If you seek a new career or currently sell insurance but need a new niche, you need to learn to sell Medicare. This area of insurance is growing quickly because large numbers of baby boomers are turning 65. Estimates are that by the year 2050, there will be 88 million people, or 20% of our population, over age 65.
The simple theory of supply and demand shows that Medicare insurance sales provide a great opportunity to tap into an expanding market.
In the third quarter of 2020, about 28.6 million baby boomers exited the workforce. That is a 3.2 million retiree increase over the same time period in 2019.
Medicare sales is a great opportunity, and we will share 10 great reasons to do it. But, first, learn the personality traits that will make you great at selling Medicare.
1. A Lucrative Market
The statistics above make it clear that there are more than enough potential clients for you to tap into. Even though Medicare is a federal government program, recipients often purchase policies from private insurance companies. Your job as an agent is to help each potential client find the policy that fits their personal needs.
When a senior citizen enrolls in Medicare, they make selections that determine their coverage and additional insurance they need to fill gaps. For example, they may need coverage for prescription drugs and additional insurance to fill in the gaps that Medicare does not cover.
2. You Are New to Insurance Sales
If you are interested in becoming an insurance salesperson but have not yet taken that first step, Medicare is an excellent way to get your feet wet. The lucrative market that is continuously growing will ensure you can build your career quickly.
As a Medicare agent, you need to be diligent in completing all applications accurately before submission. If you have a good eye for detail, selling Medicare is a good choice.
3. You Enjoy Seniors
The majority of people you will be selling insurance to are over the age of 65. If you love chatting with older people and find them fun and informative, this is a good career for you. Get to know your clients, and as they grow to trust you, they will call on you whenever they need changes to their insurance or additional coverage.
Not everyone has a personality that meshes with the senior crowd. But, if you laugh at their jokes, remember their stories or their pet’s name, you will ring true in their hearts. Remember, word of mouth is the best kind of advertising, and they will be sure to tell their friends about your good service.
4. Empathetic Personality
If you have the ability to show empathy to your clients, they will appreciate your understanding attitude. Many Medicare beneficiaries live on a tight budget, and they may need to lean on your shoulder for a few minutes as they try to figure out how to juggle Medicare payments. Making them feel important will gain you more referrals than you know what to do with.
When you sell Medicare, it is just like any other sales position. You need to be a people person. You must remain resilient in the face of adversity and keep a smile on your face. Your clients don’t care that you spilled your entire cup of coffee all over your car, that your dog got loose this morning, or that 10 people have already told you no.
What your clients want is someone that greets them with a smile, answers their questions politely, and patiently takes the time to explain again if they are confused. Treat your clients with dignity and respect, and you will nail sales.
5. Flexible Hours
When you sell Medicare, you will most likely be working as an independent agent. This gives you the freedom you need to set your own hours and make as much or as little as you choose. But, of course, the more you work, the more you sell, and the larger your income.
If you are a person that likes to hustle and considers sitting still a waste of time, this is an excellent career for you. With no shortage of potential clients, you can run your business 24/7 if that is your choice. If you prefer to knock off at 3 pm and hit the golf course or bike 20 miles before dinner, you can do that as well.
6. The Ability to Represent Numerous Insurance Companies
When you work as an independent Medicare agent, you can represent as many companies as you choose. This allows you to present more options to your clients, increasing your chance of a sale.
Your clients will be confident that you are selling them the Medicare plan that is right for them, not the company you represent. In addition, you will have the ability to answer your client’s questions, including:
- How long have you sold Medicare?
- Which insurance companies do you offer policies from?
- Can you show me quotes from different carriers?
You never know what a client will ask, so be prepared to substantiate your ability to provide them with good customer service.
7. Low Entry Barriers
Every state requires insurance agents to obtain a license before selling insurance to the public. The state requirements differ from state to state, so you will want to check your location.
Each type of insurance called a “line of authority” and has its own set of requirements. However, the basic requirements are usually pre-licensing training, pass an exam, and undergo fingerprinting.
For example, in Arizona, the first time you take an exam for an insurance license, you need to have your fingerprints taken. After that, there are no pre-exam training hours necessary. The licensing exam is a requirement if you live or will do business in Arizona.
If you are relocating to Arizona from another state and want to sell a different “line of authority,” you must take the licensing exam for that insurance type. However, you do not need to take a test if you hold a license in good standing in your original state and plan to maintain the same type of license in Arizona.
By contrast, the state of Colorado does not require any fingerprinting, but you must have 50 hours of pre-exam training. This applies if you plan to sell life, accident, property-casualty, health, or personal lines of insurance. In addition, you must take a pre-license exam.
In all states, you may have a license for more than one line of authority. Each type requires separate pre-licensing training and separate exams. Lines of authority include
1) life insurance
2) health and accident insurance
3) property insurance including homeowners and renters
4) casualty insurance, which includes liability for injuries others occur on your property.
8. The U.S. Healthcare System
The United States has one of the most advanced healthcare systems in the world. There is an ongoing improvement to treatments and prevention methods, resulting in people who live longer.
This is important because your 65-year old client may easily live for another 30-40 years. This extends the time you receive commissions from renewals or policy changes. So, in addition to all the other benefits of becoming a Medicare agent, there is potential longevity in each sale you make.
9. Job Security
Working for someone else is always risky, especially in sales. If someone outsells you a couple of months in a row, the boss can bring in fresh meat and kick you out the door. By selling Medicare insurance, you are your own boss.
You have peace of mind knowing that a bad sales day isn’t going to end your career. It is only one day out of 365 for the year. When you sell Medicare, you have the ability to decide your starting time and your quitting time each day.
You can spend time attending your daughter’s dance recital and soccer games or drive your son to boy scouts and football practice. Your time is yours, and there is no risk to your employment because you take some family time.
Do you want these benefits? Of course, you do, so get the training your need to move your career ahead.
10. You Have Training on How to Sell Medicare
The key to becoming a successful Medicare agent is to take Medicare Training 101. This isn’t just a name; it is solid training that will put you ahead of the competition. You will learn everything you need, including claims adjudication, coinsurance, healthcare laws, professional ethics, deductibles, and more.
Here’s what you need to begin your training:
- Internet access via computer, tablet, or mobile device
- The ability to follow directions
- A desire to learn and be self-disciplined in completing your studies
- Paper and pen to take notes
- Ability to handle rejection
- Drive to be successful
To start selling insurance, Medicare Training 101 recommends having a customer relationship management system (CRM), a Medicare quote engine, product knowledge and training, a cell phone, and an automobile. In addition, you will need to be contracted by a reputable FMO and have training certification for some products.
Medicare Training 101 includes staff experts who provide members with a list of carriers you should offer your clientele. This allows you to be customer-centric and competitive. You will also receive agent discounts, discounts from lead vendors, and free software.
In addition to educational materials, you will have live chat, email support, and telephone support during business hours. You may also schedule an appointment for a one-on-one coaching session of anywhere from 15 to 90 minutes.
Sell Medicare Now
Interested in learning how to sell Medicare? We suggest you check out our Medicare Training 101 FAQ list for more information. That is where you’ll find out how to get started, what you need, and what support we provide you with.
When you are ready, we invite you to check out our membership pricing to get you started on a new lucrative career.
Once you become a member, you will instantly begin receiving educational content and training videos, phone coaching sessions, insurance agent discounts, and more. Why wait? Check us out now!