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Greatest Practices for Carriers, Companies, and MGAs/MGUs

This publish is a part of a sequence sponsored by AgentSync.

With pumpkin spice lattes nigh, we are able to practically odor the approaching of a really busy time of 12 months for carriers, companies, MGAs/MGUs. Sure, you guessed it, we’re speaking about Medicare open enrollment season – Oct. 15 by means of Dec. 7.

For those who’re a provider, company, or MGA/MGU and also you’re making an attempt to come back to phrases with the quantity of labor it’s good to do earlier than, throughout, and after Medicare open enrollment season, then haven’t any concern. We’re right here to stroll you thru some finest practices to make sure the season runs easily for you, your producers, and your prospects.

Why is Medicare open enrollment such a giant deal?

Medicare open enrollment season is the chance for Medicare beneficiaries to hitch the Medicare Benefit plan finest suited to their wants.

It’s essential to notice: At the moment, solely beneficiaries already enrolled in a Medicare plan could change between or to Medicare Benefit plans. When you have any questions concerning the intricacies of Medicare enrollment durations, try our intro to Medicare piece, which touches on the who, what, when, and why of Medicare.

Efforts are rising to drive consciousness of the significance of open enrollment season and the chance to change between plans. In 2021, one among each eight Medicare beneficiaries — 8.3 million folks — chosen particular person plans throughout open enrollment, in line with the Facilities for Medicare & Medicaid Companies. Likelihood is, the variety of beneficiaries making the most of this enrollment interval will solely enhance in 2022.

So, carriers, companies, and MGAs/MGUs higher be ready to deal with the enterprise.

Greatest practices for carriers, companies, and MGAs/MGUs

Even when Medicare open enrollment season continues to hover at round a ten p.c participation price, that’s nonetheless hundreds of thousands of senior and disabled People searching for assist when switching between Medicare plans. And that merely isn’t one thing carriers, companies, or MGAs/MGUs can ignore.

When completed proper, open enrollment season is the chance for these corporations to show they’re a well-oiled machine, achieve clout with producers, and assist Medicare beneficiaries stay their perfect lives. However when completed unsuitable, open enrollment season might be messy, irritating, and costly.

We’re of the opinion that Medicare season ought to at all times be completed proper. So, right here we’re laying out among the finest practices that may assist your organization succeed.

1. Plan for Medicare open enrollment nicely prematurely

To deal with the inflow in enterprise, carriers, companies, and MGAs/MGUs usually must onboard new producers for open enrollment season. That will not sound like a giant deal, however it’s, and shouldn’t, below any circumstances, be left till the final minute.

Recruiting new producers is at all times a ache. In spite of everything, producers haven’t any scarcity of corporations to work with. On high of that, Medicare open enrollment season makes recruiting even tougher as a result of all corporations with a hand in Medicare Benefit merchandise want assist by means of this time. So competitors is excessive.

However, the truth is, these producers will function in one thing of a brief function. Carriers, companies, and MGAs/MGUs want the assist of those producers to get by means of open enrollment season however gained’t have sufficient work to maintain them busy all year long. So, they’ll be onboarded shortly earlier than Medicare open enrollment and offboarded shortly after.

Recruiting these new producers and managing the onboarding and offboarding course of will inevitably lead to extra workload for current workers. By planning for this inflow of recent producers, and establishing each a recruiting technique and a system for what onboarding and offboarding may seem like, corporations can set the framework for a profitable open enrollment season.

2. Construct a optimistic expertise for producers

Medicare open enrollment is annual. It occurs each single 12 months. Positive, you might not have sufficient work to maintain producers onboard for Medicare open enrollment lively year-round, however you do know you’ll have a necessity for them for the subsequent enrollment interval.

By constructing a optimistic expertise for producers from their first Medicare open enrollment season, carriers, companies, and MGAs/MGUs can save money and time on recruiting efforts by fostering firm loyalty and inspiring producers to come back again 12 months over 12 months.

Think about this: A provider must onboard tons of of producers to handle Medicare open enrollment season. This provider didn’t begin planning for Medicare open enrollment forward of time and didn’t construct a system for onboarding and offboarding. Consequently, the general producer expertise is irritating, time-consuming, and messy.

Subsequent 12 months, as producers gear up for Medicare open enrollment season, there isn’t an entire lot of incentive for these producers to return to the identical provider. As a substitute, they could decide to work with the provider’s competitor. In spite of everything, the producer heard from friends that the competitor has a pleasing and time-saving onboarding and offboarding course of.

Conserving producers blissful is essential to creating positive carriers, companies, and MGAs/MGUs don’t want to start out recruiting producers from scratch each enrollment interval. So bear in mind, even when these producers are solely employed in a seasonal capability, holding them blissful can drive annual successes.

3. Use licensing software program to avoid wasting time and forestall regulatory actions

It’s clear Medicare open enrollment season generally is a very hectic interval for all events concerned. It’s no shock, then, that human error can complicate the onboarding and offboarding processes.

However onboarding and offboarding producers comes with an entire slew of regulatory necessities for each state inside which a producer sells insurance coverage merchandise. The identical is true in terms of Medicare Benefit merchandise. So, inaccuracies or errors in onboarding and offboarding can lead to expensive regulatory actions. No good, in case you ask us.

Luckily, carriers, companies, and MGAs/MGUs can keep away from these slip-ups by utilizing licensing software program. Licensing software program helps save time and forestall human error in producer onboarding and offboarding in just a few methods:

  • Flag gaps in producer licensing throughout the onboarding course of. This permits corporations to appropriate licensure errors earlier than it’s time for a producer to promote.
  • Cut back paperwork by digitizing the onboarding and offboarding processes. Belief us, much less paper is an efficient factor on your sanity, your producer’s sanity, and the survival of the atmosphere. A win, win, win.
  • As a substitute of needing to recollect to terminate, in some circumstances, hundreds of producers, licensing software program permits corporations to create a termination date that automates the offboarding course of as soon as the date is handed.
  • Retain data and licensing data for auditing and market conduct exams. That means, workers gained’t must retroactively kind by means of documentation to tug key information when it comes time for the examination.

On high of stopping regulatory actions, licensing software program has the additional advantage of bettering the producer expertise. Producers need onboarding and offboarding to be as easy, fast, and painless as potential. By saving information for auto-filling, producers gained’t must rekey fundamental data throughout a number of factors. In our expertise, repeating data kind by kind and 12 months over 12 months is likely one of the issues that producers say detracts from their total expertise. Since licensing software program streamlines licensure processes and flags any potential gaps in licensing, it may be the important thing to making a optimistic producer expertise, driving producer loyalty, and inspiring producers to come back again 12 months after 12 months.

Are you prepared for open enrollment?

We all know making ready for Medicare open enrollment season can really feel daunting. In spite of everything, when you’ve lastly ramped down from final 12 months’s enrollment season, it’s nearly time to start out ramping up for this 12 months. Luckily, following these key finest practices might be the stepping stones to profitable enrollment seasons for years to come back. For those who’re a producer, ensure you take the time to learn our piece on finest practices for producers as nicely. AgentSync may also help you ramp up for Medicare open enrollment, so e book a demo with us.

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