The Resource Blog
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Medicare Open Enrollment vs Guaranteed Issue Rights
Medicare Supplements (Medigap policies) have two different types of enrollment periods that don’t require you to answer health (medical) questions. These different periods of time are called a few different names which can be obscure. Here is a break down to better understand the different terms and their specific rules. Medicare Supplement (Medigap) Open Enrollment This period is considered your “initial enrollment period”. Thus the reason it is called your “initial enrollment period” is that many confuse the Medigap Open Enrollment period with the Medicare Open Enrollment period. Medicare Open Enrollment permits someone to change their Medicare Drug or Medicare Advantage plan each year, whereas Medigap’s Open Enrollment normally only allows you ONE guaranteed enrollment period, regardless of preexisting conditions.This period lasts six months and begins the first day of the month in which you are 65 or older and enrolled in Medicare Part B. So if you turn 65 on April 3 but don’t join Medicare B until May 25, your Medigap Open Enrollment Period will start on June 1, which is the first day of the month in which you are both 65 and enrolled in Part B. (Some States such as CA, have a 30 day Medigap Birthday rule that allows you to switch Medigap plans to an equal or lesser value than your current Medigap plan during your birth month-without answering health questions). Medigap Guaranteed Issue Rights The chart below describes the situations, under federal law, that give you a right to buy a policy, the kind of policy you can buy, and when you can or must apply for it. States may provide additional Medigap guaranteed issue rights.
Source: 2017 Choosing A Medigap Policy
Every year from October 15th until December 7th seniors look to make changes to their Medigap coverage. Many rush into a Medicare Advantage plan as they are affordable and often times they get automatically enrolled by their healthcare provider (with written notice). As an advisor, it’s crucial to inform your clients about the differences between Medicare Supplement plans and Medicare Advantage plans. | The name may have “advantage” in it, but is it truly advantageous? Medicare Supplement plans can be very affordable. They don’t have to cost your clients thousands of dollars a year. Many seniors on fixed incomes look to Medicare Advantage plans because they see the difference in pricing. However, these “advantageous” plans change from year to year. One year your client may be covered and have their physicians and hospital of choice in network, and the following year that can all be taken away from them. Medicare Supplement plans can never be changed or altered. Unless your client lapses on policy payments, they will never have to worry about being covered for their healthcare costs. That one, simple fact provides peace of mind for countless seniors. If given the choice to pay slightly more for a plan that will never knock them out of network, why wouldn’t they choose that option? | Medicare Supplement plans offer freedom of choice to select any doctor…anywhere. We believe that Medicare Supplement plans are truly the best coverage for seniors bridging the gap that traditional Medicare doesn’t cover for certain healthcare costs. The plans are stable and the carriers we offer are all A rated. We welcome your questions and concerns, and can sit down with you and explain in detail the pros and cons of Medicare Supplement vs. Medicare Advantage. Allowing you to then inform your client with carefully considered options. | Your clients may only get this one opportunity to make the best choice. Posted by Carolyn Portanova
Medicare Supplement plans. They’re absolutely necessary for Medicare recipients, and yet only 25% of the U.S. population are purchasing them. Close to 4 million individuals will turn 65 this year according to the National Census, and that, in and of itself is staggering. Medigap policies are what close the gap on health related insurance costs that traditional Medicare does not cover. Seniors struggle with the complexities of the Medicare system, and assisting them with their choices and giving them solid advice on which plan to purchase is what can set you apart from other insurance professionals. However, before you go writing your clients into Medicare Supplement or Medicare Advantage plans, here are some things to consider…not only for them, but for you, yourself.
By Sam Corey, Jr. and Carolyn Portanova The Medicare Advantage buzz has now died down and AEP has ended, but you can continue to write Medicare Supplement policies. In fact you can do so year round. The benefits of placing your clients in a Med Supp plan are numerous, and the most popular Plan F is quickly being replaced with the Plan G. Overall, Medicare Supplement plans limit out-of-pocket expenses incurred by policy holders. The Plan F has no deductible, the Plan G currently has a $147 Part B deductible for 2015, and this will jump slightly to $166 in 2016. The yearly savings your clients will benefit from by enrolling in a Plan G will offset the Part B deductible in most cases. Medicare Supplement plans offer the freedom to select any doctor anywhere, and plans can NEVER be cancelled or changed by anyone other than the policy holder. Rates may change annually, but our Medicare & Senior Solutions Sales Managers are here to help you navigate those rate changes, and provide you with the best solution for your clients. Deciding which carrier and which plan is the right choice for your client, is made easier with the help of our Resource for Rates online quote tool. If you're not set up, we can get you enrolled in just minutes. Writing paper applications is still possible; however, submitting e-Apps with our carriers is easier than ever. If you need assistance with the electronic process, we're here to help. Each carrier has their own version online via their producer portal. The Underwriting process is much quicker and applications submitted are typically approved within a couple of days. Logging into the producer portal to check the status of an e-App is especially helpful.
Enhanced renewal commissions is a benefit to you, the advisor, when writing Medicare Supplement policies. Your commissions continue to roll in each year and are carrier-specific. Again, we can help you understand your commission schedule and give you insight as to what your earnings will be. By Carolyn Portanova From October 15th - December 7th, you have the ability to increase your income dramatically. Many agents write 1/3 - 1/2 of their annual Medicare Supplement business in the 4th quarter every year. Do you? Why does this happen? Additional money for the holidays? More likely it is because of the constant Medicare Advantage Annual Election period buzz that begins in September and continues unabated until December. Tens of millions of direct mail pieces, TV, radio and print ads all help stir up the crowds. Agents who write Medicare Supplement can capitalize on all of this free marketing by reaching out to their clients and prospects. This is an opportune time for agents to reassess their current clients' Medicare Supplement plans to be sure they still have the best plan for their needs, AND, to assist prospects with their needs. Medicare Supplement Agent Benefits Medicare Supplement Client Benefits Medicare Supplement plans can NEVER be cancelled or changed by anyone other than the policy holder, although rates can change annually. Medicare Supplement plans offer the freedom to select any doctor anywhere. The insurance company does not decide which doctors your clients must use. Medicare Supplement plans limit the out-of-pocket expenses incurred by policy holders.
Medicare Advantage plans require policy holders to enroll each year and they receive that year's benefits, providers and cost. Your Role as an Advisor Our Senior Solutions Managers can offer you guidance with which plans are best for your clients' needs. They can assist you with using our quote tool to determine the best plan, depending on your clients' location, health and budget. Our Senior Solutions Managers Our Proprietary Quote Tool for Senior Health Coverage To learn more about this FREE tool that provides current information and rates that are updated daily for quotes, NAIC carrier information, carrier-specific medical impairment guides for 90+ different medical conditions, and each carrier's state-specific Medicare Supplement applications, please click below. This tool is available 24/7 with an internet connection, and is complimentary to our contracted agents. However, we do offer a FREE trial access period. By Carolyn Portanova and Sam Corey, Jr.
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