- Large, Recognizable Market. Perhaps the most important reason why all agents should sell Medicare Supplements is the readily available market.
- Service Your Current Clients. As an insurance agent with a book of business, you’ll likely have clients who already qualify for Medicare Supplements or soon will.
- Competitive Rates. ...
- High Profit Potential. ...
Full Answer
Is it worth it to sell Medicare?
Selling Medicare is a rewarding opportunity where you get to help seniors understand their healthcare options, and make a generous commission while you’re at it. Continue reading for our step-by-step guide on selling Medicare. How much money can you make selling Medicare? How much can you make Selling Medicare?
What are my options when selling Medicare?
There are many options when it comes to selling Medicare. A Medigap plan (aka Medicare Supplement) is designed to “gap” or “supplement” Original Medicare. This plan gives the client freedom of choice allowing them to go to any doctor or hospital that accepts Original Medicare.
How much do Medicare salesmen make?
With Medicare sales, you sell a policy and receive an initial commission (let’s say $500), and then every year that you retain that client you receive ½ of the commission AGAIN in monthly payments.
How do I start selling Medicare insurance?
At The Brokerage, you can start selling Medicare by setting up a free account in The Broker Link. There, you can get contracted with Medicare insurance carriers, learn about our exclusive marketing programs, access our on-demand training, and so much more! The WellCare agent portal is a powerful website that puts…
Is it worth it to sell Medicare?
When you consider that approximately 10,000 people will turn 65 every day for the next 13 years, one thing becomes clear: it's definitely worth your time to sell to the senior market. If you're a health insurance agent who's not selling Medicare products, you should consider doing so.
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 do you make money selling Medicare Advantage?
4:087:00How To Make $100,000 Selling Medicare Advantage - YouTubeYouTubeStart of suggested clipEnd of suggested clipTo make the cash flow a lot better and more conducive to short-term. Success. So for example if anMoreTo make the cash flow a lot better and more conducive to short-term. Success. So for example if an agent takes our direct mail leads at 25. Lead and consistently writes 25 of those leads as policies.
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.
How much do Medicare leads cost?
As mentioned previously, new Medicare Advantage pay $25 for each direct mail lead.
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...
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.
How do health plans make money?
Most insurance companies generate revenue in two ways: Charging premiums in exchange for insurance coverage, then reinvesting those premiums into other interest-generating assets. Like all private businesses, insurance companies try to market effectively and minimize administrative costs.
What is an FMO in Medicare?
FMO stands for field marketing organization, which is very similar to an independent marketing organization (IMO). FMOs provide independent agents with perks and resources and help them get contracted with carriers to sell plans.
Can you sell Medicare door to door?
MA/PD PLANS May not market to beneficiaries door to door, including leaving materials at a beneficiary's doorstep. May call a beneficiary they enrolled in a plan to discuss plan business, as well as discuss the availability of other plan options/types within the same parent organization.
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 one CMS marketing rule that impacts how Medicare insurance plans market to consumers?
Marketing Rules CMS also regulates marketing and plan presentations, including when you're allowed to market, and how you market. Agents must wait until October 1 to begin marketing next year's plans to potential beneficiaries and cannot enroll members until October 15.
How To Sell Medicare
To sell Medicare, you will need to be certified with AHIP (America’s Health Insurance Plan) every year. Thankfully, FMOs like Senior Market Advisors offer AHIP training.
Added Benefits
So why sell Medicare? For extra incentive, know that cold calling and door-to-door sales are not a part of Medicare sales. In fact, you would be violating codes and regulations if you did those things. This way, when you’re visiting with clients, you know that they already agreed to speak with you, and they are less likely to give you a hard time.
Ready to get started?
Click here to start contracting with Senior Market Advisors. All you have to do is sign the contracts you’d like to represent and send them back to [email protected]. You can also call our Agency Advisors at 1-844-452-5020 with questions. It’s easy to get started. Why wait?
How many people are on Medicare in 2030?
8.8 Million. of those eligible are under age 65 and disabled. These numbers are going to continue to increase steadily until at least 2030, as the Baby Boomers are retiring. Roughly 10,000 people a day are enrolling in Medicare!
Do retirees need independent agents?
This represents a phenomenal opportunity; these retirees need independent agents to provide very meaningful advice and guidance. They’ll need help understanding their benefits, and how Medicare Advantage (MA), Medicare Supplements (Medigap) and Prescription Drug Plans (PDP) work.
Is the US healthcare system the most advanced in the world?
Another factor to consider, is the US healthcare system is one of the most advanced in the world. Treatments and prevention methods are continuing to improve, and as a result people are living longer than ever before. This means that your clients will be around longer and increase your overall earning potential.
