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Agent Compliance Guide - Checklist
We all need help remembering tasks that need to be completed throughout the week.
Especially when it comes to the amount of documentation and compliance issues an insurance agent needs to deal with.
So we’ve put together a detailed 10 page checklist with interactive check boxes to help remind you of all the things that are required to remain compliant before, during, and after a sale.
Use the PDF digitally or print it out as a reminder of all the things you need to be aware of.
The check list includes reminders for things such as :
- Completing a Scope of Appointment
- Meeting with a client
- Making a compliant presentation
- Communicating with a client after the sale
- Avoiding and dealing with canceled applications
- Avoiding and dealing with Rapid Disenrollment’s
- Dealing with complaints
- And much, much more..
Below you can see an example of the 10 page checklist.
Part D Overview for AEP 2021
In 2021, 996 Prescription Drug Plans will be offered across the 34 PDP regions nationwide (excluding the territories).
This represents an increase of 48 PDPs from 2020 (a 5% increase) and an increase of 250 plans (a 34% increase) since 2017. This fact sheet provides an overview of the Medicare Part D program, plan availability, enrollment, spending and financing.
Part D Benefit Parameters Increasing in 2021
The Part D standard benefit has several phases, including a deductible, an initial coverage phase, a coverage gap phase and catastrophic coverage.
Between 2020 and 2021, the parameters of the standard benefit are rising, which means Part D beneficiaries will face higher out-of-pocket costs for the deductible and in the initial coverage phase, as they have in prior years, and will have to pay more out-of-pocket before qualifying for catastrophic coverage (see graph above).
- The standard deductible increases from $435 in 2020 to $445 in 2021;
- The initial coverage limit increases from $4,020 to $4,130, and;
- The out-of-pocket spending threshold increases from $6,350 to $6,550 (equivalent to $10,048 in total drug spending in 2021, up from $9,719 in 2020).
Part D Standalone Enrollment has Declined, But Increased in Medicare Advantage Plans
In 2020, 46.5 million Medicare beneficiaries are enrolled in Medicare Part D plans, including employer-only group plans; of the total, just over half (53%) are enrolled in stand-alone PDPs and nearly half (47%) are enrolled in Medicare Advantage drug plans.
Full article with many interactive graphs
Tags: Medicare Part D
Photo by Gerd Altmann from Pexels
5 Tips To Make Your AEP Successful
About 23 million of the 62 million people eligible for Medicare have Medicare Advantage coverage, and about 14 million have Medigap coverage.
Some of the other Medicare enrollees have other types of Medicare plans. Companies in the Medicare market are so enthusiastic that, last spring, as the first C-19 wave was peaking, distributors put out press releases announcing they were hiring a total of thousands of call center agents.
Here are five things to know about the Medicare plan market heading toward Thursday:
► The market looks competitive: UnitedHealthcare has put out rate sheets showing that, in states like Alabama and Maine, its typical standard rates will be going up about 6% to 7% in 2021.
CMS has spreadsheets showing what’s happening to Medicare Advantage and Part D prices. There, the average monthly premium is on track to decrease 11% in 2021, to $21;
► 31% of people aging into Medicare plan to get enrollment help from live humans: GoHealth, a broker, came up with that statistic in an online survey of 2,106 people 62 and older and not enrolled in Medicare; or 65 and older and enrolled in Medicare;
► Agents and marketers in the field are feeling the effects of the increased level of competition: Jesse Slome of the American Association for Medicare Supplement Insurance (AAMSI) said the “pace of change has been greatly accelerated compared to a year ago.
There is accelerated consolidation and acquisition of companies that will give larger national distributors significant competitive advantages.”;
► COVID-19 itself might not have that much effect on experienced retail agents: Lindsay Engle, a Medicare market tracker who works for
MedicareFAQ.com, said the image of local agents meeting with clients at a kitchen table is off the mark. “Social distancing won’t have much of an impact, since most sell over the phone.”;
► At least some in the private Medicare plan sector are excited about the idea of the possibility of a change in Medicare age eligibility: Looking ahead, the growth potential for the industry is enormous if the eligibility age is dropped to 60.
If the federal government cuts the regular Medicare eligibility to age 60, “That will result in an immediate growth of the market by 20.5 million,” said Jesse Slome of the AAMSI.
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