Blog

Wellcare OTC catalog 2024

If you are considering a Wellcare Medicare Advantage plan, you should take a look at the Wellcare OTC catalog 2024. In 2024,  Wellcare is providing beneficiaries of participating plans have access to Wellcare Spendables dollars.  Members of Wellcare plans can use this benefit purchase OTC items such as pain medication, vitamins or toothpaste.  Use the healthy foods benefit to purchase fruits and vegetables or bottled water just to name a few choices.

Use one of the catalogs below to search for some of the options available.  You will find more choices either online or in participating stores.

Wellcare OTC Healthy Foods 2024 – Click here to download

Download a copy of the Wellcare OTC 2024

When your Wellcare Spendables card arrives, you need to activate your benefit.  Do this either online at member.wellcare.com or by calling 1-855-256-4620 (TTY 711) there is someone there to answer your call 24 hours a day 7 days a week.  You can also access your benefit by downloading the Healthy Benefits+ mobile app for apple devices at the app store or for Google devices at googleplay.

Once you download the app, you can easily scan your card from your phone when you go to the checkout to purchase eligible items. Use the app to scan items and verify eligibility.  You can also use your app to shop online and place your order as well as check your available balance.

Find a participating store such as; Walmart, CVS or Kroger with the app or by checking your online account.

This catalog has many great options for members

The Wellcare OTC catalog 2024 includes several sections dedicated to specific conditions including a section for diabetes supplies.

Daily living aids, such as blood pressure monitors, scales and thermometers are also included.  There are also feminine health items as well as eye and ear care products.

Health Food benefits – Wellcare OTC catalog 2024

The store finder app can help members find more than 55 thousand retailers who participate with the Healthy benefits nearby.
There are many choices of different food categories to choose from such as meals & sides, protein drinks and even condiments.

A few more details

Online and in-store prices may vary from the prices listed in the catalog.  If this happens, the store price will be applied at the checkout.

Sales tax is applied to all orders.

If the cost of your order is more than the balance on your card, you can use another payment method to make up the difference.

To replace a lost card; just visit member.wellcare.com or call 1-855-744-8550 (TTY 711) between the hours of 8am and 8pm local time 7 days a week from October through March, the hours to reach customer service are 8am until 8pm Monday – Friday from April through September.

To learn more about Crowe and Associates, click here

View more images by this artist; click here

Medicare Savings Plan CT 2024

The Medicare savings plan CT 2024 could make a big difference in the lives of many people struggling to pay their health care costs.

Connecticut provides financial assistance to eligible Medicare enrollees through Medicare Savings Programs.

Qualified beneficiaries receive help through one of three available Medicare Savings Programs.  qualification for each level depends on your income. If you qualify for any of the three levels, DSS will pay your monthly Medicare Part B premium. In some cases, enrollees receive help paying both Medicare deductibles and co-insurance. Medicaid funds the MSP program in CT.

The three levels of Medicare Savings Plan help

Each level of extra help is decided by your gross income.  If you are married, your spouse’s income is included. Every level of the MSP program pays for your Part B premium.  The monthly income limits are effective from March 1, 2023, until February 29, 2024.  After that date, the new income limits take effect.  When CT releases the new amounts, will add them in.

QMB – This level of help pays your Part B premium.  Part B covers doctor visits, some preventative care and outpatient hospital services.  QMB also covers your Medicare deductibles.  The deductible is how much you pay before your Medicare insurance starts to pay. QMB benefits also cover Co-insurance payments. Co-insurance is the part of Medicare approved services that beneficiaries are responsible for paying.

The QMB is the only level of the Medicare Savings Program that acts like a Medicare Supplemental or Medigap plan.  It will cover the costs of the deductibles or co-pays of Medicare Part A and Medicare Part B up to the Medicaid approved rate.  It will also pay the premium for Medicare Part A for qualified adults 65 years of age or older when they are not eligible for premium free Medicare due to work earnings.  You are protected by federal law from being “balanced billed” or billed for services after Medicare Part A and B pays its portion of the bill, if a provider agrees to treat you, whether or not the provider is a Medicaid provider.

SLMB – This level of extra help pays your Part B premium only.

ALMB – This level of extra help also provides payment for your Part B premium only. Help on this level is available on a first come first served basis as it is subject to available funding.   Beneficiaries who receive Medicaid are not eligible for this program.

Click here to download a quick benefits guide.

