What To Expect When Working With a Medicare Agent

Most brokers also provide support over the phone for any questions that require one-on-one help. Call today to see what Medicare Advantage insurance options are available and decide which one is right for you. Another option for Medicare recipients is to stick with Original Medicare and supplement it with Medigap coverage to help cover some of the costs of care. These plans tend to be more expensive for the plan holder but less lucrative than Medicare Advantage for you as an agent. Commissions are based on a percentage of the Medigap premium, rather than flat rates as with Medicare Advantage or prescription drug plans. See the agent’s name, company and contact them via email or by calling.

Many carriers have minimum product requirements, for example, at least one enrollment per product. Consider the different scenarios you might encounter — policyholder health statuses, budget issues, coverage preferences, and so on. Aim for a variety of plans so that you can meet these different needs. Once you submit contracting paperwork with a carrier, expect processing and background checks to take about seven to 10 business days.

I recognize shoppers have many options to consider when selecting a plan. I’m here to help them navigate through the intricacies of Medicare and introduce them medicare agent to what Humana has to offer. Download your free PDF and get help with understanding enrollment periods, penalties and Medicare's "alphabet soup" of coverage.

The first year you work, you will only earn commissions on initial sales. After that, you will earn commissions based on renewing sales, as well as any initial payments for new sales. You’ll even make money without making any new sales at all – although the best way to grow your income is to make more sales each year. According to Zip Recruiter, Medicare insurance agents earned an average of $52,817 a year as of May 26, 2020. However, there is considerable variation in how much agents earn. Medicare is a federal government program, but enrollees also typically purchase policies from private companies that work with Medicare.

If you want to buy a Medicare Supplement Insurance policy after your open enrollment period, insurance companies may use medical underwriting and set the premium based on your current health condition. They may also refuse to sell you the policy based on any health issues you have. A Medicare agent or broker can help you figure out if you’ll meet the underwriting requirements for the plan you want. Upon finding an agent or broker you like, it is important to check their license status to confirm their credentials and get information regarding your options.

Many beneficiaries, new and old, wonder if they need a Medicare insurance agent to help them enroll in Medicare. There are many benefits to working with a licensed Medicare agent, we’ll go over why you need one and if you need to find one near you. Insurers also may make additional payments, in addition to enrollment commissions. These administrative payments are paid to agencies for assuming administrative and operational responsibilities in support of an agent’s work soliciting and enrolling beneficiaries. These activities may include marketing, technology, training, and compliance; the agencies serve as an intermediary between agents and insurers. For Medigap plans, the agent’s commission is typically a percentage of the annual plan premium; the percentage is set and the commission paid by the insurer.