how to get started selling medicare

^{Step-by-Step Guide to Getting Started In Medicare Sales}

1. Complete prelicensing education. If you've decided you want to sell Medicare products, your first step is to complete the prelicensing education requirements.
2. Take the Life and Health Insurance Exam. Your next step is getting licensed. For what we do, you need the Life and Health license. ...
3. Decide what products you want to sell. Once you get licensed, the next step is to figure out what products you want to write. ...
4. Get contracted with the carriers you want to sell. Once you decide what products to start with, you need to choose an FMO and start getting contracted.
Take the AHIP and certify with each MA and PDP carrier. ...
Develop a marketing plan. Now that you're licensed, certified, and ready to sell, you need to find prospects to sell to! ...

How do I start selling Medicare insurance?

At The Brokerage, you can start selling Medicare by setting up a free account in The Broker Link. There, you can get contracted with Medicare insurance carriers, learn about our exclusive marketing programs, access our on-demand training, and so much more! The WellCare agent portal is a powerful website that puts…

Is it worth it to sell Medicare?

Selling Medicare is a rewarding opportunity where you get to help seniors understand their healthcare options, and make a generous commission while you’re at it. Continue reading for our step-by-step guide on selling Medicare. How much money can you make selling Medicare? How much can you make Selling Medicare?

How to sell Medicare supplements?

Learning how to sell Medicare Supplements all starts with finding a sales system to replicate. There is no reason to try to reinvent the wheel! Determine if you want to do this all on your own or with a team.

What are my options when selling Medicare?

There are many options when it comes to selling Medicare. A Medigap plan (aka Medicare Supplement) is designed to “gap” or “supplement” Original Medicare. This plan gives the client freedom of choice allowing them to go to any doctor or hospital that accepts Original Medicare.

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.

Can I make money selling Medicare?

When it comes to making money selling Medicare, there are two main ways you can earn income which include commissions and residual income. A commission or initial payment is the money you receive when a client enrolls in a new plan. This payment is paid to you directly from the insurance carrier.

Is selling Medicare easy?

Over the past 50 years, there have been many advances in the market. As a result, selling Medicare is easier than ever before, especially with the help of Field Marketing Organizations (FMOs). These organizations support agents by connecting them with the prospects and tools they need to improve their book of business.

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 selling Medicare hard?

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 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 much do Medicare leads cost?

As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.

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.

What are 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 are Medicare leads?

Medicare Leads from Direct Mailer Campaigns. Sending direct mailers to gain Medicare leads is another method agents utilize. Running a direct mailer lead campaign can be pricey, but luckily, carriers and field marketing organizations (FMOs) often offer marketing co-op to help cover a percentage of the cost.

How do you get ACA leads?

Ask for Referrals Give your business cards to friends and family to distribute your contact information for you. Always ask for referrals from existing clients and the people you meet. Always follow up with referrals when you get them. Always ask for referrals from existing clients and the people you meet.

What are the rules for Medicare?

Generally, Medicare is available for people age 65 or older, younger people with disabilities and people with End Stage Renal Disease (permanent kidney failure requiring dialysis or transplant). Medicare has two parts, Part A (Hospital Insurance) and Part B (Medicare Insurance).

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.

How many baby boomers are turning 65?

If you are looking for information on how to become a licensed Medicare insurance agent, this article is meant for you. With 11,000 Baby Boomers turning 65 every day for at least another decade, it’s apparent that the Medicare market will continue its tremendous growth for the foreseeable future. According to the Census Bureau, by 2030, all ...

Do you need certification for Medicare Supplement?

Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.

How much can you make Selling Medicare?

Selling Medicare is part of the financial services industry, which has a track record of generating more millionaires than any other industry.

Get Licensed to Sell Medicare

In order to sell Medicare, you must become a licensed life and health insurance agent in your state (or any state that you plan on selling in).

Partner with a Medicare FMO

A Field Marketing Organization (FMO) is the link between Medicare insurance carriers and independent Medicare sales agents.

Complete AHIP & Carrier Certifications

AHIP (America’s Health Insurance Plans) is an industry-recognized certification test. If you want to sell Medicare Advantage products, then you must become AHIP certified for most carriers.

Prepare for Success

Now that you are licensed, contracted, and certified, it’s time to create your Medicare Business Plan. This includes setting your production goals, developing a lead generation and client retention strategy, and leveraging the support available through your Medicare FMO.

How long does it take to get a six figure income from selling Medicare?

Selling Medicare can steadily help you build a six-figure residual income in as little as 3-4 years. At that point, you’ll have a great six-figure salary.

Why are Medicare sales so high?

Most companies pay the same commission for seven years and some even pay for life. Plus, Medicare sales are at an all-time high because of the aging population.

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 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.

How much is Part B insurance?

Part B premiums can be as low as $134 or as high as $428.60. The range in price is directly correlated to your client’s income. If for some reason your client doesn’t elect Part B on time, they will be subject to a late enrollment penalty of 10% for every full 12 months they delay enrollment.

Does Medicare Part B have a deductible?

The Medicare Part B enrollment penalty can be waived in instances where the proposed insured has credible coverage, for example, they have existing coverage through an employer. Lastly, Medicare Part B has an annual deductible of $183 (2017 data). This deductible must be met before Medicare will begin paying.

How to sell Medicare products?

Step 1: Complete prelicensing education . If you've decided you want to sell Medicare products, your first step is to complete the prelicensing education requirements. Most states require you to complete and file proof of your prelicensing education in order to take the Life and Health exam. The exact requirements vary by state.

When will Medicare sales be available in 2021?

May 25, 2021. Medicare sales can be a very lucrative career path, especially after you get through the first few years. Thanks to residual income, many agents build up a book of business that continues to pay them on policies they sold years ago. If you've decided you want to become an insurance agent in the senior market, ...

Why do people get into the Medicare supplement market?

In sum, there are three great reasons to get into the Medicare Supplement market: There are lots of prospects. Medicare is standardized. There's a built-in need for a secondary insurance with Medicare. Back to top.

How much does Medicare cover?

Medicare Supplements are standardized. No networks. Medicare covers about 80% , and the supplement covers about 20%. Here are the two plans I'd recommend for you, and here's how they work.

What is the Medicare Part B deductible for 2021?

When you have a Plan G, everything is covered except the Medicare Part B deductible, which is $203 in 2021. There are no other costs – it’s 100% coverage from there.

How many seniors turn 65 every day?

There are a ton of prospects in the Medicare market. Ten thousand seniors turn 65 every single day – that's a lot of prospects that need Medicare Supplements. When we look at a person that is going onto Medicare, it's pretty confusing and overwhelming. Seniors get a ton of Medicare-related mail.

What to do if you've made it this far?

If you've made it this far, hats off to you . There's a lot of information you need to take in when you're learning about Medicare, but once you've got it down pat, you're off to the races.

Does Medicare Supplements include prescription drug insurance?

Medicare Supplements helps with doctor and hospital costs only – it does not include prescription drug insurance. CMS puts out a publication each year called the Medicare & You Handbook. In the 2019 version, you can refer to pages 69-72 while explaining Medicare Supplements to clients and prospects.

Is Medicare the primary insurance?

Medicare is always going to be the primary insurance. As a general rule of thumb, Medicare is roughly 80% coverage, and the supplement is roughly 20% coverage. Every insurance company has to provide the exact same benefits for each plan.

Medicare basics

Start here. Learn the parts of Medicare, how it works, and what it costs.

Sign up

First, you’ll sign up for Parts A and B. Find out when and how to sign up, and when coverage starts.