Medicare sales for dummies
This blog will simplify Medicare sales for anyone – that’s why we call it – Medicare sales for dummies. Medicare sales offer a rare opportunity to sell a product that everyone must have. The Medicare-eligible population is expected to exceed 72 million Americans over the next three decades. The Medicare market promises a golden once-in-a-lifetime opportunity for insurance agents and brokers.
As an insurance agent certified to sell these Medicare Advantage and Medigap policies, you’ll be helping seniors make one of the most important decisions regarding their health care. You will guide them through the commonly confusing maze of Medicare options.
1. STUDY YOUR MARKET
The Medicare market is thriving, but this varies by state. In fact, 10 states account for nearly 50% of America’s senior market.
If you want to get the most out of your investment in the Medicare market, you have to take the time to find the right market for you. You are not limited to your home state. Fortunately we have so much technology available to us, we can serve clients in many different states from the comfort of our own homes. Because many agents do not want pay the cost of in home visits, Medicare clients are purchasing plans online or over the phone more often. Some customers still prefer a local broker and a face to face meeting.
You choose the states you want to work with, then get a license in those states. It is fairly simple to get licensed in several states.
2. DECIDE WHICH CARRIERS YOU WANT TO DO BUSINESS WITH
Many long-time Medicare Advantage and Medigap insurance carriers are trying to avoid offering these policies as a result of the new regulations. Because there are still some insurance carriers working in this area, the way they contract work and the commissions they pay can vary. It is important to do your research before making any decisions about which carriers you want to represent. Depending upon the state in which you live, the leading carriers in the Medicare Advantage and Medigap field include such highly regarded companies as Aetna, Blue Cross Blue Shield, Cigna, Coventry Advantage Rx, Humana, Anthem Blue Cross Blue Shield, and Kaiser Permanente.
3. ATTAIN CERTIFICATION FOR MEDICARE ADVATANGE POLICY SALES
To sell Medicare Advantage Plans – Part C, or Part D Medicare prescription drug plans, you need a CMS certification.
If you already have a CMS certification, GREAT! If you need to get a CMS certification click here. Because you must pass the CMS certification test to get your certification with a score of 85% or greater, you will have up to 3 chances to pass the test. Agents must be up-to-date on all changes to the CMS regulations. You will have to be re-certified annually.
4. AFTER YOU OBTAIN YOUR CMS CERTIFICATION
You MUST stay informed about all the products you are offering to clients. Normally you should contact your clients at least once annually to be aware of changes in their need of coverage. You should make sure they have a good understanding of what they are buying and if there are any new options that would provide a greater benefit to them.