Potential salespeople call my office everyday to tell me they want to sell Medicare plans. They think the senior market is the place for them and they want to start selling immediately. Nine out of ten of these persons do not even make it in the first month. I’ll tell you what they’re doing wrong and how you can prevent the pitfalls that kept them from getting up off the floor.
The following information that I share is based on my trial and the errors made selling health plans and Medicare for the past 14 years. Also, I have worked with hundreds of agents with a range of backgrounds and skills. Here’s a summary of how you can begin and be successful in the sale of Medicare.
Insurance License and Omissions and Errors: You must possess a valid insurance license in the state in which you wish to do business. Many insurers also require that you have an E and O insurance. There are a number of E and O carriers today. NAPA usually has good prices, which should be in the range of $ 500 to $ 600 per year.
A biggest mistake that people is trying to sell Medicare plans without understanding of Medicare. You need to understand Medicare part A and B before you can be sure to sell people plans to supplement Medicare A and B coverage. Look for a copy of the book “Medicare and You” and read it 2 to 3 times to begin. Then talk to someone experience in selling plans for at least a few years to get some explanations. There are also a number of online presentations that give an overview of the original Medicare plan. These types of presentations will also help you with the basics.
You must be appointed to sell at least 2 different companies offering 2019 Medicare supplement and Medicare Advantage plans in the area in which you will work. Over time, it will be helpful to be appointed with most, if not all, of them, but that would be too overwhelming to start with. Two companies will do it in the beginning. Use the Internet again to get an idea of which companies in your area are competitive. For any given zip code, there are also a number of Medicare Wholesales websites that will allow you to make basic comparisons.
Review the summary of benefits several times when you receive the consumables. You should be able to shake off the benefits and copays from your head. Go through the applications and be acquainted with them from start till the end.
Consider using an FMO, wholesaler, or marketing organization:
These are companies that have contracts with multiple insurance companies. You can get all of your various Medicare business insurance contracts through one of these organizations.
Try to review some basic summaries to see who has the most competitive advantage plans, and then call them to start the appointment process. For supplementary plans, you can use the state insurance department website to find out who has the best rates (for supplementary plans, prices are the main difference).