A Guide for Agents Who Want to Learn How to Become Certified and Sell Medicare Advantage Plans
It’s no secret that Medicare Advantage (MA) plans are the fastest growing segment of the Medicare market. MA enrollment increased by 10% since last year – continuing a 14-year growth trend – to reach an estimated 22 million people. From just 13% of new enrollees in 2004, MA’s market share has grown to more than 34% today and is projected to reach 42% by 2028. As more senior clients vote with their checkbooks – in favor of MA plans – many of the top senior-focused agents are taking steps to add MA plans to the product portfolio.
What are Medicare Advantage plans?
The Center for Medicare and Medicaid Services (CMS) describes MA as an “all-in-one alternative to Original Medicare,” bundling Medicare Part A, Part B, and usually Part D in a single plan. “Some plans may have lower out-of-pocket costs than Original Medicare,” CMS says, and “some plans offer extra benefits that Original Medicare doesn’t cover - like vision, hearing, or dental.”
Both Medicare Supplement and MA plans:
Only MA Plans:
Why are MA plans becoming so popular?
All the signs are positive for the MA market:
Why is it that some retiree-focused agents hesitate to sell MA Plans?
Some brokers and agents have perceived issues with MA plan features. Even more
have resisted due to the perceived hassle of obtaining the certification they need to
sell MA plans. Let’s analyze each of these concerns.
Perceived issues with MA plans, in many cases, turn out to be “non-issues”
The path to becoming an MA agent is straightforward.
Here are the simple steps for you, the agent, to follow:
All the trends - the regulatory changes being advocated by HHS and CMS leadership,
the demographics, the positive health outcomes for beneficiaries – point toward continued growth and popularity for Medicare Advantage plans. Increasingly, clients and prospects are going to want to work with agents who provide complete Medicare solutions, and that means being equipped to offer access to MA plans. Top agents are finding that it is well worth the extra effort to jump into this large and rapidly growing market.