Medicare annual enrollment: A conversation on lead marketing

The Medicare Annual Enrollment Period offers a pivotal opportunity for insurance agents to grow their business and ensure clients get the best health care options available. Each year from Oct. 15 to Dec. 7, Medicare beneficiaries have the opportunity to change their coverage for the new plan year.

During this AEP, the complexities of the Center for Medicare and Medicaid Services’ final rules implementation and the changing shopping journeys for Medicare beneficiaries will make marketing and lead generation more expensive and confusing for independent agents. For agents, preparation is critical to successfully navigate this intense period.

To help independent agents prepare for the 2024 AEP, Michael Cho, cofounder and CEO of MyMedicareBot, spoke with Bill DeCourcy, senior vice president of growth marketing and customer acquisition at Amerilife and founder of LeadStar. Below are insights from the conversation on how agents can prepare.

Michael Cho: What practical steps can agents take now to meet and exceed their 2024 AEP goals?

Bill DeCourcy: This is an important topic given some of the significant changes being implemented this year. The CMS final rules governing Medicare marketing and distribution and changing beneficiary shopping journeys will require agents to understand the Medicare market context thoroughly.

Market context helps explain the insights agents will need to understand and apply to meet and exceed their AEP goals. Whether you are a seasoned veteran or new to Medicare, this AEP will be different. Now is a good time to begin AEP planning along with your carrier certification process.

Cho: CMS Medicare regulations can change every year. Is there anything agents need to be aware of heading into the 2024 AEP?

DeCourcy:  There are two CMS final rules agents must be familiar with ahead of AEP 2024.

• The prohibition of Medicare ads that do not mention a specific carrier by name —also known as the branded ads rule.
• A 48-hour minimum waiting period after Scope of Appointment.

First, the branded ads rule is designed to ensure beneficiaries enroll in their intended plan by producing clearer and more accurate ads. The new rule requires that each Medicare ad display a single or group of carriers’ names. This way, beneficiaries know what companies they are considering. As important, agents can work only with branded ads for which they have an appointment. This helps prevent bait-and-switch schemes.

The 48-hour waiting period after the SOA rule will add time and cost to the sales process. Exactly how this will impact your process is still unclear. I recommend you check with your uplines for the latest information on compliance, as well as technology and vendor solutions, to ensure you comply with the new rule.

Pro tip: If possible, begin accumulating SOAs from prospects before the 2024 AEP. That way you will have your pipeline ready when AEP starts.

Cho: I feel the No. 1 question facing agents in today’s complex Medicare marketing environment is which lead generation technique is the most effective. Do you have a go-to lead generation strategy?

DeCourcy: The answer is that no single method is best. The most effective Medicare lead generation approach involves a smart mix of techniques to attract, engage and nurture customers across a variety of channels. This ensures you are reaching customers in the places and spaces where they are most comfortable communicating.

This means agents must expand beyond traditional lead generation sources such as direct mail and move to digital platforms where an increasing number of beneficiaries spend their time.

Remember, you can't be everywhere. The goal is to be where your customers are.

Cho: That’s great advice for lead generation. How can agents become better marketers in general?

DeCourcy: I can think of a few important key points to keep in mind to be better Medicare marketers.

• Remember that Medicare lead generation isn't about who you reach. It's about what you teach.
• Understand your target audience and their life journey. A small amount of empathy and understanding will go a long way in relationship building.
• Establishing an online presence is essential for any business looking to reach new Medicare customers.
• Create a content strategy. Define your goals and create a plan to deliver valuable and engaging content to Medicare-eligible customers.
• Think about data differently and apply it across all marketing efforts. After you see who is engaging with your content online, extrapolate. And expand the offline contact information you use for traditional marketing.

Cho: You mentioned developing a content strategy. Can you elaborate on what that process looks like? I think this is one of the most critical components of an agent’s marketing strategy, but it is often underused.

Bill DeCourcy: I agree. Agents must have a content strategy going into an AEP.

Start by determining what you want to achieve with content and define your goals. For most agents, the goal is to drive more leads. Set your goals based on the state of your business. Are you just starting, or are you looking to grow beyond your current book of business and expand what you have already established?

Next, understand what your customers are trying to find out. Identify what your customers are looking for and build your content around this critical question. This focus will help you create content that resonates with them. Start with a free resource such as Google Trends to drill down into the areas where you provide services and support.

Build on what you have. Review your existing content bank to identify what you can reuse to build credibility and bring customers into your funnel. Analyze what content types and topics resonate with your audiences. Then use the best-performing content you already have on hand to form the foundation of an expanded content strategy.

Cho: The AEP is 54 days long. Agents need every minute to be as productive as possible. What can agents do to manage their time most effectively this AEP?

DeCourcy: Time really is money during AEP. Effective time management is crucial to serving all clients adequately during this period. Develop a schedule to reach out to existing clients, handle new inquiries and process the required paperwork within the limited timeframe.

Use technology as an ally during the AEP. From customer relationship management software to help manage your client database to email automation for sending Scopes of Appointment, technology can streamline the process. Used properly, it can give you more time to focus on marketing and growing your business. Embrace digital tools to create efficiency and improve client service. Take time to find, learn and master the tools that work for you.

By applying these strategies, you can find success in this Medicare annual enrollment period. Preparing now is the foundation to help your clients navigate the complexities of Medicare, while also growing your insurance business.

Michael Cho is cofounder and CEO of MyMedicareBot. He may be contacted at [email protected].

Bill DeCourcy is senior vice president of growth marketing and customer acquisition at Amerilife and founder of LeadStar. He may be contacted at [email protected].

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