Steady Supply of Potential Clients
Remember the baby boom that started at the end of World War II and resulted in a crazy increase in birth rates before tapering off in 1964? This group of baby boomers is now creating a huge supply of new Medicare Beneficiaries for agents to try and keep up with.
A Huge Demand for Insurance Agents
The insurance industry is in a current talent crisis and the demand for agents is increasing. This is due to the large percentage of insurance veterans that will be retiring over the next 15 years. According to the U.S. Bureau of Labor Statistics and AARP, within 15 years as much as 50 percent of the current insurance workforce will retire.
Private Medicare Plan Enrollment Continues to Increase
Medicare beneficiaries have the option to receive coverage through private Medicare health plans, such as Medicare Advantage and Medicare Supplements, or directly through the federally administered traditional Medicare program. Enrollment into private Medicare health plans continues to see a steady increase.
A Rewarding Career
A career as a Medicare Agent comes with many benefits. Does passive income renewals, a flexible schedule, and helping Medicare recipients make important decisions sound good? If so, then a career as a Medicare Agent is a perfect fit for you. Here is a brief breakdown of the benefits of being a Medicare Agent.
How to Get Certified and Why Us?
Are you ready to get certified as a Medicare Agent? Our dedicated broker managers are here to assist you with certification, establishing your agency, and providing you with tools to help you market and sell to this rapidly growing Medicare market.
Medicare Provides Opportunities to Cross-Sell Additional Products
Over 11,000 people each day turn 65 in the United States, they need your help understanding Medicare!
Life Insurance
Click the LEARN MORE button below to attend our free webinar TODAY to find out more about how you can expect to earn!
Market Size
An evolving market is the primary reason you should think about selling Medicare products. As mentioned previously, the amount of our population over the age of 65 is getting bigger every year.
Regulation
If you are unfamiliar with the insurance business, selling Medicare may not seem appealing to you. It comes with different rules and regulations that may not seem worth the hassle. However, the heavy regulations are one of the reasons you should pursue selling Medicare.
Plenty of Products
Once you start working within the senior market, you will find that you are able to offer them a variety of products. After you get the proper certifications, you can sell Medicare Advantage plans, prescription drug plans, special needs plans, or Medicare supplement plans.
Agents
We hope that this information on why you should sell Medicare products is useful to you.
What is an insurance producer?
Let’s say you are an insurance producer focused on life and annuities, or you are a financial advisor/planner who also sells life and annuities. You would benefit greatly by offering to handle your existing 64 and older client’s Medicare Supplement needs, and expanding to helping people turning 65 with major decisions that pertain to healthcare coverage.
Does Medicare cover all medical expenses?
Medicare is the health insurance that covers the vast majority of these people. While it is an essential program, Medicare does not cover all medical costs for its beneficiaries. Seniors would prefer not to spend their retirement savings on these costs. They would rather budget the amount they pay for medical expenses. A Medicare Supplement plan is the perfect remedy.
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.
When was Medicare only administered by the government?
In 1965, when the Medicare and Medicaid programs were established, Medicare was only administered by the government. Now, more than 30 percent of the 55 million Medicare beneficiaries are enrolled in private health plans according to a 2015 article by the New York Times.
What can a senior agent sell?
Once they have the proper licenses, certifications, and contracts with carriers, agents can sell MA plans, MAPD plans, Special Needs Plans, stand-alone prescription drug plans, or Medicare Supplement plans to people turning 65 or those over 65. Moreover, they can also cross-sell additional coverage options, including hospital indemnity plans, cancer plans, life insurance, final expense insurance, and vision and dental insurance. Find out why selling hospital indemnity plans with MA plans is advantageous
What percentage of Americans will be eligible for Medicare in 2030?
And according to a 2015 Forbes.com article, by 2030, 20 percent of Americans will be eligible for Medicare — that’s an increase of seven percent compared to the 13 percent that are eligible today!
Is Medicare regulated by CMS?
It’s no secret that the marketing guidelines established by the Centers for Medicare & Medicaid (CMS) can be challenging. However, the fact that the Medicare market is federally regulated should actually be considered a blessing. CMS’ marketing guidelines clearly outline appropriate selling practices for agents.
Is selling Medicare easier than ever?
Over the past 50 years, there have been many advances in the market. As a result, selling Medicare is easier than ever before, especially with the help of Field Marketing Organizations (FMOs). These organizations support agents by connecting them with the prospects and tools they need to improve their book of business.
Do seniors have to enroll in Medicare Part B?
They also help hold agents accountable for selling in an ethical manner, a fact that’s valued by the seniors in your market. Retired seniors must enroll in Medicare Part B and begin paying the premium or risk paying a late-enrollment penalty.
