Should every financial planner, insurance agent, or other senior market professional offer Medicare products to their clients? In short, no. While it may be beneficial for most financial professionals to provide these products, the reality is that Medicare is not for everyone. Here are some indicators that you may want to add Medicare products to your business:
- Your current clients call you when they are approaching 65 to ask for advice regarding Medicare.
- At least 20% of your current book of business is approaching or around age 65.
- Non-clients are calling you to ask if you deal with Medicare.
- You notice a lack of Medicare agents in your area.
- You have studied Medicare for your clients and have a good base on knowledge to help someone navigate the available products.
- Your business is close to hiring, but there isn’t quite enough work to justify a full-time employee.
- You are new to the industry and looking for ways to expand your offerings.
Characteristics of a Successful Medicare Agent
In order to succeed in selling Medicare products, an agent should have the following characteristics:
- Problem Solver
- Service Oriented
- Tech Savvy
If you or someone in your office possesses these characteristics, you should absolutely consider adding Medicare to your business. If you do not resonate with the characteristics of a successful Medicare agent, then it may not be the right time to add Medicare products to your business. Instead, we recommend connecting with a local agent that you trust to refer your clients to. While some agents might offer a referral fee, this is not a standard practice in the industry.
Read More: Why Sell Medicare Products?
If you are unsure whether you should add Medicare products to your business, schedule a call with us and we would be happy to discuss your situation. If Medicare is right for you, we will help you develop a strategy to put you on a path to success.