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Insurance agents can earn significant income selling Medicare insurance but it takes time according to the findings of a study by the American Association for Medicare Supplement Insurance.
“The majority of agents who focus on Medicare insurance earned commission income of less than $50,000 in their first year,” reports Jesse Slome, director of the Medicare insurance advocacy organization. “Half of those who have been selling Medicare insurance for five or more years reported six figure incomes.”
The organization polled agents and brokers listed on the organization’s online directory of Medicare agents as well as those who are members of the Medicare Insurance Producers Linkedin group.
The Association survey found that 83.1 percent of the Medicare-focused agents participating in the survey reported earned commission income of under $50,000 in their first full year of sales. Just 5.5 percent shared that their commission earnings were $100,000 or more.
In their second and third years of sales, commission income increased according to the survey participants. Some 12.8 percent reported commission incomes of $100,000 and over.
Those selling Medicare for five or more years saw significant commission income increases. Nearly half (46.2%) now reported six figure commission earnings from Medicare insurance sales. Almost one in five (18.2%) reported annual commission income of over $200,000.
Agents selling Medicare insurance are relatively divided on how much of their business comes from Medicare sales. “Just over a fourth (28.1%) derive half or less of their income from Medicare insurance,” Slome notes. “Less than one in five (16.7%) derive 100 percent of their income from selling Medicare insurance.”
The American Association for Medicare Supplement Insurance (AAMSI) advocates for the importance of educated planning. AAMSI supports insurance professionals who market Medicare insurance solutions. Access the findings of the Medicare insurance agent earnings study at https://www.medicaresupp.org/how-much-do-medicare-agents-make/.
The organization makes available a national directory listing local Medicare insurance agents and brokers who offer Medicare Supplement, Medicare Advantage and prescription drug plan information and rate comparisons. Access to the directory is free and completely private. Go to www.medicaresupp.org for more information.
Read testimonials from agents who are listed on the Association’s directory of local Medicare agents. Click link to read agent testimonials.
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