Now that Annual Enrollment Period (AEP) 2020 is over, you’re probably enjoying a well-deserved break! But before you close up shop for the holidays, take some time to reflect on your AEP season, the upcoming OEP and any SEPs.
1) How did you do for AEP 2020?
This is a great time to think about your AEP outcomes—to determine how you’ll improve and grow your insurance business in the upcoming year.
What did you do that was new?
During the selling season (and beyond), your marketing strategies and client interactions all contribute to your success. To understand what worked well (or didn’t) in AEP, it helps to look at your results.
For example, did you reach out for referrals, resulting in new clients? If you ran Facebook ads or sent postcards, were you happy with the outcome? If the return on your outreach and marketing investment was good, think about what you can do to keep improving.
Pro tip: Take advantage of your post-AEP momentum to plan for next year’s season. Create an AEP 2021 file (e.g., in Google Docs). Read marketing blogs and join social media business groups. Add any ideas to the file for marketing your services. Come next July, as you start gearing up for AEP, you’ll have a store of resources to get you started.
2) Get ready for OEP now
Open Enrollment Period (OEP) begins January 1st. If you subtract the holidays from the remaining days of December, that leaves little time to prepare. In between all the festivities, snatch some time to plan for the new year enrollment season.
Whom can you help with OEP?
Having just worked with your AEP clients, you’ll have a solid understanding of your book of business.
Are there clients you know will want to adjust their coverage? To prepare, review their files and make some rough notes on their possible options now while everything is fresh.
Know the codes!
To make your OEP season a snap, brush up on the OEP codes. Take some time to understand the acronyms, timeframes and scenarios. If you need help accessing resources or have any questions, reach out to your agent support team.
3) Keep SEPs on your radar
CMS provides weather-related Special Enrollment Period (SEP) for individuals who need to enroll in, disenroll from, or switch Medicare health or prescription drug plans due to missing their enrollment period (i.e., either aging in or an AEP).
For those who qualify, the SEP begins on the first day of the incident period and runs for four (4) full months from the beginning of the incident period.
The weather-incident SEP is available to those who:
- Reside (or resided at the start of the incident period) where FEMA has declared an emergency or major disaster area and designated affected counties as eligible to apply for individual or public-level assistance.
- Qualified for another election period during a weather-incident period and did not make an election at that time.
- Depend on healthcare decision-makers who lived in the affected area during the election period.
Please note: Affected counties can change regularly. Use this FEMA Disasters link to track states and counties affected by weather incidents.
Now that AEP 2020 is over, let’s wrap up
As you unwind and head into the holidays, we hope you find the information in this post useful. Use the tips and links to prepare for an exciting new year—for jumping into OEP, managing any SEPs and growing a thriving business.
The Financial Grade team is here to help! Please reach out with any questions you may have. We’re just a call away! PH: (877)-386-6615