Once you decide to become a licensed insurance agent and start selling Medicare plans, the steps are clear. Here are the basics to becoming a Medicare insurance agent in 2023.
Become a Licensed Health Insurance Agent
To sell any insurance legally in your state, you will need to become licensed. Get your health insurance license in your state. Once you receive your resident state health insurance producer license, you can get your license to sell insurance in other states.
To get your license, you will need to study laws, ethics, compliance, claims adjudication, and the typical factors of health insurance including deductibles, co-insurance, and provider network types. You can learn all of this through training or self-study courses, although your state may require classroom training.
Complete Medicare AHIP Certification
As a licensed health insurance agent, the next step to becoming a Medicare insurance agent is to complete and pass AHIP Medicare training. Each year you will need to take the America’s Health Insurance Plans (AHIP) certification test and pass with at least a 90%. This training covers Medicare basics and regulations for marketing and enrollment, and a separate Fraud Waste and Abuse training covers detection, reporting, regulations and the impact of Medicare fraud waste and abuse.
Get Errors & Omissions (E&O) Insurance
As a Medicare agent you will be providing advice and services to beneficiaries. If you give misleading or incorrect information that causes damages for your clients, they can sue. Professional liability insurance in the form of E&O insurance will help you pay for legal expenses and settlements or damages if you are found guilty. You can purchase E&O through insurance associations, property and casualty agencies or your FMO.
Contract with a Field Marketing Organization (FMO)
Field Marketing Organizations (FMOs), which may also be called Medicare wholesalers, can help Medicare agents get appointed with multiple carriers. Shop around with different FMOs to find the right support, commissions and work environment for your business.
Get Contracted and Appointed with Multiple Carriers
To get appointed to sell a carrier’s Medicare plans, you will need to provide your license information and certifications. Upload your AHIP certification to each carrier’s website. Each carrier will have product-specific training and certification exams that you must pass to sell those plans. You will need to retake these certifications each year to continue to sell those plans, which can help you understand the changes in coverage and costs before the annual election period.
Renew and Maintain Your Licensure and Certifications
Remember to take your exams each year and complete any continuing education required by your state and agency.
New and veteran Medicare agents find the support they need through Magellan Healthcare. Work with our team to get started on your journey to becoming a successful and compliant Medicare agent.
