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- A Binge Read š - Medicare 101 Series
A Binge Read š - Medicare 101 Series
A collection of Medicare topics: Part A, Part B, Part C, Part D, Medigap, Value Based Care, SNPs, History of Medicare, & SEPs.
Jared Strock & Tracy Emrich
May 30, 2024
This weekās newsletter is Sponsored By: Telos Actuarial
Download the FREE Medicare Supplement Essentials Guide here ā (link)
Here is what youāll find in this weekās newsletter!
Important links š - the best articles we found this week about the Medicare Market along with links to Jaredās recent LinkedIn posts.
Deep Dive š - A Binge Read š - Medicare 101 Series
Compliance Chatter š¢ - Compliance never rests!
Sponsor Snapshot š - brought to you by Telos Actuarial
Data Visual of the week š - Med Supp Covered Lives by Age of Policy
Itās only a 5 minute read, but it will make you 10x smarter.
Here are IMPORTANT LINKS š for the week:
10 key questions facing Medicare Advantage - (link)
Gen Xers and Millennials: Weāll Pay More to Save Medicare - (link)
Medicare could save $500 million with coverage change- (link)
Majority of States Offer Med Advantage Plans to Retirees - (link)
Biden Administrationās Final Rule on Section 1557 Non-Discrimination Regulations Under the ACA - (link)
Medicare Supplement Enrollment Down Slightly in 2023 - (link)
Jaredās recent LinkedIn posts:
I am on vacation! No more LinkedIn posts this week. But, it will make me happy if you share this newsletter while I'm away!
DEEP DIVE š
A Binge Read š - Medicare 101 Series
Those of you who enjoy binge watching their favorite series on tv will enjoy this weekās deep dive!
We are giving you the opportunity to binge read all of our past newsletter content in the Medicare 101 Series.
These newsletters include all the information you need to learn about, or refresh your knowledge on, all things Medicare.
Find a comfy chair, make some popcorn, and enjoy!
1/ HISTORY OF MEDICARE
A look back to see how the program was originally created and some of the major changes that have taken place.
2/ MEDICARE PART A
A closer look at one of the parts of Original Medicare. This delicious batch of alphabet soup serves up Part A.
3/ MEDICARE PART B
This deep dive continues through the Medicare alphabet by looking at Part B.
4/ MEDICARE PART C
Medicare Advantage History, Benefits & Costs, Plan Types, Star Ratings, and Enrollment Stats
5/ MEDICARE PART D
A look at Medicare Prescription Drug Coverage. The Medicare Alphabet Caboose š
6/ MEDICARE SUPPLEMENT
Medicare Supplement (āMed Suppā) policies are designed to help fill the gaps of Medicare Part A and Part B. This deep dive takes a look at Medicare Supplement.
7/ VALUE BASED CARE
Value Based Care is the buzz word in the Medicare provider space. What is it? Why is it important?
8/ SPECIAL NEEDS PLANS (āSNPsā)
SNP enrollment grew 24% in 2023. What are they? What are the recent trends?
9/ MEDICARE SEPs
Special Enrollment Periods are an important part of Medicare enrollment. We take a look at some of the key SEPs.
Feel free to share this knowledge with friends or co-workers!
Let us know if there are any additional 101 topics youād like to see covered in the future!
Sponsor Snapshot š: Telos Actuarial
Telos provides actuarial and compliance expertise to help insurance carriers, distributors, and other stakeholders create and manage insurance products focused on the 65+ market.
Some key services we provide are:
New product pricing and existing product rerating
Market intelligence and product benchmarking
Policy and application form development
State SERFF filing submissions
Insurance Lifetime Value āLTVā calculations and commission appraisals
Send us a note to get started: (link)
COMPLIANCE CHATTER š¢:
Compliance never rests! (However, we hope you had a nice, long Memorial weekend honoring those who serve or have served.)
CMS requires that Medicare Part C and Part D sponsors and their downstream entities maintain effective compliance programs, that include:
Written policies, procedures, and standards of conduct
Compliance Officer, Compliance Committee, and high-level oversight
Effective Training and Education
Effective Lines of Communication
Well-Publicized Disciplinary Standards
Effective System for Routine Monitoring, Auditing, and Identification of Compliance Risks
Procedures and System for Prompt Response to Compliance Issues
CMSā Compliance Program Guidelines can be found here.
DATA VISUAL of the Week š
This weekās data visual comes from Mark Farrah Associates (link). It shows that total Med Supp covered lives declined in 2023.
If youāre ready, here are some ways we can help you:
Newsletter Sponsorship opportunities: Promote your product or services to leaders in the Medicare space. Letās discuss. (link)
Market Research: Reports that help you wrap your arms around the Senior focused insurance markets. (link)
Consulting: We can help you develop new insurance products for the Medicare market, appraise your books of business, and keep you compliant. Letās discuss. (link)