Getting Started with LOAs

Insurance Business Babes

Hosts Kathe Kline and Joanna Wyckoff delve into the complexities and challenges of operating within the Medicare insurance industry while working with Licensed Only Agents (LOAs). The insightful discussion shed light on various aspects, from the nuances of managing LOAs to adapting to personal health challenges and the evolving landscape of Medicare insurance. Let's explore the key takeaways from this enlightening episode.
The Role of Licensed Only Agents (LOAs):
Kline and Wyckoff provided valuable insights into the role of LOA agents within the insurance industry. An LOA agent, often captive to a single company, primarily focuses on sales and may not handle customer service or claims issues. They may receive incentives for sales, benefits, and set work hours, offering flexibility and stability. However, it's essential to recognize the limitations, such as not owning the client book and potential non-compete agreements.
Challenges and Best Practices for LOAs:
The dialogue addressed the challenges and best practices associated with managing LOAs. From payroll complexities and tax management to the need for legal protection and contract clarity, the hosts emphasized the importance of navigating these complexities effectively. They discussed the need to comply with IRS regulations, and highlighted the potential risks of misclassifying employees, underlining the vital role of an LLC in this context.
Navigating Health Challenges in the Industry:
Wyckoff openly shared her personal journey of managing chronic health issues while operating within the insurance industry. Her insights provided a valuable perspective on adapting to health challenges while sustaining productivity and income. She emphasized the importance of rest, coping mechanisms, and the flexibility of the insurance industry in accommodating health needs.
Collaboration and Support in the Medicare Business:
The cordial collaboration between Kline and Wyckoff showcased the spirit of unity and mutual support within the Medicare insurance industry. Their emphasis on sharing insights, supporting each other, and fostering mentorship underscored the communal ethos within the industry. This underscores the idea that the industry fosters collaboration and support among peers.
Embracing Technological Advancements:
The hosts also touched upon the impact of technological advancements in the Medicare insurance landscape. They discussed the evolution of technology in handling applications and compared it to the present, highlighting the significant strides made in the industry. Their insights affirmed the need to adapt to technological progress for enhanced efficiency and service delivery.
Empowering Assistants and Navigating Roles:
Kline's discussion about empowering her assistant, who prefers non-sales tasks, prompted a valuable conversation about redefining roles and utilizing expertise effectively. It highlighted the need for adaptability, mentorship, and empowering individuals to excel in roles that align with their strengths and preferences.
Moving Forward with Insights from "Insurance Business Babes":
The conversation in this episode of "Insurance Business Babes" unveiled a wealth of insights for navigating the dynamic world of Medicare insurance, managing LOAs, and adapting to personal and industry-related challenges. From the significance of legal protections and the nuances of working with LOAs to the spirit of collaboration and embracing technological advancements, the episode provided a holistic view of the industry and the strategies for success.
Listen now to get all the details!

Joanna Wyckoff from Topflightagent.com and Kathe Kline from CertifiedMedicareAgents.com talk about building a Medicare Insurance Agent business. (Use the code Babes2024 to get a free Bronze membership in the CertifiedMedicareAgent.com directory).