Insurance Agent / Broker Opportunities in Medicare

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.

Why Choose An Insurance Career In Medicare Insurance?

One of the biggest reasons to choose a career in Medicare insurance is that the Medicare insurance industry is booming! Approximately 10,000 people are turning 65 every day in the United States, so there is a tremendous need for agents to sell Medicare policies. Since there is no shortage of potential clients, the earning potential for an agent in this career is unlimited.

Who Would Excel at an Insurance Career in Medicare Insurance?

Those interested in an insurance career in Medicare insurance need to be self-motivated and able to adjust in a fast-paced and dynamic environment. Since there are many different choices and options for policies, potential clients need a Medicare insurance expert to guide them through the process of picking the best plan for them. Agents must be knowledgeable about the current plans and educate his or her clients on the advantages and disadvantages of each of those plans relative to their needs.
In this insurance career, there are high first year commission payouts and annual residuals, creating an unlimited income potential. In addition, this insurance job is not very service intensive as most claims are resolved through the carrier.
There is usually no requirement for a college degree when choosing an insurance career in Medicare insurance. However, an agent must prepare for and pass a state insurance exam to obtain a health license to sell insurance before he or she can start writing business and may also need to register his or her fingerprints. With some companies, agents must contract with National Marketing Organizations or National Marketing Alliances (NMAs) to sell Medicare insurance policies from the different carriers. The insurance carriers require certification every year. The section below outlines how to get started in an insurance career selling Medicare insurance.

How to Start a Medicare Insurance Career as an Agent

  • Complete Pre- Licensing Education: Learn the rules and regulations of your state’s insurance industry. You may be required to attend classes, but some states allow you to study at your own convenience. You will be issued a certificate for completing these state certifications and at that point you will be permitted to take the state exam to become licensed as a health insurance agent.
  • Take the State Exam: Contact your state’s insurance department to find information on your state’s requirements and local testing centers. In addition to the self-study option, there are in-person and online schools/courses that you can attend. Once you have completed the course, bring the course completion certificate to the testing center on the day of your exam. After you pass and complete this exam, you can then apply for an insurance agent’s license.
  • Buy Errors and Omissions Coverage: As a disability insurance agent, you are required to have Errors & Omissions insurance. This liability policy protects you and your career against financial loss related to your involvement in the sale or service of a disability insurance policy.
  • Get Established: To start your insurance career and begin selling Medicare insurance you can either decide to work for a company as a captive agent or choose to work through a broker. Many agents find that working through a brokerage firm typically provides greater opportunities for success because they offer sales, marketing and compliance support.
  • Get started: Your insurance career starts NOW! Contact us today to launch your career as a Medicare Insurance agent.

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