Every level of MSP automatically enrolls you into LIS (Low Income Subsidy) also referred to as Extra Help.  Extra Help either pays the entire cost of a benchmark Medicare Part D plan, or part of a non-benchmark plan.  It also covers the annual deductible, co-insurance and co-pays. Extra Help coverage stays the same even in the coverage gap (donut hole). Beneficiaries who receive the LIS also have additional SEPs to change Medicare Part D or Medicare Advantage plans if they want to.

How to Apply for MSP

You can apply for these benefits online, through the mail or by brining your application to a local DSS office. If you need help completing the application, you can authorize someone to do the application for you.

 Click here for a list of local offices.

To apply for benefits online, go to www.connect.ct.gov, look for the ‘Apply for Benefits” and go from there.  To apply for MSP only, complete the Medicare Savings Programs application/redetermination form below:

Medicare Savings Program Application (W-1QMB)

Formulario de Renovación de programas de ahorro de Medicare (W-1QMBS)

Click here to learn about Medicaid redetermination

To view more images by this artist, click redetermination.

Medicare commission chargebacks

Medicare commission chargebacks are just a normal part of Medicare sales. If you plan ahead, you can avoid chargebacks turning into a bigger problem.

What is a Chargeback

In Medicare sales, a chargeback is when a portion of an agent’s commission for a sale is lost.  This happens when a client’s policy is terminated early.  This happens when a client either cancels their plan or passes away.  When this happens, the agent must pay back a portion of the commission they received previously.

Many Medicare agents choose to receive commission advances.  This means the carrier pays several months of commissions on the sale of a policy up front, before the client pays the premium payments.  This is great because you do not have to wait to get the payment, however this is also a potential problem if your client cancels their policy, and you incur a debt to the insurance carrier.

Please note: every insurance carrier has their own payment schedule and chargeback rules.

Be prepared for chargebacks

Because there are things you cannot predict, clients pass away or change their mind on their coverage choice, you need to be prepared for at least a few chargebacks each year. It is a good idea to have money set aside for such situations.

Pay Your Medicare commission chargebacks

This is a no brainer.  If you have a bill, you need to pay it.  If you neglect to pay it, you may have a Vector hit against you.  This is a service insurance companies use to report unpaid debts. This will harm your credit score as well as you chance to sell products with some carriers.  Some carriers will not contract brokers with a Vector hit until they pay their debt.

Agents can pay some chargebacks out of the commission the insurance company owes you.  If you do not have enough commission coming in to pay the debt, some carriers will allow you to set up a payment plan to clear the debit.

AEP Enrollments can lead to MA OEP Disenrollments

When enrollments occur during AEP (Oct 15 through Dec 7), agents receive half the commission for each sale in Jan and the other half in Feb.  Because full MA/MAPD compensation is only paid out once on each enrollee, agents receive renewal commission rates for each beneficiary who enrolls in a plan.  Agents receive full commission only if the beneficiary is a first-time MA/MAPD plan enrollee.

When your client decides to either move or drop their MA/MAPD plan during the OEP (Jan 1 through Mar 31), the agent receives a chargeback. Because another agent could talk your client into a plan change during the MA OEP, you may receive a chargeback.

Click here to find out about the MAPD commissions 2024

Medicare commission Chargebacks for Medicare Supplement sales

Luckily chargebacks for Medicare Supplements are a less common occurrence. Usually, carriers pay Medicare Supplement commissions as earned.  In other words, your client pays their monthly premium, then you receive commission.

In some cases, agents have the opportunity to receive advanced commission which are normally 3, 6 or even 12 months ahead of schedule. Because many carriers charge a nominal fee for advancing commissions, most agents opt for commission payments on an as-earned basis.  If you do get a chargeback for a Medicare Supplement sale, the amount is usually not very large.

Communicate with your clients – avoid Medicare commission chargebacks

It is extremely important to stay in contact with your clients.  If they know you are available to answer questions as a trusted and valuable resource, they will call you if they are thinking about a plan change.  This may help prevent them from seeking advice from another agent who may contact them.  If your clients change plans during AEP, it may be good advice to check to see if they are happy with the new plan after words.  If they are not, you will be able to enroll them in another plan instead of them going to another agent.

There is no way to predict losing a client due to death or other unforeseen reasons.  The best thing to do is let clients know you are available even when they are unhappy.  Remember to prepare ahead for a few chargebacks.

