Crunch time. Busy season. Fourth quarter. Whatever you call it, we’re all gearing up for busiest time of a health insurance agent’s year. Here’s a few notes worth keeping top of mind:
Don’t forget your script
The new final rule from CMS dictates that each and every marketing call with a Medicare beneficiary must be recorded. A specific disclaimer must be read within the first minute of a call:
"We do not offer every plan available in your area. Any information we provide is limited to those we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options."
Medicare Part A and B effective dates are changing
Beginning in January of 2023, coverage for Medicare parts A and/or B will begin on the first of the month following the application. This is true for all enrollments that occur during Initial Enrollment Periods, General Enrollment Periods and most Special Enrollment Periods. The long and short of it? Your beneficiaries will have benefits in effect sooner, leading to fewer coverage gaps.
Don’t leave money on the table
For each new Medicare Advantage plan you write, you could earn even more by helping members complete a health risk assessment (HRA). This could be done over the phone, through your agent portal, or via email – each carrier has their own instructions and the bonuses you receive also vary – typically from $50 to $100 per application.
Some provisions of the Inflation Reduction Act of 2022 come into effect
Three portions of the law come into effect:
Drug companies will have to pay rebates to Medicare if the prices of existing drugs rise faster than the rate of inflation
Insulin copays will be limited to $35/month, regardless of how many vials a beneficiary requires
Out-of-pocket costs for many adult vaccines will be reduced or eliminated
These aren’t the most impactful changes – we’ll need to wait until later to see a reduced out-of-pocket spending cap and government negotiation of drug prices – but insulin-dependent beneficiaries should start seeing impacts soon.
The right coach in your corner
AEP is a busy and challenging time to be an agent – you need someone in your corner. Action Benefits is a trusted name in providing attentive service and guidance to independent agents during AEP and beyond.