Annual Enrollment Period
As we approach the halfway point of the annual enrollment period (AEP) and am struck by the contrast to years past. As we are confused about where we stand on COVID-19 and the government confusion on what is going to happen to Medicare many people are taking a wait and see attitude. There have been significant changes to many products in the NE Ohio area and it is always a good idea to have an annual review. I cannot help but notice the increase television advertising announcing many benefits that may be available to Medicare Beneficiaries has confused them profoundly.
Many of my prospects do not understand that there is a tradeoff between traditional Medicare and these advantage plans (a distinction where my clients have been educated) or that not one plan has all the benefits listed. Medicare beneficiaries are continually being bombarded with mail, phone calls and infomercials. The agents on the other end of the line when they call have no loyalty to these people only the incentive to meet enrollment goals. Anonymity plays to the benefit of the agent in these cases. Much of the compliance put in place by Medicare is easily circumvented and the agents in these cases more often than not (even if they represent a variety of plans) paint a rosy picture to entice enrollment. They do not point out any negative consequences of the change or how to reverse the process if it does not meet a client need – in short, they do not advocate for their new client their primary goal is the new enrollment.
Developing relationships with your professionals is a very important to your personal long-term success. The value of professionals who work together as a team to make sure your concerns, needs and goals are met cannot be understated. The decisions made during this open enrollment can have far reaching implications that may not be able to be reversed. The enticement of hearing aids or comprehensive dental may meet a specific short term need but at what expense?
In short – ask questions, make a plan and review!
Thank you for reading and we look forward to being of assistance.
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Richard G. Weiss, an Independent Insurance Agent is an advocate to help individuals understand and assist them in helping to take the stress and confusion out of a very complex system.