Medicare Annual Enrollment (AEP) is just around the corner. Are you ready to help clients this fall? There have been several changes for 2025 – some we can talk about in detail, while others are not available for public conversation until October 1 per CMS regulations.
Read More: What Changes Can Your Clients Make During Medicare Annual Enrollment?
Be familiar with plan changes for 2025.
First, if you have not reviewed the changes in the prescription drug plans due to the Inflation Reduction Act, we highly recommend that you become familiar with these changes. Starting January 1, 2025, all plans will have an out-of-pocket maximum of $2,000. This change will impact premiums, coinsurance, copayments, and drug formularies. It will be vital this year to review every client’s prescription plan (either a standalone plan or Medicare Advantage plan) and to help your clients understand the changes to their plans.
Be prepared.
Organize your schedule and get in front of your clients. This will be a year that most Medicare beneficiaries will want to speak with someone due to changes in their plans. Make sure your clients don’t get frustrated that they cannot speak with you or meet with you. If they are forced to find a new agent or call an 800 number, they may end up in a plan that’s not suitable for them.
Know your products and understand your commissions.
Many of the carriers are now releasing plan details and sharing 2025 compensation information with agents. Because of all of the changes, we are seeing an uptick in companies offering non-commissionable plans. While an agent should always recommend the most suitable plan for their client, it’s important to understand if something will not have a commission and understand how this might impact your bottom line.
Consider selling other insurance products.
During your Medicare sales appointment, make sure you are talking about other ancillary products such as Dental, Vision, and Hearing along with Hospital Indemnity, Critical Illness, and Accident Plans. Outside of AEP, consider marketing other products, such as funeral products or short-term care insurance, to your Medicare clients. You may also want to learn some additional products, such as life insurance, annuities, or long-term care insurance to provide additional income. In many cases, you may have clients who are seeking solutions that you can provide and increase your income.
Get involved.
Make your voice heard! If you don’t like some of the changes that are happening, join a local insurance organization such as NABIP (National Association of Benefits and Insurance Professionals). These organizations not only provide updates on legislation and agency announcements, but they also offer support by speaking directly with agencies and legislators and passing along opportunities for the members to get involved as well.
If you have questions about any of our products or want to learn more, reach out to me today.
