Medicare doesn’t cover everything. Medicare Advantage picks up the difference, covering needs like vision, prescription as well as reducing costs for other items covered by Medicare.
Becoming a licensed insurance agent is more than just deciding what kind of insurance you want to sell. There are some steps you need to take in order to be an official Medicare Advantage insurance agent.
You must take your state’s required prelicensing course and complete the certification exam. Each state is unique in the procedure and hours it requires for the course.
After you pass your prelicensing course, now it’s time to take your state’s licensing exam.
Once you have passed the licensing exam, you need to pass a background check. Depending on the state you are licensed in, the background check will look different and may include fingerprinting.
4/Apply for License
After you have passed all the exams for your state, you can apply for your license through the National Insurance Producer Registry (NIPR).
|Medicare Advantage Initial Enrollment Period (IEP)||This is three months before someone turns 65 to the three months after, which is a total of seven months to enroll in Medicare for the first time.|
|Medicare Advantage Open Enrollment Period (OEP)||The Open Enrollment Period (OEP) also lasts from January 1 to March 31, your client may only switch from one MA plan to another. Your clients can also drop MA coverage and enroll in Part D.|
|Medicare Advantage Annual Enrollment Period (AEP)||The majority of your clients will have to wait until the AEP, from Oct 15 – Dec 7, to switch from Original Medicare to a Medicare Advantage plan.|
|Medicare Advantage Special Enrollment Period (SEP)||Certain life changes like moving, losing coverage, financial eligibility, or chronic illnesses, either temporary or life-long. Life-long SEPs may qualify for Special Needs Plans (SNPs), which are Medicare Advantage plans that are specific to certain health conditions and/or financial needs. They can make one change to coverage per quarter from Jan – Sep.|
|Medicare Advantage General Enrollment Period (GEP)||Clients who miss their IEP can enroll during the GEP, which is from Jan – Mar. They may have to pay a penalty, and coverage won’t start until July 1, so it’s important that they enroll at the first opportunity.
This IEP is only for first time enrollment.
|Medicare Advantage (FMO)||Expenses for items not covered by Medicare. Policies vary but could include vision, dental, hearing, gym fees||
|Medicare Supplemental (FMO)||Out-of-pocket costs
not covered by Medicare, such as copayments, coinsurance, and deductibles
|Medicare Part D||Offsets and covers prescriptions not covered by Medicare||