Independent agents play a vital role in helping seniors secure the most cost-effective Medicare plans for their individual needs. This comprehensive tool simplifies the sales process with multi-carrier shopping and enrollment platforms wrapped into a single online experience.And best of all, this platform is available at no cost to PSM agents. Request details today and make sure you have access to this cutting edge technology at your fingertips.
2025 AEP Preparation GuideGet ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.
|
Medicare Blog | Medicare News | Medicare Information
Technology Spotlight: YourFMO Enrollment Center
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:44 AM
Tags: Medicare Advantage plans, Online Enrollment, AEP, certification, Medicare FMO, 2025
2024 MA Enrollment Trends & What They Mean for This AEP
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:43 AM
The Medicare Advantage (MA) market has experienced remarkable growth in recent years, with more seniors opting for the alternative to traditional Medicare. In 2024, enrollment trends continued to show substantial numbers, albeit slower than in previous years. According to a March report from Chartis, MA enrollment likely peaked in 2020, with a significant increase of 1.5 million new Medicare enrollees compared to only 1.3 million new enrollees this past year. While MA remains a popular choice for seniors, the enrollment growth rate has tempered since 2020, indicating a potential shift in the pace of growth. Agents must understand these current trends as they prepare for the 2024/2025 MA Annual Enrollment Period (AEP). Let’s dive into the data and explore what it means for the future of MA. Enrollment trends in 2024MA plans have become increasingly popular, with about half of Medicare-eligible individuals enrolled. According to the Chartis report, the market has grown by 1.7 million beneficiaries since 2023, reaching a total enrollment of 33 million individuals. This represents a 5.4% increase over the previous year. Special Needs Plans (SNPs) have experienced substantial growth, adding 1.2 million members in 2024—representing a 21.5% increase from the previous year. Nearly seven in 10 new MA enrollees opted for SNPs, with Chronic Condition SNPs (C-SNPs) leading the way. The increasing popularity of SNPs highlights the importance of catering to the unique needs of specific populations within the MA sector and presents a significant growth opportunity for health plans. While the number of plan options remained relatively flat in 2024, with the average senior having access to 44 plans, the exponential growth trend in plan options observed in previous years has slowed down. Preferred Provider Organizations (PPOs) have seen an increase, constituting 43% of all plans offered, up from 31% in 2019. As shown in the Chartis report, MA enrollment can be closely related to social vulnerability, with counties with higher vulnerability scores showing greater penetration rates. Quality ratings, however, have been a concern, as plans need help maintaining their average star ratings. About a quarter of beneficiaries are enrolled in plans with less than four stars, which could indicate a decline in quality performance in 2024. Future market outlook and dynamicsDespite the challenges the MA market faces, plan executives remain optimistic about the future. A Chartis survey of industry leaders revealed that 84% expect their plan’s membership growth to be consistent or higher over the next year. While concerns about overall profitability, medical cost growth, and star quality reductions persist, the outlook for MA remains positive. These trends will affect the upcoming 2024/2025 Medicare selling season. As the Annual Enrollment Period nears, and with the growth in MA enrollment slowing down, the competition among health plans during AEP may intensify. We’ll all need to carefully evaluate our strategies to attract and retain beneficiaries in a market that is becoming more saturated.
Overall, 2024 MA enrollment trends provide valuable insights into the market’s current state and future trajectory. While growth has slowed since 2020, MA remains a preferred choice among Medicare-eligible beneficiaries. The increasing popularity of SNPs and the plateauing of plan options highlight the need for healthcare professionals to focus on sustainable growth, member engagement, and diversification strategies. As the MA market evolves, stakeholders must adapt strategies to navigate an increasingly complex and competitive landscape. Takeaways
AEP ResourcesWe are excited for the 2025 Annual Enrollment Period (AEP) and the incredible opportunities it brings! At PSM Brokerage, we are dedicated to helping our agents succeed, stay productive, and remain compliant throughout this crucial time. Our comprehensive support includes up-to-date training, valuable resources, and expert guidance to navigate the complexities of the AEP. Learn More.
|
Tags: Medicare Advantage plans, AEP
Empower Your Clients: Understanding the Inflation Reduction Act's Impact on Medicare
Posted by www.psmbrokerage.com Admin on Tue, Jul 09, 2024 @ 08:42 AM
The Inflation Reduction Act, a significant piece of legislation, is poised to bring substantial changes to various sectors of the economy, including healthcare. For Medicare beneficiaries, this act promises to address several critical issues, potentially improving access to affordable healthcare and reducing out-of-pocket expenses. Lower Prescription Drug CostsOne of the most impactful provisions of the Inflation Reduction Act is the reduction in prescription drug costs for Medicare beneficiaries. For years, seniors have struggled with the high costs of medications, which often force them to choose between essential medications and other necessities. The act aims to alleviate this burden by allowing Medicare to negotiate prices for certain high-cost drugs directly with pharmaceutical companies. This negotiation power is expected to lead to significant savings for beneficiaries. Caps on Out-of-Pocket ExpensesThe act introduces a cap on out-of-pocket expenses for prescription drugs under Medicare Part D. Starting in 2025, there will be a $2,000 annual cap on out-of-pocket spending. This is a monumental change, as it provides a clear limit to what seniors will have to pay each year for their medications, offering financial predictability and security. Insulin Cost ReductionsFor beneficiaries who rely on insulin, the Inflation Reduction Act brings particularly welcome news. The act caps insulin costs at $35 per month for Medicare beneficiaries, effective in 2023. This measure is crucial for the millions of seniors who manage diabetes, as it ensures they can afford this life-saving medication without facing financial hardship. Expanding SubsidiesThe act also extends the enhanced subsidies for low-income Medicare beneficiaries through 2024. These subsidies, initially expanded under the American Rescue Plan, help cover premiums and out-of-pocket costs, making healthcare more affordable for those with limited incomes. By continuing these subsidies, the Inflation Reduction Act ensures that vulnerable populations maintain access to necessary healthcare services. Preventative Services and Vaccine CoveragePreventative services and vaccines play a critical role in maintaining the health and well-being of seniors. The Inflation Reduction Act eliminates cost-sharing for adult vaccines covered under Medicare Part D, such as the shingles vaccine. Additionally, it improves access to other preventative services, encouraging beneficiaries to take advantage of screenings and early detection services without worrying about additional costs. Addressing Health DisparitiesThe act includes provisions aimed at addressing health disparities among Medicare beneficiaries. By increasing funding for community health centers and expanding telehealth services, the act ensures that underserved populations have better access to healthcare. This focus on equity helps to close the gap in healthcare access and outcomes for minority and low-income seniors. ConclusionThe Inflation Reduction Act represents a significant step forward in making healthcare more accessible and affordable for Medicare beneficiaries. By lowering prescription drug costs, capping out-of-pocket expenses, and expanding subsidies, the act provides much-needed financial relief to seniors. Additionally, its emphasis on preventative care and addressing health disparities ensures that all beneficiaries can enjoy better health outcomes. As these changes take effect, Medicare beneficiaries can look forward to a more secure and manageable healthcare experience.
