How to Sell Medicare Plans Successfully
From time to time, potential sellers call my office to say that they have health insurance plan to sell to me. They think the senior market is the right place for them and they want to start selling immediately. Out of ten, nine do not even succeed beyond the first month. I will let you know what you are not doing right and how you can avoid the pitfalls that keep you from succeeding in your endeavor. The following information which I am sharing is based on my experiences and the errors which I made while selling Medicare and health insurance over the past 13 years. Also, I have worked with so many agents with varied skills and backgrounds. This is a summation of how you can begin and excel at selling Medicare plans.
Insurance license, error and omission: it is necessary to have a valid insurance license in the state in which you wish to exercise. Many insurers also require E and O insurance. Today, there are several E and O operators. Usually, the NAPA price is good, it should be between 500 and 600 USD a year. A big mistake is that people try to sell health insurance plan without understanding Medicare. You need to understand the Medicare A and B elements before you can sell insurance plan to supplement Medicare A and B insurance. Find a copy of the book “Medicare and You” and read it 2 to 3 times to begin with. So, talk to someone who has experience selling plans for at least a few years to better understand. There is also a series of online presentations that outline the initial Medicare plan. These types of presentations will help you a lot with the fundamentals.
You must be designated to sell at least two different companies offering Medicare supplement and Medicare Advantage plan in the region where you will be working. Over time, it will be useful to be appointed with most, if not all, but it would be too oppressive to start. Two companies will do it in the beginning. Use the Internet again to get an idea of which businesses in your area are competitive. For each postal code, there are also Medicare wholesale websites that will allow you to make basic comparisons. Whenever you receive supplies, review the summary of benefits several times. You must have the ability to understand the co-payments and benefits of each plan and remember them by heart. Learn about each policy and know them from start to finish.
Remember to use a marketing organization, an FMO or a wholesaler: These are companies that have contracts with different insurance companies. You can get a 2020 Medicare advantage plans comparison from www.medicareadvantageplans2020.org one of these organizations. Try to review simple summaries to find out who has the competitive advantage criteria, and then call them to start the selection process. For more plans, you can use the state insurance department’s website to find out who has the best rates (for more plans, prices are their major differences).