Earlier this year, Bright Health Group announced it will exit six insurance markets as its financial struggles mount. Now, the insurtech has announced that it is axing its full lineup of plans on the Affordable Care Act's exchanges and cutting its Medicare Advantage (MA) offerings to two states for the 2023 plan year. The company said it plans to focus on its multipayer care model in markets where that is thriving and will have MA plans available in California and Florida for next year. The move, Bright Health Group said, will enable the company to build a stable growth trajectory with less risk, putting it on a quicker path to profitability. "This is not a decision we made lightly, but one we believe is in the best interest of progressing our mission and the next chapter of our continued story of transforming healthcare in America," Bright Health CEO Mike Mikan told investors on a call Tuesday morning. Cutting back its insurance product, Bright said, significantly reduces the amount of regulated capital the company needs, and it expects the change to release $250 million in excess regulated capital if state regulators give their approval. The company said it will continue to provide services to members through the end of the year and that it will support members in the upcoming open enrollment windows to ensure they don't face breaks in coverage. Mikan added on the investor call that value-based care models like Bright's have shown they can "deliver on the promise of better, more affordable healthcare." Putting a greater focus on the company's model allows it to expand the types of products and financing that can find success in a value-based approach. In addition to the news that it would exit certain markets, Bright Health Group also said it has raised $175 million in funding that it can use to drive toward greater profitability. The insurtech went public in June of last year, raising nearly $1 billion and setting a new high for insurance initial public offerings. The company reported a $1.2 billion loss for 2021 in its full-year earnings. And while Bright is pivoting its focus, rivals in the insurtech space aren't giving up on the exchanges. Oscar Health CEO Mario Schlosser told Fierce Healthcare that the company is bullish on the individual market and that Bright's exit opens the door for "more opportunity to assert ourselves" in the space. He did acknowledge that the ACA market can be difficult to navigate, as risk adjustment is complicated and membership fluctuates. "I think the market is in the most stable position it's been since the founding, and this should not distract from that," he said. ![]() |
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Bright Health to exit ACA exchanges, slash MA footprint to 2 states
Posted by www.psmbrokerage.com Admin on Wed, Oct 12, 2022 @ 03:41 PM
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Tags: Medicare Advantage, CMS, Bright Health
CMS Releases 2023 Medicare Advantage and Part D Star Ratings
Posted by www.psmbrokerage.com Admin on Wed, Oct 12, 2022 @ 03:00 PM
The Centers for Medicare & Medicaid Services (CMS) released the 2023 Star Ratings for Medicare Advantage (Medicare Part C) and Medicare Part D prescription drug plans to help people with Medicare compare plans ahead of Medicare Open Enrollment, which kicks off on October 15. Plans are rated on a one-to-five scale, with one star representing poor performance and five stars representing excellent performance. Star Ratings are released annually and reflect the experiences of people enrolled in Medicare Advantage and Part D prescription drug plans. The Star Ratings system supports CMS’ efforts to empower people to make health care decisions that are best for them. People with Medicare can use the Medicare Plan Finder tool, available on Medicare.gov, to compare plan quality through the Star Ratings, along with other information, such as cost and coverage. Approximately 72% of people currently in Medicare Advantage plans that offer prescription drug coverage are enrolled in a plan that earned four or more stars in 2023. Approximately 51% of Medicare Advantage plans that offer prescription drug coverage will have an overall rating of four stars or higher in 2023. Medicare Open Enrollment begins October 15, 2022, and ends December 7, 2022. During this time, Medicare beneficiaries can compare coverage options, including Original Medicare and Medicare Advantage, and choose high quality health and drug plans for 2023. Medicare Advantage and Part D plan costs and covered benefits can change from year to year, so Medicare beneficiaries should look at their coverage choices and decide on the options that best meet their health needs. They can visit Medicare.gov (https://www.medicare.gov), call 1-800-MEDICARE, or contact their State Health Insurance Assistance Program. 1-800-MEDICARE is available 24 hours a day, seven days a week, to provide help in English and Spanish, as well as support in over 200 languages. People who want to keep their current Medicare coverage do not need to re-enroll. CMS released the 2023 premium and coverage information for 2023 Medicare Advantage and Part D plans on September 29, 2022. Projections for 2023 indicate lower premiums for both Medicare Advantage and basic Part D coverage compared to 2022. Additionally, starting in 2023 under the Inflation Reduction Act, people with Medicare prescription drug coverage will have improved and more affordable benefits, including a $35 cost-sharing limit on a month’s supply of each covered insulin product, as well as adult vaccines that are recommended by the Advisory Committee on Immunization Practices (ACIP) at no additional cost. For more information on the 2023 Medicare Advantage and Part D Star Ratings, including a fact sheet, please visit: http://go.cms.gov/partcanddstarratings. ![]() |
Tags: Medicare Advantage, Medicare Part D, CMS, star ratings
Aflac Final Expense Whole Sale Life Insurance Incentive!
