Ready? Set? Sell!
With the health insurance industry’s busiest sales season just around the corner, now is the time to get organized for your best year yet.
With the health insurance industry’s busiest sales season just around the corner, now is the time to get organized for your best year yet.
As fall approaches, it’s not just about pumpkin spice lattes and long leaf-peeping weekends. This time of year is crucial for health insurance agents and brokers, as it presents the most significant opportunities to bring in new clients and solidify existing relationships.
The Medicare Annual Enrollment Period (AEP) kicks off on October 15 and runs through December 7, 2024. During this 54-day window, your Medicare clients can make changes to their coverage, switch plans, or disenroll altogether.
Immediately following AEP is the Affordable Care Act (ACA) Open Enrollment Period (OEP), scheduled to run from November 1 through December 15, 2024. This 45-day period allows anyone under or over the age of 65 to enroll in a Qualified Health Plan (QHP) through the ACA Marketplace or make changes to their existing plans. Absent a qualifying life event or a Special Enrollment Period (SEP), those who miss this window won’t have another chance until the next OEP.
Whether you’re a first-time agent or a seasoned pro, this year’s enrollment periods promise unique challenges and opportunities. The lingering effects of the COVID-19 pandemic continue to shape the health insurance landscape, with millions of Americans still navigating their coverage options in an evolving environment.
Get Ready
As an agent or broker, that’s a lot to prepare for, but we’re here to help! With a little organization, you can set yourself up for a smooth and profitable sales season, starting now, using our Open Enrollment Period checklist:
Certification & Training
First, make sure you’ve completed all necessary certifications, licensing requirements, and training before AEP and OEP begin. Under CMS guidelines, agents and brokers must undergo training through the Marketplace Learning Management System (MLMS) or a CMS-approved vendor.
To sell Medicare and stay compliant, you must obtain or renew your certification from America’s Health Insurance Plans (AHIP). Additionally, make sure your state health insurance producer license is up to date, and complete individual carrier certifications to sell their products. Since these processes can take time, start early to avoid last-minute stress.
Tools of the Trade
Ensure you have all the carrier supplies and marketing materials you need to support your clients. Before you begin sending emails, scheduling meetings, or quoting prospects, review your portfolio of carrier products and make sure you have all necessary digital assets, brochures, and client leave-behinds, including materials for supplemental Medicare policies, dental, vision, and accident coverage.
Save the Date
To fully optimize your funnel and stay on track, you’ll need to keep up with critical dates regarding deadlines, cut-offs, and more. Here are a few to mark on your calendar:
To stay on track and optimize your sales funnel, keep these critical dates in mind:
- AEP: October 15 - December 7, 2024
- Medicare Advantage Open Enrollment Period: January 1 - March 31, 2025
- Medicare Part A / Part B General Enrollment Period: January 1 - March 31, 2025
- OEP: November 1 - December 15, 2024 (Note: Some states, such as California, Colorado, and Washington D.C., have extended their enrollment periods.)
Get Set
Now is the time to analyze local and emerging markets. Stay informed about new carriers entering the market, state-specific Marketplace changes, new product offerings from carriers, and any new or pending legislation that could impact Medicare or ACA Marketplace activity.
What's New?
In 2024, several significant updates are impacting the health insurance landscape:
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The Inflation Reduction Act (IRA) of 2022: Building on the American Rescue Plan, the IRA has extended enhanced premium tax credits through 2025 for ACA Marketplace plans, making health insurance more affordable for millions of Americans. This extension continues to benefit clients who may still be recovering financially from the pandemic.
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Medicare Part D Reforms: Beginning in 2024, Medicare beneficiaries will see significant changes to the Part D prescription drug benefit. The introduction of a cap on out-of-pocket spending for prescription drugs is a major development, with the cap set at $3,250 in 2024. This change is part of the ongoing efforts to reduce the financial burden on seniors.
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Telehealth Services: The Centers for Medicare & Medicaid Services (CMS) has made permanent several telehealth flexibilities initially introduced during the COVID-19 pandemic. This includes expanded access to telehealth services for Medicare beneficiaries, making it easier for clients to access care from the comfort of their homes.
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Medicare Advantage Expansion: 2024 has seen an expansion of Medicare Advantage plans, with more options available to beneficiaries. These plans continue to grow in popularity due to their additional benefits, such as vision, dental, and hearing coverage, along with wellness programs.
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State-Specific Changes: Some states have introduced new regulations or extended enrollment periods for ACA plans. For example, California and Colorado continue to offer extended enrollment periods beyond the federal deadline, giving residents more flexibility in securing health coverage.
To stay informed, make it a habit to regularly visit industry news websites and government portals. Keeping up with these updates will help you better serve your clients and stay ahead in a competitive market.
The Best Laid Plans
If you haven’t already done so, it’s time to begin laying out your goals for the AEP and OEP marketing plan and make sure you have a powerful, customizable tracking tool to help manage your funnel.
Health insurance marketing, especially for Medicare, is governed by strict CMS guidelines. Marketing for the next plan year can only begin after October 1. This includes social media, emails, and direct mail. Sales and marketing events must also be registered with the carrier. When in doubt, contact the carrier directly.
With a growing demand for robust health coverage and an increasingly tech-savvy customer base, digital marketing efforts have surged and are expected to continue expanding in 2024. Consistent engagement is key to success, particularly with over-65 consumers, 59% of whom prefer monthly interactions with their Medicare Advantage Plan provider.
Go!
As October draws near, it’s crucial to organize yourself and your workflow now to stay ahead when the enrollment periods kick off.
Research shows that your client base, including seniors, is becoming more tech-savvy. Virtual meetings are often preferred over in-person appointments. If you haven’t already invested in technology tools, now is the time. A quote-and-enroll software tool like Quotit can help you compare pricing and plans from hundreds of providers in minutes and generate proposals on the fly. If you’re not ready to commit, consider a trial run.
Remember, the coming weeks will pass quickly, and go-time will be here before you know it. Take action every day to move closer to your sales goals. With the right preparation, you won’t just survive this hectic season—you’ll thrive.
