?
Original Medicare Part A & B + Medicare Supplement + Part D. Medicare Supplement insurance is also referred to as a Medigap policy by CMS. These names are interchangeable. Your client should expect to pay monthly premiums for Original Medicare Part B, their Supplement and their Part D drug plan.
How long does Medicare Part B last?
Your clients IEP begins 3 months before the month they turn 65, their birth month and ends 3 months after. Below are some common examples of Medicare Part B covered services: Doctor’s visits. Ambulance services.
What is Medicare Part C?
Medicare Part C is commonly known as Medicare Advantage (MA plans), and is offered in the common forms of an HMO or PPO plan from private insurance companies approved by Medicare. This means that those who choose a Medicare Advantage plan are subject to using the doctors listed in the associated HMO (requires referral) or PPO (referrals NOT required) networks.
What happens if you don't enroll in Medicare Part D?
If your client doesn’t enroll in Part D on time, a penalty will be added to their premium moving forward. Penalties are waived in instances that your client has existing credible coverage.
How many seniors will be in the US by 2040?
Plus, Medicare sales are at an all-time high because of the aging population. The U.S. Census says that by 2040 there will be about 82.3 million senior citizens.
What are the benefits of Medicare?
Here’s a short list on what will be covered: 1 The basics of Medicare fee-for-service eligibility and benefits 2 The different types of Medicare Advantage and Part D prescription drug plans 3 Eligibility and coverage 4 Nondiscrimination training 5 Marketing and enrollment under the Medicare Advantage and Part D program requirements
What happens when you upload a carrier certification?
Upon uploading the certification, the carrier will normally have additional carrier specific training listed in order to satisfy their requirements to sell.
How much does it cost to pass the AHIP test?
PSM is proud to offer our agents a discount for AHIP certification at $125. The test normally costs $175 for 3 attempts and you must score a 90% to pass. If you fail all 3 attempts you will need to apply again (and pay again) for 3 more attempts.
What is AHIP certification?
AHIP (stands for America’s Health Insurance Plans) certification is accepted by all and required by most carriers if you want to legally sell Medicare Advantage (MA) or Prescription Drug Plans (PDPs) for the current certification year. Be aware that while most carriers will require AHIP certification, it will only serve as a pre-requisite ...
How to sell Medicare products?
To sell Medicare products, partner with health insurance companies. If you want to sell with Cigna, for example, you’ll need an agreement with the company. The approval process may take some time, and the approval times depend on the carrier.
What is the next step in Medicare?
The next step is completing a Medicare training course. You’ll enroll through America’s Health Insurance Plans (AHIP) to complete the training.
What do you learn in healthcare?
For instance, you’ll learn how deductibles and co-pays work. You’ll also learn about the claims process. Further, you ’ll learn about healthcare laws and ethics within the industry.
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 long does it take to get certified to sell health insurance?
Typically, this can take a few days.
How to get off to a fresh start as a Medicare insurance agent?
Getting off to a fresh start as a Medicare insurance agent involves getting appointed with various carriers and their products, getting commission agreements, and getting marketing support from an experienced team (Agent Pipeline’s marketing team is an excellent resource) to help you maximize your results.
How to stay on top of Medicare insurance?
One of the crucial keys to staying on top of the Medicare insurance agent game is to commit to ongoing Medicare agent training. Connect with your FMO and see what kinds of Medicare training they offer and what you can take advantage of. Agent Pipeline offers frequent free webinars to help you with various areas related to Medicare Insurance sales from compliance, sales language, and marketing.
What is the job description of a Medicare agent?
When you become a Medicare insurance agent, there are two main groups you are marketing to. Those are turning 65 and becoming eligible for Medicare health benefits. Those who are disabled, under 65, and are eligible for Medicare. Selling Medicare health insurance can be rewarding in many ways, ...
When does AHIP certification start?
AHIP certification will most often start in late June or early July for the following Medicare plan year.
Do you need continuing education to keep your license active?
Some states require different levels of continuing education, so it is essential to keep this up to date to keep your license active. Many states require:
Who is eligible for Medicare?
Those who are disabled, under 65, and are eligible for Medicare.
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.
How much does it cost to get a AHIP certification?
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. The certification exam is a timed test.
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 companies require additional certifications?
Beyond these general requirements, many insurers require brokerages and agencies to obtain additional certifications, which tend to vary on a carrier-to-carrier basis .
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.
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 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.
How to increase client referrals?
Ensure the products you are offering benefit the client, not a push for your pocketbook. Remember, word of mouth is the best advertising, and an honest sale will increase the likelihood of that client referring their friends to you.
Do you have to show your license to sell Medicare?
When you are working as an independent agent selling Medicare plans , those plans must show the state where you hold your license.
STEP 1. Create an account
IMPORTANT: Already have a CMS Enterprise Portal account? Don't create another! You'll just need to renew for 2019. Don't follow the steps on this page. See how to renew for 2019.
STEP 2. Identify yourself as an agent or broker
Log in to your new Enterprise Portal account at https://portal.cms.gov/
STEP 3. Confirm your identity
Provide basic information that lets us confirm your identity (known as “identity-proofing”).
STEP 4. Take required training
IMPORTANT: You can take free training from CMS, or sign up for a paid course through a CMS-approved vendor. Vendor training may offer continuing education units (CEUs). Free CMS training doesn't offer CEUs.
STEP 5. Sign the privacy and security agreements
Go to Current Learning to launch and electronically sign the CMS Privacy and Security agreements.
Questions?
For help logging in to the CMS Enterprise Portal: Email [email protected] or call 1-855-CMS-1515.