Medicare Agent Training: 5 Key Facts You Need to Know

Written by Matthew King, time it takes to read this article is  minute(s).

Are you thinking of becoming a Medicare agent? There’s no better time to become an agent since the baby boomer generation of those 65 and older has grown by over a third during the past decade.

In this article, explore the key facts you’ll need to know for Medicare agent training. Read on to explore the different types of training necessary and why this is a successful field to go into.

1. How Do I Become a Certified Medicare Agent?

Agent training for Medicare is an ongoing process, with having to go through training each year. No degree is necessary, but you’ll need a certification and license. You’ll also need to understand Medicare Prescription Drug Plans, Medicare Supplement Plans, and Medicare Advantage Plans.

2. Is Agent Medicare Training Necessary?

In order to become the best Medicare agent you can be, Medicare agent training is a good idea. Even if you pass all of the tests necessary, it doesn’t make you a good salesperson. Your agent training will also include training tips and how to talk with your clients.

3. What Does a Medicare Agent Do?

As a Medicare sales agent, you’ll be representing top insurance companies and helping people find the right plan for their needs. You’ll take into account the lifestyle and budget of each client you work with. You’ll also have them understand their options by doing a comparison of quotes from multiple carriers.

4. Each States Varies

Keep in mind that each state has different requirements and procedures necessary to become a Medicare agent. You’ll first need to get your health insurance license. After this, you’ll complete the AHIP (America’s Health Insurance Plans) certification.

Next, obtain the Errors and Omissions (E&O) Insurance. You’ll want to contract with multiple carriers and complete yearly carrier Medicare certifications. You’ll also need to continue your education requirements as well.

5. What Will I Study?

Not only will you learn how to become a successful salesperson with agent training, but you’ll learn about claims adjudication, coinsurance, healthcare laws, deductibles, networks such as PPO, HMO, and PFFS, compliance, and professional ethics.

Depending on your state, you might need to do a certain amount of study hours before taking the health insurance exam. Once you pass the exam then, you’re able to sell most products in your state. Medicare Advantage and Prescription Drug plans have an additional requirement of needing to become certified and gaining ready-to-sell status before you can sell.

Choosing an FMO

Next, you’ll be taking a look at the different FMOs (Field  Marketing Organization) in your area. These companies are allowed to represent health insurance plans for different insurance companies.

Having an FMO will help you sell with different insurance companies. When you’ve contracted with an FMO, you’ll be able to sell Medicare supplements, Medicare Advantage, and Prescription Drug plans.

Errors & Omissions Insurance

This insurance is there to protect you if you give a client misleading or incorrect information and they take legal action against you. You can buy this through casualty or property agencies or insurance associations. Your upline may provide you with E&O insurance, but if they don’t, then you’ll need to buy your own.

Why Become a Medicare Agent?

It can be a successful career for the right person. If you enjoy working with people and are a self-starter, it’s a great opportunity for you. You’ll have job security, and you’ll be helping others.

You’ll need people skills in order to be successful. This is due to forming relationships and speaking with your clients. Keep in mind that you’ll be speaking with people of various incomes, ages, and backgrounds.

It’s also a good idea to become comfortable with technology if you aren’t. Technology is vital in order to be a successful agent.

How Do You Get Paid?

Medicare agents don’t take money from their clients and don’t raise the rate for them. As an agent, you’re paid by the insurance carrier for selling their items. You can tell clients that if they buy from the carrier directly then they won’t receive the customer service and support that you’ll provide them.

Can I Sell Medicare Supplements Within My State?

States allow the selling of Medicare supplements, it’s more about picking the right state to sell the supplements in. Keep in mind that depending on whether it’s rural or a city, the demographics or market factors will determine how successful you can be.

What Licensing Is Required?

To sell Medicare supplements you’ll need a health insurance license. Many agents will receive their health and life insurance at the same time. Certain states, such as North Carolina, require a special license known as a Medicare Supplement license.

In every state outside of your resident state, you’ll need what’s called a non-resident license which can be received within minutes. This is in order to sell insurance in person or over the phone outside of your home state.

Why Should You Do Medicare Training Every Year?

Even though Medicare certification is required annually, it’s still a good idea to obtain additional sales training every year. This is because some Medicare products are adjusted every year, so it’s good to see what’s available and what’s not. There might be new rules and regulations that you’ll want to abide by as well.

Medicare training will help you market yourself as a Medicare agent. You might learn about new products being released and be able to market yourself by selling those products.

All About Medicare Agent Training

Now that you’ve learned more about Medicare agent training, you should have a better idea of why it’s right for you. Are you ready to get started as a Medicare agent today? Contact us now, and we’ll help you sign up to become a Medicare agent today. 

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