|
Tags: Medicare Advantage plans, AEP, Inflation Reduction Act
Discover the Benefits of Selling Dental Insurance Plans
Posted by www.psmbrokerage.com Admin on Wed, Jun 19, 2024 @ 09:36 AM
Selling dental insurance plans offers numerous benefits for agents and their clients. For agents, dental plans provide an excellent opportunity to expand your portfolio and increase revenue streams. These plans are in high demand, as they help clients manage the often unpredictable and high costs of dental care, including routine check-ups, cleanings, and more extensive procedures.
By incorporating dental insurance into your offerings, you elevate your value proposition, positioning yourself as a holistic healthcare partner for your clients. Not only does it strengthen your bond with clients, but it also ensures their continued well-being and satisfaction, fostering long-lasting relationships. Discover the advantages of Ameritas dental plans and how they can benefit your clients. Contact us today for more information on enhancing your portfolio with these valuable coverage options.
|
Tags: Medicare Advantage plans, AEP, ameritas, dental plans
We are excited for the 2025 Annual Enrollment Period (AEP) and the incredible opportunities it brings! At PSM Brokerage, we are dedicated to helping our agents succeed, stay productive, and remain compliant throughout this crucial time. Our comprehensive support includes up-to-date training, valuable resources, and expert guidance to navigate the complexities of the AEP. By partnering with us, you can confidently serve your clients, maximize your productivity, and ensure full compliance with all regulatory requirements. Together, let's make the 2025 AEP a remarkable success!
|
Tags: Medicare Advantage plans, AEP, Medicare FMO, First Looks, 2025
Our 2025 Annual Enrollment Period (AEP) Guide is here, and we couldn't be more thrilled to share it with you! Carefully curated and packed with valuable insights, this guide is your key to success as you navigate the upcoming enrollment season. From tips on maximizing your productivity to strategies for optimizing your performance, this essential resource has everything you need to excel during this critical time of the year.
|
Tags: Medicare Advantage plans, Online Enrollment, Referrals, AEP, cross marketing, Enrollment Tools, Medicare FMO, Medicare Supplement plans, 2025
2025 Medicare Advantage First Looks
Posted by www.psmbrokerage.com Admin on Tue, Jun 18, 2024 @ 01:08 PM
|
For agent use only. |
Tags: Medicare Advantage plans, AEP, Medicare FMO, First Looks, 2025
2025 Cigna Plan Previews Now Available
Posted by www.psmbrokerage.com Admin on Thu, Jun 13, 2024 @ 04:42 PM
2025 MAPD Plan Previews have just been released by Cigna. Take a sneak peek at our 2025 plans, products, and featured markets. Cigna's 2025 Medicare Advantage (MA) Preview are now available! In it, you'll find information about their 2025 MA plans, products, and benefits which are designed to add value to your customers' lives. This upcoming year, you can expect to see our MA plans in 29 states and the District of Colombia. More details included in 2025 Preview:
Complete the request form to receive all the details right to your inbox. Please keep in mind, plan previews are for agent use only and not intended for the general public. Please do not share with any beneficiaries prior to October 1, 2024.
2025 AEP Preparation GuideGet ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.
|
Tags: Cigna, Medicare Advantage plans, Online Enrollment, AEP, certification, Medicare FMO, 2025
2025 UnitedHealthcare Certification Now Available
Posted by www.psmbrokerage.com Admin on Mon, Jun 10, 2024 @ 04:23 PM
2025 AEP Preparation Guide - Get ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.
|
Tags: Medicare Advantage plans, Online Enrollment, AEP, certification, Medicare FMO, 2025
2025 Devoted Plan Previews Now Available
Posted by www.psmbrokerage.com Admin on Mon, Jun 10, 2024 @ 11:32 AM
2025 MAPD Plan Previews have just been released by Devoted.
2025 AEP Preparation GuideGet ready to elevate your game and make the most out of this AEP with our comprehensive guide. Read online or Download it in printable PDF format and start preparing for a successful enrollment season ahead.
|
Tags: Medicare Advantage plans, Online Enrollment, AEP, certification, Devoted Health, Medicare FMO, 2025