As a Medicare agent, you can earn a great income and work on your own terms while helping others, but it’s not always easy. Increased competition, commission changes and shifting regulations can create difficulties for both new and veteran Medicare agents. The challenges are real, but with the following seven strategies, success is still within reach.
1. Demonstrate your value.
Growing your Medicare business is a lot easier if you can retain most of your existing clients. The more clients you lose each year, the harder you have to work just to break even. This makes retention one of the keys to success in Medicare sales.
If all you do is renew your clients year after year, they may not feel much loyalty. You can support retention by demonstrating your value as an advisor. This may involve comparing plan options and going over changes each year, whether or not you recommend switching plans. You can also help your clients with other products, such as life insurance. Beyond sales, look for ways to help your clients with common questions and problems, such as prescription costs.
2. Diversify your portfolio.
A diverse portfolio increases the likelihood that you’ll have the right products to meet your clients’ needs. A diverse portfolio also lessens the impact of carrier and market changes.
Consider whether you could strengthen your portfolio by adding:
- More carriers
- Additional Medicare products, such as Medigap
- Non-Medicare products, such as life and critical illness
3. Use the right tools.
The right tools can help you do your job more effectively while decreasing your workload so you can focus on tasks that help you grow your agency and serve your clients. For Medicare agents, a good customer relationship management (CRM) tool is critical. Quoting and enrollment tools are also important. Other tools that can help include mileage and expense tracking apps.
Is it time to refresh your tech stack? Use this checklist.
4. Prioritize cybersecurity.
Scammers are targeting Medicare enrollees, and it’s contributing to higher costs for everyone. You can help your clients stay safe and avoid scams that could jeopardize their benefits by sending them warnings about scams, red flags to watch for, and information on what to do if they think they’re the victim of Medicare fraud. CMS and the FTC have good resources on avoiding Medicare scams and fraud.
Insurance agents are also potential targets. You handle a lot of sensitive information, and by keeping it safe, you can protect your clients and your reputation. Common threats include phishing attacks, tech support scams and fake reviews. See the FTC’s guide to Scams and Your Small Business.
5. Stay compliant.
Constantly changing regulations can make it hard to stay compliant, but it’s important to keep up with the latest requirements. Violations can lead to hefty penalties and even license revocation, as well as damage to your reputation. In addition to meeting your annual training requirements, you can keep an eye on Medicare news and announcements.
6. Get organized.
Getting organized can take time, but being unorganized can cost even more time. You may also be missing out on opportunities, overlooking unpaid commissions or putting yourself at risk of non-compliance.
Ask yourself:
- Do you lose things frequently?
- Does it take you a long time to find specific information?
- Do deadlines sneak up on you?
- Do you have trouble knowing exactly how much you should receive in commissions each month?
If the answer is yes to any of these, you could probably benefit from increased organization. Focus on both your physical office space and your digital files.
7. Find support.
It’s hard to do everything on your own. With a strong support system that includes training, marketing and carrier access, it’s much easier to succeed in Medicare sales.