If things weren’t complicated enough for today’s independent agents, the Medicare Advantage and Part D proposed changes for 2024 makes it even more time consuming to help Medicare beneficiaries.
Return Of The 48 Hour SOA Rule
For those of you who were writing Medicare Advantage and Part D prescription drug plans prior to 2018 will remember that once you obtained the completed Scope of Appointment (SOA) form that you had to wait 48 hours before you could meet with the prospect. In 2018 this requirement was reduced to allowing the agent to get the completed SOA even on the day of the appointment (but still prior to the sales presentation beginning).
The Centers for Medicare & Medicaid Services (CMS) has proposed the returning to the 48 hour rule which will once again require agents to obtain the completed SOA at least 48 hours prior to the sales appointment. In addition, the SOA will be valid only for 6 months from the Medicare beneficiary’s signature date on the form.
The Never-Ending Disclaimer
Apparently the following disclaimer is hard for today’s Medicare beneficiaries to understand <insert eye roll here>.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
Agents will now have to actually list all the Medicare Advantage and Part D companies that they represent.
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area which are . Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options.”
Wow!!! Can’t wait to see how long some of those lists will be.
Resources:
The links below will take you directly to the Medicare Advantage and Part D Proposed Changes for 2024.
Fact Sheet for Proposed Rule can be downloaded here
Post by CMS on Proposed Rule can be viewed here