How to Sell Medicare Plans Successfully
From time to time, potential sellers connect to my office to say they have health plans to sell me. They believe that the larger market is the right place for them and they want to start selling immediately. Of the ten, nine do not even happen beyond the first month. I will let you know what you are not doing well and how you can avoid the pitfalls that prevent you from succeeding in your company.
The following information, which I am sharing, is based on my experiences and the mistakes I made in selling Medicare and health insurance in the last 13 years. In addition, I have worked with many agents with varied skills and backgrounds. This is a summary of how you can begin and excel in the sale of Medicare plans. Insurance, error and omission license: it is necessary to have a valid insurance license in the state in which you wish to practice. Many insurers also require E and O insurance. There are currently several E and O operators. Normally, the NAPA price is good, it should be between 500 and 600 USD per year.
A big mistake is that people try to sell health plans without understanding Medicare. You need to understand the elements of Medicare A and B before you can sell an insurance plan to supplement Medicare A and B insurance. Look for a copy of the book titled “Medicare and You” and read 2 to 3 times to begin. So, speak to anyone who has experience in promoting plans for a minimum of a few years to better understand. There is also a series of online presentations that describe the initial Medicare plan. These types of presentations will help you a lot with the basics.
You must be designated to sell at least two different companies that offer Medicare supplement and Medicare Advantage plan in the region where you will be working. Over time, it will be useful to be indicated with most, if not all, but it would be very oppressive to begin with. Two companies will do it at the beginning. Use the Internet again to get an idea of which companies in your area are competitive. For each zip code, there are also wholesale Medicare sites that will allow you to make basic comparisons. Whenever you receive supplies, review the summary of benefits several times. You must have the ability to understand the payments and benefits of each plan and remember them in color. Learn about each policy and know from beginning to end. Remember to use a marketing organization, an FMO or a wholesaler:
These are companies that have contracts with different insurance companies. You can get the entire Medicare business insurance plan https://www.2020medicareadvantage.com different from one of those organizations. Try to review simple summaries to find out who has the competitive advantage criteria and then call them to start the selection process. For more plans, you can use the website of the state insurance department to find out who has the best rates (for more plans, prices are your main differences).