How Much Do Medicare Insurance Agents Make

Medicare Sales Agent Salary

How much does a Medicare Sales Agent make? The average Medicare Sales Agent salary is $35,334 as of December 27, 2022, but the salary range typically falls between $31,611 and $39,839. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.

Employers

• Adjust Medicare Sales Agent Salary:

How To Get Started Selling Medicare Supplements

Learning how to sell Medicare Supplements all starts with finding a sales system to replicate.

There is no reason to try to reinvent the wheel!

Its a simple process:

• Determine if you want to do this all on your own or with a team.
• Determine if you want to get started with telesales or face-to-face.
• Develop a marketing plan .
• Contract with the best Medicare Supplement companies.
• Lock down your leads .
• Set appointments, start selling and make money!

Make The Most Of Networking Opportunities

Take full advantage of the amazing opportunity to attend conferences, trade shows, and meetings, and start networking with other insurance agents and professionals in your field. Note that these are ideal places to make connections, stay updated on industry trends, and learn from respected industry leaders.

Jeffrey Child is an insurance and tax professional at Podium, the leading messaging platform that connects financial service businesses with their members and prospects.

Recommended Reading: Do Any Medicare Supplement Plans Cover Dental And Vision

With Market Size Valued At $9841 Million By 2026 It`s A Healthy Outlook For The Global Online Electronics Retailing Market

When selling home and auto insurance, an insurance agent can expect to make a percentage of the policys premium, as well as a percentage of their policy renewal. This means that having an ever-expanding network of customers could potentially grow your earnings exponentially.

Life and health insurance policies work under a slightly different pay structure. When a customer first signs up for a policy, the agent makes a large percentage off the sale. The agent also gets income from policy renewal, though at a much cheaper rate. After the third year, many agents stop earning a commission on the policy renewal altogether.

How To Become An Insurance Agent

If you aspire to become an insurance agent, heres what you should do-

• Insurance field overview. In order to become an insurance agent, you need a license. However, the process for getting this varies depending on what state you live in, and it is important that before even applying, do research for the license requirement in your state.
• Insurance agent qualifications. The pre-licensing course is important for the state licensing exam, which an individual must take before being licensed to sell insurance. The course takes about a week and covers your states laws, general information on insurance products like homeowners or auto policies, as well as outbound strategies.
• Appear for the licensing exam. In order to become an insurance agent, you need to pass your states licensing exam. Youll receive a copy of your license after you pass the exams and then you can start applying for jobs.
• Getting hired an agency. You will have a choice between working for an insurance company as one of their captive agents or becoming your own independent broker. Once you decide which route to take, you can start looking for the job opportunities.
• Follow Up. In order to maintain your insurance license, youll have to take the education courses and appear for renewal exam every two years. The number of credits youre required varies by state and may also vary depending on how many years ago you received your license as an agent.

Also Check: Which Of The Following Is True Regarding Medicare Supplement Policies

Choose The Best States To Sell Medicare Supplement Insurance

Now that you have a good idea of the types of leads that work, you need to figure out where to start working them.

Its always better to laser target your markets.

The video below shows how I filter data by zip code to determine how many Medicare eligible prospects are in my target territory.

The tool used in the video is provided by Alesco Data, a company we consistently use to purchase T-65 lists and other Medicare supplement lead data.

Earn More With Medicareful

Weâd like to highlight one of the perks Ritter offers here, because weâre so confident it can help you earn more, we think it deserves discussion. Medicareful is Ritterâs exclusive, CMS-compliant quoting and enrollment software that is free and easy to set up and use. Streamline your Medicare Advantage and Part D enrollment by collecting eScopes, comparing plans side by side, and sending FastTrack prefilled applications to clients. Instead of submitting applications through different online platforms, simplify your process and maximize your earnings with Medicareful.

Recommended Reading: Can Medicare Advantage Plans Deny Enrollment

How Much Can Insurance Agents Make Selling Medicare

Roxanne AndersonEditor/Lead Copywriter

If youâre considering selling Medicare, you likely want to know how much you can earn from it. Weâre covering the basics, including how working with an FMO can affect your commissions, to give you a good idea!

With the continued upward march of Medicare Advantage enrollment, 2023 looks like another fantastic year for record sales, which is good news for agents looking to earn more commission! Letâs get right to the facts and figures.

What Type Of Senior Market Products Will I Need

As an independent agent serving the Medicare Supplement market youll have numerous product options to pick from including a broad range ofMedicare Supplement Products, Medicare Advantage products , Prescription Drug Plans andAncillary Products, but in the end your portfolio will bedictated by your territoryand to some extent, your sales model.

