Staying compliant with every rule surrounding Medicare can seem daunting. If you’re busy making sure you’re staying compliant, how will you ever have time to meet with clients and sell?
Good news! There are simple ways to ensure you’re being compliant that won’t take up much of your time.
Properly Collect & Store Medicare Scopes of Appointment
Collecting a Scope of Appointment (SOA) is the easiest and fastest way you can stay compliant. SOAs are simple to fill out and only take a matter of minutes to obtain. Be sure to have the SOA completed 48 hours in advance of your appointment, unless a valid exception applies.
And collecting SOAs is not the only step; you must keep them for 10 years in an organized and easily accessible manner. If you find yourself being audited by a carrier, you’ll want to quickly access this document.
We suggest you become familiar with all of the standard SOA guidelines and the SOA policies of the carriers you’re contracted with.
Stay Updated on Industry News to Stay Compliant
Staying up to date on what is going on in the industry is also an easy way to stay compliant. You’ll be in the loop about general and carrier-specific updates and not finding out possibly months later.
Imagine you submit an enrollment application for an MAPD plan but you’re unaware of the carrier’s decision to no longer offer that plan in your market. Not only do you have an unhappy client, you also have to meet, quote, and take an application all over again.
It might seem unlikely, but information can get lost in the shuffle if you aren’t diligently staying up to date.
Medicare Compliance & Industry News Resources for Agents
By taking just five or 10 minutes each week to check out press releases, carrier newsletters, a Medicare blog or even an insurance forum, you’ll be less likely to miss crucial info and updates.
The Centers for Medicare & Medicaid Services’ (CMS) Medicare Advantage & Part D Communication Requirements are an extremely useful resource for all things compliance. Many of the rules included are put in place are so your tactics are fair and not unethical in any way.
For example, if you’re familiar with the requirements, you know that you shouldn’t use absolute or qualified superlatives at sales events or use scare tactics to get attendees to fill out enrollment forms.
Annually, these requirements are reviewed and updated. If you’re aligned with an FMO, like Ritter, knowledgeable professionals unpack the details for you, so you stay informed on new compliance changes easily and quickly.
By taking just five or 10 minutes each week to check out press releases, carrier newsletters, a Medicare blog or even an insurance forum, you’ll be less likely to miss crucial info and updates.
How FMOs Help Insurance Agents Stay Compliant & Informed
FMOs distribute other carrier and industry news and in many ways like emails, direct phone calls, meetings and webinars, just to name a few.
If you’re already partnered with us, then you’ve experienced and benefited from our communications first-hand.
Not partnered with Ritter? Maybe it’s time to reconsider! Registering with Ritter is free and simple and will give you unlimited access to our tools, resources, and communications that will help to ensure you’re compliant without sacrificing your time.
Medicare Compliance Webinars & Podcasts for Agents
Great time-savers are webinars and podcasts. FMOs and carriers host webinars to cover new tools, explain changes in the market, help you prepare for upcoming enrollment periods, and more.
Podcasts are also a hot feature used to relay helpful information and tips. Ritter offers The Friday Five series on the ASG Podcast in which our host, Sarah J. Rueppel, provides a weekly list of five things you need to know about.
The best part of these resources – they can be viewed and listened to anywhere, so no traveling is required. Also, they are oftentimes recorded, so there’s a chance to catch them when it fits in your schedule.
Whether you’re preparing for a meeting, marketing to your clients, solving an enrollment issue, or following up with your clients, compliance should be in the forefront of your mind.
We believe good things come to those who wait. While it’s great to be an ambitious go-getter, doing things the right way the first time around (and every time after that) can benefit you greatly.
In the long run, you’ll most likely make gain more positives for your business by taking the time to be compliant!
Not affiliated with or endorsed by Medicare or any government agency.
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