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.
â
How To Become A Medicare Sales Agent Step
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
How Much Does An Insurance Agent Make From Medicare Products
How much an insurance agent makes on Medicare sales depends not only on how many beneficiaries you enrolled, take the following into consideration.
With the right strategy and FMO agency like Team Alvarez giving you admin support, leads, and training, selling Medicare products is a very rewarding business model.
Generally, insurance agents often earn two types of commissions when selling Medicare plans: A dollar amount per application or a percentage of the premium sold .
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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.
Becoming A Licensed Medicare 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.
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Is Becoming A Medicare Insurance Agent Worth The Effort
A Medicare insurance agent is a rewarding career choice because youre helping vulnerable seniors who need financial support for their medical needs. Becoming a Medicare sales agent is simple.
You must get your health insurance certification, complete Medicare coursework, partner with an FMO, and partner with an insurance company. Moreover, the price of getting certified is inexpensive.
Interested in reading more? Read more on our blog to learn about other topics.
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.
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Get Errors And Omissions Insurance
Errors and Omissions insurance protects you in case you give incorrect or misleading information to a client and they choose to take legal action against you. Most E& O policies cover between one and three million dollars and cost between $300-$500 each year. Most insurance carriers require you to have E& O insurance in order to contract with them.
You can purchase E& O insurance through a property and casualty insurance agency or through your FMO, which well talk about next.
Getting Your Medicare License
Before you can sell Medicare Advantage, RedBirdAgents.com says, you need a state license to sell health insurance. Then you take a training course specifically in Medicare, after which you must pass the Medicare license certification test with a score of at least 90 percent. The Center for Medicare and Medicaid Services may require specialized certification for some Medicare products. Research what you want to sell so you have the right certification track.
Word & Brown says some states offer multiple different insurance-agent licenses. Do research on which one is right for you. In many states youll have to submit fingerprints for a background check. Your state may set a minimum cramming requirement for taking the insurance test in California, for instance, you need at least 20 hours of study from an approved source. Once you pass the test, you should take out liability insurance to protect yourself. Youll eventually need to take further classes to keep your license.
If you want to do business in multiple states, you need a license in each of them. Some states have reciprocity agreements which can help. If you have a license to sell insurance in one state, the other will reduce the requirements as it assumes youre qualified.
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How Does A Medicare Agent Get Paid
Medicare agents dont play favorites. At TSS, our job is to provide an unbiased opinion on different insurance plans. We partner with the top carriers but we ultimately represent YOU as our client. You dont pay us anything and your premiums dont go up because youve worked with us.
We make a commission from the insurance carrier for selling their products. If you buy directly from the carrier, they keep that commission and you dont receive the customer service that youd get from an independent agency like us.
Benefit 1 Youll Learn How To Sell
Without a doubt, selling is the most crucial part of being a Medicare insurance agent. However, converting your leads and retaining existing clients is challenging if you dont know how to sell.
Medicare insurance agent training provides strategies and resources to learn the art of sales. These training sessions usually include shadowing consultations, reviewing case studies and learning about the latest insurance technology.
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S To Becoming A Medicare Insurance Agent
Things You Need In Running Your Medicare Career
- A record sheet – A client intake sheet is crucial in this business. It is where you put your client’s information, like their names, date of birth, address, phone number, carrier, monthly premium, Medicare number, lists of their medication, and their doctors. You may also add another column for some additional notes about your client.
- Appointment Setting Tracker – There are several ways to track your client’s appointment. You can track it using paper, google calendar, or a CRM. You don’t want to forget your appointment because you didn’t write it down or record it.
- Business number – Separate your personal calls from your business by having a business phone number.
- Get CRM tools – CRM stands for Customer Relationship Management. A CRM helps you organize and track your clients. There are many out there, and your FMO may have one you can use for free.
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Re: Licensing Of Medicare+choice Sales Representatives
Question Presented:
May a health maintenance organization that operatesunder a certificate of authority issued pursuant to Article 44 of the N.Y. Public HealthLaw, pay its medicare+choice sales representatives, who are not licensed as insuranceagents and who are regularly salaried employees of the HMO, a one-time payment for eachnew member they enroll into the medicare+choice program?
No, the HMO may not pay its medicare+choice sales representatives aone-time payment for each new member they enroll into the medicare+choice program pursuantto N.Y. Ins. Law §§ 2101 and , and 2114 .
