How to become a licensed health insurance agent?
First things first, you have to get a health insurance license — in the state you live in (currently). You’ll get the essential training to know how Medicare plans work. During the license process, you will study: 1 Coinsurance 2 Deductibles 3 Healthcare laws 4 Professional ethics and compliance 5 Networks like HMO, PPO, and PFFS 6 Claims adjudication
How to keep your insurance license active in Texas?
Keep your insurance license active by finishing your continuing education credits through courses. According to the Texas Department of Insurance, an individual must complete a minimum of “4 hours of department certified continuing education.”.
How long does it take to get certified to sell health insurance?
When you pass your state health insurance exam, you’re officially certified to sell products in your resident state — once the testing center sends your successful test score to the state. This process usually takes a few days.
Cutting-Edge Resources & Marketing Strategies For Independent Insurance Agents
Success as an independent insurance agent requires dedication. You have to have a well-developed set of skills and a deep well of knowledge before some clients will even find the time of day. At Producers XL, we’re constantly finding new and inventive ways for you to stay ahead of the competition. Check out the resources we have for you.
Start Mastering Medicare Insurance Marketing Take Online Classes Designed To Increase Your Sales
The first step is always the hardest. Let us make it as easy as possible with online courses designed to get you prepared for selling in the field. Whether you’re interested in attending live events or prefer to explore at your own pace on our video center, our webinars and training courses provide an excellent way for you to prepare for success.
What to do if you are on good terms with Medicare?
If you are on good terms, consider an agreement to exchange leads. Network with an Annuity or LTC specialist, or maybe a Retirement Planner or Investment Specialist that works with seniors but doesn’t want to deal with Medicare products. You have the same potential clients, so it should be beneficial to both parties.
What is the most effective way to stay in touch with your customers?
Social Media is one of the most effective methods of staying in touch with your prospective customers, and seniors are the fastest growing demographic using social media . Provide entertaining and educational content relevant to your relationship on an ongoing basis will give you credibility and keep you top of mind.
Access to insurance companies
There are so many insurance companies, it’s hard for the average person to keep track of them. You probably haven’t even heard of many of the Medicare supplement companies because they don’t spend money advertising the way State Farm or Geico do for auto insurance.
A Real Person 1 Phone Call Away
When you work with me, you don’t have to deal with some 1-800 call center person. Who knows where that call center is even located? And even worse is if you have to call that 1-800 number multiple times because of an issue you are having.
Free Resource for You
You get me free. That’s right free. There is no cost to meet with me whether you use me as your agent or not.
Captive Insurance Agents
Many insurance companies have agents that only represent that one carrier. Agents that can only offer one insurance company are referred to as “captive insurance agents.” Some examples of Medicare insurance carriers that have captive insurance agents here in Wisconsin are:
Unbiased Information
I get paid from insurance companies and don’t cost you anything. All of the insurance companies pay pretty similar commissions on Medicare insurance policies. So I have no incentive to use one company instead of another.
No Quotas for me
I don’t have a manager breathing down my neck about sales goals or sales quotas. That can be very stressful for a person. And it can make them feel pressured to try to “make a sale.”
Local Small Business Owner
I live right here in Middleton, Wisconsin with my family. I don’t run some big call center in some other state. And I’m not an agent sitting in my underwear in Florida.
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.
What percentage of consumers have made the next step in the buying process?
91% of consumers have made the next step in the buying process because of an online experience. [1] Having a website, next to Facebook Ads, is the most cost effective marketing method. [2] 97% of consumers research a product or service online before buying. [3]
Can you talk to people on Medicare?
You don't have to waste time talking to people on employer group plans, Medicare Advantage plans or Medicaid. Yes, you can still help some of these people, but it's not a good use of your time.”. Because he pre-qualifies people over the phone, he’s able to do more volume in sales.
