Renewals for Residual Income

Best practices for maintaining your book of business. In this video, we go over how to create a renewals-notification process that is highly effective and gives you a very high chance of maintaining your clients over the years. Show notes are under the video: See the video: Mentioned in the video: Mailchimp Free sending mass e-mails without getting blocked SlyBroadcast - See their website and enter my personal referral code for 100 free credits with your first purchase. Use referral code: 26014f100 Also see this post about it. Additional Notes for Working with Renewals: When working with your clients coming up to their renewal, it's important to present options to them of where they MAY want to save money by switching plans. The first thing we do is ask what has changed with their health over the past year. If they were Turning 65/Open Enrollment when they first came to us, we may have never discussed all of their health details, but now we must, as we consider change plans. Health underwriting is usually needed to change companies or plans, and when going through underwriting, the senior can elect to change their Medicare Supplement ANY time of the year they wish. On Medicare Advantage and Part D plans, they can only change them if they move out of the service area, drop it during AEP (Oct 15 - Dec 7th) or the OEP (Jan 1 - March 31), or if they are dropped by their MAPD plan for reasons such as the plan shutting down. Some states with exceptions to required Underwriting to change Medicare Supplement plans include: Additional Open Enrollment Periods Residents in the following states have additional Open Enrollment periods: California Annual Open Enrollment lasting 60 days, beginning 30 days before and ending 30 days after the individual’s birthday, during which time a person may replace any Medicare supplement policy with a policy of equal or lesser benefits. Coverage will not be made effective prior to the individual’s birthday or beyond 60 days from the application date. Please include documentation verifying the plan information. If replacing a pre-standardized plan, a copy of the current policy or policy schedule is required. Connecticut Year-round Open Enrollment. Maine One month Open Enrollment period every year in June for Plan A. Individuals who have had a Medicare supplement plan or another health plan that supplements benefits provided by Medicare within 90 days are eligible for a plan that provides equal or lesser benefits. Please include documentation verifying the plan information or the benefits of the coverage being replaced. Also, be sure to include documentation showing the current coverage is in force or was in force within the last 90 days. Applicants replacing a current 1990 Standardized plan with a 2010 Modernized plan may apply for a 2010 Modernized Medicare supplement plan of equal or lesser benefits and would not be subject to underwriting guidelines. Missouri Individuals who terminate a Medicare supplement policy within 30 days of the annual policy anniversary date may obtain the same plan with no health questions asked for a period of 63 days after the termination of their existing policy, from any issuer that offers that plan. This would include Medicare supplement and SELECT plans. Please include documentation verifying the plan information and the policy anniversary of the current coverage. For policies with an effective date of 6/1/2010 or after, individuals with existing Plans E, H, I and J can convert to one of the following Plans: A, B, C, F, K or L. New York Year-round open enrollment. Oregon Annual Open Enrollment lasting 60 days, beginning 30 days before and ending 30 days after the individual’s birthday, during which time a person may replace any standardized Medicare supplement policy with a policy of equal or lesser benefits. Coverage will not be made effective prior to the individual’s birthday or beyond 60 days from the application date. Please include documentation verifying the plan information. Washington Individuals who currently have a standardized Medicare supplement plan may replace the plan as indicated below on an Open Enrollment basis: • Persons with a Plan A may only move to another Plan A. • Persons with a Plan B, C, D, E, F, G, M or N may move to any other Plan B, C, D, F (including high deductible), G or M. (Whether higher or lower in benefits compared to current plan.) • Persons with a “Standardized” Plan H, I or J may move to another less comprehensive Plan B, C, D, F, G or M. Must include documentation verifying the Plan information. Note: Plans E, H, I and J are no longer available for new business as of June 1, 2010. Please note some states may have additional Open Enrollment rights under state law.

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