You spend a lot of time and effort during the AEP marketing and enrolling Medicare beneficiaries. Make sure that you also spend the proper time and effort submitting error-free applications. We have identified the six most common errors that cause enrollment applications to pend. They are as follows:
During the Annual Enrollment Period, it’s easy to get caught up in growing your book of business and increasing that residual income stream. Make sure that your pursuit of new business does not cost you what you’ve already found.
If it’s been too long since you’ve reached out to that client you wrote on a Medicare Advantage Plan three years ago, you may want to consider giving them a call. Ask them if they have taken a look at the 2013 benefits for their current plan. Ask them if they’d like you to review it with them. Is there a new plan in their coverage area that will better fit their needs? Are they even interested in looking?
Whatever the answer, remember that by reaching out you are accomplishing some important things:
1) You are letting your client know that you’re still in the business of helping and guiding them.
2) You are protecting your book of business.
3) You are protecting your residual income stream.
This process may seem obvious to the veteran agent. But even the most seasoned insurance salesperson can get a little comfortable and start to take their loyal book of business for granted. When you’re thinking about how to fill your time leading up to (and during) AEP, remember that those clients you helped three and four years ago still have eyes and ears. They still have mailing addresses that are being bombarded with offers from other plans and agencies. They still have TV sets advertising the latest and greatest in Medicare coverage options. A simple phone call or 15 minute appointment could ensure that your client remains your client.
As you know, selecting the correct election period for your client when facilitating an MAPD enrollment is an important step toward ensuring the beneficiary’s enrollment form is processed for their proposed effective date. For 2013, there is a change in guidance of when to use IEP vs. ICEP. Let’s take a closer look…
If you work in the Medicare Advantage business, some things are commonplace. If you facilitate MAPD and PDP enrollments, or support someone who does, it is almost certain you’ll have to deal with a commission audit at some point or another. Maybe you’ve recently joined a new agency and want to direct funds from the carrier to the agency in exchange for certain resources you gain. Perhaps you just set up an LLC and want your commissions paid to your new business, or have associates who will now be facilitating enrollments as an extension of your business. And of course, there will always be opportunities to assist your membership with an enrollment or billing issue they may encounter.
It almost seems unAmerican to not want to rally around this endeavor. Humana’s Veterans Initiative Program, or HVIP features several objectives and a new product for those wanting to offer solutions to Veterans across the country. In 2011, Humana made a decision and commitment to our servicemen and women who are often overlooked and under appreciated. For starters, they pledged to hire 1,000 Veterans and/or spouses of veterans by 2013, and recently committed $1 million to sponsoring participants in the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV). As a result they have been recognized by President Obama for their support of the administration’s new national veteran-employment campaign.
Before we take some time to celebrate the blessings of life, liberty, and the pursuit of happiness in this country, I wanted to take a break from industry-related discussions and information and wish you a Happy 4th of July.
I came across this video recently and was inspired by hearing our Declaration of Independence read aloud. I would encourage you to watch it if you have the time.