Saturday, July 13, 2024

What License Do You Need To Sell Medicare Supplements

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Becoming A Licensed Medicare Agent Complete A Pre

How to get your license so you can earn recurring income selling Medicare Insurance

Courses tend to be similar in price and content. Depending on your own specific learning/studying style, you can choose to take the course in a traditional classroom, online or via self-study. We recommend Kaplan . Select your home state. Then choose the Life and Health option. Select the exam prep package and products that will best suit your needs.

When you satisfy the requirements for your course, you will receive a Certificate of Completion. Pre-licensing education is valid for one year from the date of completion you will need to take and pass your state exam within this timeframe. Connecticut requires you to present an original copy of the Certificate of Completion at your licensing exam, so make sure that you allow at least 5 mail delivery days between your course completion and the date of your scheduled exam.

What Are The Rules For Agents Who Sell Medicare Health Plans

The Centers for Medicare & Medicaid Services , which administers the Medicare program, has strict guidelines that private insurance companies must follow when marketing and selling Medicare plans. Familiarizing yourself with these rules may help you spot and avoid Medicare fraud before you become a victim.

Avoid Medicare fraud by knowing what a Medicare agent cant do

All insurance agents selling Medicare plans must be licensed in the state where theyre making the sale. Below are examples of illegal marketing practices and Medicare fraud.

According to, a licensed insurance agent cannot:

  • Visit you at home without your permission.
  • Cold call you unless the agent has a prior relationship with you.
  • Leave flyers or business cards at your door or on your car windshield.
  • Pressure you to enroll or switch plans.
  • Endorse a specific Medicare plan.
  • Sell you non-health related coverage during a Medicare sales call.
  • Give you gifts worth more than $15, free meals, or cash incentives to enroll in a plan.
  • Invite you to an educational event and then try to sell you a plan.
  • Enroll you in a Medicare plan over the phone .
  • Enroll you in a Medicare Supplement plan if he knows you have a Medicare Advantage plan .
  • Ask you to provide personal information, such as your Social Security number, Medicare number, credit card, or banking information .
  • Ask for referrals. You can give your friend or family member a business card, but he needs to call the agent directly.

How Do I Renew My Life And Health Insurance License

Each state has different steps and requirements necessary to complete the renewal of a specific insurance license. Most states have a renewal period of about two years and have renewal fees ranging from $15 $200 per line.

All states also require the completion of continuing education courses in order to renew your license. The average number of hours to be completed is sixteen thirty hours per line. These courses must be completed prior to your licenses date of expiration or a penalty fine will be added to your renewal fee.

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Buying Medicare Leads Through Nectar

Some independent agents prefer not to work through someone else’s platform. If you’d rather opt to be your own boss and possibly run your own firm someday, consider buying Medicare leads directly through Nectar.

Nectar is ideal for agents who are less enthused about marketing and networking. Maybe you believe these skills aren’t your forte, you’re currently in the process of ramping up your marketing efforts, or you’d rather not have marketing eat up valuable selling time.

Quality high-intent leadsâ

With Nectar, you won’t have to gamble with cold leads or stress over having enough leads to get you through a week. As a result, you can cut way down on the amount of time and money you spend on marketing. Nectar does the sourcing for you. Nectar does the sourcing for you.

Nectar draws on a variety of marketing methods to identify high-intent shoppers across several different websites. It then matches the right shopper to the right agent based on the shopper’s needs and the agent’s portfolio. This keeps the shopper’s experience personal and excellent.

Every lead you receive through Nectar will be real and fresh. It’s the same kind of qualification you’d do on your own, only you don’t have to do it all yourself. Instead, you can leave the bulk of the work to Nectar and focus on selling.

Earnings you keep

Start talking to Medicare shoppers today

Why Medicare Supplement Sales

How to Get Started in Medicare Sales

There are a ton of prospects in the Medicare market. Ten thousand seniors turn 65 every single day that’s a lot of prospects that need Medicare Supplements.

When we look at a person that is going onto Medicare, it’s pretty confusing and overwhelming. Seniors get a ton of Medicare-related mail. It’s truly information overload.

It’s a serious sense of relief when that senior has someone that can explain how Medicare works.

These prospects are very overwhelmed when they’re trying to figure it out on their own, and you don’t have to come up with some slick sales pitch to get them to buy from you. You’re already a tremendous asset, and your help is truly wanted and appreciated.