Learn a few Medicare sales tips

Watch free Medicare agent training videos on our YouTube channel

What is a rapid disenrollment

How to prevent rapid disenrollment

If you follow all the CMS guidelines as well as listen to the client and found a plan that best fit their needs, a disenrollment will be unlikely to occur.   Take a look at a few suggested practices below to help you avoid rapid disenrollment.

Enroll clients in the plan that is best for them

The most successful Medicare agents, enroll clients in the plan that best fit the client’s needs.  They do not base their recommendations on the amount of commission they will receive. When you operate in the best interest of the client, a disenrollment is not likely to happen. If for any reason your client changes their mind about the plan they chose, it is in everyone’s best interest to help them switch to another plan.   This helps them to know you are there to provide them with the best service possible and they can contact you with any questions or concerns.

Check all your Clients’ providers

Most clients do not want to search for new doctors each year especially if they are happy with the care they are receiving.  That means it is imperative that you get an up to date list of their current providers and make sure they are in-network with any plan they are considering.  This is also important for hospitals or any other medical facilities they like to use.  Because paper directories are difficult to update in a timely manor, It is best to check the online provider directory of any plan they are thinking about enrolling in.

Get a list of current medications

These days mediations can cost thousands of dollars for each refill, therefore, it is important to get an updated list of medications from each client annually to provide the best possible coverage options.  When you run a plan quote, always look at where each medication falls on the formulary of each plan they are considering as well as the plan that provides them the best total cost.  This means include the cost of the plan as well as the cost of the medications for a total plan cost. Always include the name of the pharmacy your client uses as that also has an effect on the cost of their medications and the plan they choose.  Whenever possible, clients should use a pharmacy that is considered preferred by their plan.

Explain plan benefits and coverage costs

Be sure you understand the clients coverage needs as well as their budget. Be sure they know the cost of monthly premiums, co-pays, coinsurance and deductibles as well as prescriptions costs will be.  Unexpected costs are one reason people disenroll from a plan.

Always be sure your client understands the benefits of the plan they choose.  When they tell you they want a dental benefit; be sure they understand exactly what it covers and doesn’t. The same goes for any benefit that is important to them.  If the plan they choose does not offer all the benefits they are looking for, be sure they still want that plan. Double check that they know what they are signing up for.  If they do not fully understand the benefits package they may decide later that you did not listen to them and put them into an inferior plan.  Don’t forget there may be other ways for them to have all the coverage they want by adding an affordable ancillary plan.

Please be aware, Medicare beneficiaries often get advice from family or friends saying they have a better plan that is less expensive with more benefits. This may cause them to make a switch.  Be sure you provide the best plan to suite their needs and always be available to answer questions.

Review Outbound Education and Verification calls

Agents need to explain that the client may receive an outbound education and verification (OEV) call from the carrier or the new plan.  Unfortunately some clients disenroll when they get this call because they are not expecting it and get confused.  Make sure they are aware of it and what to expect.

One last thing you can do to avoid the disappointment of a rapid disenrollment

We cannot stress enough that your client needs to understand what they signed up for.  Make sure they understand the plan they chose.  Check back in with them to be sure they do not have any questions and to offer your guidance if they do.  They need to feel comfortable with their choice.  If they are not confident it will only take 1 tv commercial or phone call from a telemarketer to get them to change their plan and you will have a rapid disenrollment.

How they affect the agent

Once a client is considered a rapid disenrollment from a Medicare plan, carriers will recover at least part of the commissions that they paid out.  This is known as a chargeback.

Click here to learn about pro-rated Medicare commissions

Do not go on any shopping sprees until you are sure your clients are happily enrolled in their new plans.

Any rapid disenrollment may bring you to both the carriers attention as well as the attention of CMS.  This is not something you want to happen. Agents with a large number of rapid disenrollments may be investigated for compliance issues.   CMS may need to investigate to be sure you are not enrolling clients into plans under false pretenses just to make a quick buck.  That is why, the client’s best interest has to be your top priority.

Click here to learn about the Medicare Part D changes watch a quick YouTube video

Find out what we can do for you

Click here to view more images by this artist

Proposed Rule CMS-4205-P

CMS has proposed rule CMS-4205-P which, in the final version will amend the current regulations for Medicare Advantage and Part D programs.  The proposed amendment includes new Medicare marketing and communications policies which would be put in place for the 2025 contracting year starting on September 30th of 2024.  Section 1851(j) of the Act “Enhance Guardrails for Agent and Broker Compensation” is specific to Medicare agents, brokers, agencies and top of hierarchy FMO and NMO organizations.

