There are 2 different types of Medicare Sales Events: Formal and Informal. Let’s start by defining the 2 types. Formal Sales Event: In this type of sales event an agent can present a carrier specific presentation to invited attendees.
Full Answer
What is a Medicare sales or marketing event?
Jun 25, 2015 · There are two main types of Marketing/Sales events under Medicare regulations – Formal and Informal. 1- Formal marketing/sales events are typically structured in an audience/presenter style with a salesperson or plan representative formally providing specific plan sponsor information via a presentation on the products being offered.
What is a formal marketing/sales event?
There are 2 different types of Medicare Sales Events: Formal and Informal. Let’s start by defining the 2 types. Let’s start by defining the 2 types. Formal Sales Event: In this type of sales event an agent can present a carrier specific presentation to invited attendees.
What does CMS consider a sales event or appointment?
Mar 01, 2018 · An activity will be considered a sales event or appointment if it is designed to persuade potential enrollees to choose a specific plan (or set of plans), according to CMS. The inclusion of plan-specific information, sales techniques, and the collection of applications differentiate these events from educational events.
What types of Medicare events can I hold?
Jun 15, 2020 · Formal sales events – Presenting plan specific information and benefits to an audience Informal sales events – Offering plan information by request while at a table, booth, kiosk, RV etc. Given these points, you are there to help them in selecting a new plan for enrollment or helping decide if they should stay enrolled in their current plan.
What is a formal marketing sales event?
1- Formal marketing/sales events are typically structured in an audience/presenter style with a salesperson or plan representative formally providing specific plan sponsor information via a presentation on the products being offered.Jun 25, 2015
What is a Medicare tabletop event?
What are Informal Sales or Tabletop Sales Event? Per the CMS definition - Marketing/sales events are events designed to steer, or attempt to steer, enrollees. or potential enrollees toward a plan or a limited set of plans.
What is considered by CMS to be a sales and marketing event?
What Does CMS Consider a Sales Event or Appointment? An activity will be considered a sales event or appointment if it is designed to persuade potential enrollees to choose a specific plan (or set of plans), according to CMS.Mar 1, 2018
What are informal sales events?
Informal marketing/sales events are conducted with a less structured presentation or in a less formal environment. They typically utilize a table, kiosk or a recreational vehicle (RV) that is manned by a plan sponsor representative who can discuss the merits of the plan's products.Oct 28, 2016
What is a formal event?
Formal events are what you would expect in a ceremonial environment–people dressed in formal wear following a specific official event protocol. Only invited individuals are expected to attend such events.Dec 4, 2013
What is an informal Medicare event?
There are two types of sales events: formal and informal. Here's what sets them apart: Formal Sales Events: Agent presents plan-specific information to an audience invited to the occasion. Informal Sales Events: Agent offers plan info upon request only while at a table, booth, kiosk, or RV.Oct 7, 2021
Is event reporting required by CMS?
As a rule of thumb, any time you want to partake in marketing activities, structure your event as a sales event. “Talking points” used during the event and presentations used by agents need to be submitted to CMS prior to use.
When must a marketing sales event be reported?
Report all marketing/sales events (including additional events reported throughout the month) prior to advertising the event or 10 calendar days prior to the event's scheduled date, whichever is earlier.
What is bundling at a sales event?
Bundling is a marketing strategy where companies sell several products or services together as a single combined unit. The bundled products and services are usually related, but they can also consist of dissimilar items which appeal to one group of customers.
What are some examples of informal events?
Informal Events means those communication events or activities which provide opportunities for Program and/or project recognition but are not as significant as Formal Events. Informal events may include walking tours of a property with a local Member of Parliament or a press tour, or news release.
What is an informal marketing sales event for Medicare?
Informal sales events are held in a less structured style or in a less formal environment. And, typically utilizes a table, kiosk, or a recreational vehicle (RV) staffed by a plan representative who can discuss plan products.
What type of events must be reported to UnitedHealthcare?
Event reporting UnitedHealthcare policy requires that all events, educational and/or marketing/sales (including formal and informal), be reported to UnitedHealthcare prior to any advertising and no less than 7 calendar days before the date of the event.
What is an educational event?
The educational event is meant for you to share information, and answer any questions your prospects or their care-givers may have. An educational event is not intended for sales activities like distributing plan specific marketing materials or collecting applications. That’s what a sales event is for.
How much notice do you need to give for a cancellation?
If you have to cancel an event, there are best practices you should be aware of. You should strive to give your attendees at least 48 hours notice of the cancellation. Along with the following best practices, you should follow up with your carriers as they may have specific requirements regarding event cancelation.
What is SOA in business?
You could utilize a Scope of Appointment (SOA) to collect information compliantly, and make an appointment to discuss at a later time. In some cases, a local rep may be able to assist you at your event in some way. They may be able to help hand out materials, or even speak to your audience about a specific product.
Can you compare a carrier plan to another?
Compare one carrier’s plan to other by name without first getting written consent from all carriers involved in the comparison or without having careful studies or statistical data to back up comparisons.
What Does CMS Consider a Sales Event or Appointment?
An activity will be considered a sales event or appointment if it is designed to persuade potential enrollees to choose a specific plan (or set of plans), according to CMS. The inclusion of plan-specific information, sales techniques, and the collection of applications differentiate these events from educational events.
What Brokers Should Do Before an Event or Appointment
Before brokers conduct sales events or appointments, they must submit all sales scripts and presentations to the insurance company they represent. The insurance company is then responsible for submitting those sales and marketing items to CMS for approval.
Brokers Are Allowed to Do These Things During an Event or Appointment
Brokers are allowed to do the following during a sales event or appointment.
Brokers Must Avoid These Activities During an Event or Appointment
The following activities are prohibited during sales events and appointments.
Where to Find More Medicare Marketing Guidelines
Excelsior is taking the time to break down each Medicare Marketing Guideline that brokers need to know. Just visit our online resource center. And if you’re more interested in learning what else Excelsior can do for you, such as teaching you how to double or triple your revenue, contact us today.
Educational Events
First thing to remember, educational events are purely for education and communication. Furthermore, these events are for prospective enrollees along with their caregivers and others who may aid in their decision making. During an educational event, use this time to get to know your market and teach them about the service you provide.
Sales Events
Now, let’s examine additional differences between Medicare educational and sales events. Please note, sales and marketing events are intended to include discussion of plan specific information and/or collect enrollment applications. They are broken down into two categories:
How to advertise a sales event?
Compliantly advertising your sales event is half of the journey. To make it all the way, here are the activities you shouldn’t do during events for existing clients and prospective enrollees: 1 Don’t give attendees the impression that providing any contact information is necessary. You must clearly state on the event sign-in sheet that providing any personal contact information is optional. 2 Don’t use personal contact information provided by raffle participants for any other purpose besides to notify them of any winnings. 3 Don’t conduct health screenings or other similar activities that could give the impression of “cherry picking.”
What is CMS enrollment?
To help solicit enrollments, CMS allows you to discuss plan-specific information (such as premiums, copays, etc.) and distribute and/or collect enrollment applications. Because such activities are the nature of a Medicare sales event, you must communicate this in any marketing material you create (such as ads and invitations) ...
