How to Become a Medicare Advantage Insurance Agent
A Medicare Advantage agent sells products to people eligible for Medicare. In the past, most people simply used Medicare and added a supplement to cover their needs. The cost savings, and therefore the popularity, of many of the managed-care plans were of great benefit for those below the age of 65, and the government felt that the same options should be available for those on Medicare. The government added private fee-for-service plans at the same time in 1999, and made improvements in the plans offered in 2003. The plans are called Medicare Advantage. Before becoming a Medicare Advantage insurance agent, there are a few requirements you need to meet, which are virtually the same as those for becoming a regular insurance agent.
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Things You'll Need
- Prelicense study
- Insurance tests
- Insurance agent application for the state
- Contracts with companies that provide Medicare Advantage
Instructions
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Judge whether you meet the qualifications of your state's Department of Insurance. Before you get a license to market health insurance of any kind in your state, you need to be a resident of that state or do business there and be a specific age. Most states require that you be at least 18 years old, but some extend the age to 21. You must also live in that state, show financial responsibility and not have a history of any criminal acts that might make you lose your license
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Enroll in a specified pre-examination course. Most states require that you take a formal course before the health insurance test. The amount of pretest hours varies from state to state, but generally it ranges from 24 to 40 hours. These courses are sometimes online and sometimes classroom courses. Unless you're already working for someone who pays for the course, the cost is yours to bear. If you live in a state that doesn't require the pretest hours, you still should get self-study materials.
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Print out the certification of pretest hours or get a form at the end of your class that says you completed the course. Take the certification of completion with you on the day of the exam if your state requires pre-examination hours. The person who monitors the test won't let you take it if the state requires you have classroom hours before the test.
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Take the exam. Every state has an insurance exam for health insurance; it's one way the insurance commissioner knows that the agents understand the law. The requirement to pass the test varies, but often requires you get 70 to 75 percent of the questions correct.
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Fill out the application. Most of the time, you have to include money for not only the insurance license but also so the Department of Insurance records your test results. Mail the form to the Department of Insurance. Some states allow you to go online to fill out the form. In those states, you also find out if the state approved your license online.
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Receive approval through the mail or online. Once you have approval as a health agent, you may market insurance in your state. Some states require additional continuing education if you market senior products, such as Medicare Advantage, so make sure you check the requirements for your state. Once you find a carrier or several carriers you wish to market, fill out their applications to work as a captive agent, who works for just them, or independent producer, where you sell the policies of several companies. Most of the companies that offer the Medicare Advantage products also offer free seminars and classes to train you about their product.
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Learn all the fine print of the policies. You can enroll anyone who's eligible for Medicare in their initial election period, change them in November and December during the annual enrollment period or during the open enrollment period from January 1 through March 31. As a Medicare Advantage agent, you'll help people make one of the most important decisions of their golden years. Make certain you have all the information to help them.
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