Starting a Medicare Business.

As with any business, building a Medicare Business can be difficult. Understand that it is possible to grow a successful Medicare business without Medicare sales experience but there will be a longer learning curve. If you are currently selling annuities, life insurance, or even P&C your sales background will translate over to the Medicare market. The opportunities in Medicare are endless once you make the decision to begin to offer Medicare as the primary or part of your overall practice. Let’s talk about Medicare in general.

The Parts of Medicare

Medicare can be difficult for beneficiaries to understand Consulting with a knowledgeable expert in navigating the Medicare Maze is of utmost importance for clients. If you are going to make Medicare a part of your practice knowing the benefits associated with Medicare is a must.

• Medicare Part A, Hospital Insurance, helps cover inpatient care in hospitals as well as skilled nursing facilities, hospice, and home health care.
• Medicare Part B, Medical Insurance, helps cover doctors’ services, outpatient care, and many preventative services such as vaccinations.
• Medicare Part C, aka Medicare Advantage Plans, are health plan options run by private insurance companies that contract with Medicare covering Medicare Parts A and B and additional benefits such as prescription drugs and possibly dental, vision, and hearing benefits for example.
• Medicare Part D, prescription drug coverage, is run by private insurance companies approved and under contract with Medicare. Helps cover the cost of prescriptions and may help lower drug costs.
• Medicare Supplements are standardized by Medicare and cover all or part of the gaps in original Medicare Parts A and B. Clients can choose to purchase a Medigap plan from a private insurance company.

Building a Medicare Agency

If your goal is to build an agency deciding on the 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. 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? Are you allowing them to use your office space for doing business?  Do you want more flexibility in what you are paying your agents? Are you equipped to handle the accounting if you are wanting to pay your agents?

Medicare Agent Training

Training for Medicare agents whether new or seasoned is a key feature of a successful Medicare Agency.  The Medicare industry is ever-changing.  New CMS rules are the norm.  New 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. Keeping your team efficient and successful take dedication and investment in the future. If you are not moving forward you are moving backward.  Technology is a must to grow a successful Medicare business.

A critical decision you need to make is what FMO, field marketing organization, you choose to partner with. Let’s talk about what an FMO can do for your agency’s success.

Medicare FMO

The Medicare market has grown by leaps and bounds over the past several years. Independent insurance agents have plenty of options when searching for the Best Medicare FMO to help them grow their Medicare business.  When searching for your FMO partner you will hear plenty of claims such as, “The Best Medicare FMO”, or “Best IMO” you can find. But what does it take to truly be considered “The Best FMO”?  And what factors do you need to consider when making this decision for your Medicare agency?

Does your FMO provide at no charge all the tools and technology you will ever need?

• Medicare Quoting
• Quoting App for Phone or Tablet
• Access to Connect4Medicare(the top Medicare quoting, comparison, and enrollment tool)
• Online Contracting
• Lead Program Options
• Top Medicare Commissions
• Ongoing Training(both in-person and remote)
• Free CE credit Option
• CRM systems such as Agency Bloc to manage your business.

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. 

Contact a Medicare expert at Pinnacle Financial Services today to take the next step in growing your Medicare practice. 1-800-772-6881 or Sales@pfsinsurance.com