Selling Medicare Supplements can feel like a lonely path, however, it doesn’t have to be this way. This article discusses what you need to get started today in Medicare sales.
The future is bright when it comes to Medicare sales. Many insurance agents are getting excited over selling Medicare Supplement plans and for good reason. There is a huge opportunity for a great income as the baby boomers head into retirement in droves.
Consider this, the U.S. Census estimates that by 2040 there will be over 80 million senior citizens. This is great news if you plan to sell Medicare Supplements for the foreseeable future.
What’s even better is the opportunity for residual income. When you sell Medicare Supplements, you do not make just a one-time sale. A single Medicare Supplement transaction can bring you income for up to 7 years or more. This is the kind of recession-resistant, pandemic-proof industry people are chomping at the bit to break into.
The problem is, there are a few things you need to arrange for and do. Here are the 5 things you need to get started today in Medicare sales.
How to Get Started in Medicare Sales
The first thing you need in order to get started with Medicare sales is the right attitude and outlook. Selling Medicare Supplements takes some time to set up, but the reward is worth it in the end. Realistically, this is not a get-rich fast scheme. Instead, this is a get-rich steady approach that can have successful agents making six figures in just a few years. So, are you ready to start selling medicare insurance? Here’s what you need to do.
1. License to Sell Medicare
One of the very first things you need to secure in order to successfully sell Medicare Supplements is your license. If you have your license already, you are one step ahead of the game. However, if you are just starting out, you will need to secure a Life and Health license.
Now, some agents might question why they need to pass a Life Insurance exam in order to sell Medicare Supplements. The answer is two-fold. First, you want to pass the Life Insurance exam in order to cross-sell products. It can be easy to add a life insurance policy once you get the Medicare Supplement out of the way. Secondly, some insurance carriers actually require you to have both licenses in order to sell their products. In the long run, it doesn’t hurt to hold both licenses.
Another thing to keep in mind about getting your insurance license is that you must have a clean background. You will likely be ineligible if you have a felony or financial fraud on your record.
Once you have your insurance license, also be sure to keep up with the continuing education requirements. This means you will have to participate in educational training to earn credit in order to keep your license current. Each state has its own requirements and fee schedule for continuing education.
If you are on the hunt for a training website to prepare you for the exam, not all sites are created equally. Some are really good and some will leave a lot to be desired. If you are looking for a reputable insurance exam preparation website, check out Testivity. If you are interested in a discount on these services, join Medicare Training Online for exclusive access.
2. Marketing System to Generate Leads
So you got your license, now what? Any successful Medicare insurance agent has a marketing system to generate leads. Finding your system will depend on what you are comfortable doing and which method gives you a good return on investment. Some examples of systems that insurance agents have used to successfully sell Medicare insurance include mailers, digital marketing, and cold calling.
3. Tools and Resources to Sell Medicare
The days of door-to-door sales are essentially over. You do not want to leave your sales approach up to time and chance and hours of guesswork. The digital age of marketing is leading the way and you do not want to miss the ship.
You need access to online tools to help with your Medicare sales strategy. These include tools for marketing, lead generation, quoting plans, management, and follow-up (think Customer Relationship Management software or CRM). If you are not using these tools you will be out-performed every single day.
4. Contracting With Medicare Insurance Carriers
In order to sell Medicare Supplements, you will need to get contracted with insurance carriers. It is crucial to negotiate a good contract level. Some Supplements pay flat-rate commissions, while others offer a percentage commission. If you can show good performance, you can ask for more.
5. Medicare Sales Training
Once you have your ducks in a row, you must understand the maze of Medicare in order to effectively sell Medicare Supplements. Until recently, agents were limited to one-on-one training or workshops. As the digital world has evolved, so has Medicare sales training online. What this means is that you can join a Learning Management System.
Learning to sell Medicare Supplements is easy when you choose the right training. You do not need to look any further. Medicare Training Online can guide you to the path of least resistance and get you the best results.
Final Thoughts: 5 Things You Need to Get Started Today in Medicare Sales
Now is the time to gear up for a great career in Medicare Supplement sales. The opportunities for success are near endless. You can get started by doing those simple 5 things listed above. Each step will get you closer to building a great book of business and lasting income. Remember, this is not a get-rich-quick approach, but one that will bring in continual income year after year.