Senior Market Sales (SMS) 2022 AEP Recap and Market Outlook

Originally published January 24, 2022 , last updated July 8, 2022

2022’s Annual Election Period (AEP) will be remembered as one of change. This was the first AEP where COVID-19 vaccines were widely available. This was also the first to see virus spikes due to COVID variants such as Delta and Omicron. As a result, pandemic uncertainty stood strong.

Because times continued to remain uncertain, many AEP prospects and clients were nervous meeting with Medicare producers in a traditional face-to-face environment. As a result, the most successful agents were those with the ability to meet the consumer in a manner that made them feel the most comfortable.

How Did SMS Fare?

Senior Market Sales^® (SMS) and many of its contracted agents experienced a profitable 2022 AEP. That’s because SMS successfully helped agents overcome client appointment reluctance. It did this through the use of its technology suite which allowed agents the ability to meet with clients and make sales in a variety of ways. This included face-to-face, online and over-the-phone options.

Some of the tools and resources offered through SMS at no cost include:

Lead Advantage Pro^® –The proprietary tool that lets agents take prospects from lead to enrollment in one place
Medicare Insurance Direct^® – A client-facing technology solution that pairs an agent’s good, sound advice regarding a client’s Medicare solution with the convenience of self-enrollment, and is an excellent tool for telesales and call centers
AEP Agent Central – A collection of tools, technology and resources to save you time, eliminate mistakes and make more sales during AEP
E-Applications – A way to save time and avoid errors while social distancing
The Virtual Practice – A resource for conducting business in a socially distanced world

With all the tools, resources and personnel that SMS put at the agent’s disposal, it’s no wonder that so many SMS producers experienced a productive year. For more information on the 2022 AEP season, watch the SMS AEP recap video which is featured at the top of this article. This video, hosted by Dwane McFerrin, Senior Vice President of Med Solutions, will help you see why SMS is the choice for agents who want to maximize their success in sales.

Thoughts on the Future

Expect to see international travel pick up in the second half of the year. There will likely be a prerequisite that travelers will need to show proof of vaccination and testing requirements.

Inflation is likely, which will result in increased interest rates and cost-of-living adjustments for Social Security. If that occurs, fixed annuities and certificates of deposit will become more attractive as an investment option. Consequently, now may be a good time for agents to add multi-year guaranteed annuity products to their portfolio.

As during 2022’s AEP, change will be a constant. The agent who embraces change will be a winner in 2022. Be watching for SMS to introduce a few alternatives that will help you compete more effectively in year ahead.

Anticipate talk concerning moving the Medicare age to 60. Plus, you will likely see new entrants and more competition in the coming years. Walmart and Amazon will continue in their quest to enter the Medicare space. Also, we’ll see more enrollments at the place of work. In anticipation of that potential change, SMS will introduce a new platform for employers in 2022.

Expect to see flat Medicare Advantage reimbursement rates and a divided Congress that finds it hard to agree on anything. Being an election year, few politicians will support changes that would be adverse to the wishes of the senior population. Reducing the high cost of prescription drugs will be one topic that will likely see bipartisan support. The increased Part B deductible for Medicare Supplements will put rate pressure on Plan F and increase out-of-pocket expenses on Plan G. Also, sales for those aging into Medicare will likely continue to increase on Medicare Advantage while declining on Medicare Supplement.

About SMS

SMS has been helping agents grow sales for four decades. Even during these uncertain times, they have remained relevant, providing technology tools for overcoming pandemic challenges. No matter what the future holds, rest assured that SMS will continue to help agents leverage time, make more money and put their business in a position of distinction.