Thursday, May 23, 2024

How Do I Become A Medicare Insurance Agent

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How About Sales Tools Will I Need An Insurance Crm And Quoting Platform

How to become a Medicare Agent | Step by Step: Very detailed

There a number oftools available to help an agent be successfulin today’s competitive landscape. Some of these options will include:

1. eContracting Solutions – This tool would allow you to complete contracts online,

speeding up the appointment process.

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

landscape of product options giving you an expert level of knowledge on the fly.

3. Book of Business Search Features – The Book of Business feature allows agents to

query, search and download their entire client base at any time.

Check out our online platform for Medicare Advantage and Part D sales. A free resource for our agents.

As you can see, these tools are making it easier to work through the contracting process with clients without the need for face to face meetings. These tools, among others, should be considered a standard part of your sales toolbox to help accelerate your sales process.

Technology can help speed up the process, but at the same time presents a new set of sales challenges since you don’t always meet face to face with your customer. Applying these tools andlearning how to effectively reach your prospects with social mediacan be a huge boon to your business.

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 â $573â if you write up a new Medicare Advantage plan for someone who hasn’t had one before.

Assume for now that you primarily sell replacement policies and average $300 commission per policy. For example, if you sell 200 Medicare Advantage plans in your first year, you could earn $60,000 in Advantage commissions alone.

If you maintain that level in year two and retain 80% of your existing policyholders, your Advantage commission will increase to $100,000. That income will continue to grow annually, assuming you add new clients every year and hold on to a good percentage of your client base.

It’s easier than you might think. An estimated 10,000 people turn 65 every day. By 2050, 22% of the U.S. population will be 65 or older â up from 16.9% in 2020. That’s a lot of new customers.


Job Description At A Glance

It is simple. When you become a Medicare insurance agent, there are two main groups you are marketing to.

  • Those are turning 65 and becoming eligible for Medicare health benefits.
  • Those who are disabled, under 65, and are eligible for Medicare.

Selling Medicare health insurance can be rewarding in many ways, including personally, professionally, and financially. You are helping a lot of people who need it and building strong relationships along the way.

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Decide On Becoming A Captive Or Independent Agent

There are two main distinctions between agents and there is no wrong choice amongst them. However, as a future agent, this will define your career path.

Captive insurance agent

As a captive insurance agent, you will be allowed to only work with one company. This will carry the benefits of working with big companies: a clear organizational structure, thorough training, mentors, and a steady salary. You will have more time to spend on your customers and build a strong and long-lasting relationship with your clients.

However, you wont be able to work with other companies products or policies. Usually, your employer will ask you to sign a non-compete agreement that will be valid for a specific period.

Independent insurance agent

In contrast as an Independent agent, you will be able to operate with multiple entities. Also known as brokers, calculating different policy quotes from different companies to find the best market price. Instead of earning a monthly salary, an independent agent will receive commissions from the policies sold.

Independent agents will have the freedom of organizing their schedules as there is no organization controlling over them. However, this means they should be able to stay highly motivated, prepare their own marketing materials, and search for their own customer portfolio.

Learn more about how to become an independent insurance agent.

What Licensing Is Required

How to Become An Insurance Agent: 10 Steps to Success

To sell Medicare supplements youll need a health insurance license. Many agents will receive their health and life insurance at the same time. Certain states, such as North Carolina, require a special license known as a Medicare Supplement license.

In every state outside of your resident state, youll need whats called a non-resident license which can be received within minutes. This is in order to sell insurance in person or over the phone outside of your home state.

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How To Become An Insurance Agent

If you believe you would find personal satisfaction in helping to protect the well-being and security of the public, you may find a career as an insurance agent highly fulfilling. With a relatively easy entry into the field, the ability to choose your own work environment and high earning potential, a career as an insurance agent offers a number of benefits. Learning about the core responsibilities and educational preferences for insurance agents is a great first step as you explore whether a career as an insurance agent is a good option for you. In this article, we discuss what insurance agents do, the two different kinds of agents, their average salary and how you can become one. We also answer a few of the most frequently asked questions about this career.

Set Realistic Sales Goals

Speaking of budgeting and income, before you become a Medicare agent, its important to calculate your income and expenses.

There are no guarantees with commission jobs insurance agent included. Youll need a flexible budget with room for dips in your income.

But that doesnt mean you cant estimate your income and expenses to set reasonable sales goals and objectives.

As of this writing, Medicare agents receivean average of $250 renewal fee per member per year. In addition, you receive anywhere from $300 $500 for signing up a new client, depending on the state you live in.

