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This publish is a part of a sequence sponsored by AgentSync.
With pumpkin spice lattes nigh, we will practically scent the approaching of a really busy time of 12 months for carriers, companies, MGAs/MGUs. Sure, you guessed it, we’re speaking about Medicare open enrollment season – Oct. 15 via Dec. 7.
In the event you’re a provider, company, or MGA/MGU and also you’re attempting to return to phrases with the quantity of labor you could 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 clients.
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 vital to notice: Presently, solely beneficiaries already enrolled in a Medicare plan might change between or to Medicare Benefit plans. When you’ve got any questions in regards to the intricacies of Medicare enrollment durations, try our intro to Medicare piece, which touches on the who, what, when, and why of Medicare.
Efforts are rising to drive consciousness of the significance of open enrollment season and the chance to modify between plans. In 2021, certainly one of each eight Medicare beneficiaries — 8.3 million folks — chosen particular person plans throughout open enrollment, in line with the Facilities for Medicare & Medicaid Providers. Likelihood is, the variety of beneficiaries making the most of this enrollment interval will solely enhance in 2022.
So, carriers, companies, and MGAs/MGUs higher be ready to deal with the enterprise.
Finest practices for carriers, companies, and MGAs/MGUs
Even when Medicare open enrollment season continues to hover at round a ten % participation charge, that’s nonetheless hundreds of thousands of senior and disabled Individuals searching for help when switching between Medicare plans. And that merely isn’t one thing carriers, companies, or MGAs/MGUs can ignore.
When completed proper, open enrollment season is the chance for these corporations to show they’re a well-oiled machine, achieve clout with producers, and assist Medicare beneficiaries reside their perfect lives. However when completed mistaken, open enrollment season may be messy, aggravating, and costly.
We’re of the opinion that Medicare season ought to at all times be completed proper. So, right here we’re laying out a number 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, companies, and MGAs/MGUs typically have to onboard new producers for open enrollment season. That will not 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 spite of everything, producers don’t have any scarcity of corporations to work with. On prime of that, Medicare open enrollment season makes recruiting even tougher as a result of all corporations with a hand in Medicare Benefit merchandise want help via this time. So competitors is excessive.
However, the fact is, these producers will function in one thing of a short lived position. Carriers, companies, and MGAs/MGUs want the help of those producers to get via 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 end in extra workload for current 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, corporations 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 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, companies, 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.
Contemplate this: A provider must onboard a whole lot of producers to handle Medicare open enrollment season. This provider 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 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 a substitute, they might decide to work with the provider’s competitor. In spite of everything, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.
Maintaining producers joyful is essential to creating positive carriers, companies, and MGAs/MGUs don’t want to begin recruiting producers from scratch each enrollment interval. So bear in mind, even when these producers are solely employed in a seasonal capability, holding them joyful 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 an entire slew of regulatory necessities for each state inside which a producer sells insurance coverage merchandise. The identical is true relating to 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, companies, 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 just a few methods:
- Flag gaps in producer licensing through the onboarding course of. This enables corporations 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 efficient factor to your sanity, your producer’s sanity, and the survival of the surroundings. A win, win, win.
- As a substitute of needing to recollect to terminate, in some circumstances, 1000’s of producers, licensing software program permits corporations 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 method, workers gained’t have to retroactively type via documentation to drag key knowledge 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 attainable. By saving knowledge for auto-filling, producers gained’t need to rekey primary data throughout a number of factors. In our expertise, repeating data kind by kind 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 constructive 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 making 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 begin ramping up for this 12 months. Thankfully, following these key greatest practices may be the stepping stones to profitable enrollment seasons for years to return. In the event you’re a producer, be sure to take the time to learn our piece on greatest practices for producers as properly. AgentSync can assist you ramp up for Medicare open enrollment, so ebook a demo with us.
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