Facts:
An HMO operates under a certificate of authority issued pursuant toArticle 44 of the N.Y. Public Health Law. The HMOs sales representatives areemployed to enroll individuals into the medicare+choice program pursuant to its contractwith the Center for Medicare and Medicaid Services , which administersthe medicare program and is the federal sub-agency of the Department of Health and HumanServices.
The HMO agrees that it willprovide a specified level of comprehensive benefits through its participating providernetwork to medicare eligible members who are enrolled in Medicare Part B. The HMOmaintains enrollment data and pays claims on an at-risk basis. It is reimbursed by CMS forservices provided to the enrollees based upon a schedule of allowances that is commonlyreferred to as the RBRVS.
Analysis:
42 U.S.C.S. § 1395w-26:
Relation to State Laws
42 C.F.R. § 422.402:
N.Y. Ins. Law § 2102 states:
Medicare Licenses And Training
Medicare Advantage is a great line to sell, whether you’re a newcomer to selling insurance or an experienced insurance professional looking to diversify your portfolio. But no matter how much experience you have, you need proper Medicare insurance sales agent training to complete the certification process.
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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.
Ordering Medicare Enrollment Kits
Each carrier will have an enrollment kit that includes everything the clients need when enrolling in Medicare. Kits can vary, but most contain:
- A Medicare Advantage enrollment application
- A pre-enrollment checklist with information about the plan, network, copays, benefits, etc.
- Most recent star ratings for different plan options
- Guide on how to access standard services
- Low-income subsidy information that helps clients understand if they qualify
- County-specific coverage information
When you are first appointed, order enrollment kits for every area you cover each county is different. For help with ordering supply kits, reach out to Agent Pipeline.
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What Types Of Insurance Do Agents Usually Sell
Insurance agents usually sell one or more types of insurance:
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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.
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Life insurance: These policies are designed to pay a beneficiary when a policyholder dies.
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Health and long-term care insurance: These policies are designed to cover the cost of assisted-living and medical care for seniors.
How To Become An Effective Independent Medicare Insurance Agent
In an ever-changing world, and with the recent pandemic that we have experienced, the sale of Medicare insurance is becoming a trend. Selling Medicare Insurance can help you build a six-figure income in 3-4 years. If you are an aspiring Medicare agent considering entering the lucrative field of selling Medicare policies, this article is for you!
If moving from having a full-time job to being an independent Medicare insurance agent is your goal, you must first and foremost have a plan on how to pay your bills and a backup plan for your finances. Because If you do not sell a policy, you do not get paid. When you’ve finally decided to sell Medicare insurance and want to change your career path, read this informative article, and we will show you how to become a successful and effective Medicare Insurance Agent.
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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.
Medicare Agent Training: What You Should Be Doing
Medicare insurance is a great business to get into. With 10,000 Americans turning 65 every day, the Medicare insurance industry is financially stable, not to mention rewarding.
The process of becoming a Medicare insurance agent may seem simple. You go to a few classes, jump through a few hoops, get your license and youre ready to go. But being an agent is about much more than education and certifications. Being a good Medicare agent comes down to whether or not you can sell.
Sure, you can learn how to sell from the myriad of books, videos and online courses that are available. But selling Medicare is a specialized skill, which is why there are many Medicare agent training services to help you. Financial Grade, as a Field Marketing Organization , has agent training services to lead you to success in the Medicare insurance business.
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New Continuing Education Requirements
Effective November 12, 2021, the Department of Financial Services amended Part 20 of the Official Compilation of Codes, Rules and Regulations , mandating the completion of certain courses to renew the insurance license. Of the 15 credit hours of instruction required in accordance with Insurance Law Section 2132, the licensee shall satisfactorily complete courses or programs of instruction or attend seminars, as the superintendent may approve, that provide:
1. at least one hour of Insurance Law instruction.
2. at least one hour of ethics and professionalism instruction.
3. at least one hour of diversity, inclusion, and elimination of bias instruction.
4. at least one hour of flood insurance instruction if the licensee is licensed to sell one or more lines of property/casualty insurance.
5. and at least three hours of enhanced flood insurance instruction if the licensee sells flood insurance through the NFIP.
These requirements shall apply to a licensee whose license renews on or after April 1, 2022.
How Are Medicare Agents Paid
Using a licensed Medicare agent should always be of no charge to you. You want to avoid working with an agent who requires payment or adds an additional fee to your monthly premium. Licensed Medicare agents receive payments directly from the carrier once they submit an application.
Because of this, Medicare agents are unbiased about which carrier you enroll through. They will receive the same payment regardless of the cost of the plan. Thus, a good Medicare agent is encouraged to help you find the right plan for you, not for their pockets.
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