This blog post is based on an interview with Sean Pekarsky, Vice President of Med Solutions for Senior Market Sales. It has been posted with their approval and permission.
Note: AB denotes AgencyBloc and SP denotes Sean Pekarsky
Continuing with our Expert Series blogs, I had the opportunity to ask Sean Pekarsky, Vice President of Med Solutions for Senior Market Sales, about the future of Medicare and how agencies can navigate the coming changes. Thank you, Sean, for your time and contribution!
AgencyBloc: What is the biggest area of opportunity today for agents who offer Medicare solutions?
Sean Pekarsky: Educating clients on industry changes represents a huge opportunity – things like the unintended consequences of the Inflation Reduction Act and regulation changes from the Centers for Medicare and Medicaid Services (CMS). The 2025 AEP season will likely result in more shoppers compared to previous years. Also, carriers are introducing new plans into the market. One plan, for example, is Chronic Special Needs Plans (CSNP). Familiarizing yourself with new plan options is itself a significant opportunity.
AB: We’ve seen steady growth in the Medicare market. What advice would you have for Medicare agents (potentially new agents) who want to capitalize on that opportunity?
SP: Become a student of the business. Understand any market changes. Utilize any tools or assistance provided by your Field Marketing Organization (FMO) that can help you save time, make more money, and differentiate yourself from the competition.
AB: What’s the most important thing that agents who offer Medicare solutions can do this AEP to maximize their efficiency and profitability?
SP: Protect your existing book of business with an effective retention strategy. Also, there will be significant opportunities to attract and help new clients. Preparation, along with leveraging any available technology platforms, is key to success. Attending locally held carrier market training is essential to understanding the changes taking place in your market. Plans are expected to be degraded. So, take advantage of cross-sell opportunities by filling any coverage gaps with dental, hospital indemnity, etc.
AB: What small tasks can agents who are involved in the Medicare market tackle now that will result in big wins during AEP and beyond?
SP: Educate clients on changes in advance of them receiving their Annual Notice of Change (ANOC) letters in September. Also, collect their list of prescriptions in advance of October 1st. Plus, check with your FMO regarding any consumer-facing educational pieces that could be used for educating clients on various changes that might affect them.
AB: How do you think the role of an IMO/FMO has shifted due to the recent CMS regulations?
SP: The role of FMO has become essential in making sure agents have access to useful tools and that they use them in a compliant manner.
AB: Any predictions for regulations to come in the Medicare space in the future?
SP: It’s an election year, so it’s hard to predict what changes may occur. One thing is certain, change is a constant for those with Medicare solutions as part of their practice. Adaptability is key.
AB: What Medicare industry websites and/or publications do you recommend other insurance professionals follow to stay up-to-date on the latest regulations and for the best educational resources?
SP: I encourage agents to get involved with the National Association of Benefits and Insurance Professionals (NABIP). They are the voice of the agent and do a great job advocating for the industry. NABIP publishes weekly newsletters with relevant industry news. Many states hold local Medicare Summits. KFF is another organization to follow for industry news and trends. Plus, subscribe to your FMO’s newsletter if they offer one, and follow their industry news and press releases pages.
AB: What advice do you have for agents who are looking for an FMO to help them build a Medicare solutions practice?
SP: Always interview potential FMOs to make sure they meet your expectations and goals. Ask these questions:
- What do you offer for training?
- What products do you focus on?
- Are you planning to expand into any additional markets in the future?
- How can you help get me in front of qualified prospects?
- What technology do they offer, and at what cost to me?
- Do you contract directly with the carrier?
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Posted
by Kelsey Rosauer
on Wednesday, August 28, 2024
in
Senior Market Insurance
- client retention
- marketing
- open enrollment
- productivity
- quoting
- selling
About The Author
Kelsey is the Marketing Manager at AgencyBloc. She helps lead a team of talented marketers in their efforts towards serving and educating life and health insurance agencies. Favorite quote: "You can't use up creativity. The more you use the more you have." —Maya Angelou