The Biden-Harris Administration, through the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services (CMS), has released the final part two guidance for the Medicare Prescription Payment Plan under the Inflation Reduction Act. This plan allows Medicare beneficiaries to spread their prescription drug costs over the year starting in 2025, capping annual out-of-pocket expenses at $2,000. The initiative aims to provide financial relief and prevent high upfront costs. CMS is also enhancing outreach and education to ensure beneficiaries are aware of these changes. These efforts complement other measures like the $35 insulin cap and expanded eligibility for the Extra Help program, further alleviating prescription drug costs for Medicare enrollees. View Press Release Fact Sheet For the fact sheet on the final part two guidance for the Medicare Prescription Payment Plan, please visit: https://www.cms.gov/files/document/fact-sheet-medicare-prescription-payment-plan-final-part-two-guidance.pdf Timeline For an updated implementation timeline for the Medicare Prescription Payment Plan, please visit: https://www.cms.gov/files/document/medicare-prescription-payment-plan-timeline.pdf |
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New Medicare Guidance on Lowering Prescription Drug Costs
Posted by www.psmbrokerage.com Admin on Fri, Jul 26, 2024 @ 04:43 PM
Tags: CMS, Prescription Drugs, AEP, Inflation Reduction Act
Upcoming Changes and Strategic Planning for AEP
Posted by www.psmbrokerage.com Admin on Fri, Jul 26, 2024 @ 10:50 AM
Upcoming Changes and Strategic Planning for AEP As we approach the Annual Enrollment Period (AEP), it’s crucial to stay informed about significant changes in the Medicare landscape. These changes, influenced by various market dynamics and regulatory adjustments, could impact your clients' plans and coverage. Here’s a comprehensive overview of what to expect and how to strategically navigate the AEP. Key Changes to Expect Insurance carriers are strategically reassessing their plans to mitigate potential financial risks. This involves making tough decisions such as pulling out of specific markets, reducing certain benefits, and even designating some Prescription Drug Plans (PDPs) as non-commissionable. These adjustments reflect a proactive approach to ensuring the long-term sustainability and viability of the plans offered to Medicare beneficiaries.
Strategic Plan for AEP: In August, kick off your AEP preparations by sending out personalized AEP letters to your clients. Tailor these letters to two specific groups: For your Medicare Supplement members, reassure them that their trusted Medicare Supplement plan will remain unchanged, but remind them that adjustments to their Part D plan may be on the horizon. Let them know that you are available to assist them through this process and encourage them to use tools like SunFire to ensure their Rx drug lists are up to date. When addressing your MAPD members, be transparent about the potential of negative changes in most plans. Set clear expectations that these changes will come into effect on January 1, 2025, and promise to keep them informed through email as more details become available. To further support your clients' understanding, create engaging and informative content where you walk through the Annual Notice of Change (ANOC) step by step. Share these resources to ensure that only your clients have access to this important information. As October approaches, schedule emails to be sent out on the 1st of the month. These emails should outline the upcoming plan changes and offer a preliminary diagnosis of how these adjustments may impact each client. Ensure that carrier representatives provide you with the ANOC by September so that you can accurately communicate these changes to your clients in a timely manner. Client Engagement To enhance client engagement and ensure a smooth AEP process, consider hosting informative and interactive events such as in-person group meetings and Q&A sessions. These sessions can provide a platform for clients to ask questions, voice concerns, and gain a deeper understanding of their plan options. Additionally, personally reaching out to each member in the early days of October to guide them through the re-enrollment process can offer a personalized touch and instill confidence in their plan decisions. Sending out Scope of Appointment (SOA) forms to all current clients is a proactive step to prepare for upcoming appointments starting on October 15. By reaching out to clients in September to gather their Rx drug lists and then following up in October to review their plans, you can streamline the enrollment process and ensure that their coverage aligns with their healthcare needs. These personalized touchpoints and strategic planning efforts can help build trust with clients, demonstrate your commitment to their well-being, and ultimately lead to a successful AEP season for both you and your clients. Efficiency Tips When it comes to efficiently managing your client base during AEP, it's essential to make the most of your time and resources. Utilizing bulk meetings and phone calls allows you to reach as many clients as possible in a streamlined manner. By identifying clients who have decided to stay on their current plan, you can easily cross them off your list and focus your attention on those who may need assistance with plan changes. Instead of time-consuming home visits, consider inviting clients to visit you at a designated location for personalized consultations. This not only saves you time but also provides a professional setting for productive discussions about their plan options. In today's digital age, leveraging social media can be a powerful tool for client updates and support. Consider creating a private Facebook group where clients