Note: While the rule changes will have some challenges, Medicare will still be a viable profitable business for individual agents and LOA agencies.  There certainly will be challenges without overrides, HRA fees, expense reimbursements and access to quoting and enrollment platforms at no cost but it can still work. The outlook is not so promising for non LOA agencies that have direct pay agents and rely on overrides for revenue and for top level uplines however.

Watch an 8 minute video on this topic (same information)

How does the rule impact agents and brokers?

The new rule would result in significant changes to Medicare sales distribution.  It would have huge implications on direct pay uplines but would impact producing agents and agencies to a lesser extent. The CMS-4205-P proposal is a 486 page document addressing a number of areas.  Agent compensation is addressed on pages 6 and 236 -248.  Here are the main points regarding section 1851(j)

Eliminate admin fees/overrides:

• The rule looks to be eliminating any compensation above the CMS max compensation for an individual agent/broker including overrides/admin fees paid for agency levels and higher.  This would eliminate admin fee revenue for agencies up to FMO/NMO level organizations that work with agents on a direct pay basis.
  • In most cases, agencies and uplines would no longer be able to provide services to Medicare agents
    • Examples of common services provided:
      • Quoting, comparison and enrollment platforms such as Connecture and Sunfire
      • CRM software
      • Support services to answer daily questions from agents
      • Guidance with marketing plans and compliance
      • Agent and agency contracting
  • There are agencies that would be impacted to a much lesser extent and would be able to operate under the new rules.  Producing LOA agencies, agencies with a high amount of ancillary product sales and agencies that primarily work with other products but offer Medicare on an ancillary basis would likely see a reduction in overall revenue but will still find Medicare to be a viable business model.

Marketing reimbursements and HRA fees

Proposed Rule CMS-4205-P is very clear about a number of changes.  Two of them are regarding expense reimbursements to agents and HRA fees:

• Reimbursement payments/marketing allowances to agents/brokers for expenses would no longer be allowed
  • This would include any type of expense reimbursements from carriers, agencies and top of hierarchy FMO/NMO
• Eliminate payments for completing Health Risk Assessments (HRA)

Proposed rule max allowable commission changes

• Commission would be paid out at the national level bracket ($611 and $306 for 2024) with an additional increase of $31.  Some have assumed the higher paying max commission states of CT,PA,DC, NJ and CA would be reduced to the national level.  Some of the language of the proposed rule suggests they may be adding the $31 to the current higher max allowed in those states.

Other considerations

• Many agents and agencies work with uplines to process their carrier contracting.  If there are no longer uplines, the contracting would then need to be completed direct with the carriers.  This could cause major delays when it comes to contracting with new carriers or changes to current contracts.
• Agents often utilize uplines to answer questions about marketing, benefits, SEP’s and numerous other topics.  The questions would need to be directed to the carriers in the event the proposal is finalized as is.

Accessing Proposed Rule CMS-4205-P (Link to send in comments on the new proposal)

The entire document can be accessed on Regulations.gov    To find the document enter  “CMS-4205-P” into the search bar.  When you go to the document there is a “Comment” button.  CMS is taking comments regarding the new proposal until January 5th.

CLICK HERE TO GO DIRECTLY TO COMMENTS FOR PROPOSED RULE CMS-4205-P

IMPORTANT:  Comments sent in on the proposal are public record so send professional and constructive comments only.  Comments can focus on the value you provide to clients and how not having the services provided by your agency or upline may inhibit your ability to service those clients.  Clients may also send in comments to explain how you work with them to find the best plan options for their situation.

To view more images by this artist; click here

Selling Medicare Plans

Sometimes it feels like a sprint; sometimes it feels like a marathon; sometimes it feels like you’re sprinting a marathon. Annual Enrollment Period (AEP) is the busiest time of the year for most insurance agents, and you made it through. But don’t relax just yet – here are four things to do to make sure to cement all your success from the previous eight weeks to selling Medicare plans.

Congratulate yourself and your team!

If you have a team or even if you’re on your own, it’s important to acknowledge all of your hard work and success and even the learning experiences that just happened. Whether you met your goals or not, celebrating what you did achieve is good for morale and mental health.

