Medicare Insurance 101: Unraveling False Notions

Selling Medicare is one of those investment opportunities that most people misunderstand. That is as a result of the many myths that have spread over the years about the viability of this business, in returns and the procedures. It is these myths that keep most people undecided on whether to get into selling Medicare insurance as agents.

Some of the common myths include:

Medicare Markets are Shrinking

This myth is from the focus on the population that agents target for Medicare. But, with over 10,000 citizens turning into seniors every day, it means more potential selling opportunities each morning. That is inarguably quite a significant number to target. Besides, all people below 65 that are on Disability Insurance qualify for any Medicare. Those diagnosed with kidney failure but have not reached the age of 65 are other eligible beneficiaries of Medicare. From all those eligible groups, they can consider the Medicare market to be anything but not small.

MCGM Guidelines are a Deterrent in Search of Clients

These guidelines aim to provide ethical standards for all agents to adhere to. Knowing the MCGM requirements will only make an agent more confident while discharging his duties. Elimination of the unethical ways of selling Medicare will not only ensure that the business gains respect. It also will edge out competition from those not ready to follow the rules. MCGM serves to level the ground for those who are genuinely in the Medicare market but not vice versa.

Low Returns from Medicare

This myth can only be true to those who are not already in the business of selling Medicare. The commissions earned from the Medicare sales have been at an all-time high and have remained lucrative as they have always been. Besides the initial payment after selling of a policy, you have renewal commissions to cover for all your enrolled clients. These commissions vary from one carrier to the other. However, the renewal commission you get eventually adds up as long you keep your clients long enough.

There is No Need for Certification

Doctor with patient

Certification ensures you sell a diversity of plans, which is sure to translate into more sales. In the process of getting certified, you will get training on the various plans available. You will also learn what it will take you to remain industry-compliant when selling the products. Though there are several plans to sell without the necessary certification, the payoff for having one is great. Getting certification is the best means to ensure you have accurate and updated information on the products that you are selling.

Getting the Best Option for the Client is Hard

It is true there is a broad selection of plans to pick, but this can only work to the advantage of the client. It is easier to find plans that are tailor-made to fit your needs when the choices are many. That is especially so if you partner with FMOs that can assist in narrowing the search using clients’ age and gender, and their location.

Medicare agents are a key profession that impacts on people’s lives. Though agents benefit by getting some money out of selling Medicare insurance, the ultimate goal is usually to make a client’s life easier. Typically, that is within the premises of minimizing their bills and assuring them of security. Understanding this will make any agent pursue the proper steps towards being a respected and successful agent.