Basic Information on Medicare Options
Medicare Supplement (Medigap) vs. Medicare Advantage
| Medicare Supplement (Medigap) | Medicare Advantage | |
|---|---|---|
| Purpose | Medigap is designed to work alongside Original Medicare (Part A and Part B) to cover out-of-pocket costs such as copayments, coinsurance, and deductibles. | Medicare Advantage is an alternative to Original Medicare, offering all-in-one coverage that includes Part A, Part B, and often Part D (prescription drugs). |
| Coverage | It does not include prescription drug coverage (Part D), so you would need a separate Part D plan. | May include additional benefits like vision, hearing, dental, and fitness programs. |
| Flexibility | You can see any doctor that accepts Medicare, and it offers coverage for international travel. | Often has a network of providers you must use, which can limit your choices. |
| Cost | Typically has higher premiums but lower out-of-pocket costs. | Generally has lower premiums but higher out-of-pocket costs. |
Requirements for Selling Medicare Products
To sell Medicare products, you need to:
- Complete Prelicensing Education: Most states require prelicensing education before you can take the Life and Health exam.
- Pass the Life and Health Insurance Exam: This is necessary to get licensed.
- Obtain a License: You need a valid health insurance license from your state.
- Complete Annual Medicare Certification: Required to sell Part D and Medicare Advantage plans.
Compliance for Selling Medicare Products
Compliance involves adhering to guidelines set by the Centers for Medicare & Medicaid Services (CMS):
- Marketing Guidelines: Follow CMS's marketing guidelines for Medicare Advantage and Prescription Drug Plans.
- Call Recording: Record all sales, enrollment, and marketing calls with beneficiaries.
- Disclosures: Use appropriate disclaimers and disclosures in all communications.
Contracting to Sell Medicare Products
To sell Medicare products, you must:
01
Secure Appointments with Insurance Carriers
Complete independent agent agreements or contracts.
02
Submit a Contracting Request
MyContractingteam can assist you with contracting and appointments. Insurance companies require an agent to complete contracting to access contracts.
Sales Process for Medicare Products
The sales process typically involves:
01
Plan Selection
Help clients choose the right Medicare Advantage or Medigap plan.
02
Payment Decisions
Assist clients in deciding how to pay for their premiums.
03
Health Questions
Answer any health-related questions on the application.
04
Plan Disclosures
Ensure clients read and sign all necessary disclosures.
05
Provide Star Ratings
Inform clients about the plan's quality and performance ratings.
06
Sign as the Agent
Provide your information on the application.
07
Save Application Receipt
Keep a copy of the application receipt for future reference.
08
Prepare for Next Steps
Guide clients on what to expect after submitting the application.
Selling Medicare products involves a combination of education, compliance, contracting, and a structured sales process. If you have any specific questions or need further details, feel free to ask!