Organize new client information – Selling Medicare Plans

A spreadsheet with new client names, plans, their contact information, and anything else pertinent can be a great way to keep all of the new clients in order. Many agents find that their new client information gets out of order during AEP because of how busy they are, so right afterward is a good time to put everything in its place. There are also many different platforms that have ways of keeping your data organized, like MedicareCENTER.

Send thank-you cards

It might seem old-fashioned, but sending a thank-you card or email is the kind of personal touch that people like in their business dealings. Insurance agents deal with such personal and intimate information for people that it’s imperative that trust is involved, and thanking your clients for trusting you can go a long way towards retaining them. It can also be good marketing if they mention it to friends or family.

Prepare for the next round: OEP – Selling Medicare plans

Open Enrollment Period (OEP) is only a few weeks away! With a start date of January 1st, OEP is another busy season for the insurance industry. Even though you can’t reference OEP directly in your marketing just yet, you can plan ahead by calling your clients about their insurance cards and wellness appointments and checking on which other areas of their life need coverage, like life insurance or annuities. They’ll appreciate the personal attention and you might even get a commission out of it.

Even though AEP is over until next year, there are things you can do to make the next one even more successful. Congratulating yourself and your team, organizing new client information, sending thank-you cards, and preparing for OEP could have tangible benefits for your business.

Licensed Medicare Agents

Selling Medicare Plans – Click here to see what Crowe and Associates has to offer 

Keep up with all of our current events by clicking here. 

Ready to contract?   Begin here.

Subscribe to our YouTube channel.   We provide weekly training.

Click here to view more images by this artist

Medicare IRMAA 2024

Agents need to understand what the Medicare IRMAA 2024 will be in order to advise their clients accordingly.

IRMAA explained

IRMAA is an additional charge that may be added to a beneficiaries Medicare Part B and or Medicare Part D premium.  An IRMAA applies to certain individuals whose income level is above a pre-determined amount.  Income amounts are decided annually on a sliding scale and include 5 different income brackets.   If the Social Security administration determines a client must pay an IRMAA, they will send a premium notice that includes an explanation of the charge.

The IRMAA amounts are based on the beneficiaries’ income from 2 years before the present year.  For example: a 2024 IRMAA is based on the beneficiary’s income from 2022.  Because income changes from year to year, the IRMAA amount can also change accordingly.

Determination of both Part B and Part D total premiums can be calculated by adding the current Part B premium ($174.70 in 2024) to your IRMAA amount.  This works the same way for your current Part D IRMAA amount and premium.

Part B & Part D IRMAA income brackets & surcharge amounts 2024

Please note:  The IRMAA for married Medicare beneficiaries who file separate tax returns are higher if they lived together for any amount of the year.

How to make your Medicare IRMAA 2024 payment

Because there are 2 separate IRMAAs (Part B & Part D) the payments are handled differently. The IRMAA for Part B is added to your monthly premium bill automatically.

Part B IRMAA

Here are a few ways to pay your Part B IRMAA

1. Send your payment to Medicare through the mail. You can send either a check, money order or credit or debit card information by filling out the coupon attached to the bottom of your bill. If you are sending payment without the coupon, be sure to put your Medicare number in the memo of the check.  Send payments in the return envelope that comes with your invoice and mail payments to Medicare Premium Collection Center, P.O. Box 790355, St Louis , MO 63179-0355.
2. The quickest way to pay is online with your secure Medicare account.  You can use a credit or debit card or pay through either your checking or savings account.
3. Use Medicare Easy Pay to have Medicare deduct your premiums from your savings or checking directly each month.  Please note; it can take up to 8 weeks for automatic deductions to begin.  Be sure you pay the premiums another way until it is set up.  You can also use your bank’s online bill payment service if they offer one.

Part D IRMAA

On the other hand, you must pay the IRMAA for Part D directly to Medicare.  The beneficiary must pay it even if their employer or a third party (e.g., retirement system) pays their Part D premiums. They receive a monthly bill from Medicare for the Part D IRMAA.  This amount can be paid using the same method used to pay for their Part B premium.

Usually, beneficiaries receive the bill the same month it is due.  The premiums are always due on the 25th of each month. In the event that you miss a payment, or it is sent in late, it will be included with the next bill.

Medicare IRMAA 2024- how to request a redetermination

The SSA (Social Security Administration) bases their determination of who owes an IRMAA on the income reported on tax returns from the  2 years before you pay the IRMAA.  If SSA does decide you owe an IRMAA, they send you an initial determination notice.  When you receive this notice, you will also get information explaining how to request a new initial determination.

