Medicare Advantage, did you know?

Do you recognize and understand the differences among the following terms? Initial Coverage Enrollment Period, Special Election Period, Annual Enrollment Period, Open Enrollment and Lock-in? These terms all refer to eligibility periods for Medicare beneficiaries to enroll in a Medicare Advantage plan. If these concepts are foreign or you are not well-versed in their differences, the market may be passing you by while clients get their education and information through other sources. Here are definitions for each term:

•Initial Coverage Enrollment Period typically comes about due to “aging in” (turning 65) or coming off a group plan. This is the first time a person may enroll in a Medicare Advantage Plan. Clients in their initial enrollment period due to “aging in” have three months before the month of their birthday, the month of their birthday, and three months after their birthday to enroll in a Medicare Advantage plan. Clients within their initial enrollment period may enroll within the window of their birthday and do not need to wait until November 15th to enroll.

•Special Election Periods permit entry into the Medicare Advantage plan for enrollment if a person is receiving any assistance from Medicaid, moving permanently outside the service area, canceling from a group plan involuntarily or going through HMO dis-enrollment Once again, the client doesn’t have to wait until November 15th to enroll.

•Annual Enrollment Period for the 2007 plan year is November 15th – December 31st. Late each year, your client can exercise their Annual Enrollment Period to select a Medicare Advantage plan for the following year.

•Open Enrollment Period for 2007 is January 1st – March 31st. This period allows a client to make a change to their Medicare Advantage health plan.

•Lock-in is the period of time once the Open Enrollment Period is over, where no further changes are permitted until the next Annual Enrollment Period.

If these concepts are new to you, you can learn more by going to the homepage of www.seniormarketsales.com and accessing the link to online certification training for “Today’s Options.” You’ll learn language introduced by changes in Medicare and be in a better position to help your clients. Along the way, you can become contracted to sell Medicare Advantage products to those clients better suited for such a plan.

To become certified to sell Medicare Advantage or contracted with one of our carriers call our Medicare Solutions hotline at 1-877-645-0147.

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