Unveiling the Challenges: Medicare Insurance Regulations, SEPs, and Power of Attorney Reforms
December 4, 2023
Today we dive into the world of insurance and share our experiences, successes, and struggles in growing our own businesses. In this episode, hosts Kathe Kline and Joanna Wyckoff discuss various topics that are impacting the insurance industry today. They express their frustrations with the new regulations regarding plan representation and the challenges it poses for agents operating in multiple states and counties. The hosts also address the issues surrounding power of attorney and the need for better protections for seniors with cognitive impairments. Additionally, they touch upon the proliferation of Special Enrollment Periods (SEPs) and the potential abuse of these opportunities. Tune in for a passionate conversation filled with insights and ideas, as well as a thoughtful poem about the Annual Enrollment Period (AEP). Stay tuned, and let's get busy!
On this episode of the Insurance Business Babes, Joanna Wyckoff and Kathe Kline dove deep into the challenges and successes of growing insurance businesses, and here are some key takeaways from our conversation:
🔹 Regulations - We discussed the frustration surrounding the new regulation that requires agents to state the number of plans they represent and offer. The complexity of the issue lies in the fact that each state and county may have different plans available, making compliance difficult for multi-state agents. We need to address these challenges and find a solution that is fair to all.
🔹 Power of Attorney - We touched on the topic of power of attorney for seniors, particularly those with dementia. It's crucial to protect these vulnerable individuals from unnecessary plan switches that may not be in their best interest. We urged our listeners to reach out to their government officials and advocate for a system that flags power of attorney designations on Medicare numbers.
🔹 Special Enrollment Periods (SEPs) - The abundance of SEPs has become a contentious issue in the industry. We questioned the effectiveness of allowing SEPs for events that should have been covered during the regular enrollment period. This practice can lead to potential misuse and confusion. It's time to review and refine the SEP eligibility criteria to ensure it serves its intended purpose.
These takeaways are just the tip of the iceberg! If you want to dive into the full conversation and gain valuable insights into growing your insurance business, make sure to check out the Insurance Business Babes podcast episode titled "Joanna Kathe 04 230811 Final."
Remember, we can make a difference by speaking up and working together. Let's address these challenges in the insurance industry and create a better future for all. 🌟
00:03 Podcast for growing insurance businesses, hosted by Kathy and Joanna.
🔹 Regulations - We discussed the frustration surrounding the new regulation that requires agents to state the number of plans they represent and offer. The complexity of the issue lies in the fact that each state and county may have different plans available, making compliance difficult for multi-state agents. We need to address these challenges and find a solution that is fair to all.
🔹 Power of Attorney - We touched on the topic of power of attorney for seniors, particularly those with dementia. It's crucial to protect these vulnerable individuals from unnecessary plan switches that may not be in their best interest. We urged our listeners to reach out to their government officials and advocate for a system that flags power of attorney designations on Medicare numbers.
🔹 Special Enrollment Periods (SEPs) - The abundance of SEPs has become a contentious issue in the industry. We questioned the effectiveness of allowing SEPs for events that should have been covered during the regular enrollment period. This practice can lead to potential misuse and confusion. It's time to review and refine the SEP eligibility criteria to ensure it serves its intended purpose.
These takeaways are just the tip of the iceberg! If you want to dive into the full conversation and gain valuable insights into growing your insurance business, make sure to check out the Insurance Business Babes podcast episode titled "Joanna Kathe 04 230811 Final."
Remember, we can make a difference by speaking up and working together. Let's address these challenges in the insurance industry and create a better future for all. 🌟
00:03 Podcast for growing insurance businesses, hosted by Kathy and Joanna.
04:28 Shameless plug for Integrity, AI regulates.
09:30 SEPs are now abundant, COVID no more.
11:50 Secure Social Security and Medicare cards properly.
14:53 Contact local congressmen for effective change for POA issues.
18:49 Medicare agents guide seniors, offering assistance.
20:28 We're all doomed... (LOL)
Joanna Wyckoff from Topflightagent.com and Kathe Kline from CertifiedMedicareAgents.com talk about building a Medicare Insurance Agent business. (Use the code Babes2024 to get a free Bronze membership in the CertifiedMedicareAgent.com directory).