Keeping Your Portfolio Competitive
Earlier in the module lesson, we covered why it was important to build a competitive portfolio.
Once you have it, you want to keep it that way!
The market changes for MAPD and PDP each year. Plans you already offer could be going away or expanding into new areas or may add new, competitive options that could fit different clients’ needs.
As the Annual Enrollment Period approaches each year, carriers release their “sneak peeks” or “first looks” that provide an overview of the plans they’ll offer in your market for the coming year.
The “sneak peeks” and “first looks” provide a glimpse of the plans that carriers expect to have available for the next calendar year and some may also include expected expansion areas. These “peeks” may be released as early as June while some carriers hold off until final CMS approval has been received and their materials have been updated which can be as late as 10/1. That being said, these “looks” into next years plans are solely for Agent use and cannot be discussed or presented to consumers until after 10/1.
Here at Ritter, as soon as these “sneak peeks” and “first looks” are available, we make sure you’re aware of them via email, as long as you’re signed up to receive our communications. Each carrier sets their own parameter regarding which agents can access their “sneak peeks” and ”first looks”, some will allow any licensed agent to view them and some carriers require that the agents are fully appointed before they may view their “peeks” prior to 10/1 when they become available to all agents and consumers. Reach out to your Specialist for clarification regarding your options for these documents. You will also be able to access these documents for the plans you are appointed with through your Ritter Dashboard. Some carriers require that agents
Prior to AEP, carriers will host meetings, webinars, and events that are worth attending so you can hear directly from them why they’re a good option to sell in your market.
We also host many of these events, meetings, and webinars ourselves here at Ritter, and you can check out our events page on Ritter IM dot com for more information and to register.
What do you want to watch for in these communications? Specifically, pay attention to network changes, benefit upgrades or downgrades, and formulary changes for the upcoming year. Those are the big factors to watch out for.
And the same is true for Medicare Supplement plans.
Premiums change, and new carrier options become available throughout the year.
We recommend evaluating the strength of your Med Supp portfolio at least twice a year. Ideal times for Med Supp portfolio review would be toward the beginning of the year, January through March, and leading up to AEP between July and August when you’re reviewing your MA and PDP plans.
And when in doubt… contact us here at Ritter Insurance Marketing!
Yes, it’s beneficial for you to pick out your own carriers and stay on top of your own market, but that is also what your Sales or Account Specialists here at Ritter are for. We stay on top of the changes and research new plans to provide you with an overview of the best plans available in your area.
Our Sales and Account Specialists focus on specific regions of the country so they can provide you with area specific plan information to help you develop your portfolio to include carriers that are competitive in your market. We also stay on top of carrier opportunities or incentives, as well as promote any Ritter opportunities or incentives available in your area. We provide information regarding these opportunities in our weekly newsletter that is sent out every Monday. Please let us know if you have not received a Weekly Update and will get you added to the email list.
You can find your Sales or Account Specialists by visiting RitterIM dot com slash meet your sales team or by calling us at 1-800-769-1847.
But that’s not all we can do for your portfolio. Head on over to the final lesson of this course to see what’s next for your business.