How do you market a Medicare Advantage Plan?
Medicare Advantage Marketing to current patientsTargeted mail and emails for patients 65+Reminders for current patients during open enrollment.Informational blogs and social media posts.Posters in your office.Referring patients to an informational page on your website with a lead capture.More items...
Is being a Medicare agent worth it?
Medicare agents have significant earning potential and a promising future of stable career growth – but it's not just about the money. Medicare agents also get to help others while taking control of their own careers. For the right person, Medicare sales can be a very rewarding and lucrative career.Jul 1, 2020
What is an AEP agent?
The AEP Agent will be required to coordinate and ensure the carrying out and completion of the Asset Enhancement Program by the main contractors, sub-contractors, project managers and advisers in accordance with the terms of the Sale and Purchase Agreement.
How do Medicare supplement commissions work?
Medicare Supplement Commissions Agents get a share of the premiums of the insurance they sell while selling Medicare Supplements. CMS does not specify a maximum broker commission for Medicare Supplements, unlike Medicare Advantage and Part D.Jul 26, 2021
Is selling Medicare profitable?
Is Selling Medicare Lucrative? In short, yes. The average Medicare Advantage policy pays around $287 a year in commission if the purchase replaces an existing plan. However, you can get approximately double that — $573— if you write up a new Medicare Advantage plan for someone who hasn't had one before.Feb 22, 2022
Is there money in selling Medicare?
Myth #3: There's no money in selling Medicare. The real value of Medicare sales comes in the renewal income. Typically, after you help your client enroll in a plan, you will receive an initial payment for the first year of the policy.
In which of the following settings is a scope of appointment form not required to be collected?
If the meeting was set up as an in-person appointment, a scope of appointment is required. If the meeting is advertised as a sales event open to the general public, a scope of appointment form is not required. 7.
Can a member can add or drop prescription drug coverage during the annual election period AEP?
During the AEP, you can join, change, or drop your Medicare Part D prescription drug plan (PDP) or Medicare Advantage plan (like an HMO, PPO, HMO POS, or PFFS plan) that includes prescription coverage (MAPD) or a Medicare Advantage plan without prescription coverage (MA).
What dates reflect the annual election period AEP )?
AEP runs from October 15th to December 7th every year, and it allows Medicare beneficiaries to make changes to their plan, switch plans, or disenroll from a plan. If you want to change your coverage for next year, this is the time to do it.Oct 1, 2021
What does street level commission mean?
Street level commission is the base commission amount paid by the company you work for. This is normally expressed as "base commission" or "street level commission" on the rate sheet you receive from your insurance company or General Agent.Sep 26, 2017
How do I study for AHIP?
Go through the AHIP training modules at least once, review them for a second time or third time if they're new to you. Take your time going through the information; don't rush to get through the modules. Let the details on each slide sink in, especially if it will be your first time taking this exam.
What is an FMO?
FMO — Field Marketing Organizations A field marketing organization (FMO) is basically the same as an independent marketing organization (IMO). FMOs are typically top-level organizations that are licensed to sell health insurance products in most, if not all, states.
When Is the Medicare Advantage Open Enrollment Period?
The Medicare Advantage Open Enrollment Period (MA OEP) takes place from January 1 to March 31 every year. The Centers for Medicare & Medicaid Services (CMS) restored the MA OEP in January 2019 to replace the current Medicare Advantage Disenrollment Period, which previously ran from January 1 to February 14.
What Does Medicare Advantage Open Enrollment Mean for Your Clients?
Medicare Advantage Open Enrollment gives beneficiaries who are currently enrolled in an MA plan a few options. They can switch to a different MA plan or drop their plan and return to Original Medicare with or without Part D drug coverage. Enrollees get a one-time election to make any of the following changes through the MA OEP:
What Agent Marketing Activities Are Prohibited During the MA OEP?
CMS prohibits agents and brokers from intentionally targeting or sending unsolicited marketing materials to MA and Part D enrollees during the Medicare Advantage Open Enrollment.
What Marketing Activities Can Agents Perform During the MA OEP?
Agents and brokers are limited in marketing activities during the Medicare Advantage Open Enrollment Period (MA OEP) however, are able to:
Where Can I Get Help With Navigating the Medicare Advantage OEP?
Excelsior’s senior market experts can help you compliantly conduct marketing activities during the Medicare Advantage Open Enrollment Period (MA OEP). Our regional sales directors have decades of field marketing experience to help you navigate various scenarios that may arise during the MA OEP.
What is OEP?
The OEP allows beneficiaries who are enrolled in a Medicare Advantage (MA) plan to make a change. This helps beneficiaries who were confused about how MA plans work and didn’t fully understand the plan, network, or copay costs associated with the plan they chose. The OEP runs from January 1 st to March 31 st.
