There is a huge income potential for people who want to get started with selling Medicare insurance. With around 10,000 baby boomers turning 65 years old in the next decade, the Medicare market is expected to grow for the near future. This only means more people are going to buy insurance in the next few years.
According to PEW Research, 18% of the population will reach the age of 65 by 2030. This is a good opportunity to start a career in selling Medicare insurance products, as the demand will be higher. If you are planning to take this route, here’s how you can get started with insurance selling:
Get a License
Many companies offer online courses and self-study books for licensure examinations. Online courses will also provide plenty of review materials just like the usual classes and offer more convenience. These pre-licensing courses can help you prepare for the state licensure exam. At the end of the course, you will be issued a certificate of completion, which will be required during the licensure examinations. Obtaining a license is your ticket to the beginning of a challenging yet lucrative career.
Most insurance carriers now require their agents to be certified by America’s Health Insurance Plan or AHIP to be able to sell Medicare insurance. The certification costs around $175, but you can get discounted rates if you get it from an insurance company. A certification will help you gain your customers’ trust, as most of them ask for credentials when talking to insurance agents.
Work with Your Desired Companies
List down all the potential companies where you want to sell Medicare insurance. As you may need to be separately certified with each company, choose wisely when getting contracts. First, determine the state or county you want to work in. Look for the most competitive offering in terms of Medicare Advantage, Supplement, and Part D plans.
Complete Company-Specific Training
Each company will have their own training required for Medicare insurance agents, so you must complete them. Before everything else, you should always have a “ready to sell” status. You will not be compensated for any MA/MAPD or Part D plans you will be selling. The training will give you the knowledge and skills necessary to sell insurance and reach your sales target.
Identify Your Lead Source
If you do not have a natural market to sell Medicare insurance to, you need to look for potential ways to generate leads. This is the biggest obstacle involved in selling Medicare insurance. Closing a sale can be easy, but getting the leads is more difficult. You need to use your network or build one in order to get qualified leads.
Getting started with Medicare insurance selling is not easy. You should expect a slow start, but you can see significant improvements once you get used to it. Make sure you have enough money to sustain your expenses in the first few weeks or months. If you have a job, sell Medicare insurance part-time until you get the hang of it. Likewise, you may also want to look at other insurance products to increase your potential income.