To make it in the world of insurance, you first need to choose a specialty. Choosing a specialty allows you to narrow your competition. Instead of competing with all insurance agents, you are only competing against those within your niche.
One lucrative insurance niche is Medicare. When working as a Medicare Insurance Agent, you sell Medicare Supplement Plans and help those on Medicare understand their benefits and needs.
Learn more about what a Medicare Insurance agent can expect to earn within their career. Then, let Agent Career Finder help you find the perfect Medicare Insurance brokerage for you.
What Kind of Salary can you Expect?
When choosing a niche, you want to ensure it is lucrative. Selling insurance that is not lucrative will not motivate you to find the business you need to succeed.
Medicare is a lucrative business; everyone can get Medicare when they turn 65. However, the basic plan does not cover much. Many people require more than Medicare Part A. They need supplemental plans to cover other health expenses, such as medication, rehab, and more.
Therefore, a Medicare Insurance Agent can earn an excellent living off the insurance plans they offer to supplement Medicare. The average salary for those getting into the industry is around $60,000 a year.
Your salary depends on the following:
• Where you sell insurance
• The number of policies you sell in a year
• The number of policies you help maintain within a year
• The types of supplemental policies you sell
• Overall sales and residual income throughout the year
Do you Need an Insurance License to Sell Medicare Insurance?
Any insurance sales require an insurance license. Those who sell Medicare Insurance plans must maintain a health insurance license in the state where they sell.
Insurance agents can maintain licenses in as many states as they work. Therefore, if you wish to sell Medicare insurance plans in several states, such as the entire Northeast, you must maintain a health insurance license in each state. Otherwise, you cannot sell Medicare insurance in that state.
Are You Prepared to Help People Truly?
As a Medicare Insurance agent, you have one job: to help people. All insurance products allow you to help people obtain the proper coverage. However, Medicare insurance sales are even more about assisting people and figuring out what they have and what they need.
Your job will consist of several layers. First, your clients will expect you to explain what they currently have available to them. Many people on Medicare do not know what they have and may think their basic Medicare coverage pays for every medical expense.
Your job will be to explain to them what Medicare’s free plans cover.
From there, you will explain what options are available to them. Once again, you must walk your clients through the entire process. Many of your clients will be on a fixed income. Take the time to help them understand what they should carry and why. Show them the actual value of having Medicare Supplemental Insurance plans.
In the end, you are working with the older population. They are vulnerable and need your help. If you choose to sell Medicare insurance, make sure you want to help people. Your dedication will shine through.
To learn more about becoming a Medicare Insurance Agent, contact the experts at Agent Career Finder at Agentcareers. Our licensed professionals will be happy to answer any questions you have.