If Social Security receives a new initial determination, they may revise the amount owed or take the IRMAA away all together.  To request the redetermination, either schedule an appointment with your local Social Security office or submit the following form:

Medicare IRMAA Life-Changing Event form

You need to provide documentation of your correct income or of the life-changing event that has affected your income level in a negative way.

Here are examples of acceptable life-changing events:

1. Death of a spouse, a divorce or annulment or a marriage
2. If either spouse stops or reduces the number of hours they work
3. When either spouse loses a pension
4. Loss of income due to income producing property loss because of a natural disaster, fraud or similar circumstances

If you had an amended tax return, you can call the representatives at SSA +1 800-772-1213 and say you want to lower your (IRMAA) Medicare Income-Related Monthly Adjustment Amount.   Use the fact that Social Security used outdated or incorrect information when calculating your IRMAA.

Learn about the 2024 Social Security increase

Find out what the effects of the 2025 drug cap will be

Click here to view more images by this artist

Medicare Advantage FMO

Here at Crowe and Associates, we like to consider ourselves humble. However, as one of the premier field marketing organizations (FMOs) in Connecticut, we do have strong opinions about what makes a Medicare Advantage FMO successful and, especially, what agents should look for when joining one. The right FMO can help you create success, and the wrong one can hinder your career. Take it from us: here are five things you should consider when joining an FMO.

Their product expertise

Different FMOs will have different areas of expertise, like Medicare Advantage, annuities, term and whole life insurance policies, and even more niche specialties like dental or disability. If the FMO you’re considering doesn’t have deep knowledge about your area of focus, it’s probably not a good fit.

Medicare Advantage FMO Relationships with carriers

Length of relationship matters, as does depth of relationship, when you’re talking about the relationships between a Medicare Advantage FMO and the insurance carriers. The quality of the connection matters because those strong connections can help you with sales connections, strategic partnerships, and business opportunities that you may not otherwise have access to.

How they support agents

Is the FMO timely in managing and facilitating support requests? Do you like their customer service policies? Are they prompt, respectful, and efficient? All of these traits matter, especially when you join an FMO and connect your agency to their organization.

Technology use and access

The insurance industry is undergoing a digital renaissance, with technology playing an ever-growing role in every aspect of the enrollment process. Medicare Advantage FMO s should have tech platforms and apps that make your life as an agent easier, whether that is by streamlining service or cataloging data in one place. Do they have an easily accessible comparison tool customized to their organization, and do they provide in-house tech support for their agents? These are just some of the questions you should consider asking before joining an FMO.

Compliance, compliance, compliance – Medicare Advantage FMO

CMS delivers new compliance regulations every year, and everyone in the industry needs to adapt to them quickly and efficiently. It is vital that the FMO you choose as an agent meets those compliance codes without any gaps, providing legal and ethical service for their clients.

Choosing whether or not to join an FMO can be a hard decision for an agent – particularly if they have found success on their own. The right FMO, however, that can fulfill all five of the above requirements, can provide essential support and guidance for growing an agent’s career in exponential ways.

Licensed Medicare Agents

Medicare Advantage FMO – Click here to see what Crowe and Associates has to offer 

Keep up with all of our current events by clicking here. 

Ready to contract?   Begin here.

Subscribe to our YouTube channel.   We provide weekly training.

Click here to view more images by this artist

Medicare costs 2024

Both agents and beneficiaries need to know what the Medicare costs 2024 are in order to accurately plan for the year ahead.  The CMS announced the 2024 Medicare Part A and Part B premiums, deductibles and coinsurance amounts on Oct 12, 2023.  As you will see, the premium for Part B is higher than last year and so is the deductible.  Although the Part A premium has not increased.

Almost all Medicare beneficiaries (over 99%) receive Medicare Part A premium-free.  A very small number of Medicare beneficiaries (fewer then 1%) must pay their Part A premium.  This is due to the fact that they have not worked for a minimum of 40 quarters in a job that qualifies as Medicare-covered employment.

Medicare enrollees who paid their Medicare taxes fewer than 30 quarters must pay $505 per month for their Part A premium in 2024.  This amount is less than the 2023 premium of $506 per month.  As you can see, this premium has gone down by $1. Medicare beneficiaries who have either paid Medicare taxes for at least 30 quarters or were married to someone who have worked for at least 30 quarters and paid their Medicare taxes will pay $278 for their Part A premium per month in 2024.  This is the same cost as it was in 2023.