To suit your territory best youll need a product that is available, competitive, and serves your customers preferences and best interests.

of our seasoned marketersto find out what products are performing well in your area.

You May Like: Is Unitedhealthcare Dual Complete A Medicare Plan

How Much Do Car Insurance Agents Make

According to the US Bureau of Labor Statistics, the average yearly salary for an insurance agent is just over $50,000. Its website lists commission as the post common form of compensation.

The same Bureau of Labor Statistics estimate list s bottom 10% of insurance agents earning $25,000 a year, with the upper 10% earning $125,500 per year.

These numbers depend on the type of agent, though.

• Captive agents work directly for insurance companies.
• Independent agents can sell insurance from a variety of insurance companies and arent tied down to one.

Services Medicare Supplement Insurance Does Not Cover

Below are common examples of services not covered by Medicare or Medicare Supplements, which clients are often confused about:

You will be amazed how many people think long term care is covered by Medicare Supplements. Also, having this discussion is a great way to plant a seed for future cross selling opportunities. As we mentioned previously, always double check you are in compliance before starting any cross selling or marketing campaign.

Also Check: How To Enroll In Medicare Advantage Plans

How Much Does A Medicare Agent Make At Assurance Iq In The United States

Average ASSURANCE IQ Medicare Agent yearly pay in the United States is approximately $66,040, which meets the national average.

Salary information comes from 272 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months.

Please note that all salary figures are approximations based upon third party submissions to Indeed. These figures are given to the Indeed users for the purpose of generalized comparison only. Minimum wage may differ by jurisdiction and you should consult the employer for actual salary figures.

How Do Independent Insurance Agents Get Paid

Independent agents get commissions for the insurance policies they sell to the clients. These individuals do not work directly with any specific insurance company instead, independent agents may choose which plans will be offered to the people. Salary of insurance agents depends on their experience and skills. Also, an independent agent can work with as many companies as they want and offer customers a variety of options in coverage, rather than being tied down by just one partnership like captive agents.

Also Check: What Are Some Good Health Insurance Plans

Also Check: What Is The Difference Between Medicare Advantage And Regular Medicare

How Medicare Agents Are Paid

As an independent Medicare insurance broker, our job is to give you an unbiased opinion on different Medicare plans. Because we are partnered with many different insurance carriers, we do not show favoritism to any carrier and represent YOU not the insurance companies.

You can rest assured that we have your best interest in mind and will recommend a plan that will not only fit in your budget, but provide you with proper healthcare coverage.

You do not pay us anything and your premiums do not increase because you have worked with us.

So, how are we paid?

How Does Medicare Work With Other Insurance Policies

Many times, clients will have existing health insurance and believe Medicare is secondary or vice versa. Regardless of which coverage is primary, you need to be prepared to have that discussion with them.

Below are some of the example scenarios when Medicare is the primary coverage.

• When your client is using a retirement health plan
• Over the age of 65, still employed, on a group health plan and the current employer has less than 20 employees
• Disabled and under the age of 65, still working and on an employer health plan with an employer with less than 100 employees

When you are having that discussion need to remember to ask the following questions

Knowing the answers to those three questions will help you determine if Medicare is primary coverage in most scenarios.

Now that you have a base level understanding how Medicare works, lets dig into the required AHIP Medicare training.

Want to Learn How Agents in the Redbird Network are Earning Six Figure Residual Incomes?

Also Check: Is The Shingrix Shot Covered By Medicare

Pros And Cons Of Using A Medicare Agent Or Broker

There are some differences between how a captive agent, independent agent and broker function. The chief differences may be something you should consider when making a decision on which professional to choose.

Captive Agent, Independent Agent and Broker

Don’t Leave Your Health to Chance

What Is My Sales Process Going To Be

Do you plan to visit your customers face-to-face? Or do you prefer the ease ofconducting your business electronically and over the phone?

Both are viable options, especially now that the vast majority of competitive and reputable insurance companies have adopted an e-application process for agent use.

We recommend you use a relationship selling method when. It is critical to learn about the demographic you’re selling to and offer the best service and product that honestly addresses their needs.

Seniors have seen advertising and sales tactics evolve over many years and are quick to see through them. A sales technique not based on an honest desire to help will raise immediate flags in their minds.