Posted by www.psmbrokerage.com Admin on Wed, Oct 05, 2022 @ 09:02 AM
You can earn recognition and earn extra cash based on the number of placed applications between October 1, 2022 and December 1, 2022. Recognition:
Don’t miss out on this incredible incentive to earn extra cash for the holidays. Aflac Final Expense Whole Life Insurance With Aflac Final Expense Whole Life Insurance, policyholders can help protect their loved ones' financial security by helping to pay for end-of-life expenses not covered under Medicare and other programs, while also encouraging families to address uncomfortable discussions about final expenses. The average out-of-pocket medical expenses during one's last year of life can total nearly $10,000.1 In addition to these expenses, there are often significant costs involved when settling a loved one's estate, and the median funeral expenses are almost $8,000.2 Considering that nearly 50% of American workers say they would not be able to pay more than $1,000 in out-of-pocket medical costs in the event of an accident or injury,3 Aflac's Final Expense Whole Life Insurance can help protect loved ones from inherited expenses. Aflac's Final Expense Whole Life Insurance is available in two options: the Level Plan and the Modified Plan. Both plans include a guaranteed level premium — meaning premiums will never increase — and a guaranteed death benefit paid to the beneficiary while the policy is active. Plans are available for individuals age 45 to 80. Benefit amounts range from $2,000 to $50,000, depending on the plan selected. The level plan also offers the option to elect accelerated and accidental death benefit riders, as well as a children's term insurance rider.
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Avoid CTM Filings - Compliance Bulletin
Posted by www.psmbrokerage.com Admin on Tue, Oct 04, 2022 @ 04:23 PM
In just a matter of days, specifically October 15th, the two thousand twenty two AEP season will begin. As such, we felt this was a great time to discuss common causes that lead to a CTM filing. There are many reasons a beneficiary would file a CTM, but during AEP, more often than not, these complaints stem from an agent. • not building a rapport with the client Simply stated, building rapport with potential clients is a sure shot way of avoiding these common mistakes. Sell with your ears, not just your words Your sales script is an important part of any enrollment, but active listening is the key to a successful sale. Unfortunately, agents can be so focused on what they are about to say next that they actually fail to hear what their clients tell them. This inactive listening may lead agents to respond inappropriately to what they're being told by the client. Be ready to pause and listen throughout your call. Monitor yourself: Respond to your client's needs Listen actively and paraphrase what you hear. This technique works particularly well when your client expresses what benefits they are looking for. Your paraphrasing confirms for them that you have the same goal in mind and that you are working together to find the best plan. React appropriately to additional information The benefits your client is seeking may not be the only thing they share with you. Medicare beneficiaries are often experiencing major life changes. Acknowledging their concerns and showing appropriate sympathy is important. Some situations may be tough to address, such as the recent loss of a loved one or recent loss of mobility. You don't need to dwell on your client's news, but they will appreciate a few words of sympathy. Be comfortable with negative feedback Your client may raise a concern regarding the plan you present. For example, the plan has all the benefits they have been looking for but they are concerned because their specialist is not in the plan's network. It's important not to ignore or disagree with that objection. Instead, acknowledge the concern and talk through it with them. Give them ample time to consider the pros and cons - show them that you are in this together. Identify client cues Listening carefully to both what your client says AND how they say it is essential. As you review benefits with them: Do they like what they are hearing? Do they need anything explained or repeated? If they seem hesitant, explore where they may have concerns. It is important to consider these tips throughout all of your interactions with clients to ensure that they are happy with their selection and to encourage them to contact you if they have concerns. ![]() |
Tags: AEP, YourMedicare, Compliance
Exclusive Invitation to Join LeadStar Marketplace - Register Now!
