Insurance agents can earn significant income selling Medicare insurance, but it takes time to get there, according to the findings of a new study by the American Association for Medicare Supplement Insurance.
“The majority of agents who focus on Medicare insurance earned commission income of less than $50,000 in their first year,” says Jesse Slome, director of the Medicare insurance advocacy organization. “Half of those who have been selling Medicare insurance for five or more years reported six-figure incomes.”
The organization polled a cross section of agents and brokers listed on the organization’s online directory of Medicare agents as well as those who are members of the Medicare Insurance Producers Linkedin group. The study data is based on input from over 200 participants.
The Association survey found that 83.1% of the Medicare-focused agents participating in the survey reported earned commission income of under $50,000 in their first full year of sales. Another 11.4% said their commission income was between $50,000-$100,000. Just 5.5% shared that their commission earnings were $100,000 or more.
In their second and third years of sales, commission income increased according to the survey participants. While 58.3 % were still under $50,000, nearly 30% were between $50,000-$100,000 and about 13% reported commission incomes of $100,000 and over.
Those selling Medicare for five or more years saw significant commission income increases. Nearly half (46.2%) now reported six-figure commission earnings from Medicare insurance sales. Almost one in five (18.2%) reported annual commission income of over $200,000.
See the full findings at https://www.medicaresupp.org/how-much-do-medicare-agents-make/