Tips to be Successful in AEP – The biggest challenge in the healthcare insurance sector during the Medicare Annual Enrollment Period (AEP) is that it has a restricted time window of 53 days. During this minimal time, the competition to serve Medicare-eligible prospects and engage and enroll them as per the requirement is neck-to-neck. It requires full-proof planning, innovative strategy, proper execution of plans, and an adequate number of sales and enrolment staff.

This blog discusses some proven tips and tricks to make AEP a successful project for healthcare insurance providers and stay competitive in the market. So here it goes!

Want to Run a Successful AEP? Here are some Importation Tips for you!

1. Value the Time Frame

AEP lasts only for 53 days. Every month, it runs from October 15th to December 7th. To utilize this time correctly, it’s crucial to stay organized from the beginning. You should reach out to your customers from day one to schedule annual plan reviews. If you notice that any of your customers want to back off or planning to change plans, you have to communicate in advance.

Also, to make a successful AEP, you should get call lists and leads in your bucket before entering the AEP period. Any last-minute investigation for the leads may cost time and failure.

2. Ensure All Your Certification Requirements are in Place

To sell Medicare health plans, meeting all the certification requirements is on high priority. That means you have to be carrier-certified and complete all the compliance training programs. To become carrier-certified, you have to take the AHIP test every year and pay around $175. Passing this test proves that you understand Medicare to the grade that you can represent the carrier. Since the AHIP test starts in mid-June so, you have enough time to prepare for the test and complete it before you enter the AEP season.

3. Keep Track of all the Necessary Packages

Before entering the AEP, you should ensure that you receive your pre-enrollment package. This phase comes after clearing the AHIP test and becoming certified. You may receive a pre-enrollment package encompassing all the materials that you require to sell the carrier’s Medicare plans.

Errors and Omission Insurance is one of them. Though it’s not necessarily required to sell Medicare plans to your customers, it’s a rescuer that could help you when you commit a mistake. You can use this insurance plan as a professional liability to protect your company from the complete costs of any claims or lawsuits filed against you while selling Medicare. The “errors” listed in this policy include misrepresentation, violation of fair dealing in good faith, and inaccurate advice.

Apart from this critical parameter, you should also ensure that you’re up-to-date with your carrier information. Knowing in-depth about your carrier is pivotal as you can understand their products, requirements, and policies.

4. Focus on Generating Leads Even After AEP

Though AEP is a busy period, especially for insurance agents, generating leads, even after AEP, is a way to success. Your business will keep flowing throughout the year. But how? Here’s what you need to do.

  • Send mass emails to clients which include details of your services
  • Share information on social media channels, such as Facebook, Twitter, LinkedIn, etc.
  • Host events for prospective clients
  • Attend various conferences

5. Focus on Client Retention

Preparation for AEP, lead generation, receiving pre-enrolment packages, certification, and contract reviews – all are immensely important. But the one that holds high priority is client retention. According to Senior Market Advisors, client retention is imperative because, during these 53 days of AEP, clients may change the plans they have been annoyed with the entire year. So here is what you need to do:

  • You need to review current client policies to find the updates that could notify you that the client is not happy with their current plans.
  • Conduct regular communication with your client. Consistent inquiries about satisfaction will provide peace of mind. They want you to be proactive in terms of understanding their problems and resolving them before the AEP begins. The plan may seem the perfect fit on paper, but you should always allow the client to make the final decision.
  • Maintain cordial contact with them by sending out personal notes without any selling motives. It’s a simple way to cultivate your relationship and convey your genuineness.

Begin Your AEP Preparation Today!

Do you want to become a powerhouse seller during AEP? If yes, then you need preparation like a powerhouse. The above tips and tricks support you with that. Remember, the competition is cut-throat and the time is limited. Hence, you must fasten your seat belt and start your preparation today!