About the Author: With his signature common sense, quiet good humor, and brilliant customer service, Jim is an integral part of the RBI team — we’d go so far as to say we’d be lost without him! An Arizona native, Jim manages agent relationships for the East Coast and specializes in the RBI agent tools, especially the Agent Market Edge. Jim has been a licensed health insurance agent for 2 years, and has worked at RBI for almost 3 years. An accomplished bassoonist, he is known around the office for his amazing musical skills. In addition to keeping busy around the office, Jim frequently contributes to our blog, bringing a new agent’s perspective to the RBI online presence.
Senior Insurance Acronyms
for New Medicare Brokers
Compiled by RBI’s Senior Sales Coordinator: James Gramp
Are you a newly licensed Health producer? Can’t wrap your head around the seemingly endless list of Senior Insurance Acronyms? Look no further! This post is just for you, a new agent who’s looking to get started in the Senior Health Insurance (Medicare) market.
Consider your options: Best Contracting Partners
A few things before we jump in that you should be thinking about when choosing to work with an agency or contract directly with the insurance company:
Do new agents receive training opportunities?
Does marketing support come with the contract?
Are the most competitive products in my area available with this partner?
Does this partnership include CRM systems or other tools to keep track of your clients and potential clients?
The bottom line is, your FMO should work for you. In the post I just linked to, Justin Bever, our Director of Marketing, highlights exactly how your FMO should work for you and ultimately help you reach and exceed your business goals!
Without further ado, I present you with the ultimate abbreviation cheat sheet!
Senior Insurance Acronyms for New Medicare Brokers:
MA – Medicare Advantage
MAPD – Medicare Advantage Prescription Drug plan
HI – Hospital Indemnity
FE – Final Expense
SOA – Scope of Appointment form: Permission slip to talk to beneficiaries who aren’t already your clients about specific benefits of MA plans. The SOA should be signed by the beneficiary 48 hours prior to appointment.
HMO – Health Maintenance Organization: Type of Health plan, must use plan doctors for covered services. Members are assigned a Primary Care Physicians and require referrals to see Specialists (dermatologists, cardiologists, etc.)
PPO – Preferred Provider Organization: Type of Health plan where members can go out of network for care. Going to in-network providers offers better co-pays/co-insurance
PFFS – Private Fee For Service: type of MA plan that may or may not cover prescriptions. Only MA plan that you can buy a stand-alone PDP as long as the PFFS doesn’t already cover prescriptions.
SNP – Special Needs Plan: Medicare Health plans for people with special needs. There are 3 different kinds of SNP’s; I-SNP, D-SNP, and C-SNP.
I-SNP – Institutional Special Needs Plan: plan for beneficiaries needing treatment from a LTC facility for more than 90 consecutive days.
D-SNP – Dual Special Needs Plan: Designed for people with Medicare and Medicaid
C-SNP – Chronic Special Needs Plan: Designed for people with chronic health conditions
Med-supp/Medigap – Medicare Supplement: offers plans A through N. These plans are standardized and offer the same benefits regardless of carrier.
PDP – Prescription Drug Plan: Rx coverage, typically sold with Medicare Supplements.
LIS – Low Income Subsidy: Federal program to help with Rx costs. Need to make under 150% of the Federal Poverty Level to qualify.
MSP – Medicare Savings Program: Federal program designed to help with premiums, co-pays, and co-insurance. Different levels of help are: QMB, SLMB, QI-1. Make under 135% of the FPL to qualify.
AHIP – America’s Health Insurance Plans: company that provides the core medicare certification required to sell Medicare Advantage plans.
AEP – Annual Enrollment Period: 10/7 through 12/7, period when Medicare beneficiaries can enroll in a MA/MAPD or a PDP.
SEP – Special Enrollment Period: period that you can enroll in an MA/PDP plan outside of AEP
IEP – Intial Enrollment Period: 3 months before, the month of, and 3 months after your 65th birthday. Can enroll in any Medicare Health Plan during this time.
OEP – Open Enrollment Period for Medicare Supplement: 6 months after a Medicare beneficiary is enrolled in Medicare Part B and is 65 or older.
If you’re looking for a partner to grow your new business, look no further! We love helping agents get started — whether you’re a brand new agent, or you’re getting back into the market after being away: welcome! Call us today to learn about opportunities to work together: 1-800-997-3107!
https://www.rbi-group.com/wp-content/uploads/2018/07/542d838281281-e1531943364531.jpeg320480Rob Beverhttps://www.rbi-group.com/wp-content/uploads/2016/07/RBI_Logo-300x108.pngRob Bever2018-09-06 15:27:032018-09-06 15:27:03S.S.D.Y. – Same Stuff Different Year – Here’s Your 2019 AEP Checklist