You may solicit referrals from current MA and Part D enrollees and offer one thank you gift per member per year of less than $15, based on retail purchase price of the item, although you may NOT inform enrollees of the availability of the gift in your letter soliciting referrals. Unlock all answers Please join to get access question
Full Answer
Do you ask clients for referrals when selling Medicare Advantage products?
Sell you a non-health related product, like an annuity or life insurance policy, during a sales pitch for a Medicare health or drug plan. Make an appointment to tell you about their plan unless you agree. During the appointment, they can only try to sell …
How can agents market Medicare Advantage and Part D plans?
Mar 17, 2020 · Certifications to Sell Part D. In order to sell Medicare Part D, you need a few certifications. All agents and brokers that sell Medicare products must be trained and tested every year on Medicare rules and regulations. That includes employees, subcontractors, downstream entities, and/or delegated entities . First up is the AHIP.
What do you need to know about Medicare Advantage Marketing appointments?
Oct 10, 2019 · DD: Explain to agents what the opportunity is in selling Medicare Advantage plans to clients?. Why would an agent want to consider operating in this particular niche? LM: Right now the latest statistics show that there are 10,000 seniors a day turning 65.Most of these seniors need coverage outside of Original Medicare. You’ll have military folks with TRICARE, you’ll have …
What is it like to sell Medicare Advantage plans?
Ordinarily, you ask your clients for referrals to people they think would benefit from the products you offer. When selling Medicare Advantage or Part D products, how might you solicit referrals? a. You may call current MA and Part D enrollees to solicit referrals and offer thank you gifts of less than $15 for each referral received. b.
Can you solicit Medicare Advantage prospects through email?
Due to a change reflected in the 2019 MCMG and now in the Medicare Advantage & Part D Communication Requirements, agents are permitted to make unsolicited direct contact with potential enrollees via email.
What can plan sponsors market to current Medicare Advantage plan members?
CMS uses the term “plan sponsor” to describe an organization that has an approved, active contract with the federal government to offer Medicare Advantage plans, prescription drug plans, and 1876 cost plans. A plan sponsor can be an employer, a union, or a health insurance carrier.Oct 19, 2017
When marketing Medicare Advantage plans what must an agent do?
Tell you where to find information about the plan (website, business cards, customer service number) Discuss different plan options. Provide and collect enrollment forms if you have the right to enroll.
What is a personal individual marketing appointment?
Personal/ individual marketing appointments are defined by. the intimacy of teh appointments' location or format and typically take place in person @ beneficiary's home/ venue as a library or coffee shop/ via telephone call. All individual appointments. - are considered sales/ marketing events.
How do you market Medicare products?
⍟ 14 Ways to Generate Medicare Supplement LeadsBuild & Maintain a Website. ... Social Media Presence. ... Video Marketing. ... Blogging, Writing Articles. ... Email. ... Online Events: Live webinars, podcasts. ... Direct Requests / Client Referrals. ... Lead Swapping Partnerships (Asking other professionals for referrals)More items...
What is a Part D plan sponsor?
Part D plan sponsors are nongovernmental entities under contract with CMS to offer prescription drug benefits through PDPs, MA-PDs, PACE plans, or cost plans offering qualified prescription drug coverage.
In what product should Agents enroll consumers?
In what product should agents enroll consumers? A product that is suitable for the consumer's needs, goals and financial resources.
Can a Medicare agent call you?
– A Medicare health or drug plan can call you if you're already a member of the plan. The agent who helped you join can also call you. – A customer service representative from 1-800-MEDICARE can call you if you've called and left a message or a representative said that someone would call you back.
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.
Can social media be used in the promotion of Medicare Advantage products?
Generic materials can advertise the services you offer as an agent. You don't need prior CMS or carrier approval to share such materials on your social media sites as long as you don't include any plan-specific details or carrier brand names and logos.Nov 7, 2018
How do I communicate with Medicare?
Call 1-800-MEDICARE For questions about your claims or other personal Medicare information, log into (or create) your secure Medicare account, or call us at 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048.
Who are the key competitors for UHC's Part D product?
UnitedHealth Group competitors include Milliman, Humana, Anthem, Inc., eviCore healthcare and Aetna.
What Is Medicare Advantage?
DD: I’d like to start with the basics, Luis. I’m sure there are a lot of people who have heard about Medicare, maybe they’re brand new agents or so...
Is Medicare Advantage A Tough Sell?
DD: When I started in final expense sales, I saw many Medicare Advantage prospects, but I never sold any Medicare Advantage plans.Why? Because agen...
How To Get Certified To Sell Medicare Advantage Plans?
DD: What’s the process for somebody who wants to learn how to become a Medicare Advantage insurance agent?You have to do more than getting your ins...
What Happens After AHIP?
Once you get that AHIP done then you’ve done about 70% of your required certifications.Each carrier that you’re appointed with wants to make sure t...
What Are The Long-Term Benefits Of Selling Medicare Insurance?
DD: What would you describe as the long-term advantages selling Medicare Advantage plans as your primary line of business?LM: When you’re doing cro...
Commission For Selling Medicare Advantage Plans?
DD: A lot of agents are looking at this like we’ve talked about it from a final expense standpoint.They’re used to getting pretty high first year c...
How Long Would It Take To Write 500 Sales?
DD: How long do you think it would take to write 500 pieces of business? Somebody who’s serious about this business, they’re full-time, they really...
Can You Cross Sell?
DD: When we look at new Medicare Advantage clients, ones that we found or wrote from maybe one of these referral partners, what’s the guidelines on...
When Can You Sell Medicare Advantage?
DD: A lot of agents look at the Medicare Advantage business and think they can only sell these products when the person turns 65 and then if not, o...