Its also important to note that commissions vary based on the products and plans you sell and the carrier. Working with multiple carriers means more opportunity and access to potential clients.

Its best to have a financial nest egg to fall back on when first starting out.

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How Do You Get Paid

Medicare agents dont take money from their clients and dont raise the rate for them. As an agent, youre paid by the insurance carrier for selling their items. You can tell clients that if they buy from the carrier directly then they wont receive the customer service and support that youll provide them.

Average Salary For Insurance Agents

6 Easy Steps To Becoming A Medicare Insurance Agent

The average salary for insurance agents is $79,938 per year, with a salary that ranges from $18,000 to $186,000 per year. The salary for insurance agents varies depending on the industry in which the agent is working and their geographic location. Agents who work for direct health and medical insurance carriers tend to make more than other agents.

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What Types Of Insurance Do Agents Usually Sell

Insurance agents usually sell one or more types of insurance:

  • Property and casualty insurance: These policies protect people or businesses from financial loss as a result of fire, theft, auto accidents or other events that can cause property damage.

  • Life insurance: These policies are designed to pay a beneficiary when a policyholder dies.

  • Health and long-term care insurance: These policies are designed to cover the cost of assisted-living and medical care for seniors.

Florida Insurance License Exam

The next step after completing all of your pre-license coursework or self-study is to take the insurance exam. You will take one exam for each line of insurance you wish to carry. Life, Accident, & Health 2-15 and Property & Casualty 2-20 lines are combined lines in Florida, so you will take two exams if you wish to attain all of these lines of authority: Property, Casualty, Life, Accident, Health.

This is a proctored test, which means that you will be in a controlled environment with a person watching over you. For people who havent tested in a situation like this should be aware of this fact, and work on taming their nerves prior to sitting for the exam. One great way to get some experience with insurance testing is taking an insurance practice exam.

The fee for each attempt of the exams is $44 . When you show up you must have a photo ID any other documents that the testing facility has asked you to bring.

The Life & Health 2-15 exam consists of one hundred fifty questions, and you have two hours and forty-five minutes to complete the exam. Here is a copy of the exam content outline for the Life & Health 2-15 exam.

The Property & Casualty General Lines 2-20 exam consists of one hundred sixty questions, and you have three hours to complete the exam. Here is a copy of the exam content outline for the Property & Casualty 2-20 exam.

A total score of 70% is required to pass each exam. You have a limit of five attempts at each exam per year.


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Working As A Licensed Medicare Agent

If you want to become a licensed Medicare agent, you should consider pursuing this career. There is a process to become this type of agent. You will need to get a license and certification, as well as training.

If want to read other interesting topics such as this one, continue to explore the website.

Pass The Ahip Medicare Training

Guide On How To Become A Medicare Insurance Agent

Getting your health insurance license is step one in the process of becoming a Medicare agent.

Next, youll need to take the Medicare training and certification offered by Americas Health Insurance Plans . Not only do you need to undergo training and take the exam, but you need to pass with a 90% or better. This test will allow you to sell Medicare Advantage and Prescription Drug Programs. It is not needed to sell Medicare Supplements alone.

Not just anyone can sell Medicare-related products. The Center for Medicare and Medicare Services requires agents to obtain special certifications.

CMS oversees all insurance companies, agents, and agencies that sell their products. Its important to note that AHIP training is offered annually for the following Medicare plan year, so be sure to plan ahead.

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How To Become A Medicare Agent

To be a Medicare agent, you need qualifications in the insurance industry and a solid understanding of Medicare programs and related details, such as election periods, patient eligibility requirements, pharmacy and provider networks, and prescription drug plans. Additionally, you need to acquire appropriate licenses as required by your state. Most opportunities require a clean driving record. As a sales agent, you should be self-motivated, assertive, and persuasive, with good follow-through and the ability to pay attention to details. Strong communication skills are crucial, as is the ability to present complex information clearly and engagingly.

Getting Licensed To Sell Medicare

Learning how to get a Medicare license is simple, but takes work to maintain each year in order to retain your residual income.

To become a Medicare insurance agent, you must first get a health insurance license in the state you currently live in . You can use the link below for WebCE to obtain your study material needed before you scheduled your insurance exam.

Aside from being a requirement, you will receive the fundamental training essential for you to understand how health insurance plans work, including Medicare.

Here are some of the important areas of study you will find in the health insurance license process:

  • Deductibles
  • Claims adjudication and how it affects health plan members access to care
  • Networks such as PPO, HMO, and Fee-for-Service
  • Healthcare laws
  • Professional ethics and compliance

There are several vendors who offer health insurance license training, and many states may require specific hours of study prior to taking the health insurance exam. There are two potential requirements youll need to meet to get your health insurance license to sell Medicare.

