How to Get Started in Medicare Sales
- Obtain Life & Health Insurance License. To get started in Medicare sales, the first step will be to obtain your life and health insurance license.
- Begin Contracting with Medicare Carriers. The next step is to begin contracting with Medicare plan carriers, such as UnitedHealthcare, Aetna, Humana, BCBS, etc.
- Take Certification Modules. ...
- Start Selling. ...
Full Answer
How to get started in Medicare sales?
Mar 29, 2021 · How to Sell Medicare Supplements From Home. Review Medicare Training 101 membership plans and pricing. Sign up for the plan you select by completing the form and submitting your payment. Login into the portal and access your training materials. Start building your business while you learn.
How do I get licensed to sell Medicare?
How to Get Started Selling 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! It’s a simple process: Determine if you want to do this all on your own or with a team. Decide whether to be captive or independent.
How to start selling Medicare insurance?
Residual Income - When you sell a Medicare supplement or Medicare Advantage plan you will receive residual income from that sale for years to come, creating a passive income from each sale. Own Your Business – As an independent agent commissions are paid directly to you and generally vested from day one, so you truly own your book of business and the renewals that …
How to successfully sell Medicare plans?
Agents must complete annual carrier certifications in order to sell Medicare Advantage and Part D Rx plans. This can be time-consuming and some people are not willing to do it. You must complete the certifications in order to fully understand Medicare and the plans you are selling in order to show prospects what they need.
Is selling Medicare profitable?
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
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
How do you market Medicare products?
⍟ 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 sell Medicare all year?
As you may know, Medicare Supplements can be sold year-round and do not require new certifications annually, unlike Medicare Advantage plans. Medicare Supplements are also standardized by letter and do not change based on county or state (MA, MN, and WI can be changed without federal approval).Jan 25, 2021
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
How do I get T65 leads?
Offer education opportunities 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.
What are the 3 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. While some agents sell all three, others prefer to specialize in only one – either Medicare Advantage or Medicare Supplement.Mar 10, 2017
How can I attract more people to my Medicare?
Marketing Medicare Advantage to prospective new patients as they turn 65Mailers to people turning 65.Hospital newsletters.Community events.Retargeting and pay-per-click ads.Facebook and other social media ads.
How much do Medicare leads cost?
The agent who sold 1,000+ plans in 2019, has his Medicare Advantage lead costs ENTIRELY paid for!...Medicare Advantage Direct Mail Lead Subsidy Chart.Actual Cost To AgentConversion Ratio (Policies-To-Leads)$10.00 per lead>25%$15.00 per lead>20%$20.00 per lead>15%$25.00 per lead<15%2 more rows•Jul 22, 2021
What Medicare Part Is Free?
Medicare Part A is usually free if you or your spouse paid Medicare payroll taxes for approximately ten years while working (this is called “premium-free Part A”). If you don't qualify for premium-free Part A, you may have the option to pay for hospital insurance, also called “premium Part A”.
Can you have medical and Medicare at the same time?
If you qualify for full Medi-Cal (Medi-Cal without a share of cost (SOC)), Medi-Cal will also cover your Medicare Part A and B deductibles and copayments, and pay your monthly Medicare Part B premium.
Does Medicare cover dental?
Dental services Medicare doesn't cover most dental care (including procedures and supplies like cleanings, fillings, tooth extractions, dentures, dental plates, or other dental devices). Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
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 high deductible F?
High deductible F is a hybrid Medicare Supplement plan that allows your clients to keep their monthly costs down, while still having the protection of a Medicare Supplement Plan F.
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.
What is a plan N?
Plan N is a Medigap plan that covers the same major benefits as Plan G with the addition of a $20 primary care doctor copay and $50 emergency room copay.
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 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.
Why is technology important in sales?
These tools, among others, should be considered a standard part of your sales toolbox to help accelerate your sales process. Technology can help speed up the process, but at the same time presents a new set of sales challenges since you don't always meet face to face with your customer.
How are leads created?
Leads are normally created from receiving input from people actively expressing interest in getting information about Medicare product options and costs. Companies that specialize in lead generation have put forth a lot of effort to collect the contact information they offer for sale.
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 ...
Why is it important to work with an FMO?
