So you’re thinking of starting an agency, focusing on Medicare. Like any business, the first steps are always the most challenging. Where to start? Who to call? What type of an agency are you looking to create? In this blog, we’ll take a 30,000-foot view of some items to consider.
As with any business have a strong background is key and a Medicare sales agency is no different. Having a solid Medicare sales knowledge and experience is fundamentally important. Secondly, but just as critical is hiring key individuals who also have Medicare sales and or Medicare processing experience. This cannot be overlooked. The people in your agency are your business. What type of experience will your customers have when they call?
Deciding on payment structure for your Medicare Insurance Agents who are in the field selling is a big decision. In Medicare there are direct pay agents and what are known as licensed only agents or, loa’s. So will you have the insurance carriers pay your Medicare agents or do you want all commissions paid to your agency and then you pay the agents? Some things to consider in making this decision is what other value adds are you providing your agents. Are you giving or co-oping a Medicare Lead Program? Will you allow them to use your office space for doing business? Do you want to offer commission advancing for Medicare sales?
Training for Medicare agents whether new or seasoned is a key feature of a successful Medicare Agency. The Medicare industry is ever changing. Changing CMS rules are the norm. Medicare carriers are always entering the market. New technology can be daunting for those without the support and training to stay at the forefront of the Medicare sales industry.
Technology in general is something that as a Medicare agency you will need to invest. Keeping your team efficient and successful take a dedication and investment to the future. If you are not moving forward, you are moving backwards.
The decisions you make in steering your Medicare business will make all the difference. Having key partners can be the difference between living and dying in the early years.
Pinnacle Financial Services prides itself on assisting new and established Medicare agencies take the next step in their business. Our team of Medicare experts can give you the support and guidance you need to make it in an ever-changing business.
