Jobs & Careers

Health Insurance Agent Salary: The Best Bits

Agents for health insurance assist people and organizations in choosing and enrolling in health insurance policies and associated benefits. They recommend plans with reasonable premiums and enough coverage after taking the needs and preferences of persons who require health insurance into account. Read on for more information on a health insurance agent salary.

Read: Insurance Underwriter Salary and 4 Top Duties

Duties

Health insurance agents frequently perform the tasks listed below in their jobs:

  • Market products and make cold calls to people to increase the number of possible customers.
  • Enrolling one or more people in health and supplemental insurance policies through negotiation
  • To establish needs and budget, and meet with possible purchasers.
  • Find the health insurance packages that offer the finest coverage for the most affordable price by comparing a range of options.
  • Assist customers in submitting an application for new health insurance

Job Description

To promote enrollments in individual, group, and supplemental insurance plans, health insurance brokers operate on behalf of one or more health insurance firms. While some agents for health insurance may work exclusively for one insurer, the majority have agreements to promote policies from various insurers.

Health insurance brokers spend a lot of time seeking out and interacting with customers because enrollment commissions make up the majority, if not the entirety, of their income.

In addition to health insurance plans, which are their main product, health insurance agents often offer other services. They might offer supplemental insurance including short- and long-term disability, critical illness protection, and accidental death and dismemberment (AD&D) protection in addition to dental, vision, and life insurance products. As optional add-on benefits for health insurance policies or as standalone benefits, these can be sold to individuals or groups.

Agents for health insurance may specialize in selling protection to both individuals and groups. Agents who specialize in selling to groups frequently work with businesses searching for ways to offer their staff health insurance through the employer.

These agents collaborate with company representatives to decide which plans should be provided. They then assist the firm and its employees with the application and enrollment processes by providing information, completing paperwork, and outlining the various plan alternatives.

Regular Work Hours

The majority of health insurance brokers have full-time jobs, and they typically set their own hours rather than working a set number of hours each week. They might need to be accessible to employers during regular business hours, as well as to people who need to meet outside of such times due to scheduling issues in the evenings and on the weekends.

The Jobs Growth

Insurance companies need a steady stream of new clients in order to stay successful. Because of this, demand for health insurance brokers is anticipated to rise over the next ten years as more insurance companies look to broaden their coverage to new areas and clients.

Regular Employers

Health insurance agents can work as salespeople for insurance firms, as independent contractors, or directly for United Healthcare, Aetna, Anthem, Cigna, or Humana, five of the largest health insurance providers in the United States.

How to Become an Agent for Health Insurance

A high school diploma is typically considered to be the minimum degree of education required for employment by health insurance agents. To sell insurance, however, an insurance agent must be licensed in every state. A thorough test must be passed in order to obtain a license to sell health insurance.

Aspiring health insurance agents can enroll in courses in person or online to gain the knowledge they need to pass the test, or they can buy books and study aids and do their own independent study.

It truly just depends on your chosen learning style; there is no right or wrong method to study for the exam. The computer-based tests have to be taken in person at a testing center in the state where licensing is sought. Agents who conduct business in numerous states are additionally required to hold a valid license in every one of those states.

In many cases, if you can land a job as a health insurance agent before getting your license, your employer might be prepared to cover the cost of the learning materials/coursework and the certification price.

Health insurance agents are not required to have a formal postsecondary education, however, many aspiring agents feel that business classes taken in college as part of associate’s or bachelor’s degree programs are advantageous.

College classes like psychology, public speaking, and marketing can assist students to develop useful abilities that can be employed when selling insurance policies because agents must be able to sell well in order to make a livelihood in the position. The majority of health insurance agents also learn on the job.

Health Insurance Agent Salary Information

The information that is below is that of proper research done by the U.S. Bureau of Labor Statistics.

According to the U.S. Bureau of Labor Statistics, the national average salary for this career is $64,790 while the salary or wage per hour is $31.

How do the wages of Health Insurance Agents compare to those of other professions?

The average yearly wage for a health insurance agent in the United States is $64,790, or $31 per hour, according to the most recent data on employment. On the low end, they can make $34,220, which equates to $16 an hour, possibly when just starting out or depending on the state you reside in.

How has the growth of the Health Insurance Agent job compared to other jobs?

For a total of 509,500 people employed in the career nationwide by 2024, 43,400 jobs will change. This represents a 9.3% shift in employment over the following 10 years, providing the profession with an above-average growth rate nationally.

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