Over 55 million Americans have Medicare as their health care coverage. Medicare is a federal health insurance program for people who are over the age of 65 and other special cases.
So, you may be wondering what exactly a Medicare insurance agent does. Read here to find a career overview for this particular job!
Career Overview
Medicare insurance agent takes a look at their client’s health record and evaluates their needs. Based on your evaluation, you make recommendations on their coverage. This may include supplemental insurance.
This career is more than selling insurance. You will serve as a guide and work to educate them on their coverage, prescriptions, care facilities, and policies. In-person visits are also usually required.
Also in the job description are sales-related duties that include meeting a set quota. These duties include marketing, relationship management, networking, prospecting, and member retention.
Types of Agents
Generally, there are two types of insurance jobs within the Medicare agent role. Captive agents are those who are employed by one specific company to sell insurance.
Independent agents are those who work with multiple companies or carriers. These agents are typically contracted to sell specific plans.
Compensation
Your clients will not need to pay you anything for your services. However, there are two commissions earned typically. This includes an amount per application and a percentage of the premium that is sold for supplemental insurance.
Because this is commission-based like many insurance careers, the medicare agent salary can vary.
Training
From this job overview, you’ll understand why it is necessary to have a good knowledge of the insurance industry. Even more important is to have a great understanding of Medicare.
Medicare has many programs and policies that you will need to be aware of. This includes patient eligibility requirements, election periods, pharmacy and provider networks, and prescription drug plans.
There are specific licenses that you will need to acquire that are mandated by your state. In addition, you’ll need a clean background check, a good driving record, verbal and written communication skills, and appropriate sales skills.
A Growing Market
There are 10,000 Americans who turn 65 every day. By the year 2030, all of the Baby Boomers will be over the age of 65. These facts are proof of a growing market.
As these Baby Boomers reach 65, they will need assistance with Medicare and supplemental insurance. This growing market needs to be supplied with great agents.
These figures show that there will be many more Medicare insurance agents jobs available. On top of that, there will be even more opportunities for those agents to make money.
Becoming a Medicare Agent
Becoming a Medicare agent is a great opportunity. This career overview is a short look into what you can expect from this role. There are plenty of ways to grow in this career.
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