Medicare Compliance Rules for Agents

Selling Medicare supplements is fairly simple and straightforward. Traditional Medigap plans have been around since the 1960's, and they are standardized to make it easier for consumer to choose which plan fits their needs and budget. These are private policies, like life insurance, in which the consumer can apply for coverage or drop coverage at any time.

However, since the advent of Medicare Advantage and Part D drug plans, there have unfortunately been some agents who have enrolled people to make a quick sale, regardless of the consequences to the consumer. Since Medicare Advantage and Part  D plans lock the beneficiary into coverage for the calendar year, it's important that agents thoroughly research a plan's suitability for a particular client before enrolling them.

CMS has issued a series of rules and regulations in the last 5 years that are intended to deter "bad apples" from taking advantage of senior citizens. The result is that ALL agents must pass certifications each fall for every carrier that they wish to represent the following the year. While this process if tedious, it ensures that are you fully equipped with the knowledge and ethical understand you need in order to be able to assist your clients in the best way possible.

Following the Rules

Because Medicare-related insurance sales have many rules, there are fewer agents these days willing to take on the annual compliance and certifications in order to be able to sell these products. This means there are more sales opportunities for the rest.

Some agents choose to work with just one company as a captive agent, and this allows them to be able to learn just a few products and undergo certifications from only one carrier. However, this can make sales difficult if you aren't able to offer competing products in the marketplace. .

The Advantages Of Being Independent

• The right coverage for your client. As an independent agent, you can thoroughly evaluate each prospect's needs and help them to select a policy that matches their needs. 
• Less competition. When you have a portfolio of carriers and products available to offer, you will lose less sales to competitors, because you will be able to offer multiple options to your clients. You won't have to sell against a great product that consumers are interested in, because you'll be offering that product, too. 
• You are your own boss. Whether you wish to sell Medicare products part-time or full-time, or from home or in an office setting, is entirely up to you. Some agents are content to sell products just a few days a week and make a livable wage without too much effort. Other agents are in it for the long haul and desire to earn a six-figure income by being the best agent they can possibly be. In Medicare sales, there are plenty of choices available to you.

Becoming a Medicare insurance agent does take time and effort. However, once you have learned how to comply with the rules and have been contracted to sell a few products, you can make a great career as an independent agent in a field where the sales are largely educational.

Want to learn more about selling Medicare-related products? Get information on becoming a Medicare supplement insurance agent today. In just a few minutes, you can speak with a Boomer recruiter who can help you be on your way to a very rewarding future.