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
What licenses do I need to sell Medicare products?
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.
Do you want to make money selling Medicare?
If you are making good money but have a desire to step out of the office rat-race and build your own lucrative business, you are in the right place. Knowing how to sell Medicare can take your income to new heights. Your income is only limited by the time you put into working.
What do I need to sell Medigap or Medicare supplement insurance?
The following are things you need to understand in order to sell Medigap or Medicare Supplement Insurance. Original Medicare is divided into two sections: Part A and Part B. Parts A & B cover 80% of costs after deductibles and coinsurance. The remaining 20% is an out-of-pocket expense, which is what supplemental coverage would pay for.
How many people are eligible to sell Medicare insurance?
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. To have a lucrative business, you need two things:
How do you make money selling Medicare?
Generally, insurance agents often earn two types of commissions when selling Medicare plans: A dollar amount per application (Medicare Advantage and prescription drug plans) or a percentage of the premium sold (Medicare Supplements).
Is selling Medicare easy?
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 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.
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 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.
How much does an insurance agent make on Medicare?
Medicare Agent SalaryAnnual SalaryHourly WageTop Earners$86,500$4275th Percentile$60,000$29Average$52,817$2525th Percentile$33,500$16
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
Is Medicare easier to sell than life insurance?
But those without such coverage usually delivers lower benefits. Because the product is simple, your selling process becomes quicker, unlike traditional life insurance policies that may need more than an hour's worth of explanation.
What license do I need to sell Medicare insurance in Florida?
The 2-15 agents license allows an agent to sell all forms of Life Insurance, Health Insurance, Medicare Supplement, HMO, Home Health Care, Managed Care and Long Term Care policies in Florida.
How can I get free Medicare leads?
5 Ways to generate Free Medicare LeadsAsk for Referrals. Referrals or word of mouth may be the oldest, best, and least expensive ways for insurance agents to generate Medicare leads and grow your business. ... Form Community Partnerships. ... Create a Digital Presence. ... Host and Network with Seniors at Events. ... Personal Contact.
What is an FMO?
FMO — Field Marketing Organizations A field marketing organization (FMO) is basically the same as an independent marketing organization (IMO). FMOs are typically top-level organizations that are licensed to sell health insurance products in most, if not all, states.
Where do Medicare leads come from?
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 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 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.
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 does Medicare Part A cost?
Medicare Part A is earned, but it can also be bought for those who need it. In 2019, it cost up to $413 a month to buy Medicare Part A. Gaps in Medicare Part A can easily cost thousands of dollars. Included in Medicare Part A: home health services, hospice care, inpatient hospital care, nursing facility care and more.
How to determine if Medicare is my primary coverage?
To determine if Medicare can be your client’s primary coverage, it’s important for you to ask your client about their age. Also, ask if they are working or retired. If they are still working, ask how many employees the company employs. 6.
What is the difference between Medicare Part D and Medicare Part B?
Medicare Part D. Medicare Part D covers prescription drugs and has a monthly premium. Like Medicare Part B, there is a penalty for late enrollment unless your client has an existing health insurance plan. Your client may have several Part D plans offered.
How much is the Medicare Part B deductible?
This penalty can be waived if your client has coverage with an employer. The Medicare Part B deductible was $183 in 2017. Your client will pay that much out-of-pocket before Medicare begins to cover services. After coverage beings, the client is responsible for 20% of doctor visits and other approved Medicare services.
What is Medicare Part B?
2. Medicare Part B. Medicare Part B covers some of the most essential types of medical expenses. A client begins the initial enrollment period 3 months before the month in which they turn 65 and ends 3 months after the birthday.
Can a 65 year old use Medicare?
If the client is 65 and older and is still working and on a group health plan with fewer than 20 employees, they are eligible for Medicare. Also, if your client is disabled, under the age of 65 and on an employer-funded health plan with fewer than 100 employees, he/she may use Medicare as the primary coverage.
Is Medicare Part C an HMO?
Medicare Part C is probably better known as Medicare Advantage and is available as an HMO and PPO from insurance companies approved by Medicare. Some popular plans: Aena, United Health Care, Humana, Cigna and Anthem and more.
Why Sell Medicare Advantage Plans?
Typically, insurance carriers offer higher commissions for MA plans than Medicare Supplements or Part D plans.
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.
When Can I Sell Medicare Advantage?
Many Medicare-eligibles have restrictions on when they can enroll in new plans. You need to know the specifics of each enrollment period and how they apply to your clients.
Selling Medicare Advantage Over the Phone
You may have heard that you can sell Medicare Supplements over the phone, but you want to know how to sell Medicare Advantage plans over the phone.
How Much Can I Make Selling Medicare Advantage Plans?
The Centers for Medicare and Medicaid (CMS) sets maximum compensation amounts that carriers can pay agents for sales. Click here to read more about agent compensation.
Important Terms to Know When Selling Medicare Advantage Plans
You want to answer clients’ questions with confidence, so it’s important to know the terms they’ll ask about. Here are some common terms beneficiaries will ask about:
Start Selling Medicare Advantage Insurance Today
Selling Medicare Advantage plans can be a lucrative career. At Senior Market Advisors, we give our agents tools for success such as extensive training so you can answer questions with confidence.
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.
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.
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, ...
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 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 ...
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.
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.
Can you sell Medicare Advantage plans?
The unique thing about selling Medicare Advantage plans is that you don’t get to sell a product unless you’ve passed tests and meet knowledge requirements. LM: Correct. Further, you may have face-to-face training requirements before selling. You’ll be in a room of other new agents.
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.
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.
