If your client makes a PLAN CHANGE with an effective date on or after March 1, 2021, you will automatically be designated as their Agent of Record for Medicare Advantage and Part D business. The effective date for the Agent of Record change will match the effective date of the plan change.
Full Answer
Do Medicare Advantage plans include drug coverage?
Most Medicare Advantage Plans include drug coverage (Part D). In most cases, you’ll need to use health care providers who participate in the plan’s network. These plans set a limit on what you’ll have to pay out-of-pocket each year for covered services.
Can a company hire an independent agent to sell Medicare plans?
In other situations, the companies hire independent agents/brokers who are not employees to sell the companies' Medicare plans.
Are Medicare agents/brokers employees of the contracted company?
Sometimes these agents/brokers are employees of the contracted company. In other situations, the companies hire independent agents/brokers who are not employees to sell the companies' Medicare plans.
What are Medicare Advantage plans (MA plans)?
Medicare Advantage Plans, sometimes called “Part C” or “MA Plans,” are offered by Medicare-approved private companies that must follow rules set by Medicare. Most Medicare Advantage Plans include drug coverage (Part D).
How do I change my Medicare agent of record?
The member will have to handwrite, sign and date their request. The agent may fax or scan and email the request to Agent Support. Or The member may send in an request directly to Agent Support from the email address that Customer Service has on file for them.
Can I switch Medicare agents?
Absolutely. You are never bound to an agency or agent. If you enrolled in Medicare Advantage, you can change your plans and agencies during two enrollment periods: Annual Open Enrollment (or Annual Election Period): October 15 to December 7.
What is an agent of record change?
An agent of record is the process that the insurance industry has adopted to be able to honor the requests of a customer and provide an agent or agency the legal right to service or maintain a policy.
How do I change my Aetna agent of record?
Aetna Medicare Broker ChangeThe member can contact Member Services. To do this via phone, just use the toll-free number located on the back of their Aetna Medicare Member ID card.The member may write a letter requesting a change to their agent of record. ... Receiving agent must be ready to sell.
Can you change Medicare Advantage plans without underwriting?
The only way to change Medicare Advantage Plans outside of the standard annual enrollment periods is by qualifying for a Special Enrollment Period.
What is the biggest disadvantage of Medicare Advantage?
Medicare Advantage can become expensive if you're sick, due to uncovered copays. Additionally, a plan may offer only a limited network of doctors, which can interfere with a patient's choice. It's not easy to change to another plan. If you decide to switch to a Medigap policy, there often are lifetime penalties.
What is the difference between AOR and Bor?
An Agent of Record (AOR) is generally the same thing as a Broker of Record (BOR). These letters or forms determine who represents your business to an insurance company.
What is agent of record mean?
An agent of record is a company or individual who has the legal authority to represent the insured in maintaining, servicing, and purchasing an insurance policy.
What is the difference between broker and broker of record?
A salesperson can become a broker by taking additional courses and exams. A broker designation also allows someone to manage a brokerage. If they do take on that role, they are known as the Broker of Record.
How many times can the email enrollment link be used for Aetna?
If a beneficiary had a break in Medicare prescription drug coverage or other creditable coverage of 63 days in a row, they may be subject to a late enrollment penalty. The Email Enrollment link can only be used onetime.
How long is an electronic scope of appointment valid for Aetna?
ten yearsA Scope of Appointment form must remain on hand for ten years. You can request a copy of this form and get a copy without any issues.
What is a broker of record change?
Medicare Broker of Record Change. There is more than one name for Medicare Broker of record change forms, some people also refer to them as (BOR). Some agents also refer to these forms as agent of record change forms. Agents can use these forms with a number of carriers to change the servicing agent on an account.
Which carriers do not accept Broker of Record Change?
The most notable carriers that will not accept the forms are United Healthcare Medicare Advantage and AARP Medicare supplement plans. Although, most other companies will accept the Medicare Broker of Record Change form. It is also important to remember that a company will usually not accept a BOR on a case that is not currently paying commission.
If you are the current Agent Of Record
If you are currently the agent of record, it is very important that you take the time to go out and meet with or call your customers to discuss their plan options and benefits for the next year.
Agent Of Record Changes in the past
The carriers don’t want to lose these members to another plan. In the past, some plans required the member to change plans in order to change their agent. The customer was forced to change to another company just to change the agent that was not servicing them properly or at all.
New Opportunities
If you are an agent that is looking to pick up a customer who is unsatisfied with their previous agent, there are opportunities to take them on as a client.
When is it good to pursue an AOR?
Sometimes you will come across a customer that enrolled over the phone, online and they had an agent that moved or retired or they just can’t get any response from anymore. At that point, it is proper and responsible to ask them if they would like to change their agent.
How is it done now?
Most of the carriers that now offer AOR changes will require that the member put their request in writing. As an agent you cannot put it in your handwriting and have them sign it. It will require that they fill out a form or write a letter that you can then submit to the carrier.
How will commissions work?
As an agent you will not be paid an advance, any AOR changes will come out as a monthly renewal. So don’t expect to get a large commission in January for this AOR change.
How can I prevent AOR changes for my customers?
We know that the AOR changes can be misused, but we also respect agents that put the customer first.
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.
