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What Happens After AEP? Learn to sell Medicare all year.
The AEP, or Annual Enrollment Period, is one of the busiest times of the year for Medicare insurance agents and agencies. It can be draining and exciting all at once. Annual Enrollment Period is the period of time when beneficiaries are eligible to sign up for Medicare insurance, and it runs from October 15 to December 7 each year. The new coverage choices that people make during the AEP go into effect on January 1 of the following year. Choices made in the AEP of this year, 2023, will be effective on January 1 2024. Learn to sell Medicare all year.
As a single agent or broker or as part of an agency, it is important to do three things after making it through another annual enrollment period.
Celebrate Accomplishments
Look at what worked out in favor of the agency/agent this year. Enrollments, for example: How many were successful? Of those, which strategies worked well in getting beneficiaries to enroll in an insurance plan that fit their needs? Being as specific as possible about what worked well and what did not can help make the process more seamless and bring in more revenue in the following year.
Other things to consider are leads: where did the bulk of the leads that resulted in enrollments come from this year? Was it a new channel or was it with previously-known contacts?
Look at Opportunities for Improvement
No matter how well an agent or team did over AEP, there is always room for improvement. Two very common areas that agents report wanting to improve in are time management and carrier options.
Time management can be difficult over such a busy time like the annual enrollment period. If an agent takes meetings all day, things like marketing, returning emails and calls, and paperwork can be neglected and vice versa. One way to streamline the process of enrollment for busy periods is to identify which activities are taking up the majority of the time in the office. Then, agents can redistribute resources to ensure that time is more equitably spent across several activities rather than one.
Having access to multiple carrier options can be vital for closing deals during the annual enrollment period. After all, the purpose of selling Medicare insurance is to connect beneficiaries with the best plan for their individual needs. After AEP is over is an excellent time to determine whether or not the agency or agent wants access to further insurance carrier options next time around.
Regroup for Next Enrollment Period
The lull between enrollment periods can be a great time to regroup for the next round. Many agencies like to consider this as an opportunity to work on weaknesses, begin following up with clients, create new or improved marketing strategies, and re-educate themselves on Medicare Advantage compliance rules.
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