With more than 10,000 baby boomers turning 65 every single day, there is an increasing opportunity to sell Medicare insurance policies. However, many aspiring agents wonder how much money they can really make selling Medicare. In 2013, independent agents earned an average of $63,000 selling Medicare products — and this is just the average; agents who are willing to go above and beyond can make much more than this. What’s more, over that past few years, maximum commission rates for Medicare Advantage and Medicare Part D plans have been on the rise, which means that the potential for earning has been steadily increasing.
When it comes to selling Medicare, much of your earnings come from renewals. When you first enroll a client in a plan, you receive an initial payment that covers the first year of the policy. After that, for every year that your client remains enrolled, you will receive a renewal commission. Maintaining strong client relationships is crucial to maximizing compensation. Clients are much more likely to purchase products from somebody whom they know and trust, so following up with your clients regularly and using a CRM to document every interaction are good best practices to follow.
Interested in a Career as an Independent Agent?
Here at MCC Brokerage, we provide our agents with the tools they need to be successful when selling Medicare products. When you partner with us, not only will you have the opportunity to sell plans from all the major carriers, but you will also have access to robust training courses that will help you understand all the ins and outs of the most popular Medicare products.
To begin contracting with MCC Brokerage, contact us today.