Selling Medicare Plans
Do you want to start selling Medicare plans? If so, there are some things to consider and some basic steps needed before getting started. There aren’t many agents or brokers who would say Medicare sales is easy to break into. There are a number of regulations. As an example, to be compliant takes a fair amount of knowledge. Furthermore, there are certifications that must be completed every year when selling Advantage and Part D plans. Despite the challenges, there are great opportunities with Medicare sales that can be rewarding for those willing to make the commitment.
Note: if you do not yet have an insurance license: Please read our blog on how to obtain one for free
What should new or inexperienced Medicare agents understand about the industry? Most agents would argue that you need to understand the commission structure. The reality is commissions in Medicare are high regulated and very easy to obtain. As a result, it is easy to know the max commission that can be paid for a plan.
Other agents will focus on the CMS regulations and requirements for selling Medicare plans. There certainly are a number of rules to follow with Medicare but they do not change much from year to year. Once an agent takes the time to learn them, it is a fairly straight forward set of rules. Having said that, it is important to understand and follow them. Annual plan certification can certainly become very tedious. For those selling Medicare plans for numerous companies the time commitment for certs can become a major task.
Leads and product knowledge
Still other agents will focus on lead programs and finding the best way to get in front of clients in a compliant manner. Leads are important and there are a number of lead companies that will gladly take your money and not deliver once they have it. There are certainly a number of lead companies and programs that offer solid leads but there are three times as many you should avoid.
One thing brokers do not focus on enough is their knowledge of Medicare and all the products. Many brokers only understand one type of product which can lose a lot of sales. It is helpful to understand the difference between Medicare Advantage and Medicare supplement plans. Furthermore, it is important to have an understanding of Medicare part D.
How we can help you selling Medicare plans
Our agency helps new and experienced agents break into Medicare sales. We do this by providing education on products, training in the office and field, a quote engine to compare all plans and we also pay for 50% of agents sales leads. We always set agents up with full CMS allowed street commissions. Commissions are paid directly to the agents from the insurance companies, as a result, you own your own book of business. We can also work with agencies providing agency level compensation and helping them create a downline of agents. Links are provided below with more information.
For more help, please watch our webinar on how to conduct a face to face Medicare sales appointment. Just click the link below.
You can also watch our webinar on how to get ready for the OEP, by clicking the link below.