Who qualifies to use the OEP and what changes can they make?
The OEP applies only to those beneficiaries who are already enrolled in an MA plan as of Jan 1 st. These beneficiaries can make one of the following a one-time changes during OEP:
What happens to a broker if they don't comply with Medicare?
Agents/brokers are subject to rigorous oversight by their contracted health or drug plans and face the risk of loss of licensure with their State and termination with their contracted health or drug plans if they don't comply with strict rules related to selling to and enrolling Medicare beneficiar ies in Medicare plans.
What is agent broker compensation?
Below is a link to a file containing the amounts that companies pay independent agents/brokers to sell their Medicare drug and health plans. Companies that contract with Medicare to provide health care coverage or prescription drugs typically use agents/brokers to sell their Medicare plans to Medicare beneficiaries.
Do brokers have to be licensed in the state they do business in?
Agents/brokers must be licensed in the State in which they do business, annually complete training and pass a test on their knowledge of Medicare and health and prescription drug plans, and follow all Medicare marketing rules.
What does it mean to work with an independent Medicare insurance agent?
Working with an independent Medicare insurance agent means you get to choose policy options from different companies. Independent agents and brokers are more likely to give unbiased plan recommendations and advice. But they may not have in-depth knowledge of these plans.
What is the benefit of working with an independent Medicare broker?
One of the benefits of working with an independent Medicare broker or agent is that they represent many health insurance companies. They can present you with plan options from different carriers, increasing your chances of finding the right fit.
What can a Medicare broker do?
A Medicare agent or broker can help you narrow down your options and pick the best one. To do this, they’ll learn about your health goals and budget. They’ll present you with options to meet your goals within your budget. They can help you enroll in the plan you choose.
How complex is Medicare?
Medicare can be complex. There are numerous plans, plan combinations, benefits, rules, and exceptions — all of which can be confusing. Buying health insurance is a huge investment, so you want to find a plan that meets your needs. An ethical and knowledgeable agent or broker can help you get the best value for your money. Agents or brokers who sell health insurance products related to Medicare have to pass a test on their knowledge of Medicare every year. 3
What is independent insurance?
Independent. An independent agent can partner with and sell policies for different insurance companies. The agent can choose the specific policies they want to sell from a multitude of providers.
Can captive agents sell Medicare?
Agents who represent a particular health insurer can only sell you plans from that insurer. These captive agents are typically experts on all the options their company offers. But you won’t learn about plans from other Medicare insurance companies.
How many enrollment periods are there for Medicare Advantage?
There are 2 separate enrollment periods each year. See the chart below for specific dates.
What is the late enrollment penalty for Medicare?
The late enrollment penalty is an amount that’s permanently added to your Medicare drug coverage (Part D) premium. You may owe a late enrollment penalty if at any time after your Initial Enrollment Period is over, there’s a period of 63 or more days in a row when you don’t have Medicare drug coverage or other creditable prescription drug coverage. Creditable prescription drug coverage is coverage (for example, from an employer or union) that’s expected to pay, on average, at least as much as Medicare’s standard prescription drug coverage. If you have a penalty, you’ll generally have to pay it for as long as you have Medicare drug coverage. For more information about the late enrollment penalty, visit Medicare.gov, or call 1‑800‑MEDICARE (1‑800‑633‑4227). TTY users can call 1‑877‑486‑2048.
What are the special enrollment periods?
When certain events happen in your life, like if you move or lose other insurance coverage, you may be able to make changes to your Medicare health and drug coverage. These chances to make changes are called Special Enrollment Periods. Rules about when you can make changes and the type of changes you can make are different for each Special Enrollment Period.
When does Medicare enrollment start?
Published by Lauren Hayden • Sep 26, 2018. The Medicare Annual Enrollment Period officially starts on October 15, but you don’t have to wait until then to get a leg up on your sales! October 1 is when you can begin marketing the next year’s plans to your clients. We’re here to tell you how to maximize those first two weeks before AEP begins.
What is the purpose of pre-enrollment materials?
While pre-enrollment materials contain helpful information, they are plan-specific, meaning they can only cover one plan at a time. Get to know your clients so you can determine ahead of time what may be a good choice for them, but still lay out all the options.
When do you have to come back to meet with a beneficiary?
If for whatever reason they are unable to do so, you must come back to meet with them on or after October 15. In the “For Agent Use Only” section of the application, only put your Agent ID number. You should not sign or date the application or mail the application on behalf of the beneficiary.
Can you enroll in AEP before you start?
Because of this, it is best for your clients to wait to enroll until the start of AEP. If these rules are deviated from, the application may be rejected, resulting in a loss of commission for you. It is imperative you follow the guidelines so as to not cause an issue for you or your client.