Why Sell Supplemental Medicare Insurance
Before exploring how to start selling supplemental Medicare Insurance, let’s do a little due diligence and examine why selling Medicare products may be a good fit for you. First, a look at the market.
According to aarp.org, by 2030, all baby boomers and 1/5 of the US population will have reached age 65+. This means there will be a huge pull on the insurance industry as the need for Medicare supplement insurance plans, also known as Medigap, increases since Medicare Parts A & B don’t cover all medical needs.
With life expectancy tracking somewhere between the high-70s to mid-80s, depending on which source is reporting, one thing is notable, U.S. seniors will be seeking out supplemental insurance for anywhere between 15-25 years.
Why Selling Medicare Is a Good Career Path
Find out how our agents are using their Co-op Dollars to increase their commissions
- The demand is definitely there as we have already explored.
- Income potential. In addition to a high commission base for Medicare Advantage and Supplement plans in the first year, agents also earn residuals. This means as long as your clients stay with you, you keep earning commission each month or year.
- Standardized coverage puts everyone on an even playing field. That’s right. This means one carrier’s plan F, can’t offer better coverage than another
- Not a lot of red tape. You will need to complete the required registration and training as dictated by CMS (Centers for Medicare and Medicaid services), but cost and time can be minimal, depending on if you choose to sell Medicare Advantage or Medicare Supplement Plans (Medigap). This is something we can help guide you through.
So, there’s a look at the market, but before making the decision to sell Medicare plans we have a few self-reflection questions to help you decide if this career choice is a good match up for you.
Why You Should Consider Selling Supplemental Medicare Insurance
Embarking on a new career is a commitment, an investment of time and energy. Here are a handful of reasons many successful agents began:
- Unlimited earning potential. You aren’t tied to a steady 3% pay increase year after year that isn’t even keeping up with inflation. You get out what you put in.
- Helping Medicare Beneficiaries, often at a very vulnerable point of their life, find the health care that best matches their medical needs and their budget.
- Flexibility of schedule. You are your own boss. Make calls and set appointments according to your schedule.
- Successful agents come from all walks of life. We have stay-at-home parents looking for supplemental income, empty nesters who don’t want to invest in going back to school halfway through life, those who have worked a significant amount of time in a previous industry and were looking for something new and even recent college grads who are ready to apply what they have learned.
Get equipped to Sell
If connecting with the Medicare insurance market as we explored interests you, then it’s time to take it to the next step. In our next blog post we will provide a road map to start effectively selling Medicare Insurance. We will pull back the curtain on what some of our most successful independent brokers are doing so you can hit the ground running. If you want to have a one-on-one consultation, we invite you to schedule your demo now. This call is completely free and will get all your questions answered.