We’re excited to support your Medicare sales success
At PSM Brokerage, we are committed to helping agents like you thrive in the Medicare market. Whether you're just starting or looking to expand your portfolio, we have the tools, resources, and support to help you succeed.
Medicare Market by the Numbers
The Medicare market continues to expand rapidly, offering significant opportunities for insurance agents to grow their businesses. Here are three compelling stats that showcase the growth of the Medicare market and why it’s a thriving space for agents:
Over 65 million Americans are currently enrolled in Medicare
This number is projected to increase to 80 million by 2030, driven by the aging baby boomer population.
Expected growth of Medicare Advantage by 2030
Medicare Advantage enrollment has grown from 19% of Medicare beneficiaries in 2007 to 51% in 2023, and it’s expected to exceed 60% by 2030.
Spending on Medicare is expected to increase by 7.6% annually
Higher spending reflects broader plan options, enhanced benefits, and increased opportunities for insurance agents.
Thrive in the Growing Medicare Market!
As of 2024, more than 65 million Americans are enrolled in Medicare, with that number projected to grow significantly as the baby boomer generation continues to age into eligibility. This unprecedented growth underscores Medicare's vital role in providing comprehensive health coverage for seniors and individuals with disabilities, offering them peace of mind and access to essential care.
This expanding Medicare market presents extraordinary opportunities for insurance agents to make a meaningful impact while growing their business. Are you ready to serve this thriving demographic and take your career to new heights? Partner with PSM Brokerage for the expertise, tools, and resources you need to succeed.
As a trusted FMO, we empower agents with more than just plans:
- Comprehensive Medicare Products: Stand out with competitive Medicare Advantage, Medicare Supplement, and Part D options.
- Cross-Selling Opportunities: Boost your earnings with ancillary offerings like dental, vision, and hospital indemnity plans.
- Dedicated Agent Support: From compliance guidance to personal coaching, we’re with you every step of the way.
- Enrollment Technology: Streamline your sales process with innovative platforms like Sunfire and HealthSherpa.
Take the next step today! Explore our Medicare resources or connect with our team for personalized assistance. Together, we’ll help you thrive in the dynamic Medicare market.
Helpful Medicare Resources for Agents
We have created a set of useful resources to assist in growing your Medicare sales.
Enroll Clients Faster
SunFire simplifies the enrollment process, improves the quality of submissions, and offers agents numerous opportunities to connect with a broader audience.
Start each Medicare quote with the big picture - SunFire’s quoting tools help you get accurate, holistic customer data quickly.
Customer Lookups - Verify eligibility and enrollment history with real-time CMS lookup.
Needs Assessment - Guided workflow captures health and coverage history, helping you identify the best-suited plans.
Shop by Doctor - Easily locate high performing providers that are in-network and provide best-in-class care
Trusted Carrier Partnerships
Having the right portfolio is essential when selling Medicare plans because it allows you to cater to a wide range of client needs and preferences. A diverse portfolio enables you to offer multiple plan options that fit various budgets and coverage needs, including options with different premium levels, deductibles, and networks.
Moreover, a well-rounded Medicare portfolio helps you stay competitive in the market, positioning you as a trusted advisor capable of matching each client with a tailored, valuable solution that meets their unique circumstances.
Medicare Plans
Ancillary Plans
Scope of Appointment
The Scope of Appointment (SOA) process is a crucial aspect of Medicare marketing and sales activities designed to protect the interests of Medicare beneficiaries and ensure compliance with regulations. The SOA process is primarily associated with Medicare Advantage and Medicare Prescription Drug Plans but can also apply to other Medicare-related products.
Client Needs Assessment
A Client Needs Assessment Form allows insurance agents to gather comprehensive information about the client. This information is crucial for guiding clients towards the most suitable plans. With a clear understanding of the client's needs, agents can recommend plans that align with the client's health requirements and preferences.
Benefits of Selling Medicare Plans
Medicare Plans offer agents a unique opportunity to grow your business and provide valuable healthcare solutions. Here are some of the key benefits of selling Medicare Supplement, Medicare Advantage and Part D Prescription Plans:
Explosive Market Growth
The Medicare market is booming! With over 10,000 Americans turning 65 daily, the demand for Medicare plans continues to grow. By 2030, all Baby Boomers will be eligible, creating a massive pool of potential clients.
Recurring Residual Income
Medicare plans offer renewal commissions, meaning you continue earning for the lifetime of the policy. This creates a stable income stream that compounds as your book of business grows.
Diverse Product Portfolio
Medicare includes a range of plans:
- Medicare Advantage (Part C): Combines hospital and medical coverage with extra benefits like dental and vision.
- Medicare Supplement Plans (Medigap): Fills coverage gaps in Original Medicare.
- Prescription Drug Plans (Part D): Provides standalone drug coverage.
This variety allows you to tailor solutions for your clients' unique needs.
High Client Retention
Medicare clients tend to be extremely loyal. Once you establish trust, they’re likely to stay with you for years, resulting in consistent renewals and referrals.
Year-Round Opportunities
While the Annual Enrollment Period (AEP) is the busiest time, Special Enrollment Periods (SEPs) allow you to enroll clients year-round. Life events like retiring or moving can open new sales opportunities.
Cross-Selling Potential
Medicare clients often need additional coverage, such as:
- Dental, Vision, and Hearing Plans
- Hospital Indemnity Insurance
- Final Expense or Life Insurance
Cross-selling enhances your value while boosting your income.
Recession-Proof Industry
Health insurance, especially Medicare, remains a necessity regardless of economic conditions. This stability ensures you’re always working in a high-demand market.
Make a Real Difference
Selling Medicare plans isn’t just about commissions—it’s about helping seniors navigate complex healthcare decisions. Your guidance ensures they receive the coverage they need, bringing peace of mind to them and their families.
Here to support you, every step of the way
At PSM Brokerage, we provide agents with the tools, training, and support needed to succeed in the Medicare market. From quoting platforms to marketing resources, we’ve got you covered.
Contact us today to learn how we can help you build a thriving Medicare business!