A lot goes into selling Medicare. Completing the application correctly is essential to ensuring the process goes smoothly. Whether you’re a new agent or seasoned professional trying to brush up on the basics before the next Open Enrollment Period, here’s a breakdown of the Medicare sales and application process.
1. Make the Plan Selection.
Most Medicare beneficiaries have multiple Medicare Advantage plans to choose from. In 2019, there were approximately 3,700 plans available nationwide, and 91 percent of beneficiaries had access to 10 or more.
Once your client has selected the right plan, you’ll need to complete the enrollment request form. Watch this video for details.
2. Decide How to Pay.
Medicare Advantage premiums have been decreasing, and some enrollees have a $0 Medicare Advantage premium. However, if an enrollee has a premium or late enrollment fee, information about how the enrollee plans to pay needs to be included in the application. Watch this video to learn more.
3. Answer Health Questions.
The application will include some health and coverage questions. For example, the application will ask about End Stage Renal Disease. It may also ask about other sources of coverage. See this video for more information.
4. Handle Plan Disclosure.
Every application includes important plan disclosures. These sections cover important information on Medicare Advantage plans, what they are, and how they work. Enrollees must read and sign the disclosure. Watch this video to learn how to cover plan disclosures with your clients.
5. Provide the Star Rating.
Medicare plans are given a star rating each year. This rating indicates the plan’s quality and performance, and it can help enrollees compare plans. Watch this video to learn about providing this information to your clients.
6. Sign as the Agent.
The agent is required to provide key information on the application, including the agent’s name, ID and phone number, as well as information about the appointment and plan. The following video explains the information and codes that are required.
7. Save the Application Receipt.
This part of the process is easy to overlook, but it is important. It’s possible that the client will need to obtain care after the effective date of the policy but before the enrollment materials are received. In this case, the application receipt provides essential information on verifying coverage. Watch this video for details.
8. Prepare for What Happens Next.
Your client may have a lot of questions about what happens after the application is submitted. To make sure clients get the most out of their new plan, it’s important to review this information. Watch this video for more details.
PTT is here to help you every step of the way. Contact us if you aren’t yet contracted or if you’d like any assistance.