Posted by www.psmbrokerage.com Admin on Tue, Oct 04, 2022 @ 11:11 AM
Tags: Leads, LeadStar, Medicare leads
Tags: Medicare Advantage, Medicare Supplement, Medicare Part D, Bonus Program, Incentives
Biden-Harris Administration Announces Lower Premiums for Medicare Advantage and Prescription Drug Plans in 2023
Posted by www.psmbrokerage.com Admin on Fri, Sep 30, 2022 @ 08:53 AM
Ahead of the upcoming Medicare Open Enrollment beginning October 15, the Centers for Medicare & Medicaid Services (CMS) is releasing key information, including 2023 premiums and deductibles for Medicare Advantage and Medicare Part D prescription drug plans, to help Medicare enrollees determine the best coverage for their needs. “Today we’re delivering on our commitment to reduce health care costs for Americans, including 64 million people with Medicare,” said HHS Secretary Xavier Becerra. “Thanks to President Biden’s Inflation Reduction Act, millions of Medicare enrollees will have lower prescription drug costs and improved benefits when they sign up this year. We will continue working to strengthen Medicare to ensure everyone gets the high-quality, affordable care they deserve.” “The Inflation Reduction Act will provide much needed financial relief and increase access to affordable drugs,” said CMS Administrator Chiquita Brooks-LaSure. “It is more important than ever for people to review their health care coverage and explore their Medicare options during Open Enrollment this year.” Enrollment in Medicare Advantage — private health plans that cover all Medicare Parts A and B benefits and may provide additional benefits — continues to increase. Projections indicate enrollment will reach 31.8 million people in 2023. The projected average premium for 2023 Medicare Advantage plans is $18 per month, a decline of nearly 8% from the 2022 average premium of $19.52. Medicare Advantage plans will continue to offer a wide range of supplemental benefits in 2023, including eyewear, hearing aids, preventive and comprehensive dental benefits, access to meals (for a limited duration), over-the-counter items, and fitness benefits. In addition, more than 1,200 Medicare Advantage plans will participate in the CMS Innovation Center’s Medicare Advantage Value-Based Insurance Design (VBID) Model in 2023, which tests the effect of customized benefits that are designed to better manage diseases and meet a wide range of health-related social needs, from food insecurity to social isolation. The benefits under this model are projected to be offered to 6 million people. The VBID Model’s Hospice Benefit Component, now in its third year, will also be offered by 119 Medicare Advantage plans in portions of 24 states and U.S. territories, providing enrollees increased access to palliative and integrated hospice care. Medicare Advantage plans participating in the Hospice Benefit Component will implement strategies to advance health equity across all aspects of their participation. CMS continues to improve options for enrollees who are dually eligible for Medicare and Medicaid. For example, in 2023, CMS will begin to require all Medicare Advantage dual eligible special needs plans (D-SNPs) to establish enrollee advisory committees and consult with those committees on various issues, including improving health equity for underserved populations. Additionally, new policies related to cost sharing are estimated to increase payment from MA plans to providers serving dually eligible individuals who incur high costs. As previously announced, the average basic monthly premium for standard Part D coverage is projected to be $31.50, compared to $32.08 in 2022. The Medicare Part D program helps people with Medicare pay for both brand-name and generic prescription drugs. Medicare Open Enrollment — Important Dates & Resources Medicare Open Enrollment runs from October 15 to December 7, 2022. During this time, people eligible for Medicare can compare 2023 coverage options on Medicare.gov. Medicare.gov provides clear, easy-to-use information, as well as an updated Medicare Plan Finder, to allow people to compare options for health and drug coverage, which may change from year to year. Medicare Plan Finder will be updated with the 2023 Medicare health and prescription drug plan information on October 1, 2022. 1-800-MEDICARE is also available 24 hours a day, seven days a week to provide help in English and Spanish as well as language support in over 200 languages. People who want to keep their current Medicare coverage do not need to re-enroll. During Open Enrollment, people with Medicare who take insulin are encouraged to call 1-800-MEDICARE or contact their State Health Insurance Assistance Programs (https://www.shiphelp.org/) for help comparing plans and costs this year. To help with their Medicare costs, low-income seniors and adults with disabilities may qualify to receive financial assistance from the Medicare Savings Programs (MSPs). The MSPs are essential to help millions of Americans access high-quality health care at a reduced cost, yet only about half of eligible people are enrolled. The MSPs help pay Medicare premiums and may also pay Medicare deductibles, coinsurance and copayments if people meet the conditions of eligibility. Enrolling in an MSP offers relief from these Medicare costs, allowing people to spend that money on other necessities like food, housing or transportation. Individuals interested in learning more can visit: https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/medicare-savings-programs. ![]() |
