My blog posts have been quiet the last few weeks and there is a good reason for it.
Prior to both the Open Enrollment for Health Insurance and the Annual Election Period for Medicare beneficiaries, certifications have to be completed. They normally start approximately the end of July and need to be completed by October 1st. My goal is to have them all completed by September 1st. They were all completed yesterday afternoon and took me just under 40 hours to complete.
During Open Enrollment for Health Insurance, clients can make changes to their health insurance plans by either staying with their current plan if it will be available for the next year or choosing another plan. If a subsidy is received to help pay for health insurance premiums and/or deductibles, your financial information needs to be updated on your marketplace application. In the next few weeks, I will go over this in more detail so you will be ready for the start date of November 1, 2019.
A class and test has to be completed before I am able to offer plans through the Marketplace and/or directly through each insurance company. After that is completed, each insurance company offers a face to face seminar where they go over plans, changes, networks, etc.
During the Annual Election Period, Medicare beneficiaries can make changes to their Medicare Advantage and/or Medicare Prescription Drug plans. The Annual Election Period begins on October 15th and ends on December 7th each year.
Both Medicare Advantage Plans as well as Medicare Prescription Drug Plans will have changes made to them. Premiums, Deductibles, Networks, Co-Pays, etc. can all be different in the following year which is why it is important for you to look at the changes and see if other plans may be more beneficial in the year ahead.
Before offering these plans, there are several steps I personally have to go through every year.
First, an online class and test called AHIP (America’s Health Insurance Plans) has to be taken and passed with a 90%. If you do not pass the test in three attempts, there is a good chance that you will not be able to market and sell Medicare products. In fact, you wouldn’t be compensated for any of your past work if you don’t get a passing grade.
That being said, this class personally takes me much longer than it would for others. Understanding what they want is important to me to make sure I am providing my clients with the best advice, but also protecting my hard work.
After that is passed, you go on to each insurance company that you are contracted with and want to offer their insurance products. For myself, that is ten different companies.
Ten different companies means ten different online studies and ten different tests all of which must be passed before you can offer their products.
I say this all not to brag, but to celebrate.
Celebrate being done for another year.
Celebrate being able to offer clients not only products, but my knowledge of plans and what is offered through each company.
Celebrate knowing that the time spent on doing certifications is going to help others get what they need in both their health insurance and Medicare insurance choices.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurancCare is to “Insure Security and Peace of Mind One Family at a Time”.