Plan Advisors

Helping you choose the right health plan

How To: Request a Release

Service

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You may be in a situation where you no longer wish to remain with your current FMO or upline agency. This could be for a variety of reasons. If you are looking to relocate to a new FMO or agency, it’s important to be aware that cutting ties is not as simple as merely walking away. To make this change, you must request a release before you can move on to your next endeavor. Ready to initiate the process with your FMO or agency? Here’s what you need to do:

Understand Your Current Contracts

Before requesting a release, it’s essential to understand what you’ve agreed to in your current contracts. Whether with an FMO, upline agency, or carrier, terms will be laid out in your agreement regarding what you need to do to secure a release. Understanding your contracts helps you know what is expected of you and what your carrier, upline agency, or FMO has agreed to cover.

Timing Matters

With carriers, you will find that there is an immediate release request as well as a delayed release option. If you request an immediate release but don’t hear back, it may be in your best interest to fill out a delayed release form. If your current FMO responds after initiating a delayed release, you can submit the release letter, which will supersede the requested delayed transfer.

There are certain times during the year when releases are unavailable to be requested. This is typical during AEP since releases can sometimes be a major interruption to your daily responsibilities. During these blackout periods, carriers often want to focus their resources on helping agents with sales and support rather than onboarding and offboarding agents. Many carriers will allow a hierarchy change once every 12 months. If you have questions about a specific carrier, don’t hesitate to contact our Plan Advisors team at info@myplanadvisors.com. 

Consider the Implications

Whatever your reasons for leaving your current carrier, make sure you’re aware of the aftermath for your business. Whether you’re leaving a carrier or your FMO, you may be receiving resources and support that you don’t fully recognize until it’s gone. So be sure you have everything you need to succeed once you’ve moved on to your next venture. 

If you have other agents you’re partnered with, it’s also important to consider your downline. For example, is the release you’re requesting just for yourself or your entire downline? Make sure you have these types of questions answered before submitting a release.

Submit a Request

When filling out your request for release, check to see if your FMO has a form template that you can use. Many carriers have a carrier-specific release form they require (some won’t accept a release on an FMO letter). If not, you can write your own request and submit it to the proper contact(s). Simply make sure your request is direct and to the point.

Rejection is a Possibility

Be aware that depending on the situation, your request may be denied. This is often due to financial reasons. For instance, if an FMO invests thousands of dollars into an agency to help them market themselves, but ultimately that agency never sells any plans, they may not release that agent. There are options for FMOs to make agreements with other FMOs to recoup costs incurred by an agent, but that is less common.

If you need a release from your current carrier, FMO, or upline agency, contact us with any questions at info@myplanadvisors.com. We are here to walk you through the process and ensure you have everything you need to get approved!

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The Importance of IRMAA

It can be overwhelming to search for a good Medicare agent nearby, while additionally looking for an advisor who is knowledgeable about Medicare costs and the available options. This becomes especially imperative when your client’s situation means their Medicare fees may be more than the “standard.” You might be surprised by how many of your potential clients are impacted by IRMAA. So, here is your reminder to brush up on IRMAA and the 2022 IRMAA thresholds!

Income-Related Monthly Adjustment Amount, or IRMAA, is the additional cost Medicare Beneficiaries pay on Medicare Part B and D Premiums when their modified adjusted gross income is above a certain threshold. It is guaranteed that no matter who your client is, they are trying to save money on healthcare costs. The downside for most beneficiaries is that IRMAA is calculated based on their earnings reported on their IRS tax return from two years ago. So, you must be prepared when a client calls you to discuss their concerns regarding their Medicare payments.

2022 IRMAA Thresholds To Note 

Your Role In IRMAA

Unfortunately, sometimes there will be nothing you can do as a broker to help your client avoid the surcharge. However, it is always worth learning more about the beneficiary’s situation to determine if they qualify for IRMAA adjustment.

IRMAA Appeal Logistics

Life-changing events can qualify a beneficiary for IRMAA adjustment or elimination altogether. The client will go through an appeal process with the Social Security Administration that will ask them to demonstrate the change in income.

Common Events To Consider:

  1. Marriage
  2. Divorce/Annulment
  3. Death of your spouse
  4. Work stoppage
  5. Work reduction
  6. Loss of Income-Producing Property
  7. Loss of Pension Income
  8. Employer Settlement Payment

How To: Help Your Client With An IRMAA Appeal

If your client has experienced any of these life changes, they will need to complete an IRMAA appeal form and turn it into their Social Security Office. Here’s a helpful how-to guide for IRMAA appeal.Ultimately, you might not be able to help them reduce their Medicare Part B premium, but simply helping them understand the appeal process will make you a valuable asset in navigating Medicare. If you are a Plan Advisors broker, you may reach out using our Get Support center for help with any and all questions and issues that may arise.

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Every Medicare Sales Specialist dreams of that day when they no longer concern themselves with marketing because they are receiving so many Medicare client referrals.

As you probably know, this dream does not come true overnight. In the meantime, there are practices we can implement to increase our chances of receiving referrals from clients.

In an industry where referred prospects must first reach out to the broker, obtaining referrals can feel like an uphill battle.

We’ve got 6 tips to reduce the challenge of receiving referrals from your Medicare clients.

1. Create (and Deliver) Your Pitch for Medicare Client Referrals

Nearly every Medicare sales appointment will offer a seasoned broker the opportunity to discuss referrals. This typically starts by verbally prepping the client or prospect. Here’s an example:

Broker: Is there anything else I can help you with today, Ms. Smith?

Ms. Smith: Not that I can think of at the moment.

Broker: Do you feel comfortable with the decision you made today?

Ms. Smith: I do. I appreciate your help with everything.