The deductible for an inpatient hospital stays (Medicare Part A in 2024, will be $1,632.  In 2023 the inpatient hospital deductible was $1,600.  This is an increase of $32 for 2024.  The benefit period for each hospital stay ends 60 days after your release from care.

Medicare costs 2024 – Part B

Starting in January of 2024, the premium for Medicare Part B will be $174.70.  This is up $9.80 from the 2023 cost of $164.90. The Medicare Part B deductible is also due to increase by $14 to $240 in 2024 from $226 in 2023. The total increase amounts to $14 over the cost in 2023.

Beneficiaries who have income above a certain level will pay an IRMAA in addition to the standard Part B monthly premium of $174.40.  The chart below shows the income limits, the IRMAA amount as well as the Part B premium in each income bracket.

It is important to remain up to date with any information that directly impacts your clients. Any agent who wants to provide his clients with the best service stays informed and educated so clients know they can trust your advice.  This is why some agents get so many referrals and build a large book of business.

Learn about Medicare Part D changes coming in 2025

Watch a quick video on YouTube about what we offer our agents

To view more images by this artist; click here

Medicare agents’ business plan

If you are considering Medicare sales, you should take a look at the Medicare agents’ business plan for a few suggestions to help you get started.

Decide which market you want to focus on

Although anyone who is eligible for Medicare is a potential client, it is best to focus on a particular group to create an effective business plan when you are getting started.  You should decide if you are going to concentrate your efforts on people turning 65 or perhaps you would rather focus on people who are already 65 and may have a SEP available to them.

Do you want to focus on selling a particular plan type, Medicare Supplement and Prescription Drug plans or Medicare Advantage plans?  It is a good idea to be able to offer all plan types available. Because each client has different healthcare needs.

Do you plan to serve only people within a certain radius?  Do you want to see people in-person or are you planning on strictly selling over the phone and online?  If you plan to serve multiple sates, you will need to maintain the proper licensing for each state.

Set goals for yourself when making a business plan

Make sure you set some attainable goals for yourself.  That way you will fell encouraged each time you reach a milestone.  Make both long- and short-term goals; like enrolling 10 members each month or making 100 sales in a year and so on.  Whatever your goals are, they provide something tangible to work towards.

Be prepared to spend some money to get yourself set up

Starting any business comes with a cost.  You will need to have some money set aside to get yourself started.  Some of the basic things you need are business cards, a decent computer and printer other office supplies.

If you plan to work outside your home, you will need to pay rent.  You need licenses in any state you plan to sell in.  Selling in multiple states will require multiple licenses. Some carriers charge appointment fees for out of state appointments.   A website is a great tool to have but it comes with a small start-up cost.  Agents must have E& O insurance in place before they can sell anything, and the list goes on.

Marketing & Leads

When you are setting up a business plan, decide how to reach your intended market.  You need to find a lead source that works well for you.  Be prepared to try more than one source before you find what works best for you.  When looking for leads, agents sometimes need to be creative.  There are many ways to get leads and they will not all work well for everyone.  Each person has their own strengths and weaknesses.

Some examples of leads include mailers, online leads with the use of Facebook, a website or other service, live transfer leads or other tele sales leads.  There are also educational or sales events and participation in community events just to name a few.  It is always a good idea to have plenty of business cards to pass out or leave in areas where permissible.

Click here to view our YouTube video on Medicare marketing leads

Learn about our Medicare seminar program

Referrals are free leads

Get out in the public and meet as many people as you can.  Build a network of local professionals you can send referrals to each other and help grow everyone’s business.  It is ok to ask your clients for referrals.  If you provide good service to them, they will be happy to tell their friends and family about your service.

If you do not make yourself visible to the public, they have no way of knowing about your business; so, get out there and meet people.  Put business cards wherever you are allowed to and make friends with local pharmacists, doctors office staff and senior center managers.

Medicare agents’ business plan – Make sure people remember you

Because there are many Medicare agents out there., you have to set yourself apart from the competition.  Visibility is key, we cannot stress this enough.  Take the time to learn the products you are offering as well as the needs of each individual.  Knowledgeable agents are a valuable asset to our communities and word does get around when people get good advice.   Thousands of people turn 65 every day and they will need help choosing the proper healthcare coverage.

