Sell Medicare Supplemental Plans
For agents who are on the fence about whether or not selling Medicare Advantage and Supplemental plans is right for them, here are five reasons that selling Medicare can be a lucrative and helpful career move.
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The Large Market
According to PEW polls, over 10,000 people celebrate their 65th birthday every day in the United States. That is a large and accessible market. Medicare Supplements is also a needed service for the elderly, who will very likely need this medical and hospital coverage as they continue to age. The size of the client pool will continue to increase and the market will not get saturated.
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High Profit Potential
Medicare Supplement sales tend to offer high sales commissions even in the first few years of experience as well as annual residuals. In this way, selling Medicare Supplements can provide ongoing compensation for the agents who sell it. The plans also require very little servicing on the client’s behalf and that limits the ongoing work that the agent will have to put into maintaining those clients.
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Competitive Rates
Coverage is standardized across each plan, because of the guidelines set up by the federal government that the contracted private insurance plans have to follow. This means that beneficiaries will receive the same benefits regardless of the company that is servicing their supplemental plan. The differences are in premium costs and locations, which means that insurance agents need to have access to the best carriers in order to provide for their clients.
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Help Clients You Already Have
As an insurance agent, it is very likely that some of the clients you already have qualify or are soon to qualify for these insurance plans. Be proactive by reaching out to your business clients when they approach their 65th birthdays and let them know that you can help them access Medicare Supplemental Plans.
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The Ease of Getting Started
There is no specific certification to get in order to sell Medicare Supplemental Insurance Plans. Additionally, there is no enrollment period during which you have to sign up to sell them. It is a year-round opportunity to help your clients and make significant income.
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