can access important information, ask questions, and engage with each other. This interactive platform can enhance communication and foster a sense of community among your clients. Handling Non-commissionable PDPs When handling non-commissionable Prescription Drug Plans (PDPs), it is essential to prioritize your clients' best interests above all else. Regardless of commissions, your primary focus should be advising clients on the plan that suits their healthcare needs and budget most effectively. Position PDPs as a complementary service for your Medicare Supplement clients, emphasizing the importance of comprehensive coverage. By guiding clients towards the most beneficial plans without being influenced by commissions, you can build trust, loyalty, and satisfaction among your client base. ANOC Highlights When focusing on deductible and copay/tier changes, it's important to delve into the specifics of how these adjustments could impact your clients' out-of-pocket costs and overall healthcare expenses. By highlighting the potential changes in deductibles, copayments, and tier structures, you can help clients understand the financial implications of their plan choices and make informed decisions. Additionally, as each Annual Notice of Change (ANOC) will provide updates on Rx drug changes, it's crucial to thoroughly review these updates with your clients and explain any modifications to their prescription drug coverage. Summary By following this strategic plan, you can efficiently manage the AEP period, keep clients informed, and ensure they are enrolled in the best possible plans for their needs. By staying ahead of the curve and proactively addressing any potential changes or challenges, you demonstrate your dedication to ensuring that your clients have access to the most beneficial and cost-effective healthcare coverage options available. Download in PDF Related Articles: |
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Tags: Online Enrollment, Success Tips, AEP, SunFireMatrix
SunFire Spark - AEP Prep Edition
Posted by www.psmbrokerage.com Admin on Tue, Jul 23, 2024 @ 11:37 AM
Important SunFire Updates
Welcome to SunFire's email series designed to help agents prepare for AEP. SunFire combines quality data and smart tools to help brokers, carriers, and providers work more efficiently and effectively. You can learn more about the SunFire Enrollment Platform here.
Phoenix Rising - Customer Intake Form!
As part of the rebuild of the Direct to Consumer (DTC) experience, Phoenix, we are rolling out a new feature that will allow agents to collect key client information:
- Permission to contact
- Collect Provider and Prescription information
- Complete a Scope of Appointment form
- Access the responses in the SunFire platform to begin an enrollment
Below is a glimpse at the SunFire updates being made over the next few weeks. Be sure to follow our weekly emails for more!
Drug & Doctor Pre-Fill
Save time and improve enrollment quality with Drug & Doctor prefill built into our Customer Lookup feature. With suggested medications and providers based on historical information, you can spend less time collecting data and more time adding value. Drug Prefill launching 8/1. Doctor Prefill following shortly!
Direct-to-Consumer Refresh
A completely rebuilt our direct-to-consumer (DTC) platform, Phoenix, to create a cleaner, more intuitive quote and enroll experience. Build customer trust with a customized, agent-forward interface that streamlines field underwriting, quoting, and enrollment for your customers.
Medicaid Lookup
Medicaid Lookup tool helps you quote and enroll much more quickly and confidently by validating the beneficiary’s Medicaid level directly in SunFire. We’re continuing to improve this tool with Change Health going live by AEP, with expanded states!
Spanish Materials
Provide a great, compliant customer experience to new populations with consumer-facing materials in Spanish. Coming soon in Blaze and Blaze Connect.
Core Flow Enhancements
Made the underwriting and quoting engine work smarter for you with significant enhancements to our core flow:
- Updated annual cost calculation
- SNP recommendations
- SEP recommendations in Customer Lookup
- New Flex Benefit filter
- Provider updates
Med Supp Carrier Expansion
Med Supp platform is leading the industry with end-to-end quoting, field underwriting, and enrollments. We’re adding new carriers regularly, with enrollments from HCSC, Humana, and Aflac coming soon!
DVH Carrier Expansion
Access a variety of Dental, Vision, and Hearing (DVH) products with our integrated DVH quoting and enrollment. Enrollments with Aflac products will be rolled out soon!
No-Sale Benefit Activation
Generate revenue and create an excellent customer experience even when it’s not the right time for the customer to enroll. Benefits from SelectRx and Perry Health are coming soon!
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For agent use only. |
Tags: Online Enrollment, AEP, SunFireMatrix
Using an Annual Enrollment Period (AEP) assessment form with Medicare clients offers several benefits. It allows for personalized plan recommendations by gathering detailed information about clients’ current medications, healthcare providers, and preferred pharmacies. This process helps identify any gaps in existing coverage, ensuring clients are fully protected without unexpected costs.
The form also streamlines decision-making by organizing client information, simplifying the comparison of different plans, and making the selection process more efficient. Additionally, it ensures all interactions and recommendations are well-documented, aiding in regulatory compliance and providing a clear record of advice given. These benefits lead to better service quality, stronger client relationships, and enhanced client satisfaction.
