Medicare impacts millions of Americans. Become a Medicare insurance agent in 2023 to join this expanding industry.
Get Licensed to Sell
If you are not already a licensed insurance agent in your state, you will need to become licensed to sell health insurance. Get a resident license in your home state and non-resident licenses for any additional states where you plan to sell policies.
AHIP Certification and Required Training
Medicare requires licensed agents who sell Medicare to complete America’s Health Insurance Plans (AHIP) certification and retake the test every year. The test covers Medicare eligibility basics, available benefits, prescription drug coverage, and regulations and compliance for marketing and enrollment. You can only attempt the certification test three times, so take the time to study with the help of online resources.
Agents should also undergo Fraud, Waste & Abuse (FWA) Training to learn methods for detecting Medicare fraud, proper reporting procedures, and the human and financial cost of fraud, waste and abuse.
Contract with Carriers
To sell a carrier’s products, you will need to contract directly with the carriers. You often need a contract for each product you sell. Carriers certify and appoint you to sell their products once you complete courses and training specific to those products. Remember to recertify each year with your carriers to continue selling their products.
Access Agent Support through Field Marketing Organizations (FMOs)
Field Marketing Organizations (FMOs) can connect you with top carriers, help you acquire contracts, and provide training and support to further your success in Medicare product sales. Consider working with an FMO to give your clients access to the best available products.
Choose Products
Take a look at your market and the available plans in your area to narrow down the selection. You will want to contract with a variety of plans to meet different needs and help make sure that your clients can find a plan that covers their providers. Comparing plans by their Star Rating, costs and coverage will give you an overview before you look into networks and added benefits such as gym memberships or transportation to medical visits.
Order Enrollment Kits
To help your clients understand the full picture of their plans, carriers create enrollment kits. These house enrollment applications, a checklist with plan information, the current star ratings, a guide to access standard services, information about low-income subsidies, and county-specific coverage information. You will need enrollment kits for every county you sell in, so order your kits accordingly.
Get a CRM and Online Tools
To keep track of your leads, you will want a CRM that allows you to easily update customer information. Set this up before your books are full and save yourself work later. Savvy agents also get online tools to generate quotes and prompt enrollment for their clients. Find these on your own or work with your FMO for access to vetted resources.
Purchase Errors & Omissions (E&O) Insurance
Your clients may not always be happy with their Medicare plans, which is something you should plan for. Errors & Omissions insurance can help pay for court costs and settlements if you are charged in a lawsuit. Arm yourself with the appropriate protections.
Becoming a Medicare agent is the first step; success comes from the right support. Speak with Magellan Healthcare today to learn more about joining our team and bringing your agency to the next level.
