Saturday, May 25, 2024

How To Become A Licensed Medicare Agent

Don't Miss

Becoming A Licensed Medicare Agent

6 Easy Steps To Becoming A Medicare Insurance Agent

Insurance sales can be a lucrative career for the right people. After all, if you become a Licensed Medicare Agent it can be a great choice. If you are not only a motivated self starter but you also enjoy interacting with people, you may succeed in the field of insurance sales. 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.

After Getting Your New York Insurance License

Once youve passed your exams and completed the licensing application, you are now a licensed insurance agent in New York. A common question we hear is, I have my insurance license, now what? Here are a few things you can do or need to know:

What To Bring To The Exam: Becoming A Licensed Medicare Agent

An original copy of the Certificate of Completion from a completed pre-licensing course of study

A current, signed form of identification. The identification document must:

  • Be issued by the government
  • Contain both a current photo and your signature
  • Finally have a name that matches exactly with the name used to register for the exam

The passing score required on each exam is 70%.

In fact, Prometric notifies the Department of Insurance of your exam results within 2 business days.

Don’t Miss: When Do I Apply For Medicare Benefits

Errors And Omissions Insurance

E& O insurance is insurance intended to protect you in the event you give a client incorrect or misleading information and they decide to take legal action against you. As well as getting covered through an FMO, these policies can also be purchased through many property and casualty insurance agencies.

A typical E& O policy covers up to 1 to 3 million dollars, costing you $300-$500 annually. Most carriers will require that you have E& O insurance.

Learn The Ordering Process For Medicare Supplies


Some carriers automatically send enrollment kits after you complete your certification. Others don’t. As soon as you’re certified, find out how a given carrier handles supply ordering. Inquire as to:

  • âWhen you can purchase Medicare supplies
  • âWhether the carrier will send enrollment kits automatically after you certify, and how many
  • âWhether the carrier limits how many enrollment kits you can order at once and if there are exceptions
  • âWhat the process is for ordering supplies
  • âWhether you can order by phone, email, or online
  • âHow long it will take to receive your order

âEvery carrier will have different procedures. Consider keeping a written record of how to obtain additional supplies from each one.


Also Check: Is Kidney Dialysis Covered By Medicare

Ultimate Guide On How To Become A Medicare Health Insurance Agent

Get Instant Access to Training & Support!

  • Over 120+ videos for training.
  • Exclusive discounts on leads, crms, and more.
  • Support staff to assist you in building your Medicare insurance business through guidance and coaching.
  • No contracting required.

Takes minute to read this content.

Are you thinking about becoming a Medicare insurance agent? If so, youll be happy to hear that the Medicare health insurance market is growing at a rapid rate.

For one, all baby boomers will be over the age of 65 by 2030, which will expand the size of the older population so that 1 in every 5 residents will be retirement age.

Census predictions also state that for the first time in US history seniors will outnumber children.

These growing seniors numbers are set to create a high demand for medicare health insurance agents.

Whats more, its not just the general public who are aging. So are insurance agents. The average age of insurance agents is currently 59.

This means that over the next few years, a large portion of existing agents will likely retire. This is predicted to only but spur the demand for independent insurance agents.

But how does one go about becoming a Medicare insurance agent?

If youre wondering how to get started as a health insurance agent, keep reading as we break down all the steps in this ultimate guide.

S To Becoming A 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
  • Don’t Miss: Does Medicare Cover Ear Nose And Throat Doctors

    Course To Study For Health Insurance License

    There are states which require and offer classroom training with a licensed health insurance agent who will help prepare you for the exam. This is a convenient option, as you have someone who can answer your questions as you progress through the course. This training usually lasts a week, with the exam coming at the end of the class.

    What Is My Sales Process Going To Be

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

    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.

    Recommended Reading: What Is The Cost Of Medicare Supplement Plan F

    New York Insurance License Exam

    The next step after completing all of your pre-license coursework is to take the insurance exam. You will take one exam for each combined line of insurance you wish to carry. Life, Accident, & Health and Property & Casualty are a total of four lines, but the licenses and exams are presented at two combined lines.

