If you are looking to grow your business, you should consider selling Medicare Supplement plans, especially if you are already selling other Medicare products. If you have only worked in other types of insurance, like health or life insurance, Medicare Supplement sales can be a great way to get involved in the Medicare market.
Medicare Supplement insurance plans offer an accessible entrance into the rapidly growing Medicare market. Medigap plans are available to existing Medicare beneficiaries, including seniors and, depending on differing state laws, those who are eligible because of disability or disease.
When you are selling Medigap plans, be sure to remain compliant with all federal and state guidelines. Understanding the regulations around the marketing and selling Medicare Supplement plans will not only keep you compliant, but will allow you to take advantage of guaranteed issue periods and other programs. Here are some other guidelines to keep in mind:
Unlike Original Medicare, rates for Medicare Supplement plans are not decided by the government, but by private insurance carriers. Their rates will vary but most will use one of three common methods:
Though private insurers usually have control over their eligibility requirements, the federal law guarantees all Medicare beneficiaries the right to a Medicare Supplement policy during the guaranteed issue period, regardless of your medical history.
The Open Enrollment Period for Medicare Supplement plans begins when a person turns 65 and enrolls in Part B. The enrollment period last for six months and everyone has guaranteed issue rights during that time.
A beneficiary might also have guaranteed issue rights under certain circumstances, like if you are forced to move away from the service area of your current Medicare Advantage plan. These guaranteed issue rights may not apply to all Medigap plans.
Ready to get started selling Medicare Supplements? Here are some crucial steps to help you start off on the right foot in Medigap sales:
Partnering with an FMO
Getting a Proper Insurance License
Purchasing Errors and Omissions insurance
Completing the AHIP Medicare certification
The best way to sell Medicare Supplements is to give your business the time and attention it deserves. If you really want to start making money selling Medicare, try these tips for selling more Medicare Supplement plans: