Have you ever thought about wanting to become a Medicare insurance agent? It can be a great life-sustaining career but you have to put the work in to achieve big success. At the end of the day, you want to be able to support your clients and their goals.
Let's take some time today so we can guide you through the steps for what it takes to become a licensed Medicare insurance agent. If you follow these steps, the start of your career as a Medicare insurance agent will be a successful process.
Obtain a health insurance license, complete annual certifications
First things first, you need to complete the requirements to obtain a license to sell as an agent! In order to be allowed to sell Medicare plans, you will need a resident state health insurance producer license. Each state has its own requirements so you will need to obtain a license for the state(s) you want to sell in.
Also, you have to complete your annual AHIP certifications each year.
2024 AHIP was released on June 21st at the price of $175 through their official website.
After completing your 2024 certification, you will be licensed to sell 2023 for the remainder of the year and 2024 plans starting this AEP with a 1/1/24 effective date.
Become an Medicare expert and help guide your clients
It is advised that you study the different plans, benefits, and regulations because there will be plenty of questions coming from potential clients. Seniors need guidance and you will want to provide them with the best coverage options.
Someone who is new to the job field will need to know about current compliance regulations, healthcare laws, and best plan coverage options.
By using MedicareCENTER, you can compare plans to find the one that would be best fit your client. Each year before AEP starts, you can access our Carrier First Looks page through the VIP portal to see the Medicare Advantage plans that carriers offer for the upcoming year.
Work with an FMO like Tidewater Management Group
As an FMO, we provide the support between between insurance carriers and insurance agents that agents wouldn't otherwise get. We offer insurance products and services from multiple carriers to independent agents or agencies. While it is not required to partner with an FMO, you should consider the opportunities afforded to you by doing so. You can receive the same amount of commissions, and in some cases more while gaining more support and personalized training that is specific to you and your business success.
There is a mutually beneficial relationship in that the agent receives personalized service and and technology that can only be offered through marketing organizations. Partnering with an FMO should be just that- a partnership. A partnership where success cannot be gained without both entities doing their part.
When you work with Tidewater Management Group, you gain access to many resources:
Tools that Medicare insurance agents can use
TMG Facebook groups offer support and guidance
Become part of a community with like-minded agents by joining in on live announcements, trainings, and the latest updates you need to know right now.
Protect yourself with and get Errors & Omissions Insurance (E&O Insurance)
It is important that you protect your future by getting E&O insurance just in case you provide your clients with incorrect or misleading information. The usual coverage amount for a policy like this is $1,000,000 to $3,000,000 which will run you $300-$500 per year.
It is very possible to develop leads on your own. It can be a great way to independently gain traction as a Medicare agent.
Develop leads to gain success in the business
Referrals are an important tool to use to expand your book of business. However, they stem from making a good impression on your current book of business.
It is important to have a good relationship with pharmacies and medical practices in your area.
Referrals are one of the best ways to expand your book of business. In most cases, all it takes is establishing a positive relationship with clients. Referrals are free and all it takes to get is one a simple question.
When you work with TMG, you have access to LeadCENTER which provides real-time access to millions of exclusive and compliant leads which helps maximize return on investment.
Use LeadCENTER to your advantage!
Start your Medicare insurance agent career today!
After taking a look at these steps, you will be well on your way to entering the workforce as a Medicare insurance agent. Just remember that taking care of your clients and developing a professional reputation is what will sustain your work career. Best of luck on your new journey!
Contact us at 888-622-9122 if you need anything! We are one phone call away!