    This is a proctored test, which means that you will be in a controlled environment with a person watching 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.

    The fee for each attempt of the exams is $33. When you show up you must have two forms of ID, including a photo ID, and the original pre-license education certificate.


    The Life, Accident, and Health exam is One hundred fifty questions long, and you have two hours and thirty minutes to complete the test. Here is a copy of the Life, Accident, and Health Test Outline, provided by PSI.

    The Property and Casualty exam is One hundred fifty questions long, and you have two hours and thirty minutes to complete the test. Here is a copy of the Property and Casualty Test Outline, provided by PSI.

    You must score 70% or higher on each of these tests to pass.

    The exam results are valid for two years, so you must apply for your license within that time, or take the tests again.

    Check out our Insurance Exam Guide. Its extremely in-depth, and will hopefully help you pass the first time.


    What About Medicare Leads How Do I Find Eligible Prospects

    Leads are normally created from receiving input from people actively expressing interest in getting information about Medicare product options and costs. Companies that specialize in lead generation have put forth a lot of effort to collect the contact information they offer for sale.

    Some Lead Services will have better coverage for certain lines of insurance and geographic territories. However, not being able to meet all your needs isnt necessarily a deal breaker. More important is to consider consistency and dependability.

    The secret to successwhen working with insurance leads starts with the understanding that it’s a numbers game. If the leads you purchase are quality leads and your sales process is well polished, then it stands to reason that purchasing insurance leads can be a profitable venture.

    We recommend testing a lead service first to determine what kind of closing ratio you can achieve then factoring the price to see if they meet your return on investment expectations.

    And as with any business involving sales, referrals should never be overlooked. Referrals can play a big part in your success, and closing ratios are generally much higher than with colder leads. If youre not asking every customer for a referral youre absolutely leaving money on the table.

    Don’t Miss: Where Do I Get A New Medicare Card

    Complete And Pass Ahip Medicare Training

    After getting your license, you have to pass the Medicare annual training and certification through Americas Health Insurance Plans .

    Understand that selling certain Medicare products does require special certification as determined by the Center for Medicare and Medicaid Services . CMS regulates Medicare plans, the insurance carriers, and insurance agents and agencies who sell them. AHIP certification will most often start in late June or early July for the following Medicare plan year.

    For example, getting certified in June or July 2021 will get you certified to sell for the 2022 plan year.

    The exam costs $175 to take each year.

    What Are Some Benefits And Incentives To Selling Medicare

    Why you Should use a Licensed Agent When Buying 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.

    You May Like: What Age Does Medicare Eligibility Start

    How To Become A Medicare Consultant

    This article was co-authored by wikiHow Staff. Our trained team of editors and researchers validate articles for accuracy and comprehensiveness. wikiHow’s Content Management Team carefully monitors the work from our editorial staff to ensure that each article is backed by trusted research and meets our high quality standards.There are 10 references cited in this article, which can be found at the bottom of the page. This article has been viewed 27,280 times.Learn more…

    If you want to become a Medicare consultant, create a roadmap for your educational and career plans. A Medicare consultant will need a thorough and up-to-date understanding of Medicare’s policies and how they will apply to potential clients. Working with the clients Medicare serves, gaining experience as a Medicare specialist, and building your reputation as a healthcare consultant are all milestones along the way. Knowing what steps you need to take now will help you reach your goals.

    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.

    Don’t Miss: Do I Have To Take Part B Medicare

    The State Licensing Exam

    The next step to becoming a licensed Medicare agent is to pass the state licensing exam. The exam can be taken at various testing centers throughout your state, however, each state has its own insurance licensing exam and the requirements may vary, so be sure to read those specific to your state of residence when preparing for the test. Typically, you will need to bring with you an original copy of your Certificate of Completion from your pre-licensing course and a valid, signed form of identification that includes a photo. Be sure the name on the identification matches the name on your Certificate of Completion and the name you used to register for the exam. A score of 70% is required to pass the exam.

