This publish is a part of a collection sponsored by AgentSync.
With pumpkin spice lattes nigh, we will almost 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 means of Dec. 7.
In case you’re a service, company, or MGA/MGU and also you’re making an attempt to come back to phrases with the quantity of labor that you must do earlier than, throughout, and after Medicare open enrollment season, then don’t have any worry. We’re right here to stroll you thru some greatest practices to make sure the season runs easily for you, your producers, and your prospects.
Why is Medicare open enrollment such a giant deal?
Medicare open enrollment season is the chance for Medicare beneficiaries to hitch the Medicare Benefit plan greatest suited to their wants.
It’s necessary to notice: Right now, solely beneficiaries already enrolled in a Medicare plan might swap between or to Medicare Benefit plans. When you’ve got any questions concerning the intricacies of Medicare enrollment durations, 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 modify 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. Chances are high, the variety of beneficiaries profiting from this enrollment interval will solely improve in 2022.
So, carriers, businesses, and MGAs/MGUs higher be ready to deal with the enterprise.
Greatest practices for carriers, businesses, and MGAs/MGUs
Even when Medicare open enrollment season continues to hover at round a ten % participation charge, that’s nonetheless thousands and 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 achieved 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 dwell their perfect lives. However when achieved mistaken, open enrollment season will be messy, nerve-racking, and costly.
We’re of the opinion that Medicare season ought to at all times be achieved proper. So, right here we’re laying out a few of the greatest practices that may assist your organization succeed.
1. Plan for Medicare open enrollment properly prematurely
To deal with the inflow in enterprise, carriers, businesses, and MGAs/MGUs usually have to onboard new producers for open enrollment season. That won’t sound like a giant deal, however it’s, and shouldn’t, below any circumstances, be left till the final minute.
Recruiting new producers is at all times a ache. In any case, producers don’t have any scarcity of firms to work with. On prime of that, Medicare open enrollment season makes recruiting even tougher as a result of all firms with a hand in Medicare Benefit merchandise want help by means of this time. So competitors is excessive.
However, the truth is, these producers will function in one thing of a short lived function. Carriers, businesses, and MGAs/MGUs want the help of those producers to get by means of 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 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, it’s possible you’ll not have sufficient work to maintain producers onboard for Medicare open enrollment energetic year-round, however you do know you’ll have a necessity for them for the following 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 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. Consequently, the general producer expertise is nerve-racking, 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 might choose to work with the service’s competitor. In any case, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.
Holding producers comfortable is vital 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, protecting them comfortable can drive annual successes.
3. Use licensing software program to avoid wasting time and stop 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 on the subject of Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding may end up in pricey regulatory actions. No good, when you ask us.
Thankfully, carriers, businesses, and MGAs/MGUs can keep away from these slip-ups by utilizing licensing software program. Licensing software program helps save time and stop human error in producer onboarding and offboarding in a couple of methods:
- Flag gaps in producer licensing through the onboarding course of. This enables firms to appropriate licensure errors earlier than it’s time for a producer to promote.
- Scale back paperwork by digitizing the onboarding and offboarding processes. Belief us, much less paper is an effective factor on 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 instances, 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 manner, employees gained’t have to retroactively type by means of documentation to drag key information when it comes time for the examination.
On prime of stopping regulatory actions, licensing software program has the additional benefit of enhancing the producer expertise. Producers need onboarding and offboarding to be as easy, fast, and painless as doable. By saving information for auto-filling, producers gained’t should rekey fundamental data throughout a number of factors. In our expertise, repeating data kind by kind and 12 months over 12 months is among 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 getting 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. Thankfully, following these key greatest practices will be the stepping stones to profitable enrollment seasons for years to come back. In case you’re a producer, be sure you take the time to learn our piece on best practices for producers as properly. AgentSync may also help you ramp up for Medicare open enrollment, so book a demo with us.