Tags: Medicare Advantage, Medicare Part D, CMS
How to Improve Your Sales Skills
Posted by www.psmbrokerage.com Admin on Thu, Sep 29, 2022 @ 03:49 PM
The skills you need to improve your sales include:
Before we look at each of the primary skills that make great salespeople, it's important to recognize that selling is a craft. The only way you can improve your results is through practice, and studying what works, what doesn't, and when and how to use certain strategies, tactics, and conversations. When working to improve in any endeavor, it’s necessary to develop skills that support the outcomes you need. Selling is a series of conversations. The greater your skills, the better these conversations will be, and the more they help the client improve their outcomes. You have to practice these skills to learn them. Gaining CommitmentsThe first outcome a salesperson needs to create is a first meeting, so the first skill of a great salesperson is the ability to obtain a commitment from a prospective client. Every step forward requires you to gain another commitment from your contacts. In the Lost Art of Closing: Winning the 10 Commitments That Drive Sales, you will find 10 different commitments that allow you to facilitate the client's buyer's journey. This starts with the commitment for time, exploring change, committing to change, collaborating, building consensus, investments, reviewing solutions, resolving concerns, deciding, and executing. In this book, you will find the Trading Value Rule, which helps your clients commit to the next step. You can improve your sales skills by practicing and improving your ability to gain commitments. Scheduling a First MeetingThe goal of prospecting is creating a first meeting, which requires picking up the phone and calling a stranger. Those who do well at booking meetings are not conflict averse and don't worry much about the occasional grouchy person hanging up on them. They have the thick skin that prevents them from believing they were personally rejected. Salespeople who are skilled at scheduling a first meeting trade value for the client's time. When a contact refuses the meeting, the salesperson gently restates the value the client will receive by taking the meeting. They are also skilled at addressing the client's concern that a meeting will be a waste of time. Improving this skill means making many hundreds of calls and becoming immune to any negative outcomes. By practicing each day, you'll improve your sales results. Creating Value in the Sales ConversationThis is a higher hurdle to clear. It's also the most important skill when you are sitting across the table from your contacts. To enable this skill, you must bring business acumen to a conversation with your clients. When we talk about creating value, your primary goal is to educate your clients on a key aspect of their business. While your ultimate goal is helping the client make the best decision for their business, you achieve this through a series of business conversations. This sales skill is the one to rule them all. If you are unable to create value for your clients in a sales conversation, improving your outcomes is close to impossible. This higher-level skill requires that you study the modern sales approach and possess the insights that your contacts find valuable. This skill is one you must practice every day, in every sales call. It is more difficult to acquire, but by studying, you can improve faster. Diagnosing Client ScenariosYour client has problems and challenges. What once worked for them now fails. They are uncertain about what to do or who to work with to turn things around. The person who can explain why the client has the problems that harm their results will grab their attention. Following that explanation, a highly skilled salesperson will diagnose the root cause of the problem and what the client will need to do to improve their results. Having practiced this for years, you will find that, at some point, you can immediately recognize the pattern that allows you to assess the scenario in a blink of an eye. The education you develop over hundreds of meetings with your clients adds up, making you a sort of expert in the different client scenarios you encounter over time. Modern StorytellingThere are a lot of people who believe the stories salespeople tell should be about their company and all the ways they have helped their clients. While these stories are sometimes helpful, modern storytelling is about the external environment and its impact on the client's business. It also tells a story about what works now, what doesn't, and why. These stories depend on business acumen and a perspective that helps clients learn and understand how to turn things around. One way to think about your stories is that you are making sense of your clients’ world and how to best address their challenges. These stories carry more weight than some of the legacy stories about your company and your solutions. NegotiatingIn many deals, improving your sales skills will require you to negotiate with your contacts, even the nice ones who must do right by their company and ask for a discount or concession. When you are new to sales, you might fear that pushing back will cause you to lose deals. By improving your skills over time, you will learn to ask for something valuable in exchange for whatever you give your new client. Like all the skills here, the only way to acquire them is to practice. Selling isn't something that you can learn from books alone. Reading can help you get started, but you need to practice to improve your skills. ![]() |