    Fees And Renewal Period

    Medicare Training Webinar – Become A Pro Agent For Medicare Insurance – Free Masterclass

    Licenses are issued for up to 2 years. Individual/tba licenses will be issued with an expiration date determined by the applicants date of birth:

    • If born in an even numbered year, the license will expire on the birthday in an even numbered year.
    • If born in an odd numbered year, the license will expire on the birthday in an odd numbered year.

    All licensing fees are non-refundable. A full fee is charged when a license is issued for a licensing period of more than one year a half fee is charged when a license is issued for a period of one year or less.

    For New York residents the full fee is $80, half fee is $40.

    Non-residents please see the Fee Schedules to determine the licensing fee.

    Don’t Miss: What Are The Different Types Of Medicare Supplement Plans

    Study Courses For Health Insurance License

    Some states require and offer classroom training with a seasoned licensed health insurance agent who prepares you for the exam. This is a nice option by giving you access to someone who can answer questions as you progress through the course. This classroom training takes roughly a week to complete with the goal of passing the exam at the end of the class.

    How To Become A Licensed Medicare Insurance Agent

    Are you stuck in a dead-end job? Are you thinking about becoming a Medicare insurance agent? Youre itching to get out of your current situation, but youre not sure if Medicare sales are right for you. The answer may be yes if the following applies to you:

  • You want to enrich peoples lives
  • You excel at making presentations
  • Youre a people person
  • You want to be your own boss
  • All of these qualities are whats needed to become a successful agent. Youll partner with a network, and youll find viable leads that can convert into sales. More importantly, youll help seniors get access to the medical care they need.

    This article will show you how to enter the Medicare sales industry. Lets explore.

    Recommended Reading: Does Costco Pharmacy Accept Medicare

    Where To Get Your Medicare Products

    Choosing your product offerings is only the beginning. For each product you plan to sell, youâll need to make an appointment with that insurance carrier to complete an independent agent agreement or contract.

    Unfortunately, there are very few insurance companies that will offer you a direct contract if you’re not a captive or employed agent. That means you’ll need to acquire most of your independent agent contracts for selling Medicare through a Medicare Insurance field marketing organization .

    Working with an FMO generally gives you access to much better contracts and product offerings. These organizations have connections with multiple carriers and can offer you more connections and better commissions than you would earn by trying to work directly with individual carriers. They also often offer assistance with training and certification requirements.

    How To Become A Medicare Sales Agent Step

    Why Choose Independent Medicare Insurance Agents?

    Are you hoping to build a lucrative career without having to work for someone else? Want to earn money for years and years, after making a sale?

    Then you should become a Medicare sales agent. Medicare is focused primarily on the baby boomer generation.

    And for the next decade, thousands of baby boomers are hitting retirement age every single day. That spells a huge opportunity for you if you get trained as soon as possible so you can capitalize on the opportunity.

    But its not just a job you can apply for and start tomorrow. While its available to all licensed insurance agents, theres a process to becoming a Medicare-specific sales agent.

    Wondering why you should add Medicare to the list of products you offer? Want to know how to become a licensed Medicare sales agent? Keep reading to find out how.

    Benefits of Becoming a Medicare Sales Agent

    Selling insurance, regardless of what type you focus on, is a reliable career. With training and dedication, youll be able to earn an above-average salary year after year.

    But those who specialize in selling a specific type of insurance, like Medicare, tend to make much more than generalist insurance salespeople. When you sell Medicare plans, not only will you earn a nice commission on a customers first year, but youll earn smaller, recurring commissions year after year.

    So is selling Medicare lucrative? It can be, particularly if you already have experience selling insurance.

    How to Become a Medicare Sales Agent

    Also Check: Can I Buy Into Medicare

    More articles

    Popular Articles