The Pros and Cons of Selling Medicare Insurance: Is It Right for You?

Why Sell Medicare Insurance

Yearly Medicare Advantage plan renewal. Most people go their lives carrying insurance chosen through an employer group health plan. During benefit enrollment every year, employees have about three plans to choose from, based on the offerings the employer has narrowed down. While they have to make these health insurance decisions every year, their choice in the matter is simplified. With Medicare, beneficiaries have many more options to sort through every year, leaving them with more questions and a need for assistance.

Medicare Advantage plans need to be renewed each fall during Open Enrollment, which is also the time when beneficiaries can make decisions to switch plans or drop their coverage and return to Original Medicare. As an insurance agent, you have yearly, ongoing customer need for your services, and the loyalty that you build with your book of clients has the potential to yield years of work for you and your business.

You can choose your own hours. Insurance agents do not necessarily have to work a regular 9-to-5 schedule. Revenue is primarily driven through sales, which are generally appointment-based. You as an agent have the freedom to set your own hours, whether you want to start your day early to pick up the kids or want to have Fridays off all summer. As long as you meet with your clients and reach your goals, you control your schedule according to your preferences.

Agents help their community. Medicare insurance agents provide a great service to seniors and individuals with disabilities in their community. Medicare is not the easiest to navigate, and its plan options can bring up too many questions for a single beneficiary to confidently answer. When you help community members compare plans to find the choice that fits their coverage needs and budget, you reduce stress and make the community stronger.

Why Selling Medicare May not be Right for You

Medicare has a niche target. You don’t market Medicare to everyone. Eligibility for Medicare is more narrow than a typical health insurance marketplace plan, with eligibility limited to U.S. citizens (or lawful permanent residents of at least five years) who are age 65 or older, or who are under 65, have a disability, and meet certain requirements. As an agent selling Medicare, you need to tailor your marketing to those demographics and learn to communicate your message to that group specifically.

Selling Medicare brings unpredictable income. Unlike at a salaried desk job, you are directly responsible for the amount of money your business brings in every month. If you have consistent successful appointments, converted leads and referrals, your profit will reflect that. If your sales slow down, you will see that in your take-home income.

You have to be a people person. As an independent licensed agent, you have to be a trustworthy, likable person who knows how to communicate effectively with a wide range of people. If you are less outgoing, Medicare sales may not be the right position for you.

Do you have more questions about the life of a licensed insurance agent? Speak to the team at Magellan Healthcare Partners to start building your network today.