Tags: sales advice, Sales Strategies, sales ideas
Cigna Brokers can earn an additional $50 per enrollment
Posted by www.psmbrokerage.com Admin on Thu, Sep 29, 2022 @ 02:36 PM
Brokers can now earn up to $50 for submitting digital applications and collecting the customer’s email address We are so excited to share Cigna's new value based enrollment (VBE) program for new to Cigna customers starting with January 1, 2023 effective dates and forward! With Cigna's new program, you will receive additional payments when you submit digital applications and capture important customer information at the point of sale. It’s easy to make additional money with Cigna Medicare! Follow the steps below to earn up to $50 on every enrollment!*
This new program will be available starting with January 1, 2023 effective dates. Be on the lookout for more details coming soon! *The VBE payment will be made for new Medicare Advantage customers and voluntary plan changes that result in Cigna customers. *The agent must be qualified as Ready to Sell in order to receive payout. *The VBE payment is an agent level payment only. If an AOC is in place, the VBE payout will be made to the agent's upline.
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Tags: Cigna, Medicare Advantage
2023 Medicare Parts A & B Premiums and Deductibles
Posted by www.psmbrokerage.com Admin on Thu, Sep 29, 2022 @ 10:13 AM
Medicare Part B Premium and Deductible Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act.
The 2022 premium included a contingency margin to cover projected Part B spending for a new drug, Aduhelm. Lower-than-projected spending on both Aduhelm and other Part B items and services resulted in much larger reserves in the Part B account of the Supplementary Medical Insurance (SMI) Trust Fund, which can be used to limit future Part B premium increases. The decrease in the 2023 Part B premium aligns with the CMS recommendation in a May 2022 report that excess SMI reserves be passed along to people with Medicare Part B coverage. Beginning in 2023, certain Medicare enrollees who are 36 months post kidney transplant, and therefore are no longer eligible for full Medicare coverage, can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2023, the immunosuppressive drug premium is $97.10. Medicare Open Enrollment and Medicare Savings Programs Medicare Open Enrollment for 2023 will begin on October 15, 2022 and ends on December 7, 2022. During this time, people eligible for Medicare can compare 2023 coverage options between Original Medicare, and Medicare Advantage, and Part D prescription drug plans. In addition to the soon-to-be released premiums and cost sharing information for 2023 Medicare Advantage and Part D plans, the Fee-for-Service Medicare premiums and cost sharing information released today will enable people with Medicare to understand their Medicare coverage options for the year ahead. Medicare health and drug plan costs and covered benefits can change from year to year, so people with Medicare should look at their coverage choices annually and decide on the options that best meet their health needs. To help with their Medicare costs, low-income seniors and adults with disabilities may qualify to receive financial assistance from the Medicare Savings Programs (MSPs). The MSPs help millions of Americans access high-quality health care at a reduced cost, yet only about half of eligible people are enrolled. The MSPs help pay Medicare premiums and may also pay Medicare deductibles, coinsurance, and copayments for those who meet the conditions of eligibility. Enrolling in an MSP offers relief from these Medicare costs, allowing people to spend that money on other vital needs, including food, housing, or transportation. People with Medicare interested in learning more can visit: https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/medicare-savings-programs. Medicare Part B Income-Related Monthly Adjustment Amounts Since 2007, a beneficiary’s Part B monthly premium is based on his or her income. These income-related monthly adjustment amounts affect roughly 7 percent of people with Medicare Part B. Medicare Part A Premium and Deductible Medicare Part A covers inpatient hospital, skilled nursing facility, hospice, inpatient rehabilitation, and some home health care services. About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment. The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,600 in 2023, an increase of $44 from $1,556 in 2022. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2023, beneficiaries must pay a coinsurance amount of $400 per day for the 61st through 90th day of a hospitalization ($389 in 2022) in a benefit period and $800 per day for lifetime reserve days ($778 in 2022). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $200.00 in 2023 ($194.50 in 2022). ![]() |
Tags: Medicare Part A, Medicare Part B, 2023