How Insurance Agents Can Become Certified to Sell Medicare Plans
The Baby Boomer generation has officially begun to retire and enroll in Medicare. About 10,000 of them turn 65 each day, and that number is expected to double over the next decade. So it might not surprise you to learn that careers selling Medicare plans are heating up right now.
In particular, becoming licensed to sell Medicare plans can lead to a fulfilling career. You can help retirees match an insurance plan to their needs (a critical consideration for most) while also enjoying a lucrative business opportunity. The situation is truly win-win for everyone involved.
But how do you do it? Assuming you’re already licensed to sell insurance, you just need to take the following three steps to get certified to sell Medicare plans.
Step One: Pass AHIP exam and individual carrier certifications. All licensed brokers are required to pass an annual exam regarding the rules and regulations of selling Medicare plans, called America’s Health Insurance Plan (AHIP) certification.
Then, in order to begin selling Medicare plans, you must be appointed with each insurance carrier. You will be required to pass annual exams and sign a contract with each company.
Step Two: Purchase Errors and Omissions insurance. Anyone can make mistakes, so most insurance carriers require their brokers to be covered by Errors and Omissions insurance. This insurance protects you and the insurance carrier in the event that you provide misleading or false information to a client.
Step Three: Marketing your services. In order to begin helping retirees enroll in Medicare plans, you must first connect with them, gain their trust, and invite them to work with you. A variety of marketing opportunities are available, from old-fashioned print mailings to sophisticated social media campaigns. Because marketing is an entirely new profession to learn, most brokers outsource this task to a marketing firm.
Overall, the path to becoming certified to sell Medicare plans requires a bit of upfront cost and a lot of studying. But the rewards can multiply over the years as you enjoy a fruitful career that serves a worthy segment of your community.