Broker: This is the level of care I show to all my clients. If you have any friends or family that need Medicare advice, please let them know I am here for them. Do you know anyone that will be needing help soon?

This is just one way to help a client think of who they know that may need your services. And this works even if you didn’t get an enrollment. You still helped the prospect decide on the right Medicare choice, and you can still help their friends and family make informed decisions about their Medicare options.

2. Bring Extra Business Cards to Sales Appointments

Yes, this is simple and obvious. But sometimes it is the simple and obvious things we let slip.

Whether you obtain a Medicare enrollment or not after you’ve helped a prospect, leave an extra business card or two that the prospect can share with others. Consider the rest of the conversation in the example above:

Ms. Smith: I can’t think of anyone currently.

Broker: No problem. If anyone comes to mind, feel free to give them my card. Here are a couple of extras for you in case you run into someone who needs help with their Medicare decision.

3. Follow Up with New Clients

Completing 30/60/90-day calls with new clients are not just providing good service, they’re also providing opportunities to receive Medicare client referrals.

A broker doesn’t have to outright ask for referrals after every call. But keeping the idea of referring you in the client’s mind is important. Here are a few easy one-liners:

“If you run into anyone that needs help, please give them one of my cards.”

“Remember I’m just a phone call away, and that goes for your friends and family also.”

“Always a pleasure, Ms. Smith. If there’s anyone I can help, please send them my way.”

4. Follow Up with Older Clients

Clients will refer brokers when they know the broker cares. If you haven’t contacted your Medicare client in over a year, how do they know you care?

Just like following up with new clients, routinely calling older clients shows your concern and allows you to plant the referral seed all over again. Many seasoned brokers contact their clients up to four times per year. Consider implementing this into your activity schedule.

Not sure how to manage contacting all of your clients multiple times per year? Here’s a sample call schedule.

5. Go Above and Beyond in Customer Service for Existing Clients

Beyond simply keeping in touch with your clients, there are other ways you can show you care and provide exceptional service. Here are a few examples:

By going above and beyond enrollments and annual check-in calls you’ll make a lasting impression that will not only help you retain clients but will also encourage them to pass your information along to friends and family.

6. Thank Those who Refer You

Be appreciative of the referrals you receive from clients. A nice handwritten note, a considerate phone call, any gesture to show your gratitude can go a long way with a prospect or client.

Obtaining Medicare client referrals takes discipline and skill. It is a slow growth process. Think of it like a tree. You must first plant the seed.

Then it takes continual watering and nurturing for proper growth. But with enough time and effort, your referral tree will bear fruit. Then you too can save those marketing dollars for other uses.

Looking for more helpful tips for growing your book of business? Learn more about our Medicare marketing support opportunities.

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Today’s seniors are not only searching for a good Medicare agent nearby, they’re also looking for an advisor who is knowledgable about Medicare costs and the options available – especially when their situation means their Medicare fees are more than the “standard.” You might be surprised by how many of your potential clients are impacted by IRMAA. So here’s your reminder to brush up on IRMAA and the 2021 IRMAA thresholds!

Why Medicare Advisors Should Stay Up-to-date on IRMAA Thresholds

IRMAA, which stands for Income-Related Monthly Adjustment Amount, is the additional cost Medicare Beneficiaries pay on Medicare Part B and Part D premiums when their modified adjusted gross income is above a certain level. Chances are, no matter who your client is, they’re trying to save money on healthcare costs. So IRMAA can really put a damper on their Medicare expenses.

The real shocker for most beneficiaries, is that IRMAA is calculated based on their earnings reported on their IRS tax return from 2 years ago. A lot can change in 2 years, especially as seniors retire, lose property, and even face the death of a loved one.

So you’ll want to be prepared when a client calls you concerned about their Medicare payments.

2021 IRMAA Thresholds

For a quick overview of IRMAA or to see 2020 IRMAA thresholds, we recommend checking out this post: Sharpen your skills on IRMAA – Income Related Monthly Adjustment Amount

What You Can Do About IRMAA

As any broker who has helped a beneficiary understand IRMAA will tell you, sometimes there’s nothing you can do to help your client avoid the surcharge. But it’s always worth learning more about the beneficiary’s situation to determine if they qualify for IRMAA adjustment.

Circumstances That Qualify for IRMAA Appeal

Life-changing events can qualify a beneficiary for IRMAA adjustment or elimination altogether. They’ll have to go through an appeal process with the Social Security Administration to demonstrate a change in income.

Common life-changing events that the SSA will consider for IRMAA appeal, include:

  1. Marriage
  2. Divorce/Annulment
  3. Death of your spouse
  4. Work stoppage
  5. Work reduction
  6. Loss of Income-Producing Property
  7. Loss of Pension Income
  8. Employer Settlement Payment

If your client has experienced any of these life changes, they’ll need to complete an IRMAA appeal form and turn it into their Social Security Office. Here’s a helpful how-to guide for IRMAA appeal.

Ultimately, you might not be able to help them reduce their Medicare Part B premium, but simply helping them understand and supporting them through the appeal process will make you a valuable asset in navigating Medicare.

Of course, this is a simplified overview of IRMAA and the IRMAA appeals process. If you’re a Plan Advisors broker, you can always reach out using our Get Support center for help with questions and issues that may arise.

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It’s no coincidence that many successful brokers and agencies across the country are heavily involved in community volunteering. We don’t believe that business growth should be your main priority when volunteering, but it is often a nice ancillary benefit. And while the ultimate benefit lies with the people you are helping, the tremendous feeling of purpose and joy you receive can do wonders for your own well-being.

[Read more…] about There Are Many Benefits to Volunteering – Humana Makes It Easy