There aren’t many agents or brokers who would argue that Medicare is the easiest sector of insurance to get into. There are a lot of regulations – to be compliant takes a fair amount of knowledge. Furthermore, the road map for Medicare appears to change on a frequent basis, as it is greatly impacted by federal and state policy. Despite the challenges, there are many opportunities for smart or experienced agents and brokers.
What should novice Medicare agents understand about the industry? According to our forum members, the most important things are to be sure that commissions are paid by the carrier and that the FMO will release the agent upon request. While these rules might apply to other parts of the industry, they are especially important in Medicare, where the product is very defined and highly regulated.
Other agents noted that it is important to think about where you will get your leads, who you will sell to, how you’ll get in front of them, and to familiarize yourself with the rules that are specific to Medicare. For example, cold-calling seniors to try to sell them Medicare Advantage is now considered a CMS violation. Getting involved in Medicare takes a higher degree of certification and research than other areas of the industry, but if you can overcome those hurdles, there is definitely a market, and it isn’t going anywhere.