Health Insurance Agent: Meaning, Job, Salary & How To Become One
An agent for health insurance refers to a sales or service representative of an insurance provider. Any person who markets, sells, distributes, or provides customer service for a covered product offered by an insurance company is referred to as a health insurance agent, including individuals who represent more than one insurance provider and those who represent only one provider. It also includes financial institutions such as banks and securities brokers who offer any covered product offered by an insurance provider. Let’s explore everything about health insurance agents in more detail.
Who Is A Health Insurance Agent?
Health insurance is the primary product sold by insurance agents skilled at closing deals. These agents work for a company that provides insurance, helping them reach their sales targets.
You must be skilled at persuading customers to buy insurance, and you must be knowledgeable about the company’s products, to be a successful health insurance agent. It is best to assess your customers’ requirements to choose the insurance products that will best meet their requirements.
Additionally, it would help if you were prepared to talk about each scheme’s features and respond to customer inquiries. Organize and present management with thorough reporting on the actions’ improvements. To compete with other insurance companies, you may occasionally need to create and implement marketing strategies.
What Is The Job/Role Of A Health Insurance Agent?
They are specifically qualified insurance professionals that can assist you in signing up for a health insurance plan. They are1*~•responsible for bringing in new customers, answering their inquiries, assisting clients in selecting the best policy, and seeing to it that all legal requirements are completed.
After a customer purchases a health insurance plan, the agent stays in touch with them to aid them with billing, utilization, medical claims, and appeals-related issues. These duties are taken from actual health insurance agent resume samples and are meant to illustrate the kinds of duties that an agent in that position could be expected to carry out. Some of them include the following:
- Interviewing potential customers for life and health insurance policies while focusing on Medicare benefit plans and strictly adhering to CMS regulations
- Make daily cold calls to sell or enroll people in ACA health policies.
- Describe the healthcare benefits that the major insurance companies cover under the ACA.
- You should post their CPT and ICD-9 codes when a patient checks out.
- Being AHIP certified helps you keep up with updates and adhere to CMS laws and regulations.
- Check with state organizations to see if you qualify for Medicaid.
- Give unbiased details about coverage and how to apply for Medicaid coverage.
- By comparing client data to Medicare and UnitedHealthcare standards, one can determine a customer’s eligibility.
- Engage in daily cold contacting and door-to-door outreach for potential customers, and use sales presentations to show off your verbal communication skills.
- Making suggestions and developing communication strategies, facilitating communications sessions.
- Provide information about general Medicare eligibility and familiarize people with it.
- Verify inpatient/observation authorizations by using your understanding of ICD-9 codes.
- Provide information about general Medicare eligibility and familiarize people with it.
Health Insurance Agent Salary
An average health insurance agent makes $55,653 a year, or $27 per hour. However, there is a lot of variation in earning possibilities. The range can start at $15,499 per year ($7.94 an hour) and go all the way up to $120,000 per year ($57.93 an hour). This compensation varies according to your region, education, and experience. Agents for health insurance frequently meet or communicate privately with clients while working in an office. This indicates that they typically put in 40 hours each week.
How To Become A Licensed Health Insurance Agent
There are numerous stages to take to become a health insurance agent. A high school diploma or GED is required first. Having a bachelor’s degree can improve your work prospects, but it’s not always necessary. (A bachelor’s degree in insurance, economics, or business. Depending on the job, a master’s degree may also be useful. You must also exhibit self-assurance, effective communication, and evaluation skills). You must then obtain your certification. The licensing criteria for health insurance agents are different from those for property or casualty insurance agents. State-specific licensing requirements differ. Knowledge of tax rules, state and federal health benefits, and health care legislation are some other prerequisites. Additionally, you should be skilled at using a computer and conversing with others on the phone.
Health Insurance Agent jobs
A few of the Most Relevant Health Insurance Agent Jobs are listed below:
- Nationwide Health Insurance Agency
Health Insurance Agent
Delray Beach, FL
$60K – $200K (Employer est.)
- Golden Trust Insurance Inc.
Licensed Health Insurance Agent
Miami, FL
$55K – $135K (Employer est.)
- Barranca Insurance Services
Licensed Property and Casualty Insurance Agent
Murrieta, CA
$60K – $100K (Employer est.)
- Kemper Health
Licensed Health Insurance Agent
South Carolina
$40K – $200K (Employer est.)
- Prime Health Insurance Agency
Health Insurance Agent
Delray Beach, FL
$70K – $250K (Employer est.)
- Hawaiian Hurricane Group
Customer Service Representative/Insurance Apprenticeship
Kailua Kona, HI
$18.00 Per Hour(Employer est.)
- CVRD
Licensed Insurance Agent – Accident and Health
Remote
$65K – $85K (Employer est.)
- Integrity Agency
Licensed Health Insurance Agent
Tennessee
$30K – $100K (Employer est.)
- Health Market Solutions
Health Insurance Licensed Agent – ($25 Hourly + Commission)
Tampa, FL
$25.00 Per Hour(Employer est.)
- Garrett Laughlin LLC
Health Insurance Agent
Boca Raton, FL
$110K – $350K (Employer est.)
- Liberty Mutual Insurance
Remote Insurance Agent (uncapped + based commissions, $5K licensed bonus)
Chester, NY
$65K – $85K (Employer est.)
- LEB Insurance Group
Life Insurance and License Health Agent – WFH
Remote
$55K – $125K (Employer est.)
The ones listed above are among the best you can obtain, but there are still many more.
Health Insurance Agent Near Me
Anyone can enroll through the Marketplace with the help of a health insurance agent, or they can handle the entire procedure. Using the Find Local Help tool, search for health insurance agents and brokers in your area.
Applying through the Marketplace safeguards you against fraud.
Conclusion
Roughly 50.4% of those who work as health insurance agents have a bachelor’s degree. When it came to earning a master’s degree, 6.7% of insurance agents for health care chose further education. It can be feasible to succeed in this field even with only a high school diploma. In fact, most agents for health insurance hold degrees from colleges. Thus, you can easily find a health insurance agent.
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