Selling Medigap insurance requires additional training and licensure.
Medigap insurance policies, also commonly referred to as Medicare Advantage and Medicare Supplement plans, present a significant opportunity for properly licensed and motivated insurance agents. As the retiree population increases, the need for these products continues to increase proportionately. However, most states now require agents to obtain a separate insurance producer's license, or at least complete additional educational courses, combined with a valid health insurance license.
Instructions
1. Review your state's insurance regulations. The insurance industry is regulated at the state level, and while many states have implemented extremely similar laws, some differences may exist across state lines. It is the insurance agent's responsibility to remain familiar with state rules and regulations.
2. Complete the necessary educational courses. Many states require insurance agents to obtain an additional certification before being permitted to actively market and sell Medicare supplement or Medigap products. These certifications and licenses usually require mandatory completion of educational courses to ensure comprehension of important state and federal laws.
3. Complete the necessary exams or credentialing tests. Even after successful completion of the educational courses, some states also require agents to pass an exam to demonstrate their comprehension and retention of industry regulations.
4. Contact Medicare supplement insurance carriers. Once you have completed your state's requirements and obtained the licensure necessary to sell Medigap policies, you must contract with insurance companies that offer such products. Call the broker support departments at every carrier with products you want to sell and request an agent appointment kit. The carrier will mail a package to your home with detailed information about products, services, commissions and other pertinent data.
5. Complete and return the agent appointment paperwork. Fill out the documents inside the agent appointment kit and fax or mail them back to the insurance company along with a photocopy of your valid insurance producer's license. If your license does not display the certification required to sell Medigap products, include supporting documentation to alleviate any confusion or concerns.
Tags: educational courses, agent appointment, agents obtain, Complete necessary, completion educational, completion educational courses, insurance agents
