How to get started in Medicare sales?
Oct 16, 2019 · 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. Licensing and Certification
How to start selling Medicare?
Oct 10, 2019 · 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.
Why are Medicare Advantage plans bad?
Dec 15, 2021 · Selling Medicare Advantage plans, you get a contract with a carrier, but once youre contracted with that carrier every year that you are in Medicare Advantage sales, youre going to have to take a certification test called AHIP.
What are the advantages of Medicare?
AHIP Medicare training is required when selling Medicare Advantage and Medicare Part D plans. The reason you need AHIP Medicare training is so you can enroll your clients in their Medicare part D plan. If you’re also learning how to sell Medicare Advantage plans, then you’ll need to complete AHIP prior to getting approved to sell.
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...
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.
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 ...
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.
Standard Medicare Supplement Coverage
To make it easier for you to compare one Medicare Supplement policy to another, Indiana allows 8 standard plans to be sold. The plans are labeled with a letter, A through N. Plans H, I, and J are no longer offered, and Plans C and F are only available to people who were eligible for Medicare before January, 2020.
How To Get Certified To Sell Medicare Advantage Plans
DD: Whats the process for somebody who wants to learn how to become a Medicare Advantage insurance agent?
Easier Than You Think
So is it that complex? Is it hard? No. You just got to do a little bit of homework.
Passive Income Is King
DD: Ill add in my perspective. Ive been in the business since 2011 and most of my business has been focused on final expense.
Why Sell Medicare Advantage
DD: Explain to agents what the opportunity is in selling Medicare Advantage plans to clients?
Learn Cms Compliance Rules And Regulations
The Medicare Communications and Marketing Guidelines is where all the compliance rules live. These are updated semi-regularly, but you can always check the latest version on this CMS page.
What Are The Long
DD: What would you describe as the long-term advantages selling Medicare Advantage plans as your primary line of business?
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 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.
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.
Selling Medicare Basics
Before you can start selling any type of Medicare Advantage or Medicare Supplement plan, you’ll need to first complete these requirements:
Who Is Your Target Market?
While checking off your certifications, you can start honing in on your selling strategy. The first step is narrowing in on who you’re selling to. Baby boomers, yes. But to really sell effectively, get into their mindset and view the sales from their perspective.
Why Medicare Advantage?
Understanding the value proposition behind Medicare Advantage will be key in closing your sales. Generally, the major selling point of Medicare Advantage plans is that they have no or low monthly premiums and they cover more than what Original Medicare does However, the mark of a savvy agent is the ability to peel apart the plan benefits and apply what’s relevent to the specific person they’re servicing..
Medicare Compliance
The Medicare industry has a strict set of compliance standards to protect consumers. Knowing and following these rules is a must for all Medicare agents.
Set Yourself Up for Success
The Medicare market is an intricate one to navigate. You can take the guesswork out of selling Medicare products by teaming up with an experienced partner.
What is Medicareful website?
Medicareful is a free CMS-approved platform that provides agents with a consumer-facing quote engine ; an electronic permission-to-contact and Scope of Appointment form; direct enrollment buttons for several major carriers’ Medicare Advantage plans; and much more! It’s a fantastic tool if you’re selling Medicare Advantage plans remotely since you can email clients links to plan details or even links to prefilled applications, that just require their sign off! What’s more, having your own Medicareful site is an easy way to market yourself in several locations at once, without being physically present. All you need are affinity partners and our customizable Medicareful marketing pieces to generate leads while you’re vacationing with family or even while you sleep!
Is Medicare Advantage one size fits all?
Medicare Advantage coverage isn’t one-size-fits-all. There are different types of plans for a reason. PPO plans can offer a more flexible network than HMO plans. Special Needs Plans, like D-SNPs and C-SNPs, can provide more coordinated care for specific populations than standard Medicare Advantage plans.
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!
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.
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 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.
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.
Selling Medicare Over the Phone: A Great Opportunity
In order to sell Medicare by phone, you don’t have to live in the state you want to sell in, you just need a license to sell Medicare in that state. That means you’ll be able to reach more people than ever before as long as you have the right skills, education, and certifications.
How to Sell Medicare Advantage Plans Over the Phone
Knowing how to sell Medicare Advantage plans over the phone can be a giant leap for your business. First, you must be AHIP-certified, and then you must contract with all the carriers whose plans you want to sell. It’s smart to contract with as many possible so you can offer clients a variety of options.
How to Sell Medicare Supplements by Phone
Medicare Supplements cover expenses such as coinsurance and MA plans cover medical expenses such as doctor visits. Medicare beneficiaries cannot enroll in both a MA plan and a Medigap plan, so it’s important to determine your client’s needs so you aren’t offering something they can’t use.
How Do I Get Paid?
In order to sell any Medicare plan, you have to contract with the carrier. Once a beneficiary enrolls in a plan, the carrier will pay you a commission, and some carriers will pay out if a beneficiary renews. You don’t collect any payments directly from the beneficiary.
How to Talk to Baby Boomers
In order to effectively sell Medicare by phone, you’ll have to speak your prospects’ language. Speak confidently. Your prospect will think you’re hiding something if you stumble over words. Be polite. Baby Boomers appreciate good manners and proper phone etiquette.
Start Selling Medicare Over the Phone and In-Person With Senior Market Advisors
Senior Market Advisors provides its agents with the tools they need for success in Medicare phone sales. Not only will you get access to plans from all the major carriers, but you also get free access to our proprietary CRM. SMA provides training so you’ll be ready to provide your clients with the right information so they can make smart decisions.
Start Earning 6-Figures
Connect with a dedicated specialist in your market to learn how you can become a TRUE Senior Market Advisor.
