There has never been a better time than now to start selling Medicare Advantage Plans and Medicare supplements. America’s aging population is on the rise, with the number of adults aged 65 and older now more than 46 million. That figure will increase by roughly 18 million between 2020 and 2030, before hitting an astonishing 90 million by 2050.
As the number of people turning 65 continues to grow, medicare sales across the country are expected to explode. It’s the reason many people are wasting no time capitalizing on this lucrative opportunity.
If you’d like to get started selling medicare but have no idea how to become a medicare sales agent, you’ve come to the right place. Read on for seven surefire tips on how to enter the medicare sales market.
Get Medicare-related Licenses
Before selling insurance products of any kind, you must have the appropriate license as per the requirements of your state’s Department of Insurance. Most states require you to have a health insurance license. However, in some states, you can’t sell medicare without a specific license for selling Medicare products.
Be sure to check with the Department of Insurance in your state for the specific license requirements just to be on the safe side. The good news is that you can file any required documents electronically, making the entire license application process faster and more convenient.
Enroll in Medicare Insurance Agent Training
You need special training on offering specific medicare options, particularly Medicare Advantage Plans and Prescription Drug Plans. Find a reputable agency that offers this training program, such as medicaretraining101.com.
Before getting certified to offer Medicare products, you’ll be required to go through AHIP training. You’ll also need carrier-specific training to ensure familiarity with the specific product you intend to sell, as well as the individual company you’ll be partnering with.
Note that, beyond your specific state’s licensing requirements, no other certifications are needed for your to sell Medicare supplement products.
Decide What Your Sales Process Will Be
Different medicare sales agents adopt different sales processes. Determine which approaches will work best for you. You can decide to be meeting potential clients face-to-face or opt to conduct your business online.
Look for a sales process that’s both convenient and effective. To the best of your ability, try to focus on relationship marketing when dealing with seniors. Try to gain a good understanding of the demographic and endeavor to offer a great product that meets their needs.
Always keep in mind when marketing to seniors that chances are they’ve seen just about any advertising tactic out there and will see through it right away. Any sort of marketing not based on a sincere desire to help your clients will raise a red flag and lose your business.
Decide What Products You’ll Offer
Independent Medicare sales agents have a variety of product options from which to pick. Theses include a broad range of:
- Medicare supplement products
- Prescription drug plans
- Medicare Advantage products
- Ancillary products
Choose a portfolio that best suits your territory and sales model. Opt for a product that’s readily available in your territory. The product should also be highly competitive and ideal for your customers’ preferences and interests.
Find Out Where You’ll Get Your Medicare Products
For you to sell a specific product, you’ll need to have an appointment with that product’s insurance carrier. You can only acquire that appointment by complementing an independent sales agent contract or agreement.
Note that only a handful of insurance companies offer direct contracts to sales agents who aren’t employed by them. Thus, you’ll acquire the majority of your contracts with insurance companies through a Medicare insurance FMO.
Working with an FMO can help you optimize your medicare sales benefits. FMOs go out of their way to get independent sales agents the best contracts with the best insurance companies. Your FMO can be your best supporter, helping you supercharge your venture.
Determine How to Find Medicare Leads
To keep your sales high, you need to consistently attract high-quality insurance leads. People who actively express interest in Medicare products and their costs can be valuable leads.
So, where do you find information about people showing a serious interest in Medicare products? There are many agencies that invest a lot of time and effort in getting this information, including the contact details of possible leads. Partnering with such agencies can prove highly beneficial for you.
Invest in other marketing techniques as well to generate more leads. Referrals are particularly powerful as a way to identify possible leads. Never shy away from asking your satisfied customers for referrals.
Leverage the Power of Software
There are countless tools today that can help independent Medicare sales agents thrive. For instance, you can get software that allows you to complete contracts online, cutting the time it takes to acquire appointments.
There are also quoting tools that grant agents access to accurate and up-to-date pricing plans. Many helpful tools also exist that make it easier to communicate with your clients. There’s hardly any need for face-to-face meetings.
The right software helps speed up processes, which translates to higher productivity and more profit.
Experience Success in Medicare Sales
With the Medicare market experiencing tremendous growth, anyone can make a lucrative career in this industry. As long as you have the required training and documents, you only need an effective sales process, as well as a trusted source of the right Medicare products to get started. In addition, invest in the right set of software applications to see your Medicare sales through the roof.
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