How to Create a Compliant Medicare Agency Business Name

Are you a senior market agent interested in creating a formal name for your insurance business?

Once you form your LLC, purchase your website's domain name, establish an email, and get contracted with carriers, it's really hard to redo all of that if you want to switch your name.

Plus, with tightening compliance rules, choosing the right name is even more important. Here's how to create a compliant Medicare agency business name.

Don't Use the Word Medicare In Your Name

The 2024 CMS Final Rule specifically prohibits the misleading use of the Medicare name. If you decide to use the word "Medicare" in your business name, be sure to include a prominent tagline on your logo that says, "A non-government agency."

Here's what CMS specifically said about using a disclaimer or tagline if the word Medicare is used in your logo or website:

Disclaimers or taglines that are prominently placed, in a font size and color to be readily noticed, and that clearly explain that an entity or website is not affiliated with, endorsed by, or otherwise somehow related to the federal government, CMS, HHS, and/or Medicare are essential.

And here's why CMS decided to create this rule:

Through beneficiary complaints and CMS surveillance activities over the years, we have seen the word “Medicare” in names of store fronts, on notices or postcards where “Medicare” is in large font while disclaimers are miniscule, and in television advertisements where a beneficiary could assume that the advertising is coming from CMS or the Medicare program in general.

[...]

One specific example, provided by a Medicare beneficiary, is a postcard with the beneficiary-named address with “Medicare Notice” in large, bold letters at the top along with “Personal & Confidential” and “Important Medicare Information.” This postcard also had a “Medicare Information” box listing a “Customer ID,” formatted to look like an official Medicare beneficiary number. This misleading postcard appeared to be an official document disseminated by the Federal Government.

Compliance experts in our industry are concerned that this rule could tighten over time, causing big headaches for agents with the word "Medicare" in their business name or website URL.

In addition, carriers are being held accountable for ensuring their downstream adheres to this rule, and they're the ones that approve communication and marketing materials. It's highly unlikely that carriers will approve any marketing pieces with Medicare in the name or the Medicare red, white, and blue card on the piece.

On top of that, some states, like Florida, are already putting out their own statutes that ban the use of Medicare in your name.

To avoid all of the hassles we see coming, we advise against using the word “Medicare” in an agency business name or in your title.

If you do use the word Medicare in your name or website URL, understand that you're taking on a risk that could involve rebranding and redoing all of your paperwork down the road.

Questions to Ask Yourself

So, it's time to brainstorm a business name.

Here's a list of questions to ask yourself. It may even be helpful to write down your answers. As you go, you may think up ideas or words you want to include.

Values: What are the key values or qualities you want your insurance business name to represent?
Unique selling points: What are the primary benefits or unique selling points of your insurance agency that you would like to highlight in the name?
Location: Do you want your agency name to have a strong local or regional connection, or would you prefer it to have a broader, national appeal?
Landmarks: Are there any geographical elements or landmarks related to your target market that you could potentially integrate into the agency name?
Industry terms: Are there any specific words or phrases related to Medicare, health, and wealth that you would like to incorporate into your business name? (Keep in mind we do not recommend using the word "Medicare.")
Naming style: Do you want your agency name to be straightforward and descriptive, or do you prefer something more creative and abstract?
Personal names or words: Do you have any personal or meaningful connections to names or words that could inspire your business name in any way?
Culture: Are there any cultural references that could be incorporated into the agency name to make it more memorable?
Usage: How do you envision your agency name being displayed or used in various marketing materials, such as logos, websites, and signage?
Niche: Is there a specific demographic or niche within the senior population that your agency will cater to?

Brainstorm a List of Potential Names

After you go through those questions and have taken some notes, it's time to make a massive list of potential names.

Don't be critical of ideas that pop into your head – just jot them down. You can cross out the bad ones later.

If there were any words you wrote down when going through the questions in the previous section, try incorporating them into a conventional naming template.

Here are some examples of templates you can work from:

[Word] Agency
[Word] Insurance Agency
[Word] Insurance Services
[Word] Insurance Experts
[Word] Insurance Advisors
[Word] Insurance Professionals
[Word] Insurance Solutions
[Word] Insurance Group
[Word] Insurance [City Name]
[Word] and Associates Insurance
[Word] Solutions of [City Name]
[Word] Solutions of [County Name]
[Word] Insurance Advisors
[City Name] Financial & Insurance Solutions
[Word] Senior Care Insurance Services
[Name] Wealth & Health Insurance Agency
[Name] Health & Wealth
[Name] Health & Wealth Advisors
[Name] Health & Wealth Professionals
[City Name] Retirement Planning Insurance Services
[Word] Life & Legacy Insurance Group
[City Name] Independent Insurance Professionals
[Word] Insurance Brokers
[City Name] Risk Management Group
[City Name] Insurance Consultants
[Name] Assurance Services
[Name] Risk Solutions

Note: while your business name can include words like expert, advisor, or professional, please note that your official title and any reference to you as an agent must be Licensed Insurance Agent or Licensed Sales Agent. As an example, you cannot put on your business card that you are a Medicare Expert or a Licensed Medicare Advisor. It must be either Licensed Insurance Agent or Licensed Sales Agent.

