There’s so much opportunity for insurance agents to begin making money selling Medicare policies. Pew Research estimates that 18 percent of the US population will be at least age 65 by 2030. With about 10,000 Baby Boomers turning 65 every day for years to come, it is evident that the market for Medicare will continue its fantastic growth for the foreseeable future.
Whether, you are a tenured insurance agent looking to begin selling Medicare plans or supplements or a novice who wants to get started, remember that the Medicare market is open to insurance professionals coming from all backgrounds.New to the Medicare market? Here’s a comprehensive guide to get you up to speed with selling Medicare.
"Do emails get delivered on Sundays?"
That's a hilarious caption for the 'Grandma Finds the Internet' meme online. This particular meme features an image of an elderly woman staring at a laptop screen, wondering whether emails get delivered on Sundays. While this meme depicts seniors as a digitally clueless bunch, a 2017 Pew Research Center report says otherwise.
According to the Pew report, 82 percent of 65- to 69-year-olds today are internet users. Two-thirds of this age group have internet access at home, making it easier for them to go online any time they want. Plus, four in ten seniors (adults aged 65 and up) now own smartphones, a rise of 24 percentage points (from 18 percent to 42 percent) since 2013.
All this data about seniors adopting the internet and smartphones may not be a good thing for their grandchildren who have to deal with every embarrassing (but adorable) comment, tweet, or message from them. But this is definitely good news for a busy Medicare Supplement Insurance agent like you.
The U.S. Census Bureau has declared 2030 to be a demographic turning point as all baby boomers will be over 65 years old. It also marks a decade when the aging population will outnumber children – a first in the country’s history. This rise in the number of seniors aging into Medicare creates a bubble of opportunity for the Medicare Supplements industry.
Selling Medicare Supplements (referred to by agents as Med Supps and by the Centers for Medicare & Medicaid Services as Medigap) is one of the most lucrative insurance jobs, and it will likely stay that way for years to come. Despite pending policy changes and the continued risk and uncertainty the healthcare sector is facing, the Medigap industry is still worth capitalizing on.Why? Because by 2035, there will be over 78 million people 65 years old and older in the US, and they will need coverage for services not included in Parts A and B of Original Medicare.
You probably already know that at least 10,000 Americans turn 65 every single day and are expected to do so over the course of at least the next ten years. That makes for a great opportunity for insurance agents selling Medicare supplement products. Most of these seniors will need additional coverage that will comprehensively manage all of their health concerns in their retirement years.
Many will have a basic understanding of Medicare supplement insurance, but they rely on insurance agents to further explain the issues and help them identify a product most in line with their unique concerns. With this tips your sales will grow.
What you need to know about medicare advantage in 2017 is that in 2016 alone, Medicare Advantage plans added approximately 900,000 new members, even though enrollment is growing at a slow pace. The future of Medicare Advantage is very lucrative for the insurance industry. This makes it an excellent sales opportunity for an insurance agent who is looking to capitalize on a strong product line.