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For agent use only. |
Tags: Medicare Advantage, AEP, 2025
Technology Spotlight: YourFMO Enrollment Center
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:44 AM
Independent agents play a vital role in helping seniors secure the most cost-effective Medicare plans for their individual needs. This comprehensive tool simplifies the sales process with multi-carrier shopping and enrollment platforms wrapped into a single online experience.And best of all, this platform is available at no cost to PSM agents. Request details today and make sure you have access to this cutting edge technology at your fingertips.
2025 AEP Preparation GuideGet ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.
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Tags: Medicare Advantage plans, Online Enrollment, AEP, certification, Medicare FMO, 2025
2024 MA Enrollment Trends & What They Mean for This AEP
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:43 AM
The Medicare Advantage (MA) market has experienced remarkable growth in recent years, with more seniors opting for the alternative to traditional Medicare. In 2024, enrollment trends continued to show substantial numbers, albeit slower than in previous years. According to a March report from Chartis, MA enrollment likely peaked in 2020, with a significant increase of 1.5 million new Medicare enrollees compared to only 1.3 million new enrollees this past year. While MA remains a popular choice for seniors, the enrollment growth rate has tempered since 2020, indicating a potential shift in the pace of growth. Agents must understand these current trends as they prepare for the 2024/2025 MA Annual Enrollment Period (AEP). Let’s dive into the data and explore what it means for the future of MA. Enrollment trends in 2024MA plans have become increasingly popular, with about half of Medicare-eligible individuals enrolled. According to the Chartis report, the market has grown by 1.7 million beneficiaries since 2023, reaching a total enrollment of 33 million individuals. This represents a 5.4% increase over the previous year. Special Needs Plans (SNPs) have experienced substantial growth, adding 1.2 million members in 2024—representing a 21.5% increase from the previous year. Nearly seven in 10 new MA enrollees opted for SNPs, with Chronic Condition SNPs (C-SNPs) leading the way. The increasing popularity of SNPs highlights the importance of catering to the unique needs of specific populations within the MA sector and presents a significant growth opportunity for health plans. While the number of plan options remained relatively flat in 2024, with the average senior having access to 44 plans, the exponential growth trend in plan options observed in previous years has slowed down. Preferred Provider Organizations (PPOs) have seen an increase, constituting 43% of all plans offered, up from 31% in 2019. As shown in the Chartis report, MA enrollment can be closely related to social vulnerability, with counties with higher vulnerability scores showing greater penetration rates. Quality ratings, however, have been a concern, as plans need help maintaining their average star ratings. About a quarter of beneficiaries are enrolled in plans with less than four stars, which could indicate a decline in quality performance in 2024. Future market outlook and dynamicsDespite the challenges the MA market faces, plan executives remain optimistic about the future. A Chartis survey of industry leaders revealed that 84% expect their plan’s membership growth to be consistent or higher over the next year. While concerns about overall profitability, medical cost growth, and star quality reductions persist, the outlook for MA remains positive. These trends will affect the upcoming 2024/2025 Medicare selling season. As the Annual Enrollment Period nears, and with the growth in MA enrollment slowing down, the competition among health plans during AEP may intensify. We’ll all need to carefully evaluate our strategies to attract and retain beneficiaries in a market that is becoming more saturated.
Overall, 2024 MA enrollment trends provide valuable insights into the market’s current state and future trajectory. While growth has slowed since 2020, MA remains a preferred choice among Medicare-eligible beneficiaries. The increasing popularity of SNPs and the plateauing of plan options highlight the need for healthcare professionals to focus on sustainable growth, member engagement, and diversification strategies. As the MA market evolves, stakeholders must adapt strategies to navigate an increasingly complex and competitive landscape. Takeaways
AEP ResourcesWe are excited for the 2025 Annual Enrollment Period (AEP) and the incredible opportunities it brings! At PSM Brokerage, we are dedicated to helping our agents succeed, stay productive, and remain compliant throughout this crucial time. Our comprehensive support includes up-to-date training, valuable resources, and expert guidance to navigate the complexities of the AEP. Learn More.