Do you want to offer other products as part of your business plan

If you are licensed to sell other products, you may want to consider cross-selling opportunities.  You can offer additional products that are a good fit for your clients, such as life insurance, ancillary health products like dental, vision or LTC.  It is natural for clients who trust your advice to request help with other insurance products.

Find a support system

It is a great idea work with a upline that provides the back-office support, training and tools you need to get you where you want to go,

Find out what Crowe and Associates has to offer – watch a quick YouTube Video

Click here for more images by this artist

Improve Website Conversion Rate With These Tips

There’s endless ways that the ubiquitousness of the internet has changed the insurance industry. Agents who sell Medicare can now enroll people over the phone from their computer, all while being in compliance with all of the rules and regulations from the Center for Medicare and Medicaid Services. This is also why it’s so vital for your business to have a user-friendly website. Your website is free advertising, and it will be how many of your clients will find your services. But, if your website isn’t driving possible clients to contact you, or take other related actions, it needs some work. Here are some tips to improve your website’s conversion rate and provide more actionable steps for your future clients:

Understand the importance of conversion rate

Conversion rate is the percentage of online visitors that take a desired action when they visit your website. For many agents, that would be clicking a “contact us” button, or even a “request a meeting” button. Conversion rate is such an important metric because it is a way to measure how successful the website is at advertising and representing your services. It’s a marketing metric.

Optimize your website

If the call-to-action buttons aren’t prominently displayed, your conversion rate will likely be lower than it could be. If your interface is clunky, or the graphics are cheesy, or the website isn’t streamlined for ease of use, all of these things can lead to lower conversion metrics. Review your website as if you are a customer. Is it doing the most it could be doing to convince visitors to act?  Optimize to  improve website conversion.

Write engaging copy

The copy on your website should be clear and concise, yes, but this is also an opportunity to engage with your prospective clients. Let your voice come through as well, because your likability can be helpful in motivating people to act.

Use social proof

Social proofs are customer testimonials, reviews, or real-life examples that show that your previous clients are happy with their experience. These count for a lot with encouraging prospective and new clients to act when they visit your website.

If you think of your website as an extension of your agency, then visitors are really experiencing a first-impression of working with you when they are on your website. Make it a good first impression with these tips and watch your conversion rate increase.

Licensed Agents

Improve Website Conversion – Click here to see what Crowe and Associates has to offer 

Keep up with all of our current events by clicking here. 

Ready to contract?   Begin here.

Subscribe to our YouTube channel.   We provide weekly training.

Click here to view more images by this artist

The 11 Laws of Likability

Likability is Good for Business!  It can be tempting to think that it’s not nearly as important to be kind as it is to be a knowledgeable and effective agent when you’re trying to get ahead. However, time and time again, we see that people’s opinions of us do matter in both our personal lives and our professional lives.  Where there are 11 ‘traditional’ laws of likability.  We will discuss 3. Here are three things to think about to make sure you’re showcasing your likability to the benefit of your business.

The insurance industry is really a people industry – as an agent, you’re dealing with clients all the time. A good way to build a reputation for yourself, make more sales, or even just become a part of the local community is to be nice. People would rather buy an insurance plan from someone they feel is kind and trustworthy than someone they feel is knowledgeable but dismissive or rude. Kindness builds trust, and trust is invaluable between a client and agent. These people are trusting you to guide them to the best solution for their healthcare needs.

Being competitive can be a great attribute in business, but there’s no need to be nasty about your competitors. It’s less about bringing the competition down and more about elevating yourself and your abilities. Clients will not be able to trust you if they hear you badmouthing a fellow agent in order to try to persuade them to enroll with you. It’s simply not professional.  Professionalism is one of the top 11 laws of likability.

Prioritize Clients

This shouldn’t be a surprise, but prioritizing your clients needs and making them feel like they matter can lead to more sales. Making time for your clients and being patient with all of their questions makes them feel safer enrolling with you. It shows that you care about finding them the right plan for their needs, not just about making commission.

Additionally, being nice really can elevate your business, and allowing your likability to be seen with your clients can lead to even more referrals by word of mouth.

Licensed Agents

The 11 Laws of Likability – Click here to see what Crowe and Associates has to offer 

Keep up with all of our current events by clicking here. 

Ready to contract?   Begin here.

Subscribe to our YouTube channel.   We provide weekly training.

Click here to view more images by this artist