Possible sales people call my office every day and tell me they want to start selling Medicare plans. They believe that the older market is a place to be and wants to start selling immediately. Nine out of ten of these people do not even do it from the first month. I'm going to share what they're doing wrong and how to avoid the pit that kept them from getting out of the world.
The following information I share is based on my trial and errors that sell Medicare and health plans for the past 14 years. I have also worked with hundreds of agents with numerous backgrounds and talents. Here is an overview of how you can start and benefit from Medicare's sales.
Insurance Permits and Errors and Negligence: You must have a valid insurance license in the State in which you intend to trade. Many carriers also need E and O insurance. There are a number of E and O carriers. NAPA generally has good pricing that should be $ 500 to $ 600 a year.
Education: One of the biggest mistakes is that people try to sell Medicare plans without understanding Medicare. You need to understand Medicare A and B before you can find self-selling people plans to add Medicare A and B coverage. Find a copy of the "Medicare and you" book and read it 2 or 3 times to get started. Then talk to someone who has been selling plans for at least a few years to get an explanation of reality. There is also a number of online presentations that give a high overview of the original Medicare. These types of presentations will also help you with the basics.
Company Contracts: You need to be hired to sell at least 2 different companies that offer Medicare Advantage and Medicare additional shows in the area you will be working on. As time goes on it will be useful to be appointed with most if not all of them but it would be too much to start. Two companies will get it done in the beginning. Again, use the internet to get an idea of which companies are competitive in your area. There are also a number of Medicare wholesale websites that allow you to make basic comparison in any particular zipcode.
When you get your stock, review the summary of benefits many times. You should be able to rattle off copays and the benefits of the top of your head. Go through the programs and then know from start to finish.
Think about using wholesalers, FMOs or marketing organizations: They are companies that have contracts with many insurance companies. You may be able to get all your other Medicare business insurance contracts through one of these agencies.
Try to review some basic summaries to see who has the most competitive advantage and call them to begin the policy process. For additional plans, you can use the insurance department's website to find the best prices. (Prices are the key in supplementary agreements).
Guidance: Once you have finished organizing your business, certificate and received merchandise, you need to find some ways. Many agents will try to rely on personal contacts and referrals. This is a great addition to your business but will not be enough to keep you occupied or pay our mortgage. You need a primary entrepreneur. I would suggest the following types.
Mailers: Use a post office. You pay about $ 400 per 1000 delivered and get a 3% response. This should buy you the mailbox, the mailing address and the deposit in your mailbox or inbox for this price. If the post office wants more money at 1000, find another post office.
Online Guidelines: You can buy online purchases. Warning: Online guidelines can work well for the right person, but may be total waste for some. Talk to your network for suggestions. There are a lot of good points for online leads but it must be in the next article.
Additional phone number and pre-arranged appointment: Additional mandates may be legally called (provided that the DNC guidelines are followed). You can pay companies to pre-offer an additional offer for you, but you can not make a cost sale at that time. A good cost of pre-set additional bids is $ 18 to $ 24 for each order
Some agencies will provide you with free travel, but with a reduced fee. This can often be good for many new business people, just make sure there are no other strings available.
Understanding the LIS and MSP programs in your domain: This is one of the biggest mistakes that new and experienced people make. They are not familiar with different Rx and medical care plans for the elderly in their state. Knowing these programs can lead to multiple additional sales and can help you close existing sales. You must know the income for your state. Medication and counseling programs can create a special appointment period to register for a non-AEP program.
Understanding of how full Medicaid works in conjunction with a Supplement or Advantage Plan: Most dealers do not have an idea as to Medicaid relations with original Medicare, Advantage plans and supplements. Lack of understanding with an agent will cost him / her a large number of sales.
Be contractual to sell other industries: If you are struggling to run an appointment, you will definitely see customers looking for other services as well as health insurance plans, closing costs, pensions, dental services and vision, o .fl. The more services you can provide the better you will do.
Effort, Perseverance and Measurement: Work hard to educate you as much as possible. Be persistent when working leads (courtesy but persistent) and understand you will not have time with all or close all sales. Be sure to keep track of your appointments and customers. Keep track of customers and prospects and contact them.
This is a very basic introduction to Medicare sales but it's a good place to start your road to Medicare Sales success.