A licensed Medicare agent, sometimes referred to as a broker, partners with health insurance companies to help you enroll in a Medicare plan. In order to get licensed, a Medicare agent must know the ins and outs of Medicare, be able to compare plans, explain benefits and determine eligibility.
Full Answer
What does a Medicare agent do?
Aug 31, 2020 · The average person has no idea about all the requirements it takes to become a licensed Independent Medicare Insurance Agent. Most people think anybody can become an Insurance Agent with just a few hours of study and a selling mentality. Sounds easy, right? Fortunately for the consumer looking for Medicare, the hard truth is much more complicated. …
How do I choose a Medicare agent or broker?
In order to sell Life and Health insurance, you must become licensed. Becoming a licensed Medicare agent is not difficult but there is a process. We list a step-by-step walk-through of the process as you can see below. 1. Becoming a licensed Medicare Agent – Complete a pre-licensing course. Courses tend to be similar in price and content.
What are the different types of Medicare agents?
Dec 08, 2021 · 4. Any additional questions you’d like answered. Medicare agents are happy to answer any questions you have about Medicare, including how plans differ, how to enroll, and what to expect in out-of-pocket costs. To help you get started, we’ve included a list of questions below that can help guide you on your call with a Medicare agent.
Should you work with an independent Medicare insurance agent?
Apr 29, 2021 · 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. Agents/brokers are subject to rigorous oversight by their contracted health or drug plans and face the risk of loss of licensure with …
When is the best time to enroll in Medicare?
The best time to enroll in Medicare is during your Medicare Initial Enrollment Period. For most people, this seven month period begins three months before your 65th birthday, includes your birthday month, and ends three months after your 65th birthday.
Can you compare Medicare plans?
When you speak with an agent, you can compare plans from a number of different insurance providers. Some of the Medicare plan options that may be available to you can include:
What should a broker look at?
Your broker should take a look at whether your current coverage remains the best option for you, both in terms of coverage and cost. Ideally, the person will review all plans available to you even if the broker doesn’t represent all insurers in your area.
When does Medicare open enrollment end?
If you’re among those who turn to an agent or broker, it’s worthwhile making sure the person has evaluated all of your 2019 options during Medicare’s open enrollment period, which ends Dec. 7.
Does Medicare cover supplemental insurance?
Medicare coverage explained. FA Playbook. Also, some Medicare agents focus on selling only supplemental insurance, or Medigap. Those policies help you with copays, deductibles and other out-of-pocket expenses, and can only be paired with original Medicare.
Can you switch from one Medicare plan to another?
However, in that early year window, you cannot go from one stand-alone drug plan to another or go from original Medicare to an Advantage Plan. Also, you can only do one switch during that window. In the current open enrollment period, you can change your mind multiple times before it ends on Dec. 7.
Do brokers take a look at every coverage?
This means the broker might not automatically take a look at every coverage choice. “Brokers should speak to clients about all options, not just the plans they represent,” said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans. “If the client is going to save, say $1,000 ...
What does it mean to work with an independent Medicare insurance agent?
Working with an independent Medicare insurance agent means you get to choose policy options from different companies. Independent agents and brokers are more likely to give unbiased plan recommendations and advice. But they may not have in-depth knowledge of these plans.
What can a Medicare broker do?
A Medicare agent or broker can help you narrow down your options and pick the best one. To do this, they’ll learn about your health goals and budget. They’ll present you with options to meet your goals within your budget. They can help you enroll in the plan you choose.
What is the benefit of working with an independent Medicare broker?
One of the benefits of working with an independent Medicare broker or agent is that they represent many health insurance companies. They can present you with plan options from different carriers, increasing your chances of finding the right fit.
How complex is Medicare?
Medicare can be complex. There are numerous plans, plan combinations, benefits, rules, and exceptions — all of which can be confusing. Buying health insurance is a huge investment, so you want to find a plan that meets your needs. An ethical and knowledgeable agent or broker can help you get the best value for your money. Agents or brokers who sell health insurance products related to Medicare have to pass a test on their knowledge of Medicare every year. 3
What is independent insurance?
Independent. An independent agent can partner with and sell policies for different insurance companies. The agent can choose the specific policies they want to sell from a multitude of providers.
Can captive agents sell Medicare?
Agents who represent a particular health insurer can only sell you plans from that insurer. These captive agents are typically experts on all the options their company offers. But you won’t learn about plans from other Medicare insurance companies.
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 You Will Be Doing
Medicare advocate either call members to explain what new features are available in their Disability Digest membership and offer a free review or follow up on an interview request from an offer generated from a media piece like these below. 1. Medicare made simple 2. Free Medicare review: https://www.thedisabilitydigest.com/medicare-review 3.
Medicare Advocate
Call the member to explain how to use our membership and the value of a review
Positions And Commissions
Both positions offer the opportunity to work from home with a flexible schedule as a independent contractor. If you are a disability recipient you would be able to supplement your income and keep your benefits. The ideal advocate candidate would be a licensed insurance agent or have the desire to become an agent within six months.
What happens if you go out and try to change Medicare?
If you go out and try to change Medicare or reduce benefits, you will have millions of seniors go to the voting register and vote the bonds out, Republican or Democrat.
Can attrition rate agents keep up with the same ratio?
And if you look at the attrition rate agents failing out of the business, quitting out of the business and versus the ones that are coming in on top of the number of prospects coming in, it cannot keep up at the same ratio.
