what do you need to do to be able to sell medicare advantage

How to start selling Medicare?

Oct 16, 2019 · 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 …

How to get started in Medicare sales?

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.

How do I get licensed to sell Medicare?

In most cases you only need a health insurance license, although in North Carolina for example, there is a specific license to sell Medicare products. It’s best to check with your state Department of Insurance for licensing requirements specific to your state to make sure.

How to sell Medicare Advantage over the phone?

Aug 12, 2019 · Before you can start selling any type of Medicare Advantage or Medicare Supplement plan, you’ll need to first complete these requirements: State Insurance license. AHIP certification (America’s Health Insurance Plans) Individual carrier certification.

How do I learn to sell Medicare?

Is selling Medicare Advantage lucrative?

Is it hard to sell Medicare?

Is being a Medicare agent worth it?

How do you market a Medicare Advantage Plan?

Can you make millions selling insurance?

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

What is a Medicare FMO?

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...

Do you have to take AHIP to sell 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.

Can you make a ton upfront selling Medicare Advantage?

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

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.

Is Medicare Advantage a good or bad plan?

There’s not a good or a bad option, there is simply two options. We’re going to focus today on selling Medicare Advantage plans. Medicare Advantage is a plan that helps fill the gaps that naturally occur with a Medicare plan. For example, common carriers include:

What is Medicare Advantage?

We’re going to focus today on selling Medicare Advantage plans. Medicare Advantage is a plan that helps fill the gaps that naturally occur with a Medicare plan. For example, common carriers include: United Healthcare. Blue Cross Blue Shield. Aetna. Humana.

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.

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.

Does Medicare require additional certification?

Medicare supplement products however, do not require any additional certifications beyond your state’s licensing requirements. You can complete AHIP training directly through AHIP or through a Medicare Advantage or Part D carrier. At PSM we offer our agents a discount for AHIP training.

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.

What is a good 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.

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.

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.

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 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.

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.

Do you need to complete Medicare certification before selling?

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. (Also need to do the certification before you can sell the product) There are many good reasons why someone would want to have a career in Medicare sales.

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.

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.

Is Medicare Part A automatically enrolled?

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. If the person is drawing Social Security payments at the time they turn 65, they are also auto enrolled in part B. There is a standard monthly cost for Part B.

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.

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.

Overview of Medicare Supplements (Medigap)

Medicare is the public health insurance program created in 1965 allowing retirees to have health insurance even after leaving their employer’s group plan. Anyone aged 65 and older, people diagnosed with ALS or ESRD, and people who’ve received SSDI benefits for at least 25 months are eligible to enroll in Medicare coverage.

Is Selling Medicare Lucrative?

Selling Medicare supplements is a great opportunity to serve the underserved senior population and to make money. The Medigap market is two-thirds bigger than the Medicare Advantage market, and the plans are best-suited for people who travel and are financially stable.

The Best Way to Sell Medicare Supplements

Just like with selling any health insurance, Medicare comes with rules and regulations. The first step to selling Medicare supplements is obtaining a license to sell Medicare in your state. The second step is to get AHIP certification. While you don’t need AHIP certification to sell Medigap plans, it’s a great idea to obtain certification.

Medicare Basics

In order to effectively sell Medicare supplements, you should understand how the plans tie into Medicare as a whole. Here’s a general breakdown of Medicare:

Medicare Supplements Leads for Agents

Use more than one approach to reach potential leads. Email and social media are effective ways to reach your audience if you use the right tactics. Direct mail is still a great way to raise awareness even with the senior population using smartphones now more than ever before.

Start Making Money Selling Medicare Supplements

At Senior Market Advisors, our mission is to serve the underserved. The baby boomer market is all-too-often overlooked, and we want to help seniors live their best lives. When you partner with Senior Market Advisors, not only do you get to make a difference, you get an experienced marketing team, a sales support team and a free CRM to track sales.

Start Earning 6-Figures

Connect with a dedicated specialist in your market to learn how you can become a TRUE Senior Market Advisor.

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.

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.

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.

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.