Complete Guide to Becoming a Medicare Insurance Agent

But you won’t learn about plans from other Medicare insurance companies. However, the commissions agents and brokers receive for different plans vary by company and arrangement. For instance, the commission can be a flat fee medicare agent or a percentage of the premium. Regardless, you don’t pay for the agent’s or broker’s service directly. Navigating Original Medicare, Medicare Supplement Insurance plans, or Medicare Advantage plans can be overwhelming.

Most of the time, you'll never even need to reach out to carrier reps. Instead, you'll have access to a wide variety of training sessions made available each week to broaden your knowledge of how to sell Medicare. 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. Before you offer a plan, identify its premium and how that compares to your clients' price points. Then, compare it to similar plans, especially if you're new to the business and don't have existing clients with real-life budgets.

Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. For full transparency, we clearly identify our sources in a list at the bottom of each page. Estimate how long you'll live and explore retirement options for a long life.

Once you've started selling, you'll need to recertify with each carrier annually. Doing so ensures that you stay up to date on Medicare regulations and the yearly shifts in each carrier's offerings. In 2021, for example, the Centers for Medicare and Medicaid Services introduced newly mandated cost-sharing for prescription drug payments, and those changes will become active in 2022.

Undergo product and sales training from contracted carriers. You should receive your card 4 months in advance of your eligibility to enroll. If you’re on Medicaid, it helps to know what level of Medicaid you have.