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Tags: Medicare Advantage plans, AEP
Empower Your Clients: Understanding the Inflation Reduction Act's Impact on Medicare
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:42 AM
The Inflation Reduction Act, a significant piece of legislation, is poised to bring substantial changes to various sectors of the economy, including healthcare. For Medicare beneficiaries, this act promises to address several critical issues, potentially improving access to affordable healthcare and reducing out-of-pocket expenses. Helpful CMS Resource: https://www.cms.gov/inflation-reduction-act-and-medicare Lower Prescription Drug CostsOne of the most impactful provisions of the Inflation Reduction Act is the reduction in prescription drug costs for Medicare beneficiaries. For years, seniors have struggled with the high costs of medications, which often force them to choose between essential medications and other necessities. The act aims to alleviate this burden by allowing Medicare to negotiate prices for certain high-cost drugs directly with pharmaceutical companies. This negotiation power is expected to lead to significant savings for beneficiaries. Caps on Out-of-Pocket ExpensesThe act introduces a cap on out-of-pocket expenses for prescription drugs under Medicare Part D. Starting in 2025, there will be a $2,000 annual cap on out-of-pocket spending. This is a monumental change, as it provides a clear limit to what seniors will have to pay each year for their medications, offering financial predictability and security. Insulin Cost ReductionsFor beneficiaries who rely on insulin, the Inflation Reduction Act brings particularly welcome news. The act caps insulin costs at $35 per month for Medicare beneficiaries, effective in 2023. This measure is crucial for the millions of seniors who manage diabetes, as it ensures they can afford this life-saving medication without facing financial hardship. Expanding SubsidiesThe act also extends the enhanced subsidies for low-income Medicare beneficiaries through 2024. These subsidies, initially expanded under the American Rescue Plan, help cover premiums and out-of-pocket costs, making healthcare more affordable for those with limited incomes. By continuing these subsidies, the Inflation Reduction Act ensures that vulnerable populations maintain access to necessary healthcare services. Preventative Services and Vaccine CoveragePreventative services and vaccines play a critical role in maintaining the health and well-being of seniors. The Inflation Reduction Act eliminates cost-sharing for adult vaccines covered under Medicare Part D, such as the shingles vaccine. Additionally, it improves access to other preventative services, encouraging beneficiaries to take advantage of screenings and early detection services without worrying about additional costs. Addressing Health DisparitiesThe act includes provisions aimed at addressing health disparities among Medicare beneficiaries. By increasing funding for community health centers and expanding telehealth services, the act ensures that underserved populations have better access to healthcare. This focus on equity helps to close the gap in healthcare access and outcomes for minority and low-income seniors. ConclusionThe Inflation Reduction Act represents a significant step forward in making healthcare more accessible and affordable for Medicare beneficiaries. By lowering prescription drug costs, capping out-of-pocket expenses, and expanding subsidies, the act provides much-needed financial relief to seniors. Additionally, its emphasis on preventative care and addressing health disparities ensures that all beneficiaries can enjoy better health outcomes. As these changes take effect, Medicare beneficiaries can look forward to a more secure and manageable healthcare experience.
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Tags: Medicare Advantage plans, AEP, Inflation Reduction Act
Discover the Benefits of Selling Dental Insurance Plans
Posted by www.psmbrokerage.com Admin on Wed, Jun 19, 2024 @ 09:36 AM
Selling dental insurance plans offers numerous benefits for agents and their clients. For agents, dental plans provide an excellent opportunity to expand your portfolio and increase revenue streams. These plans are in high demand, as they help clients manage the often unpredictable and high costs of dental care, including routine check-ups, cleanings, and more extensive procedures.
By incorporating dental insurance into your offerings, you elevate your value proposition, positioning yourself as a holistic healthcare partner for your clients. Not only does it strengthen your bond with clients, but it also ensures their continued well-being and satisfaction, fostering long-lasting relationships. Discover the advantages of Ameritas dental plans and how they can benefit your clients. Contact us today for more information on enhancing your portfolio with these valuable coverage options.
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Tags: Medicare Advantage plans, AEP, ameritas, dental plans
We are excited for the 2025 Annual Enrollment Period (AEP) and the incredible opportunities it brings! At PSM Brokerage, we are dedicated to helping our agents succeed, stay productive, and remain compliant throughout this crucial time. Our comprehensive support includes up-to-date training, valuable resources, and expert guidance to navigate the complexities of the AEP. By partnering with us, you can confidently serve your clients, maximize your productivity, and ensure full compliance with all regulatory requirements. Together, let's make the 2025 AEP a remarkable success!
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Tags: Medicare Advantage plans, AEP, Medicare FMO, First Looks, 2025
Our 2025 Annual Enrollment Period (AEP) Guide is here, and we couldn't be more thrilled to share it with you! Carefully curated and packed with valuable insights, this guide is your key to success as you navigate the upcoming enrollment season. From tips on maximizing your productivity to strategies for optimizing your performance, this essential resource has everything you need to excel during this critical time of the year.
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Tags: Medicare Advantage plans, Online Enrollment, Referrals, AEP, cross marketing, Enrollment Tools, Medicare FMO, Medicare Supplement plans, 2025