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May 30, 2023
As a Medicare producer, you know that the Annual Election period (AEP), from October 15 to December 7, is the busiest time of year for Medicare sales. Around half of new Medicare Advantage enrollments occur during the fourth quarter for a January 1 effective date. But there are numerous opportunities to generate new Medicare sales year-round for both Medicare Advantage and Medigap (Medicare Supplement) plans. This article explores opportunities for selling to members who move.
When a Medicare Advantage (MA) or Part D (PDP) member moves outside their plan's service area, it creates a Special Election Period (SEP) during which they can choose a new plan. Their new area may offer coverage options that differ from their previous area's options. Likewise, if a member's carrier leaves their area or goes out of business, the member can choose an available MA or PDP plan.
Both scenarios create a guaranteed issue right for a Medigap plan, which allows a member to apply for coverage without health underwriting criteria.
Changes in circumstances often create opportunities. As a trusted advisor, you can help your clients decide which option will work best for them based on their situation. Be sure to ask relevant questions to determine whether they have a Special Election Period (for MA and PDP) or a guaranteed issue right (for Medigap). They'll typically have only a couple of months to act once their circumstances change, and you can help them find the right coverage moving forward.
It's always a good idea to cultivate lead generation year-round. New people aging in to Medicare need enrollment help throughout the year. Stay in touch with your existing clients too. They may refer a friend or family member who needs your help enrolling.
This is the latest installment in a series of articles highlighting year-round enrollment opportunities. Check out our previous articles:
Your clients have access to more locations where they can use their VSP benefits, including Costco, Visionworks and Walmart. This change was effective January 1, 2023.
Questions? Contact your Medicare sales representative.
VSP is a separate company that provides vision services.