To receive a Medicare broker license, the prospective candidate must complete approved prelicensing classes from an instructor that is approved by his state of residence. Once the candidate finishes these classes, he can then take his resident state's licensing exam and pass it to receive a license at the state level. Medicare brokers looking to sell their products in multiple states should obtain a similar license for nonresident brokers and create a contract with Medicare carriers.
A licensed Medicare broker can contact a range of Medicare carriers to create a contract, including Aetna, Cigna, Blue Cross Blue Shield and United Healthcare. Each Medicare insurance carrier typically possesses requirements that a broker needs to fulfill before becoming an officially contracted broker. In addition to Medicare products, a broker is also eligible to sell any products carried by his contracted insurance carrier.
To maintain their licenses, brokers are also required to pass an annual test that covers their knowledge on various health and prescription drug plans, including Medicare. Additionally, the Centers for Medicare & Medicaid Services also requires a broker to follow all rules regarding the sale of Medicare to maintain his license to sell the product. Brokers are also expected to complete an annual training session that precedes their testing.