Use AI to Help You Brainstorm Business Names

Put ChatGPT to work and let it help you brainstorm a long list of potential business names. The more detailed your input is, the better the name suggestions will be.

Here's a made-up example of what I'd enter to get a list of potential business names:

Brainstorm a list of 50 potential insurance agency business names. To help you come up with high-quality name ideas, I'll tell you a few things about me. My last name is Parr, and I plan on only serving seniors in Central Florida.

I'm really focused on education and ensuring my clients fully understand their coverage before making any decisions.

I will be helping my clients with a variety of products, including Medicare health plans, life insurance, ancillary products, long-term care, and annuities – basically a suite of health, life, and wealth solutions. I tend to like names that are more straightforward so that when someone reads it, they immediately have an idea of what I do and how they could benefit from my services.

The name cannot include the word Medicare.

Here are some naming conventions you can use to come up with high-quality business name ideas:

[Word] Agency

[Word] Insurance Agency

[Word] Insurance Services

[Word] Insurance Professionals

[Word] Insurance Solutions

[Word] Insurance Group

[Word] Insurance [City Name]

[Word] and Associates Insurance

[Word] Solutions of [City Name]

[Word] Solutions of [County Name]

[Word] Insurance Advisors

[City Name] Financial & Insurance Solutions

[Word] Senior Care Insurance Services

[Name] Wealth & Health Insurance Agency

[Name] Health & Wealth

[City Name] Retirement Planning Insurance Services

[Word] Life & Legacy Insurance Group

[City Name] Independent Insurance Professionals

[Word] Insurance Brokers

[City Name] Risk Management Group

[City Name] Insurance Consultants

[Name] Assurance Services

[Name] Risk Solutions

Here's the brainstormed list of business names the AI came up with:

Parr Senior Care Agency
Central Florida Wisdom Insurance
Enlighten Senior Solutions
Parr Insurance Professionals
Senior Secure Insurance Group
Parr Wealth & Health Solutions
Insightful Insurance Services
Central Florida Assurance
Parr Retirement Planning Agency
WiseBridge Insurance Solutions
Central Senior Legacy Group
Parr Financial & Insurance Advisors
Lifetime Senior Care Insurance
Parr Life & Legacy Services
ClearPath Insurance Group
Central Florida WealthGuard
Trusted Senior Solutions
Parr Independent Insurance
Senior Edge Insurance Group
Enlightened Life Services
Central Florida Risk Management
Parr Insurance Consultants
WisePath Assurance Group
Parr Risk Solutions
Enlighten Senior Advisors
Central Florida Legacy Care
Insightful Insurance Professionals
Parr Assurance Services
Tranquil Wealth Solutions
Central Florida Lifeguard
Parr Financial Assurance
Lifetime Senior Insurance Group
Central Wisdom Insurance
Parr Senior Insurance Services
Compassionate Insurance Advisors
Parr Retirement Solutions
EnlightenHealth Insurance Group
Central Florida Security Agency
Parr Life & Wealth Advisors
TrustedSenior Insurance Solutions
Insightful Senior Consultants
Parr Independent Assurance
EnlightenPath Insurance Group
Central Florida LegacyGuard
Parr Insurance Pathways
WiseBridge Senior Solutions
Tranquil Wealth Services
Parr Secure Legacy Group
Insightful Insurance Pathways
Central Florida WisdomGuard

If I switch up my prompt a little bit, it can completely change my results, so you can also try tweaking your input if you don't like the ideas it comes up with first.

Here's an example of another made-up prompt:

Brainstorm a list of 5 business names for my new Medicare insurance agency. It can't include the word Medicare. My last name is Parr, and I want the name to be a pun related to making a par in golf.

Here's what the AI came up with:

ParCoverage Pros
Swing to Health Insurance
On Par Assurance
Parrfect Senior Plans
Fairway to Coverage

😁

Narrow Down Your List

Once you have a few business names that you really like, you can start narrowing it down.

See if the domain is available.

check the domain name of your insurance business name

See if the social media handles you want are available.

check facebook page URL

See if anyone else has that name, or if it's too similar to a competitor (a quick Google search should do the trick).
Search the trademark database to make sure no one has trademarked that name.
Do the four syllable check – many experts say your business name shouldn't be more than four syllables. If it is, can you shorten it?

Run Your Favorites By Family and Friends

Once you've narrowed down your business name ideas, run them by your family and friends.

Sometimes, people can bring in different perspectives and think of things you never would've thought of on your own...

And when you finally feel good about a name, you can go about making things official.

Conclusion

Your business name will be with you for a long time, so make sure you choose one that fits you and also avoids any potential compliance issues in the future.

If you have any tips to add, drop them in the comments section below!