Complete Guide to Becoming a Medicare Insurance Agent

Insurers also may make additional payments, in addition to enrollment commissions. These administrative payments are paid to agencies for assuming administrative and operational responsibilities in support of an agent’s work soliciting and enrolling beneficiaries. These activities may include marketing, technology, training, and compliance; the agencies serve as an intermediary between agents and insurers. Working with a licensed Humana sales agent may help you get more out of Medicare. Our agents can simplify the process of finding the right plan, answer your questions and help you enroll.

Once a beneficiary is enrolled in an MA or Part D plan, agents earn a commission when the beneficiary switches to a new plan or stays with the original plan. The commission is paid to the agent of record as long as the beneficiary does not have an enrollment submitted to a new insurer by another agent. CMS maximum commission rates are set lower for “switchers” medicare agent and “renewals” — 50 percent of the first-time commission. For 2022, the maximum national commission for renewals and switches is $287 for MA, with variations in certain markets. Beneficiaries may not understand their postenrollment rights. Ideally beneficiaries will use the coverage to which they are entitled, but this is not always straightforward.

Agents work for insurance companies selling Medicare plans, while brokers connect you with the company or agent that best fits your needs. If you want to buy a Medicare Supplement Insurance policy after your open enrollment period, insurance companies may use medical underwriting and set the premium based on your current health condition. They may also refuse to sell you the policy based on any health issues you have. A Medicare agent or broker can help you figure out if you’ll meet the underwriting requirements for the plan you want. Many websites of state insurance departments allow you to check the license status of someone who claims to be a licensed insurance agent or broker. Most insurance company representatives only offer one plan, but we understand that your needs are unique, and can change.

The NIPR provides new licenses and renewals for agents in all 50 states. Its intuitive process helps to minimize paperwork and data entry, so you can get your health insurance license quickly without slowing your business down. The process works for both resident and non-resident licenses.

CMS Medicare rules and regulations are subject to change every year, so all agents who sell Medicare need to take the updated AHIP certification test annually. Starting early also means that you can begin onboarding more clients earlier. If you start this process well before open enrollment, you'll be ahead of the competition and positioned for early success. Starting early also entails that you can begin onboarding more clients earlier. She showed me a comparison of insurance companies versus the coverage I had.