The Annual Enrollment Period (AEP) is a crucial time for Medicare beneficiaries to review their coverage and make any necessary changes. For insurance agents, this period presents an opportunity to provide invaluable guidance and support to their clients. By thoroughly reviewing their options and ensuring they have the coverage they need, agents can help clients navigate the complexities of Medicare and make informed decisions.
At Midwestern Marketing, we’ve been serving the insurance industry for 25 years, and we know what it takes to have a successful AEP. We’ve compiled a comprehensive AEP checklist for agents to use to ensure they are meeting all their business, customer, and compliance requirements. Here are some key points things to review with new and current clients during AEP:
1. Current Coverage Evaluation
Begin by reviewing the client’s current coverage, including their Medicare Advantage (Part C) or Medicare Prescription Drug (Part D) plan, as well as any supplemental insurance they may have. Before the beginning of the Medicare annual enrollment period, providers must send an Annual Notice of Change (ANOC) to customers. ANOCs outline any changes in the plan benefits or costs that will take effect the following year. It’s important to help beneficiaries review the ANOC carefully to understand how these changes impact their coverage. Ask your client if there have been any changes in their health status or medication needs since last year. Then, evaluate whether their current plan still meets their health insurance needs and budget.
2. Plan Comparison
If they wish to see other policies, provide clients with a comparison of available new plans in their area, including premiums, deductibles, copayments, and coverage options. Make sure to highlight any new changes to existing plans that may affect the client’s coverage or out-of-pocket costs. It’s important to consider factors such as provider networks, prescription drug formularies, and coverage for services like vision, dental, and hearing aids before making a policy recommendation.
As an insurance agent, it may be helpful to have enrollment kits available. Enrollment kits are packets of information and marketing materials made to educate and inform clients of available Medicare plans. These help to explain complicated policies and terms and streamline the enrollment process for you and your clients.
3. Prescription Drug Coverage
Next, insurance agents should review the client’s current prescription drug coverage and ensure that their medications are still covered and affordable. Compare the formularies of Part D plans to identify any potential savings or better coverage options for their specific medications. This is also a chance to discuss opportunities to lower prescription drug costs, such as using mail-order pharmacies or generic alternatives.
4. Health Needs Assessment
Insurance agents should also conduct a thorough assessment of the client’s health needs and anticipated medical expenses for the upcoming year. Consider any chronic conditions, ongoing treatments, or planned surgeries that may impact their health insurance needs and coverage. This is a time to discuss options for supplemental insurance, such as Medigap policies, to help fill gaps in coverage and minimize out-of-pocket costs.
5. Financial Considerations
Review the client’s budget and financial resources to ensure their chosen health insurance plan is affordable and sustainable. Discuss options for managing healthcare costs, such as Health Savings Accounts (HSA) or Medicare Savings Programs, that may help clients save money on premiums, deductibles, and copayments.
6. Enrollment Deadlines
As an insurance agent, you should remind clients of the AEP deadlines and the importance of enrolling or making changes to their coverage before the deadline passes. Provide guidance on how to enroll in Medicare Advantage or Part D plans, whether through the Medicare website, over the phone, or with the assistance of an insurance agent.
7. Ongoing Support
Follow-up with clients and show that you are available for regular communication and ongoing support throughout the year, not just during AEP. Encourage clients to reach out with any questions, concerns, or changes in their health insurance needs, so that adjustments can be made as necessary. If appropriate, ask clients for referrals, so you can work on growing your insurance business next Annual Enrollment Period.
Navigating the complexities of Medicare can be daunting, but with the guidance of a knowledgeable insurance agent, customers can feel confident in their coverage decisions. By reviewing their current coverage, comparing available plans, assessing health needs, considering financial situations, and staying informed of enrollment deadlines, agents can help clients make the most of AEP and maximize their Medicare Benefits.
As AEP approaches, insurance agents play a crucial role in ensuring that clients have the coverage they need to stay healthy and financially secure. By providing specific advice and support, agents can empower clients to make informed decisions and navigate the complexities of Medicare with confidence.
Midwestern Marketing is a true FMO where a handshake still means something. We value our agents and take service and contracting to a new level. The teamwork and principles by which we operate are reflected in the thousands of agents we serve nationwide. Feel free to call 877-278-3775 or email us at info@midwesternmarketing.com. We are certain we can help you grow your business!