2022-Best Practices for Carriers, Agencies, and MGAs/MGUs


This submit is a part of a collection sponsored by AgentSync.

medicare open enrollment 2

With pumpkin spice lattes nigh, we are able to practically odor 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 way of Dec. 7.

Should you’re a provider, company, or MGA/MGU and also you’re attempting to come back to phrases with the quantity of labor it is advisable to do earlier than, throughout, and after Medicare open enrollment season, then haven’t any concern. 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 a giant deal?

Medicare open enrollment season is the chance for Medicare beneficiaries to affix the Medicare Benefit plan finest suited to their wants.

It’s essential to notice: Right now, solely beneficiaries already enrolled in a Medicare plan might change between or to Medicare Benefit plans. When you have any questions concerning 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 of every eight Medicare beneficiaries — 8.3 million people — selected individual plans during open enrollment, according to the Centers for Medicare & Medicaid Services. Likelihood is, the variety of beneficiaries making the most of this enrollment interval will solely enhance 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 price, that’s nonetheless hundreds of thousands of senior and disabled People on the lookout for help when switching between Medicare plans. And that merely isn’t one thing carriers, businesses, or MGAs/MGUs can ignore.

When executed proper, open enrollment season is the chance for these firms to show they’re a well-oiled machine, acquire clout with producers, and assist Medicare beneficiaries stay their highest lives. However when executed incorrect, open enrollment season will be messy, aggravating, and costly.

We’re of the opinion that Medicare season ought to at all times be executed 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 upfront

To deal with the inflow in enterprise, carriers, businesses, and MGAs/MGUs typically have to onboard new producers for open enrollment season. That won’t sound like a giant deal, however it’s, and shouldn’t, underneath any circumstances, be left till the final minute.

Recruiting new producers is at all times a ache. In any case, producers haven’t any scarcity of firms to work with. On high 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 way of this time. So competitors is excessive.

However, the truth is, these producers will function in one thing of a brief function. Carriers, businesses, and MGAs/MGUs want the help of those producers to get by way of open enrollment season however received’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 end in further workload for present employees. By planning for this inflow of latest producers, and establishing each a recruiting technique and a system for what onboarding and offboarding would possibly appear like, firms can set the framework for a profitable open enrollment season.

2. Construct a constructive expertise for producers

Medicare open enrollment is annual. It occurs each single 12 months. Positive, you might 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 constructive 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 come back again 12 months over 12 months.

Contemplate this: A provider must onboard lots of of producers to handle Medicare open enrollment season. This provider didn’t begin planning for Medicare open enrollment forward of time and didn’t construct a system for onboarding and offboarding. Consequently, the general producer expertise is aggravating, time-consuming, and messy.

Subsequent 12 months, as producers gear up for Medicare open enrollment season, there isn’t an entire lot of incentive for these producers to return to the identical provider. As an alternative, they could choose to work with the provider’s competitor. In any case, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.

Maintaining producers pleased is essential to creating positive carriers, businesses, and MGAs/MGUs don’t want to start out recruiting producers from scratch each enrollment interval. So bear in mind, even when these producers are solely employed in a seasonal capability, retaining them pleased can drive annual successes.

3. Use licensing software program to save lots of time and forestall regulatory actions

It’s clear Medicare open enrollment season could be 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 an entire slew of regulatory necessities for each state inside which a producer sells insurance coverage merchandise. The identical is true in terms of Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding can lead to pricey 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 throughout the onboarding course of. This permits firms to right 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 efficient factor on your sanity, your producer’s sanity, and the survival of the surroundings. 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 data and licensing data for auditing and market conduct exams. That approach, employees received’t have to retroactively type by way of documentation to drag key knowledge when it comes time for the examination.

On high of stopping regulatory actions, licensing software program has the additional benefit of bettering the producer expertise. Producers need onboarding and offboarding to be as easy, fast, and painless as attainable. By saving knowledge for auto-filling, producers received’t must rekey primary data throughout a number of factors. In our expertise, repeating data type by type and 12 months over 12 months is likely one of the issues that producers say detracts from their total expertise. Since licensing software program streamlines licensure processes and flags any potential gaps in licensing, it may be the important thing to making a constructive producer expertise, driving producer loyalty, and inspiring producers to come back again 12 months after 12 months.

Are you prepared for open enrollment?

We all know making ready for Medicare open enrollment season can really feel daunting. In any case, 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 will be the stepping stones to profitable enrollment seasons for years to come back. Should you’re a producer, be sure you take the time to learn our piece on best practices for producers as nicely. AgentSync might help you ramp up for Medicare open enrollment, so book a demo with us.

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