A good FMO will work consistently to get the best contracts with top companies, and offer them to agents and agencies of all sizes. They should be a pillar of support, helping you maximize your efforts, and allow you to focus on supercharging your business.
How many people will be 65 by 2035?
By 2035 78 million Americans will be at least age 65. This avalanche of seniors into Medicare has created a groundswell opportunity, and many agents are capitalizing on it. " Medicare sales offer a great first year commission and annual residuals, creating a huge income potential by providing ongoing compensation for years after the sale. ". ...
Do you need certification for Medicare Supplement?
Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements.
Why do people want to work in Medicare?
There are many good reasons why someone would want to have a career in Medicare sales. The first is; you really are not selling anything . Most people will enroll in some type of Medicare program; either an MAPD, Medicare Supplement and/or a Medicare PDP plan.
When do you get Medicare A and B?
Medicare A and B: People become eligible for Medicare A and B the first of the month they turn 65. Everyone is automatically enrolled in Medicare Part A. Medicare Part A is hospitalization insurance. In most cases people are not charged for Medicare Part A.
How long does Medicare pay commission?
Some Medicare supplement companies only pay commission for a certain number of years. Six years of payouts is common for carriers that limit payout years. This means, you will only receive renewals for a set number of years. CMS sets the commission rates for both Medicare Advantage and Medicare Part D each year.
When do Medicare OEP payments start?
Most companies do not make you wait until the plan is effective to pay you. Although, during the Medicare OEP, companies hold all commission payments for cases written in OCT, NOV and DEC for a January 1 start date. These cases are paid out in January. During the year, companies pro rate the commission payments.
How long does it take to build a book of business with 500 clients?
If you are a hard working, successful agent; you can build a book of business with 500 clients in only 2 to 3 years. A book of this size can generate renewal income of $120,000 a year. Many successful agents realize they need with time and patience to learn the business.
Do Medicare Supplements require annual certification?
Medicare Supplements do not require any annual certifications but, Advantage plans and Part D Rx plans do. An annual product certification is required for every company’s advantage plan and/or Part D Rx you plan to sell. This can be time-consuming.
Do you need to take annual certifications for MAPD?
Annual Certifications. If you sell either MAPD plans and/or stand-alone part D Rx plans, you must take annual certifications. Each carrier will provide a link or website for you to complete your annual certifications once you are contracted to sell their plans.
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.
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.
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 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 ...
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.
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.
What is the difference between a Plan G and a Plan F?
There's a little bit of a premium savings when you sign up for a Plan G versus a Plan F. Plan G has a small deductible (Medicare Part B deductible) while Plan F does not.
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.
How to become a Medicare guru?
Here are your basic steps: Establish yourself as a Medicare guru in your community. Develop a marketing plan to ensure prospects are calling you (since you can't call them). Offer Medicare Advantage to your existing client base. Send a scope of appointment (SOA) using MedicareCENTER.
How long does Medicare store scope of appointment?
Also, MedicareCENTER will store the scope of appointment indefinitely, so you can be sure you have it on file for the required 10 years. If you're selling Medicare Advantage over the phone, you cannot skip the scope of appointment. Utilize the handy or email or text feature and you'll be done in less than 3 minutes!
What are the different email marketing platforms?
Some popular options include Mailchimp, Constant Contact, ActiveCampaign, and HubSpot, but there are literally hundreds of email marketing platforms.
How to start marketing specific plans?
The easiest way to start marketing specific plans or carriers is to go to the carrier's agent portal and select a piece they've created.
How long is the cooling off period for a product?
A: There used to be required verbiage in the guidelines around a cooling-off period (48 hours originally, which then moved to 24) for presenting or speaking about any non-health-related products. To stay safe, many compliance experts still advise agents to stick to that cooling-off period whenever possible.
What to do if you are not contracted with all the carriers?
If you're not contracted with all the carriers in your area, it can be helpful to reference Medicare.gov in addition to MedicareCENTER. Only the carriers you are contracted with will appear, so using Medicare.gov will ensure you see all available plans.
Can you make outbound calls to sell Medicare Advantage?
How to Get Prospects to Call You. In general, you can't make outbound calls to sell Medicare Advantage plans. There are a couple of exceptions, like calling existing clients or returning phone calls, but it's mostly off-limits. In order to sell Medicare Advantage over the phone, the obvious hurdle is finding a way to get on the phone with prospects!
