February 25, 2024
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how to sell medicare supplements

How to Sell Medicare Supplements

Medicare Supplement, or Medigap plans are an excellent way to create residual income streams. Medigap policies can be sold via voice signature or in person without incurring the restrictions imposed by Medicare Advantage plans.

Understanding Medicare basics is vital in engaging meaningful conversations with clients, so start your education by reading Medicare and You 2023 from the government.

1. Get AHIP Certification

Selling Medicare supplements can be an extremely lucrative career path. With so many seniors enrolled in Medicare Advantage and supplement plans, this market presents itself as an ideal target to sell to. Plus, open enrollment doesn’t restrict this type of sales opportunity year round! For maximum success it is imperative that before commencing selling you gain your AHIP certification.

AHIP certification requires taking several courses and passing an examination, designed to cover topics related to Medicare Advantage and prescription drug plans, as well as Medicare regulations which can change over time – something essential in keeping up-to-date certification status.

Gaining your AHIP certification is simple. First, register on the AHIP website using your National Producer Number, then enroll in two courses: Marketing Medicare Advantage and Fraud, Waste & Abuse (FWA). FWA covers fraud in terms of both financial and human costs while offering tips for recognizing and reporting it to appropriate authorities.

Both courses can be found through AHIP’s portal for $175; alternatively, carriers’ training portals may offer cheaper training programs but require you to wait several days before having access to material.

As the AHIP test is a closed book exam, studying is of critical importance. Also useful is taking a practice exam; finally make sure you get plenty of sleep the night before your exam to reduce stress and build confidence!

2. Get a License to Sell Medicare in Your State

Selling Medicare supplements can be an enviable career opportunity for those experienced and knowledgeable about this field of insurance. Unlike Medicare Advantage plans which are network-based, Medigap coverage doesn’t restrict open enrollment allowing clients to see any doctor who accepts Medicare.

Agents looking to sell Medicare products must first pass the America’s Health Insurance Plans (AHIP) certification exam and fulfill each carrier’s product and compliance training requirements in order to successfully sell Medicare plans. The rules surrounding Medicare marketing exist to safeguard seniors while rewarding agents/brokers who adhere to them. Agents/brokers also face strict oversight by their contracted health or drug plans, with clients having recourse to termination if they do not abide by Medicare marketing rules.

Insurance carriers frequently require agents to attend an annual product rollout event in order to stay up-to-date on changes and new offerings. These events can either take place face-to-face or online and offer agents an excellent opportunity to learn about all of the Medicare offerings that a specific carrier has available.

An effective Medicare FMO offers agents resources to assist them in succeeding, such as training and education on Medicare products. Furthermore, sales tools like quotes and enrollment platforms make it easy for agents to present clients with various plans before helping them choose the perfect one. On top of all that comes their top commission rates as well as Co-Op marketing programs which cover 50% of agents’ advertising costs! These support measures enable agents to maximize income faster while expanding their business faster.

3. Get a Non-Resident License

Medicare Supplement insurance can be an excellent way for both newcomer and veteran insurance agents to expand their clientele and revenue stream. Before selling this policy, however, you need to fulfill any licensing requirements necessary. This is especially important if your clients live outside your own state; most states require non-resident licenses in order to sell in them.

Along with completing your required training and passing an insurance exam, it’s strongly suggested that you also earn an AHIP certification. While not mandated in all states, getting certified ensures you can provide accurate advice to clients about available Medicare options – plus many agencies with certification have greater success at helping clients select plans tailored specifically to them, helping keep customers coming back while increasing commissions.

Acquiring a license to sell Medicare supplements in your home state can be straightforward. First, visit your state’s department of insurance website and read up on its rules and fees for selling Medicare supplements, then apply through NIPR using their user-friendly process for non-resident license applications – you could be selling Medicare supplements within minutes!

Supportive Insurance Services’ experts specialize in non-resident insurance licensing requirements and can take the burden off your shoulders! We’ll collect all of the required data and file for licenses in each state that requires them, leaving you free to focus on growing your business without worry of licensing paperwork.

4. Get a Telemarketing Company

To sell Medicare supplements successfully, telemarketing companies provide lead generation. In addition, they will assist in creating a script to keep conversations on track – essential when selling anything but especially so in this industry. A well-written script ensures your prospects enjoy an enjoyable experience when talking with you!

Medicare supplemental insurance, commonly referred to as Medigap coverage, provides additional health care benefits to people enrolled in both Parts A and B of Medicare. While Medicare will cover many basic expenses like co-pays and deductibles, additional expenses might arise which need paying. Medigap coverage helps cover these additional costs after Medicare pays its portion and serves as an “it just works” product for many customers.

Medicare Supplement sales are much simpler for new agents selling Medicare products compared to Medicare Advantage plans due to not needing as many credentials for selling these plans. You can begin selling supplements earlier in your career than with Medicare Advantage plans.

Medicare Supplement market is quickly expanding, making it a highly lucrative venture. Medicare Supplement policies offer renewal commissions compared to life insurance products; furthermore, they are less risky than Medicare Advantage plans – providing seniors with additional security and stability.

5. Get a Marketing Strategy

Medicare Supplement markets can be highly profitable niches for insurance agents to break into. Selling Medigap plans can easily help agents build six-figure residual income if done properly; simply make sure that you have an efficient sales system in place to approach this market correctly and know exactly how to approach customers turning 67 market. Once this system is in place, marketing strategies – whether buying leads directly from providers or organically through websites and social media channels – become key aspects.

Make sure that you receive proper Medicare supplement training before beginning. A great resource is the 2023 Medicare and You Handbook from the federal government; this document contains up-to-date information on Medicare changes as well as comprehensive explanations of various Medicare Supplement plans.

Your next task should be securing contracts with top Medicare Supplement companies. This is essential as this allows you to give clients multiple choices that could save them money in the end. Often the most dependable providers are household names or those rated A or higher by AM Best; which indicates their reliability and stability.

Once your contracting and Medicare supplement training has taken place, it’s time to begin generating leads. You can do this either through purchasing Medicare supplement leads directly or by building your own network of organic prospects – either way, the more leads available will increase the odds that they become customers.

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