What is Medicare Part D?
Medicare Part D is optional prescription drug coverage. It's also called a Prescription Drug Plan, or PDP for short. You may also hear it referred to as stand-alone PDP. Part D plans are run by private insurance companies that follow rules set by Medicare.
How many pharmacies are there in Medicare Part D?
Most Medicare Part D plans have a broad array of preferred pharmacies, such as SilverScript, which has over 65,000 pharmacies including CVS, Walgreens, Walmart, and many small, mom-and-pop pharmacies. Clumsy Kramer GIF by HULU - Find & Share on GIPHY.
Why do agents hand out Part D cheat sheets?
Many agents actually hand this Part D Cheat Sheet out to their clients so they can run their own drug comparison. It can help lighten the load during AEP, and more often, people actually want to compare plans on their own.
Who is Michael Sams?
Michael Sams, a senior market producer and sales trainer, sold an $850,000 annuity – his largest annuity sale ever – to a client who originally only wanted Part D help. "People want leads all the time, and this is the best lead generator you'll ever have ," he explains.
What happens if you don't join Medicare?
If they decide not to join a Medicare drug plan when they're first eligible, and they don’t have other creditable prescription drug coverage or get Extra Help, they’ll likely pay a late enrollment penalty if they join a plan later . The late enrollment penalty is an amount that’s permanently added to the Part D premium.
What is the late enrollment penalty?
The late enrollment penalty is an amount that’s permanently added to the 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 Part D or other creditable prescription drug coverage.
What is the AHIP certification?
First up is the AHIP. In order to sell Medicare Advantage and Part D (Prescription Drug) plans, you'll need to receive your AHIP certification and submit it to the carriers you want to offer. The AHIP covers MA and PDP explanations, marketing and compliance guidelines, and laws on fraud in Medicare.
What is the difference between Medicare Supplement and Advantage?
As long as you’ve done that you’ve done your CYA. The other difference between a Supplement and an Advantage plan is you have a prescription portion. So you’ve got to sell a prescription drug plan with a Medicare Supplement.
What is Medicare Advantage?
We’re going to focus today on selling Medicare Advantage plans. Medicare Advantage is a plan that helps fill the gaps that naturally occur with a Medicare plan. For example, common carriers include: United Healthcare. Blue Cross Blue Shield. Aetna. Humana.
What is the age limit for Medicare?
LM: When somebody has Medicare they’re normally 65 and over. You do have a segment of the population under 65 that get Medicare who are usually disabled. Once someone is on Medicare they have two options – Medicare Advantage or Medicare Supplement. There’s not a good or a bad option, there is simply two options.
Does Medicare Advantage include prescriptions?
For Medicare Advantage a prescription plan is included. The copays per carrier are probably different, but they function the same way. All you’ve got to do is pull up the formulary, which is usually in a PDF and just do the search for the medications and make sure they’re in there.
Can you door knock Medicare Advantage?
Now in the Medicare Advantage world if you don’t have permission to contact you’re not supposed to contact. You can’t door knock for Medicare Advantage, so you’ve got to wait for it to come to you, but you can put a lot of honey out there to attract the bees.
Can you sell Medicare Advantage plans?
The unique thing about selling Medicare Advantage plans is that you don’t get to sell a product unless you’ve passed tests and meet knowledge requirements. LM: Correct. Further, you may have face-to-face training requirements before selling. You’ll be in a room of other new agents.
Do seniors need Medicare?
Most of these seniors need coverage outside of Original Medicare. You’ll have military folks with TRICARE, you’ll have some seniors that work for a company or government position offering health benefits in retirement. But outside of that, you’ll have seniors enrolling in Medicare, needing to find a plan.
Who is Agent Armstrong?
Agent Armstrong is employed by XYZ Agency, which is under contract with ABC Health Plan, a Medicare Advantage (MA) plan that offers plans in multiple states. XYZ Agency maintains a website marketing the MA plans with which it has contracts.
Is your coworker correct?
Your coworker is not correct. Marketing on behalf of a plan is considered marketing by the plan and requires that all contracted and employed agents comply with all Medicare marketing rules. d. Your coworker is correct.
Who is Alice in the book?
Alice is a marketing representative employed by a health plan. Betty is a captive agent of a health plan who markets to multiple plans and sponsors. Carl is a captive agent who markets to only one plan/sponsor.
Can I represent Medicare Advantage?
You will not be able to represent any Medicare Advantage or Part D plan until you complete the training and achieve an adequate score, although you will not have to take a test if you exclusively market employer/union group plans and the companies do not require testing. c.
Who is Agent Armstrong?
Agent Armstrong is employed by XYZ Agency, which is under contract with ABC Health Plan, a Medicare Advantage (MA) plan that offers plans in multiple states. XYZ Agency maintains a website marketing the MA plans with which it has contracts.
What does "tap card" mean?
Tap card to see definition 👆. Another agent working for your agency claims that because you are not employed by the Medicare Advantage plans that you represent, you are not subject to the same requirements as the plans themselves.
Does CMS require corrective action plan?
... Mr. Lynn, an agent for Acme Insurance, Inc. thinks that, since state laws are preempted with regard to the marketing of Medicare health plans, he doesn't have much to worry about.
What is Medicare marketing?
Marketing on behalf of a plan is considered marketing by the plan and requires that ALL contracted and employed agents comply with all Medicare marketing rules. You work for a company that has marketed Medigap products for many years.
Does CMS require corrective action plan?
CMS requires plan sponsors to create and complete a corrective action plan and may terminate a sponsor's contract. You have set up an appointment for an in-home sales presentation with Mrs. Fowler, who expressed interest in the Medicare plans you represent.