The Ultimate Guide to Selling Medicare Insurance

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

By the year 2030, all of the Baby Boomer generation will be age 65 or older.

10,000 Baby Boomers turn 65 each day. This means that they become eligible for Medicare and Medicare supplement plans.

There’s never been a better time to get into selling Medicare insurance.

But how do you get started? Starting your own business selling Medicare insurance doesn’t have to be overwhelming.

Keep reading for our ultimate guide to getting started selling Medicare today.

Step 1: Become a Medicare Expert

If you want to get started selling Medicare insurance, the first thing you need to do is research. Selling Medicare requires an extensive understanding of Medicare itself. You need to understand:

  • What is Medicare Part A?
  • What is Medicare Part B?
  • What doesn’t Original Medicare cover?
  • What is Medicare Part D?
  • What is Medicare Part C or Medicare Advantage?
  • How Does Medicare work with other insurance plans?

You need to understand these things so that you can offer your clients the best products for their needs and also answer their questions. 

AHIP Training

Before you can start selling Medicare Advantage or Medicare Part D, you have to complete what is called AHIP Medicare Training.

This training is not required when selling Medicare Supplement plans.

Medicare training programs and Medicare Advantage companies often offer discounts for this training.

Getting Started With Your Business

The next step requires you to make some decisions about how you want to run your business. You’ll need to:

  • Decide whether you want to work alone or as part of a team
  • Decide whether you want to be a captive agent or an independent agent (Do you want to work for one carrier or more than one? Working with multiple carriers gives your clients more options)
  • Decide whether you want to sell over the phone or in-person
  • Design a marketing plan
  • Contract with carriers
  • Buy leads

How Do You Get Paid Selling Medicare Insurance?

This is one of the most common questions new Medicare agents have – and for good reason.

When you sell Medicare insurance, you contract with a carrier. Your clients will pay the carrier directly and the carrier will pay you a commission. If your client renews their plan, the carrier may pay you for this as well.

Selling Medicare Over the Phone

Selling Medicare by phone is one of the best sales strategies for your new business. Just about everyone has a cellphone these days and most people have smartphones.

In fact, 92% of Americans age 65+ use cell phones. 61% use smartphones.

Your target audience is going to be a lot different than if you had started selling Medicare 20 years ago. Younger baby boomers have been using the internet for years, and many are accustomed to using technology. While you might think of face-to-face meetings and paper forms when you think of selling Medicare insurance, the truth is that most of your prospects will be okay with using their phones and may even prefer the added flexibility that comes with phone sales.

It’s important to keep in mind that your prospects can find Medicare insurance plans online. They are looking for the added convenience of working with someone like you that has a solid understanding of the plans they have to choose from and who can take the guesswork out of shopping for health insurance.

Your Medicare training is your biggest selling point.

No one wants to spend hours sorting through plans they don’t understand. Your prospects want to rely on your expertise to help them choose a plan that fits their needs and their budget.

When you sell Medicare over the phone, you don’t have to live in the states you are licensed to sell in. You just need to be licensed in the state. This means that by selling Medicare over the phone, you can reach more people than ever before.

Tips for Closing Sales

Once you’ve covered the basics, you can start setting appointments, closing sales, and making money. Here are some pro tips to help you get started.

Understand Your Audience

As we mentioned before, your target audience while selling Medicare insurance is going to be the Baby Boomer generation. This means it’s crucial that you understand how to speak their language.

Understanding what Baby Boomers want and how to communicate effectively with them will increase your credibility and your chances of closing sales.

Baby Boomers put a lot of emphasis on good manners and phone etiquette. Younger generations are much more casual on the phone than Baby Boomers. Always remember that you are trying to convince them to buy what you are selling.

Always be polite and speak with confidence. Anticipate that your prospects will expect detailed information. The more you know going in, the better your chances of making a good impression.

You want to avoid having to make your prospect wait while you stumble to find the answer to their question. This is why it’s so important to have a good organizational system and a good understanding of the products you are selling.

Build Rapport

Learning how to build rapport is one of the most useful skills in the Medicare profession.

In order to build rapport, you want to come off as friendly and approachable, but you don’t want to be too informal, especially when dealing with older generations.

Health insurance is a confusing topic, and 1 in 4 elderly Americans don’t have a good understanding of their Medicare plan. When you’re selling Medicare insurance, you don’t want to come off as too pushy.

Instead, ask questions that focus on the needs of your prospects. Demonstrate your understanding by patiently answering their questions and explaining their options.

Don’t underestimate the value of making a good impression. Word of mouth goes a long way, especially with older generations.

Your clients can forward your contact info to their friends and family. Just like everyone else, Baby Boomers are on the internet, and they put value in the recommendations their friends make via social media.

Follow a Script

Another thing you can do to boost your sales is to develop and follow a script.

Scripts are useful tools because they help you structure your conversations and stay on topic. This is especially useful if you are new to the world of sales.

When you’re talking with prospects and trying to develop rapport, conversations can drift from the topic at hand. When you follow a script, you’re more likely to stay on topic, and you can quickly get back on track if things get too far off-topic.

Here are some tips for creating the perfect script:

  • Introduce yourself and your agency
  • Explain why you’re calling and get right to the point
  • Ask your prospect if now is a good time to talk
  • Call back later if the prospect would prefer another time
  • Ask about your client’s current insurance plan
  • Takes notes throughout the conversation
  • Avoid sounding too “salesy
  • Avoid slang
  • Don’t get too technical
  • Explain things in a way your prospect can understand

Always remember to speak to prospects and clients on their level. Take the time to gain an understanding of what they are looking for.

What is their current insurance plan lacking?

What can you offer them that solves this problem?

After you’ve developed the perfect script, you should memorize it. The last thing you want to be doing is reading a script word for word. You don’t want to come off as robotic.

Your goal should be to have a normal conversation with your prospects and get them to forget that it is technically a sales call.

Join a Medicare Agent Training Program

As you can see, getting started selling Medicare insurance seems pretty complicated. But it doesn’t have to be.

One of the best things you can do is enroll in a training program.

When you join a program like this, you are given the tools and resources you need to succeed. Medicare training programs use a sales system that teaches you everything you need to know, from the basics of Medicare to how to make sales.

You’ll also get coaching and guidance from experienced Medicare insurance agents. Working with a mentor can also help you reduce some of the costs associated with starting your own Medicare business. 

Do You Want to Get Started Selling Medicare Insurance Today

Don’t delay! There’s never been a better time to become a Medicare agent.

Selling Medicare insurance is a profitable and rewarding career that can provide residual income. The best way to get started is to enroll in a training program.

Our Medicare training program covers all the basics and will give you a head start over your competition. Click here to learn more about our products and how we can help support your new business.

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