This publish is a part of a collection sponsored by AgentSync.
With pumpkin spice lattes nigh, we are able to almost scent the approaching of a really busy time of 12 months for carriers, businesses, MGAs/MGUs. Sure, you guessed it, we’re speaking about Medicare open enrollment season – Oct. 15 by Dec. 7.
If you happen to’re a service, company, or MGA/MGU and also you’re making an attempt to return to phrases with the quantity of labor it’s worthwhile to do earlier than, throughout, and after Medicare open enrollment season, then haven’t any worry. We’re right here to stroll you thru some finest practices to make sure the season runs easily for you, your producers, and your clients.
Why is Medicare open enrollment such an enormous deal?
Medicare open enrollment season is the chance for Medicare beneficiaries to affix the Medicare Benefit plan finest suited to their wants.
It’s necessary to notice: Presently, solely beneficiaries already enrolled in a Medicare plan could swap between or to Medicare Benefit plans. When you’ve got any questions in regards to the intricacies of Medicare enrollment intervals, take a look at our intro to Medicare piece, which touches on the who, what, when, and why of Medicare.
Efforts are growing to drive consciousness of the significance of open enrollment season and the chance to change between plans. In 2021, one in every of each eight Medicare beneficiaries — 8.3 million folks — chosen particular person plans throughout open enrollment, in line with the Facilities for Medicare & Medicaid Companies. Likelihood is, the variety of beneficiaries making the most of this enrollment interval will solely improve in 2022.
So, carriers, businesses, and MGAs/MGUs higher be ready to deal with the enterprise.
Finest practices for carriers, businesses, and MGAs/MGUs
Even when Medicare open enrollment season continues to hover at round a ten p.c participation charge, that’s nonetheless hundreds of thousands of senior and disabled People in search of help when switching between Medicare plans. And that merely isn’t one thing carriers, businesses, or MGAs/MGUs can ignore.
When completed proper, open enrollment season is the chance for these firms to show they’re a well-oiled machine, achieve clout with producers, and assist Medicare beneficiaries stay their easiest lives. However when completed incorrect, open enrollment season could be messy, irritating, and costly.
We’re of the opinion that Medicare season ought to all the time be completed proper. So, right here we’re laying out a number of the finest practices that may assist your organization succeed.
1. Plan for Medicare open enrollment nicely prematurely
To deal with the inflow in enterprise, carriers, businesses, and MGAs/MGUs typically have to onboard new producers for open enrollment season. That will not sound like an enormous deal, however it’s, and shouldn’t, underneath any circumstances, be left till the final minute.
Recruiting new producers is all the time a ache. In spite of everything, producers haven’t any scarcity of firms to work with. On prime of that, Medicare open enrollment season makes recruiting even more durable as a result of all firms with a hand in Medicare Benefit merchandise want help by this time. So competitors is excessive.
However, the truth is, these producers will function in one thing of a short lived position. Carriers, businesses, and MGAs/MGUs want the help of those producers to get by open enrollment season however gained’t have sufficient work to maintain them busy all year long. So, they’ll be onboarded shortly earlier than Medicare open enrollment and offboarded shortly after.
Recruiting these new producers and managing the onboarding and offboarding course of will inevitably lead to further workload for present workers. By planning for this inflow of latest producers, and establishing each a recruiting technique and a system for what onboarding and offboarding may appear like, firms can set the framework for a profitable open enrollment season.
2. Construct a optimistic expertise for producers
Medicare open enrollment is annual. It occurs each single 12 months. Positive, it’s possible you’ll not have sufficient work to maintain producers onboard for Medicare open enrollment lively year-round, however you do know you’ll have a necessity for them for the subsequent enrollment interval.
By constructing a optimistic expertise for producers from their first Medicare open enrollment season, carriers, businesses, and MGAs/MGUs can save money and time on recruiting efforts by fostering firm loyalty and inspiring producers to return again 12 months over 12 months.
Think about this: A service must onboard a whole bunch of producers to handle Medicare open enrollment season. This service didn’t begin planning for Medicare open enrollment forward of time and did not construct a system for onboarding and offboarding. In consequence, the general producer expertise is irritating, time-consuming, and messy.
Subsequent 12 months, as producers gear up for Medicare open enrollment season, there isn’t a complete lot of incentive for these producers to return to the identical service. As an alternative, they could decide to work with the service’s competitor. In spite of everything, the producer heard from friends that the competitor has a nice and time-saving onboarding and offboarding course of.
Conserving producers completely happy is essential to creating positive carriers, businesses, and MGAs/MGUs don’t want to start out recruiting producers from scratch every enrollment interval. So bear in mind, even when these producers are solely employed in a seasonal capability, preserving them completely happy can drive annual successes.
3. Use licensing software program to avoid wasting time and forestall regulatory actions
It’s clear Medicare open enrollment season is usually a very hectic interval for all events concerned. It’s no shock, then, that human error can complicate the onboarding and offboarding processes.
However onboarding and offboarding producers comes with a complete slew of regulatory necessities for every state inside which a producer sells insurance coverage merchandise. The identical is true with regards to Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding can lead to expensive regulatory actions. No good, in the event you ask us.
Happily, carriers, businesses, and MGAs/MGUs can keep away from these slip-ups by utilizing licensing software program. Licensing software program helps save time and forestall human error in producer onboarding and offboarding in a couple of methods:
- Flag gaps in producer licensing through the onboarding course of. This permits firms to appropriate licensure errors earlier than it’s time for a producer to promote.
- Cut back paperwork by digitizing the onboarding and offboarding processes. Belief us, much less paper is an effective factor to your sanity, your producer’s sanity, and the survival of the atmosphere. A win, win, win.
- As an alternative of needing to recollect to terminate, in some circumstances, hundreds of producers, licensing software program permits firms to create a termination date that automates the offboarding course of as soon as the date is handed.
- Retain information and licensing info for auditing and market conduct exams. That means, workers gained’t have to retroactively type by documentation to drag key knowledge when it comes time for the examination.
On prime of stopping regulatory actions, licensing software program has the additional advantage of bettering the producer expertise. Producers need onboarding and offboarding to be as easy, fast, and painless as doable. By saving knowledge for auto-filling, producers gained’t should rekey fundamental info throughout a number of factors. In our expertise, repeating info type by type and 12 months over 12 months is without doubt one of the issues that producers say detracts from their general expertise. Since licensing software program streamlines licensure processes and flags any potential gaps in licensing, it may be the important thing to making a optimistic producer expertise, driving producer loyalty, and inspiring producers to return again 12 months after 12 months.
Are you prepared for open enrollment?
We all know getting ready for Medicare open enrollment season can really feel daunting. In spite of everything, when you’ve lastly ramped down from final 12 months’s enrollment season, it’s nearly time to start out ramping up for this 12 months. Happily, following these key finest practices could be the stepping stones to profitable enrollment seasons for years to return. If you happen to’re a producer, be sure you take the time to learn our piece on finest practices for producers as nicely. AgentSync will help you ramp up for Medicare open enrollment, so e-book a demo with us.