Want to learn more about selling Medicare supplements? It’s a lucrative side job if you’re disabled or retired. If you’re willing to hustle, it can also be a well-paid, full-time career.
But that description can apply to most jobs. What does this one actually entail? When you’re ready to learn why Medicare supplemental sales are attractive jobs, read on.
What are Medicare Supplements?
Medicare Supplement Insurance, otherwise known as Medigap Insurance, helps fill the gaps left by Medicare. This supplemental insurance is sold by private companies rather than your local state or federal government. A Medigap policy will help you pay health care costs left over after your traditional Medicare payout.
Some Medigap policies may also cover services like medical aid when traveling abroad. These options in these policies can be broad and cover a wide variety of services that traditional Medicare doesn’t.
Each policy is different. The key to Medicare sales is to discover the gap in your client’s traditional Medicare coverage. Then you recommend a Medigap option that fills it.
Selling Medicare Supplements Outside of Open Enrollment
Each year, from October 15th to December 7th, Medicare holds an open enrollment period. That’s the time during which Medicare members can change their prescription drug coverage and health plans for the following year. It’s also the reason why people like you are making money selling Medicare supplements.
So, what happens to members when open enrollment ends, but they need adjustments to their policy? Or, when members need an insurance plan that covers the holes left by their Original Medicare policy? That’s when a Medicare supplement sales specialist like you steps in.
When you fill the role of a supplement sales representative, you find the highest quality leads for Medicare members who need additional insurance. You sell Medicare by marketing your services to these members.
- Social media ads
- Search engine ads
- Print ads
- Online forums
- Email campaigns
- Targeted phone calls
The goal is to start a conversation. Remember, you’re not a sleazy used-car salesman. These people genuinely need your help.
Your job is simply to match them up with a plan that best suits their predicament.
The Largest Hurdle
The biggest challenge you face in this career is the learning curve. When you sell insurance supplements, you must memorize dozens of facts from dozens of different insurance plans. You also must speak with fluent insurance vernacular for your clients to believe you’re an expert.
If you learn quickly and apply yourself, you may become an expert in 6 months or less. Otherwise, expect the process to take a year or so. If you have previous experience in insurance sales, you can be up and running in less than a month.
Now that you understand how easy selling Medicare supplements can be, it’s time to get moving. If you’d like to sell as a part-time job or full-time career, your first step is to get licensed. Check your state licensing board for more information.
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