Medicare Agents vs Brokers: Pros, Cons, & How To Choose

Anyone currently enrolled in Medicare or will soon be turning 65, or any relatives of seniors or Medicare beneficiaries who assist with healthcare matters. Gain a solid understanding of what Medicare is, how it works, and the benefits available to you. Get the latest information on the yearly changes to Medicare benefits. Ask a Licensed Agent questions about your specific situation. Whether you are just turning 65, are looking to gain access to early benefits, or need to delay Medicare enrollment, your dedicated Licensed Independent Agent will review all the pros and cons. All agents must have a license in the states where they sell policies.

Without adequate coverage, these costs can add up to millions of dollars. That's part of why some carriers require you to have E&O before you can sell with them. Determine the size and diversity of the plan's network so you can advise new clients. Identify what costs a client might incur if they go out of network and ask the carrier if it requires referrals. Take the marketability of each product into account as well.

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We then match the right shopper to the right agent based on the shopper's needs and the agent's portfolio. All of these certifications, training requirements, and legal protections can make selling Medicare insurance feel overwhelming at first. But don't let them deter you from reaching your end goal — a rewarding and lucrative career. Once you start connecting with prospects, it's important to make sure you have all the tools you need to make the sale. Consider pre-ordering your kits so that your requests are at the top of the list when your carriers start distribution.

Agents and health plans made up 87 percent of search page ads, while CMS accounted for 7 percent. Undergo product and sales training from contracted carriers. Choosing benefit structure, for example, 1) traditional Medicare combined with a Part D prescription drug plan and Medicare Supplement plan versus 2) a Medicare Advantage private plan. Our Scorecard ranks every state’s health care system based on how well it provides high-quality, accessible, and equitable health care.

For example, if you sell 200 Medicare Advantage plans in your first year, you could earn $60,000 in Advantage commissions alone. If you've ever considered learning how to become a Medicare insurance sales agent, there's never been a better time. The lowest price for Medicare Supplement insurance may seem medicare agent attractive. That’s why it is important to ask the agent or broker about the company’s recent record of rate increases. A good agent will have no problem sharing this information (hint, that’s a good way to identify a good agent). And, Medigap insurance prices can vary from one Zip Code to the next.