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Why Agents Should Sell Medicare

Updated: Feb 21, 2020

By Monet Garcia | February 20, 2020

One thing about the Insurance industry is that once you’re a licensed health and life agent, you have the freedom to choose what type of products you want to offer. If you’re thinking about selling Medicare but find yourself uncertain, you’ve come to the right place. Breaking into the Medicare market may seem intimidating at first, but there is no time like the present to jump into this booming industry. Below are just a few reasons as to why you should add Medicare to your product portfolio.

Over 10,000 potential sales opportunities – DAILY

According to AARP Public Policy Institute:

With over 10,000 Baby Boomers aging into Medicare each day, its apparent that the Medicare market will continue to grow exponentially for the foreseeable future. Whether you’re a seasoned agent looking to add Medicare to your portfolio or a licensed newbie wondering where to begin; the Medicare market is filled with opportunity for dedicated health insurance agents looking to help beneficiaries navigate the Medicare maze and understand their options.

Residual Income that can last a lifetime

Not only does residual income give you the flexibility to work for yourself, it also gives you the opportunity to add value as an agent by cross selling other products to your existing book of business over time.

In addition to that – After you help a client enroll, you will receive an initial commission for the first year of the policy. For every year after, should your client remain enrolled, you’ll receive a renewal commission. Some carriers pay lifetime renewals while others cap commissions after five to six years.

Year-round Selling Opportunity

When it comes to the Medicare market, many agents exclusively focus on the T-65 or age in population, although there is a large population of beneficiaries who qualify for both Medicare and Medicaid, known as ‘Dual Eligible’. Dual Eligible beneficiaries represent over 20% of the Medicare population, and only 30% of those beneficiaries are enrolled into a Medicare Advantage or Dual Special Needs plan (D-SNP). Additionally, another group of Medicare beneficiaries that are often overlooked are those under the age of 65 who receive Social Security Disability Insurance (SSDI) for more than 24-months.

D-SNP eligibles can enroll or change plans during the Medicare Advantage Annual Enrollment Period (AEP) or with a Special Enrollment Period (SEP) throughout the year. Furthermore, there was a recently implemented LIS/Dual Special Enrollment Period (SEP) that allows beneficiaries to make a coverage change one time per quarter, except during the fourth quarter of the year. An SEP example can be a Medicare beneficiary either gaining or losing their Medicaid or Low-Income Subsidy (LIS) eligibility.

Other Special Enrollment Period(s) applicable to Medicare beneficiaries can be found using the SEP Chart found here.

Benefits of Selling Medicare

Overall, getting started in the Medicare industry can be a very fulfilling and lucrative career that offers the opportunity for freedom. Freedom to own your own business and enjoy the financial benefits that come with residual, passive income.

If you have any questions about what products or plans to offer, additional training, or simply where to begin with selling Medicare, give us a call and speak with one of our agent support specialists.

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