If you could get in on a career with the potential for 10,000 new customers a day, would you jump at the opportunity? Approximately 10,000 Baby Boomers age into Medicare every day, and if you can seize even a tiny fraction of the market, you can make a good career in Medicare sales.
Follow the Numbers
The U.S. Census Bureau says that approximately 10,000 Baby Boomers turn 65 every day. That age is significant for a couple of reasons. First, it’s the traditional retirement age. Second, it’s when Americans age into Medicare.
All those new Medicare enrollees have a lot of decisions to make. Medicare enrollees can stay in Original Medicare, the government program that provides hospital and medical insurance. However, if they want prescription drug coverage, they’ll need to select a Medicare Part D plan sold by a private insurance company. They can also buy a Medigap plan, also from a private insurance company, to help with out-of-pocket costs. Alternatively, they can ditch Original Medicare and choose a private Medicare Advantage Prescription Drug plan that provides all their hospital, medical and prescription coverage in a single plan, often with other benefits.
If all of that sounds confusing, you’re starting to see the potential. Many Medicare enrollees need help navigating their plan selection. As a Medicare sales agent, you can provide that help – and make a decent commission in the process.
Medicare Advantage Is Booming
According to KFF, 54% of the eligible Medicare population enrolled in a Medicare Advantage plan in 2024. That’s 32.8 million people. The percentage of people enrolled in Medicare Advantage keeps rising, and by 2033, it’s projected to reach 64%. As interest in Medicare Advantage grows, so does the number of available plans. In 2024, the average Medicare beneficiary had access to 43 different plans.
All of this means that Medicare Advantage sales are a particularly lucrative opportunity. However, Medicare agents can also sell Medicare Part D plans and Medigap plans, and they can offer other insurance products not related to Medicare, such as annuities and final expense insurance.
Should You Consider a Career in Medicare Sales?
Medicare sales represent a huge opportunity. If you’re looking for a new career, this could be exactly what you’ve been waiting for – but before you move forward, you want to make sure it’s a good fit.
- Do you like working with people? Even though you’re selling something that most people want, this is still a sales position, and it helps to be good with people. If you genuinely like talking to people and helping them solve their problems, this could be a good career for you.
- Do you like the idea of working for yourself? Many Medicare agents are independent contractors who work for themselves. You’ll earn commissions, and if you work hard and succeed, the income potential is significant. If you’re a motivated self-starter, this could be an excellent fit for you.
- Can you be organized and careful when necessary? Time management is essential, especially during the busy annual enrollment period. You also need to be careful about following regulations and ensuring that all enrollment forms are filled out and submitted correctly. People will be counting on you, and any mistakes could impact their health coverage and costs, so it’s important to be careful. If you can dot you i’s and cross your t’s, this could be a good job for you.
How to Get Started in Medicare Sales
You don’t need a college degree or any insurance or sales experience to launch a career in Medicare sales. However, Medicare sales are heavily regulated. Before you can start selling policies, you’ll need to get licensed to sell insurance in your state. You’ll also need to meet annual CMS training requirements, and you’ll need to contract with Medicare carriers so you can sell their plans – the more carriers you contract with, the better. Finally, you’ll need to think about the business aspects of selling insurance, including marketing your services and protecting yourself with errors and omissions insurance.
PTT can help. We offer training, coaching, marketing tools, errors and omissions insurance, access to insurance carriers, incentives and commission-based compensation. Learn more.