Health insurance is incredibly important nowadays because it helps us get good medical care when needed. The COVID-19 Pandemic has made us understand the importance of dedicated health insurance. Since the demand for health insurance is increasing, more job opportunities have been created for people like you who are interested in becoming health insurance agents.
As a health insurance agent, your main role is to build strong relationships with your clients. In this way, you can guide them in making the right decision, selecting the right insurance plan, and helping them file the claim.
Are you excited to learn more about becoming a health insurance agent? If so, let’s dive into the steps to become a certified health insurance agent.
Who is a Health Insurance Agent?
In layman’s language, a health insurance agent is someone who works with an insurance company or agency to sell health-related insurance plans. They‘re important because they help people and businesses understand different insurance plans and choose the right plan for their needs and budget. They guide you through everything from picking a policy to paying premiums and making claims for medical care. Agents usually earn a commission for each policy they sell. They know a lot about different types of health insurance, like plans for individuals, families, and groups.
Eligibility Criteria to Become a Health Insurance Agent
If you have a strong interest in and dedication to becoming a health insurance agent, then you can pursue this career. Let’s look at the parameters that decide whether you’re eligible to buy health insurance.
| Parameters | Details |
| Age | 18 Years |
| Education | 10th Standard |
| Id Proof Documents | Valid Aadhaar Card and PAN Card, proof of age, and address. |
| Training | Undergo training as specified by IRDAI |
| Examination to Pass | The candidate must appear and qualify for the IC-38 exam conducted by IRDAI for health insurance products. |
Benefits of Becoming a Health Insurance Agent
Here is a list of key benefits of becoming a certified health insurance agent.
- Early Entry into the Workforce
One of the biggest benefits of becoming a health insurance agent is that you will have the opportunity to enter the corporate sector at an early stage. In India, aspiring insurance agents can start their career journey as early as 18 years old, provided they have completed their 10th-standard education. Unlike many professions that require higher education or specific certifications, entering the insurance field at a young age allows individuals to begin their earning potential earlier in life.
- Be Your Own Boss
Another major reason to become a dedicated health insurance agent is that you will be your own boss. Remember that this level of freedom allows you to set your own working hours and establish your work-life balance according to your preferences and priorities. Once you obtain your license, your earning potential is directly linked to the amount of time and effort you invest. When you give more and more hours to the work, you can expect to see higher earnings, which provide a direct correlation between effort and financial reward.
- Minimal Financial Investment
The third biggest benefit of becoming an agent of health insurance is that you don’t need to invest a huge amount. Unlike many business ventures that require significant capital investment, becoming an insurance agent typically requires minimal financial resources. The primary investments are your time, dedication, and access to basic technology, such as a smartphone with internet connectivity. With these tools, you can effectively conduct businesses, manage client relationships, and access necessary resources without the need for substantial upfront costs. Additionally, there is no cap on the earning potential, which allows agents to maximize their income based on their efforts and performance.
- Stable Income Potential
It is no secret that as more people recognize the value of securing insurance coverage for themselves and their families, the demand for knowledgeable agents continues to grow. This growing market offers untapped earning potential, allowing agents to build a stable income stream over time. Furthermore, insurance sales can serve as a supplementary source of income, providing flexibility to pursue other professional or personal goals while still generating revenue.
- Flexible Work Arrangements
Last but not least, whether you prefer to work traditional office hours or adopt a more flexible schedule, such as evenings or weekends, you have the autonomy to design a workflow that suits your lifestyle. Additionally, advancements in technology enable agents to work from virtually anywhere, whether it’s from the comfort of their home, a coffee shop, or while travelling, providing greater work-life balance and convenience.
What are the Roles of Health Insurance Agents?
Here is a list of the roles and responsibilities of a dedicated health insurance agent.
- Evaluating Customer Needs
One of the primary yet biggest roles of a health insurance agent is to evaluate their clients’ healthcare requirements and financial constraints. By understanding these needs, they can recommend insurance plans that offer appropriate coverage within the client’s budget.
- Explaining Plan Options
Another major role of a health insurance agent is that they possess in-depth knowledge of different types of health insurance plans, such as HMOs, PPOs, and managed care plans. They educate customers about each plan’s features and benefits, enabling them to make well-informed decisions.
- Comparing Plan Costs
One of the biggest roles of a health insurance agent is to help customers compare the costs associated with different health insurance plans. They analyze factors like premiums, deductibles, copays, and coinsurance to help customers strike a balance between cost and coverage that suits their needs.
- Enrolling Customers in Health Plans
Once a customer has selected a health insurance plan, agents assist them in completing the complete enrollment process. It involves filling out necessary paperwork, which provides essential documentation and addresses any queries related to the enrollment procedure.
- Provide On-going Support
One of the biggest roles and responsibilities of health insurance agents is that they offer continued assistance to customers even after they have enrolled in a plan. They address questions regarding plan benefits, help resolve coverage-related issues, and offer advice on how to make the most of their insurance plan.
Steps To Become a Health Insurance Agent?
Listed below are the tips to become a health insurance agent. Let’s discuss them in detail!
- Finish Your Education
The first that involves becoming a health insurance agent is that complete your high school. It’s important to have some sales experience or skills. While not always required, consider earning a bachelor’s degree in business or finance to boost your job prospects.
- Pass a Background Check
Depending on where you live, you might need to undergo a background check. This could include looking into your criminal record, doing drug screenings, and checking your credit history.
- Get Licensed
In another step, you will need to get a license to work as a health insurance agent. Check the specific requirements in your state. You might have to take some courses before sitting for the licensing exam. Consider getting additional certifications to stand out.
- Apply for Jobs
In the next step, you will need to craft a strong resume highlighting your relevant experience, education, and certifications. Look for job openings online, through social media, or by networking with professionals in the field.
- Keep Learnings
In the final step, once you land a job, expect to undergo further training. This might involve shadowing experienced agents to learn the ropes and company protocols. Keep developing your skills to excel in your role.
Conclusion
So, there you have it!! That’s a wrap to become a certified health insurance agent! Remember that your journey as a health insurance agent is an ongoing learning. However, there is one fact: Industries evolve, and insurance policies and laws may shift over time. To truly excel and best serve your clients, staying abreast of these changes is important. When you stay updated on industry shifts, you need to equip yourself to be the most effective health insurance agent possible.
Frequently Asked Questions
If you want to know how much you can earn, then it all depends on your earnings as a health insurance agent, depending on how many policies you sell. With the rising costs of medical treatments, there’s great potential to earn a high income as more people seek health insurance to protect themselves and their families.
Yes, commissions paid are subject to TDS (Tax Deducted at Source), which is linked to your PAN Card.
Yes, completing training is necessary to become a POSP. It covers topics like insurance basics, policy types, issuance and claims processes, and regulations.
Health insurance agents sell health-related products and insurance to clients. They find potential clients and offer them suitable health insurance options.
Once registered, you can begin training for the POSP exam. Upon passing, you’ll receive an eCertificate, which enables you to start selling insurance as a POSP agent.
