how to get certified to sell medicare advantage plans

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.Feb 22, 2022

How do I prospect for Medicare Advantage 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 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.Jul 1, 2020

What is the commission on a Medicare supplement policy?

A recent report indicates that first-year commissions for enrollments in Medigap are approximately 20 percent of annual premiums, but they can vary based on the state or plan type. The commission for subsequent years (i.e., the renewal commission) is set at 10 percent of the premium.Oct 12, 2021

How do I get T65 leads?

By offering regular question and answer sessions, informational, educational groups, or discussion seminars, you can educate seniors and help them navigate the complex Medicare system. This helps build relationships and trust with them that can lead to potential T65 leads and referrals.

Can you solicit Medicare Advantage prospects through email?

Due to a change reflected in the 2019 MCMG and now in the Medicare Advantage & Part D Communication Requirements, agents are permitted to make unsolicited direct contact with potential enrollees via email.Sep 9, 2021

Is Medicare hard to sell?

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.May 26, 2020

Who is the best Medicare provider?

Best Medicare Advantage Providers RatingsProviderForbes Health RatingsCoverage areaBlue Cross Blue Shield5.0Offers plans in 48 statesCigna4.5Offers plans in 26 states and Washington, D.C.United Healthcare4.0Offers plans in all 50 statesAetna3.5Offers plans in 44 states1 more row•Feb 25, 2022

Can you sell life insurance and Medicare at the same time?

Under CMS guidelines, brokers are not permitted to cross-sell nonhealth-related products during a Medicare Advantage or Part D sale. So, anything that is not a health-related product, such as life insurance policies or annuities, cannot be cross-sold during a Medicare sale.Jun 25, 2018

What is a Medicare insurance broker?

A Medicare insurance broker is typically an independent insurance agent who's licensed to sell Medicare plans on behalf of multiple insurance companies.Apr 6, 2021

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.Oct 17, 2019

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...

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.

What is the certification test for Medicare Advantage?

Selling Medicare Advantage plans, you get a contract with a carrier, but once you’re contracted with that carrier every year that you are in Medicare Advantage sales, you’re going to have to take a certification test called AHIP. A lot of people freak out, “Oh, it’s so hard.”. Well, it’s Medicare 101. You need to know the product that you’re ...

What is the difference between Medicare Supplement and Advantage?

As long as you’ve done that you’ve done your CYA. The other difference between a Supplement and an Advantage plan is you have a prescription portion. So you’ve got to sell a prescription drug plan with a Medicare Supplement.

How often do you need to take AHIP certification?

Now, certifications in AHIP have to be done every year. It’s a yearly requirement for all Medicare Advantage agents. DD: When you take these certifications, you’re learning all the intricacies of the product, which helps you sell more Medicare Advantage plans. So, these tests are important.

What is the age limit for Medicare?

LM: When somebody has Medicare they’re normally 65 and over. You do have a segment of the population under 65 that get Medicare who are usually disabled. Once someone is on Medicare they have two options – Medicare Advantage or Medicare Supplement. There’s not a good or a bad option, there is simply two options.

Can you door knock Medicare Advantage?

Now in the Medicare Advantage world if you don’t have permission to contact you’re not supposed to contact. You can’t door knock for Medicare Advantage, so you’ve got to wait for it to come to you, but you can put a lot of honey out there to attract the bees.

Does Medicare Advantage include prescriptions?

For Medicare Advantage a prescription plan is included. The copays per carrier are probably different, but they function the same way. All you’ve got to do is pull up the formulary, which is usually in a PDF and just do the search for the medications and make sure they’re in there.

Can you make a ton upfront selling Medicare Advantage?

Selling Medicare Advantage insurance, you don’t make a ton upfront.

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 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 ...

What happens if you don't pass the AHIP test?

If you don’t pass on the 3rd attempt, you would not be able to sell their products for that year, even if you did go on to pass the AHIP test. There are a number of self-study courses available to help prepare you for the test.

Is reporting FWA bad?

Reporting FWA; loopholes and obligations. Regulations change in the Medicare space from year to year. As such, it is not a bad idea to take the training each year and ensure that you are up to date on all the changes.

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.

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 the Ahip certification?

AHIP recently published the guidelines for its 2020 certification program, which includes two courses: Medicare. This class covers the basics of Medicare eligibility and benefits; the different types of Medicare Advantage and Part D prescription drug plans; eligibility and coverage; nondiscrimination training; and marketing ...

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, ...

What is the purpose of Ahip?

To fulfill its mission, AHIP seeks to build partnerships between governments and private organizations to deliver a more valuable and cost-effective health insurance experience. According to AHIP’s website, the group will achieve its objectives by: Advancing consumer choice and encouraging more competition in the market.

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.

Is selling Medicare a good job?

Selling Medicare is a great line of work for individuals who are professional, outgoing, and self-motivated. It can also be a very lucrative line of work if you’re willing to work as hard as you can and set ambitious goals for yourself.

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.

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 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.