how to become a medicare insurance agent

A Step-by-Step Guide on How to Become a Medicare Insurance Agent

how to become a medicare insurance agent

Insurance is assuring. Medicare is one of the most popular government programs in the country because it provides for basic medical needs. More than 60 million Americans receive health insurance through Medicare.

But not all Medicare programs are alike. Some offer different services than others. The Medicare insurance agent works with people on the services they need in Medicare.

You can become an insurance agent and promote the health of thousands of people. You just need to know how to get started. Here is a quick guide on how to become a Medicare insurance agent.

Get Your Licenses

You are not required to get a Bachelor’s degree in order to be an insurance agent. But many companies prefer that their employees get educated. Go to a credentialed, four-year college and graduate with a Bachelor’s degree in business, economics, or finance.

Once you’re educated, you need to get a license. Each state has its own resident licensing board. You will need to pass an exam with them to receive your license.

Though not required, you should take a pre-licensing course. Pre-licensing courses help transition you into the insurance marketplace. They also train and prepare you for the exam.

Depending on your state, you may be required to complete classroom training. You may have to self-study for a minimum number of hours. You will likely have to submit to a background check, so have documents ready for that.

Once you’ve satisfied all requirements, you can take your exam. If you fail, you can retake it at a later time.

Even after you get your license, you may want to do continuing education. Most states require it. You can pursue additional certification, which builds your resume and lets you sell multiple forms of insurance.

You’ll also need to be certified to sell or continue to sell MAPDs and PDPs. You’ll need to pass this exam every year.

Agents: Independent or Captive

You can now decide on which direction you want to take your career. You have a few options.

A Medicare insurance agent helps people consider and evaluate different Medicare plans. They guide people toward choosing the one that is best for them.

A Medicare insurance agent needs to be familiar with the ins-and-outs of every Medicare plan. They have to know what plan works best for a person and their needs. They need to describe plans in great detail, tailoring their words to what a person wants.

A Medicare insurance agent also needs to be a good salesman and marketer. They need to respect the brands of insurance companies, building off of them to sell products to clients.

As an insurance agent, you can be independent. You can work with different insurance companies, enrolling people in plans with any of them. Independent agents have terrific flexibility, but they have to train themselves on their own with some guidance.

Independent Agents reach out to potential clients on their own, without support from insurance companies. You will need a strong work ethic and independent streak to succeed as an Independent Agent. You will need an eye for marketing because you will be building your own brand within Medicare insurance.

You can also be a captive agent, partnering with one insurance company or agency and selling their plans. This company will provide you with training and internal support. You will be able to form connections within the industry and may receive leads.

The tradeoff is that you are limited to selling that company’s policies. Commission rates are also adjusted, typically lower for captive agents to make up for all the training they will need.

Become an Insurance Agent

You can sign up with a Field Marketing Organization (FMO). Insurance companies approve FMOs to sell insurance and train agents on their behalf. A captive agent can sign up with one insurance company in particular or an FMO.

When you sign a contract with an FMO, you can sell Medicare Advantage, prescription drug plans, and supplements as long as they are appointed with those lines of authority.

An FMO helps you get appointed with insurance carriers. An insurance carrier must approve you before you can sell their products. An FMO may also provide discounts on errors and omissions insurance, which covers you against lawsuits from clients.

Once you get approval, you can start courting customers. You can tap into your networks and attend events. You can hold presentations, offering your services and experience.

A Medicare insurance agent works a forty-hour workweek. You will spend many of your days with clients. You will keep them updated on their current policies and sell them new ones.

In the evenings, you can expect to complete paperwork and prepare more presentations. You may need to work additional hours and weekends, especially as you start your career.

If you sign with an FMO, your income will likely be commission-based, could be per product, per hour, or salaried. The average pay is around $50,000 a year for Medicare insurance agents during their first year.

Receive Classes on How to Become a Medicare Insurance Agent

Becoming a Medicare insurance agent is a smart idea. It is a lucrative career path that offers plenty of opportunities for upward mobility. You can learn the basics of how to become a Medicare insurance agent in very little time.

Then complete pre-licensure training and receive your license to sell insurance.

Decide on whether you want to be a captive or independent agent. Then set off on your career path. If you are determined, you can be successful in no time.

Get the training you need. Medicare Training 101 offers you access to advanced training from leading experts. Contact us today, or call us at 540-400-6275. 

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