All 50 states are ripe for Medicare supplement sales and Medicare Advantage sales but the best states to sell in are Florida, Arizona, Illinois, Texas, Pennsylvania, New Jersey, California, North Carolina, New York, Michigan and Virginia!
What are the best States for Medicare Advantage prescription drug plans?
Best States for Medicare Advantage Prescription Drug Plans (MAPD) State Overall Rank # Plans Available Average Premium Average Drug Deductible Mississippi 41 36 $17.98 $294.31 Missouri 29 75 $18.10 $107.87 Montana 48 17 $46.36 $350.26 Nebraska 43 27 $20.41 $157.53 45 more rows ...
Is it easy to sell Medicare Advantage insurance?
It makes life a little bit easier selling Medicare Advantage insurance, combining a high first-year commission product like final expense. DD: Walk me through the process from start to finish for someone interested in selling Medicare insurance successfully?
What is the Medicare Advantage market?
That’s an enormous potential market that you should focus on. Medicare Advantage (MA) plans offer supplemental benefits that Original Medicare does not cover. Those benefits can include dental, vision, hearing, and fitness classes. Why Sell Medicare Advantage Plans?
Is selling Medicare supplements the best way to sell Medicare products?
Some agents believe selling Medicare Supplements is the superior way to sell Medicare products. What’s your take on that? Is there one that’s better to sell than the other? Should you sell both?
Who sells the most Medicare Advantage plans?
UnitedHealthcareStandout feature: UnitedHealthcare offers the largest Medicare Advantage network of all companies, with more than 1 million network care providers. UnitedHealthcare is the largest provider of Medicare Advantage plans and offers plans in nearly three-quarters of U.S. counties.
Is selling Medicare Advantage lucrative?
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.
Does Medicare Advantage vary by state?
Original Medicare is the only coverage that does not vary by state. Medigap, Medicare Advantage and Part D prescription drug plans are all sold privately and vary by state. Larger states typically have more plan options available than less populated states. Medigap plans offer the same benefits across most states.
Is selling Medicare insurance a good career?
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...
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
What is the future of Medicare Advantage?
After a 9 percent increase from 2021 to 2022, enrollment in the Medicare Advantage (MA) program is expected to surpass 50 percent of the eligible Medicare population within the next year. At its current rate of growth, MA is on track to reach 69 percent of the Medicare population by the end of 2030.
Which states allow you to change Medicare supplement plans without underwriting?
In some states, there are rules that allow you to change Medicare supplement plans without underwriting. This includes California, Washington, Oregon, Missouri and a couple others. Call us for details on when you can change your plan in that state to take advantage of the “no underwriting” rules.
Does nationwide have Medicare Advantage?
Original Medicare provides nationwide coverage, whereas Medicare Advantage plans have provider networks that can be limited to a local area.
Is it easy to sell Medicare?
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.
What are the three main ways in which Medicare sales occur?
There are three different types of Medicare products sold by agents and brokers: Medicare Supplement plans (Also called Medigap plans), Medicare Advantage plans and Medicare Part D Rx plans.
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.
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...
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.
How to sell more Medigap plans?
As you begin your campaign to sell more Medigap plans, here are some tips to keep in mind. 1. Position yourself as a trusted adviser. Today’s most successful insurance agents are trusted advisers who serve as strategic consultants for the clients they work with.
How many people have signed up for Medicare Advantage?
According to a recent report by the Kaiser Family Foundation (KFF), of this ever-growing group of citizens, more than 22 million (34 percent) have opted to sign up for Medicare Advantage plans —which are alternatives to traditional Medicare coverage offered through private insurers. For everyone else, there’s regular Medicare.
How many Medicare beneficiaries had supplemental insurance in 2016?
According to a separate study by the KFF, though, eight in 10 Medicare beneficiaries had some kind of supplemental insurance in 2016: 30 percent had coverage through their employer, 29 percent had Medigap coverage, and 22 percent had Medicaid. At the same time, 6.1 million beneficiaries had no supplemental coverage.
Does Medicare supplemental insurance auto renew?
Once an individual has Medicare supplemental insurance, it is most often a “set it and forget it” situation, once beneficiaries are enrolled, policies will auto-renew—so long as they pay their premiums on time.
Is selling insurance products easy?
Use technology that makes it easy for you. Selling several different kinds of insurance products is no easy feat, particularly when you’re working in multiple states. There’s no sense, however, in making the process any harder than it needs to be.
Does Medicare pay for supplemental insurance?
Generally speaking, when a client has Medicare supplemental coverage, they will go to the doctor, Medicare will pay its share of the bill, and then the Medigap policy kicks in.
There's No "Magic" State
Before we get into all the comparisons and analysis, I think it's important to say that there's no one magic state to start selling in where you're guaranteed to make a killing.
