How to Become a Medicare Advantage Insurance Broker
Medicare Advantage, also called Medicare Part C, is the federal program that allows seniors to access Medicare benefits through a network of private managed care insurance providers. In order to qualify, applicants must generally be at least 65 years old and already enrolled in Medicare Part A and Part B. Medicare Advantage applicants can choose to enroll in a health maintenance organization, a preferred provider organization, a private fee-for-service plan or a specialized plan designed to provide more focused care for specific medical conditions. Medicare Advantage brokers frequently sell life insurance and long-term care insurance in addition to their primary line of Medicare Advantage and Medigap plans.
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Instructions
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Enroll in a state-approved insurance licensing exam preparation course. You can select to take the course on line or enroll in a class in person. If you are joining an agency, your manager will be able to recommend a course for you. Or you can visit the website of your state's department of insurance regulation for requirements specific to your state.
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Take the insurance exam. You will generally have to make an appointment at the local testing center. Depending on your preexisting level of knowledge and experience, expect to take one to two weeks of intensive study to pass the exam.
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Contact the major health insurance carriers in your area and ask them how to become appointed with them as an agent. You must be appointed with an insurance company to solicit and sell their insurance products within the state. Each appointment is a separate process for each company.
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Gather marketing materials for each company. Insurance is a highly regulated industry, and each company will probably require you to use only approved marketing materials.
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Obtain errors and omissions insurance. This professional liability insurance protects you against lawsuits over mistakes and misunderstandings that may arise during the normal course of your business as an agent.
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