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Finest Practices for Carriers, Companies, and MGAs/MGUs

This publish is a part of a sequence 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.

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In case you’re a service, 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.

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It’s essential to notice: Presently, solely beneficiaries already enrolled in a Medicare plan could change between or to Medicare Benefit plans. In case you have any questions in regards to 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 rising 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. 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 charge, that’s nonetheless hundreds of thousands of senior and disabled People on the lookout for assist when switching between Medicare plans. And that merely isn’t one thing carriers, businesses, or MGAs/MGUs can ignore.

When finished 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 highest lives. However when finished improper, open enrollment season could be messy, nerve-racking, and costly.

We’re of the opinion that Medicare season ought to all the time be finished proper. So, right here we’re laying out among the greatest 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 usually have to onboard new producers for open enrollment season. That will not sound like a giant 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 don’t have any scarcity of firms to work with. On high of that, Medicare open enrollment season makes recruiting even tougher as a result of all firms with a hand in Medicare Benefit merchandise want assist by 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 assist of those producers to get by 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 recent 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. Certain, 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 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.

Take into account this: A service must onboard tons of of producers to handle Medicare open enrollment season. This service didn’t begin planning for Medicare open enrollment forward of time and didn’t construct a system for onboarding and offboarding. Because of this, 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 a substitute, 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.

Holding producers comfortable is essential to creating positive carriers, businesses, 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, protecting them comfortable 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 each 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 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 forestall human error in producer onboarding and offboarding in a number of methods:

  • Flag gaps in producer licensing in the course of the onboarding course of. This permits 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 to your sanity, your producer’s sanity, and the survival of the atmosphere. A win, win, win.
  • As a substitute 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 data for auditing and market conduct exams. That approach, employees received’t have to retroactively kind by documentation to tug key information when it comes time for the examination.

On high 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 information for auto-filling, producers received’t need to rekey primary data throughout a number of factors. In our expertise, repeating data type by type and 12 months over 12 months is among 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 begin ramping up for this 12 months. Thankfully, following these key greatest practices could be the stepping stones to profitable enrollment seasons for years to return. In case you’re a producer, be sure you take the time to learn our piece on best practices for producers as nicely. AgentSync may help you ramp up for Medicare open enrollment, so book a demo with us.

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