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Cheap E&O for Medicare agents! The low-cost Errors and Omissions E&O insurance offering made available by the American Association for Medicare Supplement Insurance (AAMSI) has been extended. The lowest rate of $262 per-year is for a new agent, selling only Tier I products (final expense, mortgage life, Medicare supplemental policies). An administrative fee of $35 needs to be added to all the listed premiums.
“One of the significant advantages of this program is the fact that our Association does not charge a membership fee,” explains Jesse Slome, director of the Medicare information advocacy organization. “The coverage is available for any life and health agent, but especially is attractive for agents who offer Medicare products including Medigap as well as Medicare Advantage.”
The program enables agents to select from various levels of coverage. “The typical agent will pay $358 as the lowest available rate,” Slome points out. This would be for Tier II revenue of less than $250,000. “Using this number, an agent would be looking at monthly fee of approx. $43,” Slome shares.
Coverage is from an A+ top-rated insurer and the online application process takes about 5 minutes..
“The special endorsed E&O program is available through various organizations including the American Association for Medicare Supplement Insurance (AAMSI) and the American Association for Long-Term Care Insurance (AALTCI). “The benefit of enrolling under the AAMSI umbrella is the avoidance of any organization membership fee,” Slome adds. “We know agents like to save money and do what we can to help.”
AAMSI advocates for the importance of consumer awareness and supports insurance and financial professionals who market Medicare insurance solutions.