Medigap Enrollment By State
When considering which states you might want to expand into, looking at Medigap enrollment numbers can be really helpful. The data in this section is from the AHIP State of Medigap 2020 report.
Medicare Advantage Penetration by State
The Medicare Enrollment Dashboard from CMS offers a clear, current picture of what Medicare products are being sold where.
Non-Resident License Fees By State
If you want to expand and serve senior clients in multiple states, you'll need to get your non-resident license. Costs vary by state, and it can be a hassle to compare them all. You have to check each state individually on the NIPR website.
Street Level Commission By State
While every carrier is different, we took a look at our most popular national carrier to compare Medicare Supplement commission rates by state. Street level commission is very similar across the board, but some states do stand out slightly when compared to the rest.
States With Best and Worst Med Supp Rates
When rates are good, there's going to be more interest in Medicare Supplements.
A Note on Indiana
Indiana is a critical state in the Medicare Supplement world. It's a state that every carrier wants to do well in – agents put their best foot forward there. None of us have been able to figure out why carriers battle over Indiana so hard!
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 ...
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.
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.
What Is Medicare Advantage?
Medicare Advantage is an all-in-one plan choice alternative for receiving Medicare benefits. You may also hear it referred to as Medicare Part C. This plan is bundled with Medicare Part A and Part B and usually includes Part D, which provides prescription drug coverage.
The Average Cost of a Medicare Advantage Plan
Some Medicare Advantage plans may have lower out-of-pocket costs than Original Medicare, and some have a $0 monthly premium. Here are a few questions to consider before purchasing a plan.
Types of Medicare Advantage Plans
There are four common types of Medicare Advantage plans to compare when making your selection.
Medicare Advantage vs. Original Medicare
Consider the following details when deciding whether a Medicare Advantage plan or Original Medicare is best for you.
Methodology
To determine the best Medicare Advantage providers of 2021, the Forbes Health editorial team evaluated all insurance companies that offer plans nationwide in terms of:
Medicare Sales Certification and Recertification
If you’re thinking about selling health insurance and only sell home and auto, the process of getting licensed as a Medicare agent is not difficult and can be the path to a lucrative career.
Marketing to Seniors: How Can I Sell More Medicare Policies?
The good news is that e-applications are available to Medicare shoppers so you can sell Medicare supplements over the phone! The leads from SmartFinancial came into your queue because interested seniors filled out an online form and are likely to apply online and buy over the phone. These are the perfect leads!
Know the Senior Insurance Market
If you’re not familiar with the senior market, it’s a good idea to learn about seniors’ needs before you begin haphazardly selling insurance products. This is the most seasoned demographic you’ll ever sell insurance to, so using gimmicks will likely not pan out as easily as it would with a young person.
Medicare Advantage Sales Leads: Do I Need to Buy Them?
Medicare Advantage sales leads are a perfect way to find seniors looking to buy insurance. Some leads from SmartFinancial have a built-in Medicare Advantage sales strategy and others have a built in Medigap insurance strategy.
Medicare Advantage Sales Scripts
Keep in mind that you don’t want to ramble on and get the entire script in, in one shot. Wait and allow the prospect to speak between each section. Pay close attention to what they are saying, and proceed as is appropriate:
Which Are the Best States to Sell Medicare In?
All 50 states are ripe for Medicare supplement sales and Medicare Advantage sales but the best states to sell in are Florida, Arizona, Illinois, Texas, Pennsylvania, New Jersey, California, North Carolina, New York, Michigan and Virginia! There are high concentrations of individuals who hold Medicare supplement policies, and they may be electing to change their coverage during Open Enrollment 2020!.
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.
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.
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 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 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.
Best States For Medicare: Overview
2022 National Average Medicare Premiums, Deductibles and Quality
- MAPD plans and Prescription Drug Plans are both reasonably affordable in 2022. 1. The average 2022 MAPD premium is $62.66 per month, though many areas may offer plans that feature $0 monthly premiums. The average deductible for the drug coverage offered by MAPD plans is $292.98 for the year. 2. The average PDP premium is $47.59 per month in 2022, with an averag…
Expert Analysis
- As of October 15, millions of American seniors have the opportunity to purchase a private Medicare insurance plan for the first time or switch to a new coverage option during the Medicare Annual Enrollment Period (AEP). This period, also called the fall Medicare Open Enrollment period, lasts until December 7. We asked a panel of experts for their insight on what Medicare beneficia…
Methodology
- This project used data provided by the Centers for Medicare & Medicaid Services (CMS). The 2022 MA Landscape Source Files and 2022 PDP Landscape Source Fileswere used for analysis.
Fair Use Statement
- Of course we would love for you to share our work with others. We just ask that if you do, please grant us the proper citation with a link to this study so that we may be given credit for our efforts.
Research and Reports
- Our research reports analyze a number of issues important to seniors, from health perceptions, medical communication, health habits, and more. 1Every year, Medicare evaluates plans based on a 5-star rating system.