Important Medicare Statistics

Wisconsin

• Over 1 million Wisconsin residents are currently on Medicare.
• Over 68,000 people age-in to Medicare each year in Wisconsin.
• Southeast Wisconsin has the largest concentration of new and current Medicare recipients statewide.

National

• Over 10,000 people turn 65 and become eligible for Medicare every day.
• Nearly 60 million or 18.2% of the U.S. population are currently on Medicare.
• Medicare spending grew 8.4% to $900.8 billion in 2021.

Getting Started

Independent Agent Checklist

• Health + Accident Insurance License Issued By The State You Wish To Sell
• Errors/Omissions Insurance
• Field Marketing Organization Affiliation (FMO)
• Approved Carrier Specific Contracting (Agent  and Agency Contracting Available)
• Certification Completion For Medicare Advantage
• Certification Completion For Medicare (Part D) Prescription Drug Plans
• Education And Training

What’s The Difference?

Captive Agent

• Work exclusively with one carrier; May be an employee; Contracting typically direct with carrier and commissions assigned.
• Non-vested; Typically requires non-compete agreement.
• Less flexibility.

Independent Agent

• Access to several carriers and products; Contracting through FMO affiliation; Never an employee, you are your own business.
• Fully vested contracting; Does not require non-compete agreement.
• More flexibility.

How Do They Compare?

Non-Vested Medicare Contracts

• Customers owned by carrier or employer; Commissions assigned to and owned by carrier or employer.
• Upon resignation or termination, all commissions and customers stay with carrier or employer.
• Typically includes non-compete agreement.

Vested Medicare Contracts

• Customers are always owned by writing agent; Commissions always stay with writing agent.
• Upon resignation or termination, all commissions and customers stay with writing agent.
• No non-compete agreement.

**All Contracts offered through Sovereign Select are “Vested”.

Let’s Talk Figures

Estimated Income Potential

• Medicare Advantage and Prescription Drug Plan commissions are federally standardized. In 2024, First Year: $611 per enrollment; Following Years: $306 or $25.50 per member per month. Most carriers will pay this for the life of the member or as long as they keep the policy.
• Medicare Supplement plans pay an average of about 18% of the members annual plan premium for the first six years of the policy. Then will typically pay 7% on average after year six for the remainder of the policy life.
• Medicare (Part D) Prescription Drug Plans pay $100 for the first year and $50 or $4.17 per member, per month residual.

**Commissions are adjusted each year.  Typically increased.

**Agent and Agency level contracting available.  Reach out for more details.

Medicare Market Opportunity

Reserve Your Spot

Join Sovereign Select for a free informational event to better understand the role of an independent agent and the tools you need to get started. Click here for dates, locations and registration.