Agent Update Memo — May 2024
Agent Update Memo — May 2024
Below you will find new Medicare training and information both from Senior Marketing Specialists and the insurance industry as a whole.
Senior Marketing Specialists Updates
- Trend Alert: Double Digit Medicare Supplement Rate Increases
- The 2025 Inflation Reduction Act changes are coming this AEP. Be prepared to meet with all PDP and MAPD clients this AEP:
- For updated compliance news, check out our Compliance Corner.
- Make sure to utilize PlanEnroll, your personalized URL and free lead source, as a part of Integrity for Agents, previously known as MedicareCENTER.
- Did you know? 11,200 boomers, up from 10,000, will turn 65 EVERY DAY from 2024-2027?!
- Take advantage of our new T-65 pre-approach letter to maximize your visibility during this T-65 historic event.
- Let us help you with your marketing dollars! Take advantage of our Cost Sharing Program now!
- UPDATED Seminars in a Box
- Make sure you’re servicing your postal workers with their short SEP, running from April 1st – September 30th.
- Want more details, read our blog on it here.
Webinars
- Medicare Quick Start Week Training: May 6th – 10th @ 11AM CST
- The Key Accounts team is very excited to announce Bi-Weekly Tuesday live videos that will cover various topics and series. These will be on Tuesdays at 1:30 PM, starting on May 9th, 2024. Some of the planned topics are:
- Carrier visits
- What benefits do you offer your downlines?
- A series of “how to quote” complimentary products
- Q3 Game plan setting
- The Meeting Link will stay the same, so save it to your calendar!
Carrier Updates
Plan out supplementing your income with bonuses and trips. See carrier contests on our Contests Page!
UHC
- UHC has rolled out their upcoming Medicare Supplement Increases for June and July. Check out Jarvis to see your state specifics.
- UHC’s A20 program updates that allow for agencies to earn rewards based on individual solicitor agent production:
Essence
- Take advantage of the 5-Star Selling Season by having a 5-star plan with Essence!
- Essence is currently available in CA, IL, MO, GA, AR, OH, KY, and IN.
- Why You Need to Take Advantage of the 5-Star Selling Season
- Video with Essence Healthcare: The 5-Star Plan Opportunity
Devoted
- Devoted, a 5-star plan and 2nd fastest enrollment carrier of 2024, has a lot of exciting expansion planned for 2025, if you aren’t already contracted and want to make sure you’re on the forefront of 2025 contracting and product information, get yourself pre-registered here!
- Devoted Health’s MA plan is coming to even more states in 2025, including: AR, GA, IN, KY, MO, MS, WA, and WI.
- Devoted Health Webinars for Overcoming Objections: Register Here!
Wellabe
- Are you interested in taking advantage of Wellabe’s FREE Short Term Care product pre-approach letter? We’ve been hearing good things so far!
Aetna
- Aetna Medicare Supplement is taking a rate DECREASE on their Recovery Care plans, premiums are decreasing by 44%!
Industry News
- Medicarians: CMS Final Rule 2025 Panel: The CMS 2025 Call Letter: What It Means For Agents, & Our Industry
- According to a DEFT study, agents are valued:
- 87% of agent-users agreed that their agents considered all of the senior’s healthcare needs.
- 72% of seniors want agents to go over pros and cons of plans and let them make a decision.
- The average retention of a client with a traditional broker is 4.75 years, while a telephonic broker is 2.5 years.
- Deft Research data shows that the 2024 AEP period saw the highest MA switch rate in 8 years and even marked an increase in Med Supp shopping!
- 2024 AEP MAPD switch rate was 16%.
- 2024 AEP Med Supp switch rate was 10%.
- CSG Industry Highlights
- Plans G and N had a much larger market share in 2022 than 2013, at the expense of Plans C and F.
- The 2023 Medicare Supplement overall market loss ratio spiked to 83.8%, as premium levels struggled to keep up with increases in post-Covid claim utilization rates.
What is great about Senior Market Specialists is that you have a team. If one person doesn’t have the answer, it will be passed off to someone else who will get the answer. This is extremely important for agents to know that they can get a response in a short period of time. I would recommend you to anybody, at any time.
~Darryl W.
All contracted Agents receive FREE access to SMS-University, the industry’s most trusted, comprehensive online training platform, featuring numerous training modules, white-papers, and clear, concise education tools.
Sources:
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