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Contract With Medicare Companies

While your FMO will do a lot of the work for you, youll still have to provide some documents to get contracted with Medicare carriers.

Some of the documents you may need include:

  • A copy of your state health insurance license
  • A copy of your E& O policy
  • A copy of your AHIP
  • The carriers legal questionnaire
  • Completion of carrier-specific certifications

Carriers will also get your consent to run a background check prior to issuing your contract. The contracting process can take some time, so you need to plan ahead if you are trying to get contracted for a specific period, like the Annual Enrollment Period.

Types Of Insurance Agents

How To Become An EXPERT At Selling Medicare Insurance!

There are two different kinds of insurance agents:

  • Captive agents: These agents sell insurance for one specific company. The advantage of being this type of agent is brand recognition to the public and the simplicity of the back-office. Because they work for a single carrier, they can streamline their processes and develop in-depth underwriting knowledge. The challenge can arise if the company does not have competitive rates.

  • Independent agents: Independent agents sell insurance for different companies and can look for different rates at different companies to compare options. This type of agent is often referred to as a broker, and they represent the client, not the carrier. The challenge for this type of agent is that they often are small business owners with limited resources.

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What Is Medicare Insurance

Before an agent starts a Medicare insurance career they must understand the differences between Original Medicare and additional Medicare plans provided by private insurance companies. Medicare is our socialized health care system that provides health coverage for individuals aged 65 or older and/or the disabled. Original Medicare is comprised of two parts: Part A which covers hospital bills and Part B that covers doctor bills. Original Medicare is less comprehensive than other health care plans therefore the majority of seniors sign up for or purchase Medicare insurance policies from private companies to fill the gaps in coverage or provide additional coverage above traditional Medicare. Agents sell policies such as Medicare supplements, Prescription Drug and Medicare Advantage plans to clients to help them lessen the costs associated with hospitalizations, emergency room visits, doctor visits, prescription drugs, etc.

Pass The State Licensing Exam

Licensing exams are provided by Prometric. As a result, you can use the following link to schedule an exam online: Prometric Licensing Exam Registration. Select your home state from the menu and follow the directions they provide. NOTE:New Jersey and Pennsylvania administer tests via PSI Online: PSI Online Testing. You can obtain a North Carolina license if you follow the process at: Pearsonvue NC Insurance Licensing. Georgia state licenses are obtained by following the process at: Pearsonvue Georgia Insuance Licensing. If your home state is not listed on the Prometric site or above, please contact the office at [email protected] or 203-796-5403 for additional information.

Practice exams are available from your pre-licensing course provider and at Prometric.

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What Will I Study

Not only will you learn how to become a successful salesperson with agent training, but youll learn about claims adjudication, coinsurance, healthcare laws, deductibles, networks such as PPO, HMO, and PFFS, compliance, and professional ethics.

Depending on your state, you might need to do a certain amount of study hours before taking the health insurance exam. Once you pass the exam then youre able to sell most products in your state. Medicare Advantage and Prescription Drug plans have an additional requirement of needing to become certified and gaining ready to sell status before you can sell.

S To Becoming A Medicare Insurance Agent

Medicare Insurance Agent
  • Get your health insurance license.
  • Complete AHIP Certification
  • Get errors and omissions insurance
  • Contract with a Medicare Field Marketing Organization
  • Get contracted and appointed with multiple Medicare companies
  • Complete your annual certifications
  • Maintain your health insurance license continuing education
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    Fingerprinting And Background Check

    The State of Florida requires that all insurance license applications provide fingerprints prior to licensing. Giving your fingerprints will initiate a background check. If you have any prior misdemeanors or felonies, this may affect the outcome of your licensing efforts. For more information on this topic, call the Florida Department of Insurance at 413-3140 or or check the information on this page.

    Fingerprinting must be completed through IdentoGO. You will schedule an appointment at one of the locations in Florida, and they will electronically record your fingerprint information using LiveScan .

    The fee for fingerprint services is $48.05 plus the local Florida sales tax. Your fingerprints will be submitted automatically to the Florida Department of Law Enforcement.

    Florida Insurance License Application

    After you have completed all of your required pre-licensing education, the next step is to apply for your license. If you have more than one line of authority that you have taken the education for, be sure to apply for all of those lines.

    The fee for an online application is $50 plus a $5 License ID fee, totaling $55.

    The application process is located within Floridas MyProfile account system. This system will essentially be your home base for all license actions from this point forward. After receiving your license, this is where you will take most other actions regarding your license and appointments.

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