The Annual Election Period (AEP) is over! The time when every senior has the option to change their Medicare Advantage plan came to a close December 7th. Time to throw in the towel, relax a little, and go on vacation, right? Wrong! Now that AEP is over, it is time to prepare for the Medicare Advantage DISENROLLEMENT Period (MADP). This event provides agents new opportunities to connect with current clients, and make new ones.
MADP is between January 1st through February 14th . Seniors who signed up for a Medicare Advantage plan have the opportunity to switch to original Medicare or a Medicare supplement. Your clients may decide a to switch. Make sure you give them the option to purchase a Medicare Supplement plan paired with a Prescription Drug Plan (PDP). This pairing will cover most Medicare costs depending on what plan they choose.
Avoid BIG Mistakes
It is very important that you are aware of one common mistake agents make. If you sign up a client with for a Medicare supplement plan and a PDP during the disenrollment period, be cautious. Best practice is to sign up the client for a Medicare supplement first. Then, wait for the application to be approved. Lastly, sign them up for a PDP.
When a client is enrolled in a PDP, they are automatically taken off their Medicare Advantage plan.
The agent could make a huge mistake if they sign up a client for a Medicare supplement and PDP at the same time. If the supplement plan is NOT approved, then the client is stuck with ONLY the PDP and original Medicare for the rest of the year. This can cause serious problems for the agent if the client ends up with no Medicare Advantage or supplement plan at all. The agent’s reputation is at stake.
Avoid CMS Complaints
There is only one way a client would be able to get back on a Medicare Advantage plan. They would have to file a complaint to CMS against the agent. This would damage the agent’s reputation and have serious consequences.
Make sure that during this MADP, you are cautious in how you sign your clients up for new plans. If you sign up a client for a Medicare Supplement plan during the Disenrollment Period, verify the plan is approved BEFORE signing your client up for a PDP.