A lot of prospects have retired from large companies that no longer pay for their post-65 health insurance. Many companies now offer a reimbursement so that the retirees can go out and buy their own insurance. It works great, but it leaves the retiree with a lot questions, and they need our help.

In sum, there are three great reasons to get into the Medicare Supplement market:

  • There are lots of prospects
  • Medicare is standardized
  • Recommended Reading: How Old To Get Medicare Benefits

    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.

    Medicare Supplement Electronic Application

    The other way many agents sell Medicare supplements over the phone is by using a standard electronic Medicare supplement application, or E-APP.

    E-Apps are very simple assuming your client has an email or knows how to use a computer. Stats show the senior market is definitely online, but there are certain scenarios youll com across where using an e-app is not an option. If an e-app is not an option, then youll need to make sure you have a voice signature product or go face-to-face to make the sale.

    Want Help Setting Up Your Home Office to Sell Over the Phone?

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    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.

    What Is An Ahip Certification

    How To Get Your Health Insurance License (2020) Medicare Sales

    AHIP stands for Americas Health Insurance Plans. Each year licensed insurance agents must take a certification test to determine if they are eligible to sell Medicare Advantage and Prescription Drug Plans during the Annual Enrollment Period . This time of year thousands of insurance agents are preparing to get certified. Whether this is your first time or 50th time taking the test, Empower Brokerage is dedicated to ensuring youre prepared.

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    What Is Medicare Part A

    Part A is Medicare coverage responsible for hospital-related expenses. In most cases, Medicare Part A doesnt require a monthly premium as it was funded through you paying a minimum of 10 years of Social Security taxes through payroll.

    Consequently, most people earn Medicare Part A.

    In the event someone didnt earn Medicare Part A, it can be purchased. For those who need to purchase Medicare Part A they will spend up to $413 per month in 2021.

    Below are some examples of Medicare Part A covered services:

    • Blood
    • Inpatient hospital care
    • Skilled nursing facility care

    Gaps in coverage with Medicare Part A can result in some of the highest financial risks for your clients which is why many agents often cross sell ancillary insurance.

    What Is An Insurance Fmo

    A Field Marketing Organization is a company that makes insurance products available to agents and agencies. This is a valuable contact as many big-name insurance companies will only provide their products to you through an FMO.

    The FMO is a requirement because the large insurance companies will only deal with agencies that meet a minimum profitability requirement. Some FMOs pay full, vested commissions equivalent to what you would receive if able to contract directly with the carrier.

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    Do I Need Medicare Insurance Agent Training Where Do I Get It

    Outside of any training needed to complete state licensing requirements, you will also be required to complete training and certifications to offer certain Medicare product options, namely Medicare Advantage Plans and Prescription Drug Plans.

    Proper certification for these product options will generally include AHIP training, as well as carrier specific training with each individual company and product you plan to sell. Medicare supplement products however , do not require any additional certifications beyond your states licensing requirements.

    You can completeAHIP training directly through AHIPor through a Medicare Advantage or Part D carrier. At PSM we offer our agents a discount for AHIP training. Do some research to find out what discounts might be available before purchasing your training.

    While the training modules youll work through to complete Medicare Advantage and PDP certifications will be provided by the carriers, CMS publishes two annual resources that make valuable self-study resources: Medicare and You, and theChoosing a Medigap Policy Guide.

    Additionally, CMS has an excellentonline training librarythat you can use to dive deeper into specific topics of Medicare and even have fun with mock tests.

    How Do You Get Paid

    Best Medicare Supplement Plans: One Size Does Not Fit All

    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.

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    Telesales: How To Sell Medicare Supplements Over The Phone

    Selling Medicare supplements from home or over the phone is a growing trend. We are seeing more agents trying to get out of the field and transition to selling Medicare over the phone.

    Can it be done?

    Absolutely. In fact, we have an agent who consistently sells 10+ Medicare supplements over the phone each week utilizing the exact process listed below. There isnt a magic bullet, its just about staying focused on efficiency.

    And, most recently we launched a telesales team that placed more than 3,000 policies in their first 7 weeks.

    Want to Learn How to Sell Medicare Over the Phone?

