Sell Medicare Insurance Medicare Sales Jobs Get Started

The chief differences may be something you should consider when making a decision on which professional to choose. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. When adopting an advantage plan, all healthcare charges are billed through the selected provider and not directly through Medicare.

Every day, 11,000 baby boomers turn 65 and age into Medicare. Just in 2021 alone, 26 million people enrolled in a Medicare Advantage plan, and that number is expected to dramatically grow. By 2035, there will be almost 80 million people aged 65 years or older. Choosing benefit structure, for example, 1) traditional Medicare combined with a Part D prescription drug plan and Medicare Supplement plan versus 2) a Medicare Advantage private plan. You should ask if the broker or agent will review all plans available where you live — or if they will limit their review to a small selection of plans. There are some differences between how a captive agent, independent agent and broker function.

Then, compare it to similar plans, especially if you're new to the business and don't have existing clients with real-life budgets. It will list everything you need to know about your partnership with the carrier, including product requirements and how you'll receive payment for your sales and renewals. Once you submit contracting paperwork with a carrier, expect processing and background checks to take about seven to 10 business days. Keep in mind that turnaround time can take anywhere from four to six weeks if open enrollment is approaching. As with carrier contracting, you can gain a competitive advantage by completing your AHIP and FWA training early. This way, you won't have to spend time working through these courses as the open enrollment period approaches.

For 2022, that's $573 per beneficiary for first-time enrollment and $287 for renewals. FMO is an acronym for Field Marketing Organization which is a company approved to distribute health insurance plans on behalf of various insurance companies. An FMO will help you get appointed to sell with multiple insurance companies. There are several vendors who offer health insurance license training, and many states may require specific hours of study prior to taking the health insurance exam.

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When comparing Medicare agents and brokers, it’s important to understand the two different types of agents as well — independent agents and captive agents. Once you make your choice, the broker turns you over to the insurance company or one of its agents to complete the deal. Brokers work as an intermediary between you and insurance companies.