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How to Become a Medicare Agent

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By Daniel Petkevich
Aug 30, 2023

A Ten Step Guide

Medicare insurance is crucial to providing healthcare coverage for over 65 Million people. Each day, 10,000 new people become eligible to join Medicare. However, many of them find Medicare confusing and overwhelming. They want help and expert advice from a Medicare Agent who can guide them through the process. Becoming a Medicare Agent is an excellent way to give back to your community while building a thriving business. This comprehensive guide provides essential steps to becoming a licensed Medicare agent.

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Step 1: Understand the Role
Before diving in, it's essential to have a clear understanding of what a Medicare agent does. Medicare Agents are guides and educators. They should have in-depth knowledge of Medicare, its parts, and coverages to help clients find and select plans for their unique needs. The best agents strive to become Medicare experts because they understand that their advice can have an enormous impact on their client's finances and access to healthcare.
Step 2: Eligibility Requirements
To become a licensed agent (producer), you'll need to meet eligibility requirements in the state where you live. Generally, you'll need to be at least 18 years old, have a high school diploma (or GED), and pass a background check. Additionally, many states require producers to complete pre-licensing education. Visit your state's insurance licensing division website or

use NIPR to look up your state's requirements

.
Step 3: Pre-Licensing Education
Whether or not your state requires pre-licensing education, studying and preparing for your licensing exam(s) is essential. Many states require you to obtain both a Life and a Health insurance license. Therefore, in addition to mastering information related to Medicare, you will also be expected to understand various other types of insurance. You can find a list of approved pre-licensing education courses on your state's insurance division website. We recommend checking out

ExamFx

for quality, affordable options.
Step 4: Licensing Exam
Once you've completed the pre-licensing education, it's time to schedule and take your licensing exam. The exam will test your knowledge of health and life insurance concepts, regulations, and sales ethics. Keep in mind that most licensure exams require a fee, a pre-education certificate of completion, and specific exam proctor location requirements (in-person or online). Contact your state's insurance division website to schedule your exam, or check out

PearsonVue

's list of exam centers by state.
Step 5: Apply for Your License
Congratulations on passing your licensing exam! You can now apply for your resident producer license via your state's insurance division or

NIPR

. The application process typically involves submitting your exam results, an application form, and paying fees. Check the

application requirements in your state

to ensure a smooth application process.
Step 6: AHIP Medicare Training
AHIP is a national association whose members provide health care coverage, services, and solutions. They provide annual training on Medicare, Fraud, Waste, and Abuse, which many insurance carriers require to sell their plans. AHIP certification costs $175; you can

register to complete the training and exam online

.
Step 7: Errors & Omissions Protection
Errors & Omissions or E&O insurance protects you and your business from claims of negligence, errors, or omissions committed during business activities that result in a financial loss. You can purchase an individual or agency policy. Look for a policy coverage limit of at least $1,000,000/$3,000,000, as most insurance carriers will require this to sell their plans. We recommend checking out

CalSurance

.
Step 8: Contracting with Insurance Carriers
We recommend contracting with multiple insurance carriers, as it allows you to offer your clients a variety of plan options. Researching insurance carriers, initiating contracts, and negotiating commissions can be frustrating and time-consuming. This is where an FMO (Field Marketing Organization) comes into play. We, at Fair Square, use

Bedrock Medicare

as our FMO. They streamline and simplify the process of carrier management, as well as provide software to manage our book of business and train our agents. A great FMO should provide you with tools and services that allow you to focus on your clients.
Step 9: Build Your Business
Now that you've got your license and carrier contracts, it's time to start building your book of business. Utilize your network, attend local events, and establish an online presence to reach potential clients. Building trust and rapport with your clients is essential because doing the right thing will ensure happy clients and future referrals.
Step 10: Continuing Education
Medicare insurance constantly evolves, and staying up-to-date with industry changes, regulations, and new plan offerings is crucial. Generally, you'll need to complete around 24 approved credits every two years. Check with your resident state's insurance division to determine what's required to maintain your license.
Conclusion
There has never been a better time to become a Medicare agent. CMS estimates that by 2031, Medicare enrollment will climb to 76.4 million. Don't miss out on a fantastic opportunity to help people in your community while building a thriving business with enormous growth potential. If you're looking to get started building your own independent brokerage, book a demo with the Bedrock team at

bedrockmedicare.com

.

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

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Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. © 2024 Help Button Inc

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