    Do You Need License To Sell Insurance

    Are you wondering whether you need a license to sell insurance? As a requirement, all insurance agents must have a license to sell insurance. In most states, selling property and casualty insurance versus life and health insurance requires different licenses. Licensed insurance agents must take continuing education seminars every two years in most states. Agents can enroll in continuing education courses to learn more about other insurance plans or to stay up to date on changing tax laws and government regulations that affect the insurance sector.

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    How Do I Get My Life And Health Insurance License

    Each state has different qualifications to successfully earn insurance licenses, but the most common first stage is preparing for the states examination.

    For example, to begin the process in Michigan, you must apply for a license with the National Insurance Producer Registry. This can be online or in-person and costs $15 for each type of business you plan to sell. The application lasts for six months.

    During this time, prospective agents will enroll in specific education courses, tailored to the content expected on the exam. Each pre-licensing course will be worth a set amount of credit hours. In Michigan, completion of Life, Accident, and Health coursework requires forty hours and is awarded a certificate necessary for taking the exam.

    Recommended Course

    For pre-license education products and courses , StateRequirement recommends:Kaplan Education Company

    From there, prospective life and health insurance agents in Michigan can attempt the exam for a fee of $40 per attempt.

    What Type Of Insurance Isnt Considered A Medicare Supplement Plan

    Medicare Sales – Need a License First? Well, yes. | Medicare Sales Training

    Medicare Supplements are the only policies which directly impact the 20% liability of original Medicare.

    Below are the common types of insurance that clients mistake for Medicare Supplements:

    • Medicare Advantage Plans
    • Medicare Prescription Drug Plans
    • Medicaid
    • Employer or union plans
    • Veterans benefits
    • Long-term care insurance policies
    • Tri-Care

    Youll find that using the word Supplement is what causes a lot of client confusion. This is probably why Medicare Supplements are referred to as Medigap policies by CMS.

    Make sure you and your clients are clear on the correct verbiage.

    Read Also: How Much Does Medicare Cost Me

    Selling Medicare Supplement Tips

    Selling is going to be all about education.

    You’re going to focus on educating the client about how Medicare works and how a supplement fits in perfectly.

    Here are the main points you want to cover when giving your presentation:

  • There are two main roads you can go down Medicare with a supplement and a drug plan or Medicare Advantage.
  • Medicare Supplements are standardized.
  • Medicare covers about 80%, and the supplement covers about 20%.
  • Here are the two plans I’d recommend for you, and here’s how they work.
  • I’d recommend narrowing it down to only two plans to keep the confusion to a minimum. Introducing 3 or more plans becomes information overload especially when you’re likely just finished explaining how Medicare works.

    Keep in mind that less is more. The more simple and succinct you can make your presentation, the better. Here’s what I’d explain when considering the top 3 plans F, G, and N.

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    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.

    Getting Contracted And Appointed

    Ultimate Guide to Selling Medicare Supplements

    You have to get contracted with each carrier to get appointed to sell their products. Here is a checklist of what most insurance carriers require for you to become ready to sell:

    • Copy of your current resident and non-resident state health insurance license
    • Copy of your current E& O policy
    • The complete legal questionnaire provided by the insurance company
    • A background check
    • They were passing carrier-specific annual certifications. This is specific to MA & MAPD plans, but more Medicare Supplements are also starting to implement annual certifications.

    The time this will take is all dependent on how many insurance carriers you plan on getting contracted with. Because Medicare is highly regulated and many carriers have different processes to get an insurance agent ready to sell , you will need to be patient during this process. It can take some time to receive your approvals from each company. Most carriers require their certifications to be passed annually before that years Medicare annual election period .

    Also Check: Do I Need Medicare Part C

    What Does The New Medicare Card Look Like

    Medicare recently made two significant changes to the red, white, and blue Medicare card, so Medicare beneficiaries will all be receiving new cards. Oh, and for those who dont know, the Medicare card is often referred to as the red, white, and blue card.

  • They created a new design
  • They began assigning every beneficiary a new Medicare number.
  • The reason why they changed the number was because previously the number for the Medicare beneficiary was often their social security number. With the wide spread risk of identity theft, they have phased out the old number and began issuing new numbers to all Medicare beneficiaries. Below is a snap shot of what the new Medicare card looks like and how the new Medicare numbers are structured.

    Its actually quite interesting how they structure the new medicare numbers.

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