You May Like: How Can I Order A New Medicare Card

How You Can Become A Medicare Insurance Agent In 2022

Have you ever considered adding Medicare products to your portfolio? Are you looking to dip your toes into the world of Medicare Insurance? There is no better time than now public interest in Medicare Advantage is rising.

Over the last decade, Medicare Advantage enrollment has more than doubled, and it is projected to reach 51% of Medicare beneficiaries by 2030.

The variety of plans and carriers you can offer to clients is also increasing. The average client will be able to choose from a selection of 33 different Medicare Advantage plans.

Its safe to say this makes navigating Medicare Advantage a confusing landscape for clients. The need for knowledgeable insurance agents looking to make a difference is higher than ever.

Initially, you will need to learn about all of the Medicare coverage options plans, such as the parts of Original Medicare and Medicare Supplement Insurance Plans and the rules for eligibility for each. You will also need to get licensed to sell , complete required training, and get contracted with carriers. Although this may sound like a lot for someone new to the industry, this article will cover everything you need to know.

Dont Miss: Does Medicare Provide Dental Care

How To Increase Your Commission

Maintaining strong client relationships is the key to maximizing your compensation. People are much more willing to buy from someone they know and trust. Follow up with your clients and use a CRM to document every interaction in order to make sales tracking more efficient. You can sell additional items in your follow-up appointments depending on the time of year and what type of plan your client has. One caveat is that CMS wont let you sell a product your client hasnt already agreed to talk about.

Clients who have PDPs and Medigap plans can make changes to their plans or enroll in new plans whenever they want. They dont have to wait until the Annual Enrollment Period , which is every year from October 15 to December 7. Use that to your advantage in your follow-up calls and appointments. Make sure your clients plans fit their current needs, and offer plans with different coverage if they dont. If your clients make changes to their insurance policies during your meetings, you get the commission.

Your Medicare Advantage clients may have to wait for the AEP to make changes to their existing plans or enroll in new policies, but you still get the commission if clients make changes during your meetings. That makes strong client relationships and following up even more important. A year is enough time to forget about someone, and you want your clients to remember you and the excellent customer service you provide.

You May Like: Is Skyrizi Covered By Medicare

Taking Shortcuts With Rules

Not taking compliance seriously can result in a wave of damage that many times cannot be repaired. CMS takes the monitoring of Medicare agents seriously in order to protect seniors and the elderly from unscrupulous agents trying to take advantage of seniors. If you are busted it can result in fines, your license being revoked or even jail time.

Four Parts Of Medicare

After completing all of these prerequisites for becoming a Medicare sales agent, let us now talk more about the four parts of Medicare.

• Part A Hospital Insurance It covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. If you have worked for ten years and have paid enough Medicare taxes, then there is no cost on the pocket to the monthly premium of Part A.
• PartB Cover Medically necessary services The coverage includes doctor services, outpatient care, medical supplies, preventive services, and a range of services such as x-rays, diagnostic tests, and renal dialysis. Unlike Part A, Part B requires a premium fee. Higher-income earners pay more because of IRMAA.
• Part C Medicare Advantage A health insurance plan offered by private health insurance companies. The cost of Medicare Advantage could vary because of the insurance carrier, selected plan, and county of residence.
• Part D Covers Prescription Drugs I can be added it to Medicare supplements as a standalone plan, or it can be part of some Medicare Advantage plans.

Don’t Miss: Is Synvisc Covered By Medicare In Australia

What Are Some Benefits And Incentives To Selling Medicare

Is selling medicare lucrative? How much do agents make selling Medicare plans? That depends on several factors, such as the product type, insurance carrier, etc. Here is a list of just a few of the benefits you may experience when selling Medicare products as an independent agent:

• Residual Income – When you sell a Medicare supplement or Medicare Advantage plan you will receive residual income from that sale for years to come, creating a passive income from each sale.

• Own Your Business As an independent agent commissions are paid directly to you and generally vested from day one, so you truly own your book of business and the renewals that come with it.

• Incentive Trips Many insurance companies will reward their top agents with exotic trips and vacation packages. Have you been to Italy yet?

• Additional Product Sales Whether it be annuities, life insurance or critical illness policies, Medicare products serve as a great door-opener for agents to develop a relationship with their client that will help assess their needs for additional products and coverage helping you increase client loyalty and your overall profitability.

Selling Medicare related products can be a very rewarding and lucrative career that offers the opportunity to own your own business and enjoy passive income for years into the future. If you are looking to partner with an FMO that works with independent agents, give us a call and let us explain what we do to help our agents succeed.