America's Benefit Specialist April 2023

MEDICARE MATTERS

With the call-recording integration, agents can also record and store their client calls in the CRM. This eliminates the need to pay for additional, HIPAA-secure cloud storage in order to stay compliant. Janet Trautwein, CEO of NABIP, has been on the front lines of legislative action for the call-recording requirement. In a re cent interview with me, Janet shared how NABIP is working to reduce the 10-year storage requirement: “It’s possible that the recording retention requirement could be lowered from the 10 years that it is now. There are a few small other things, but the actual recording requirement itself, I don’t see that changing.” In 2022, agents were faced with the urgent task of imple menting any viable solution prior to AEP. However, given the unlikelihood of the rule being changed in the near future, agents should concentrate their efforts on integrating an efficient call-recording process into their workflow. DEMOGRAPHIC TRENDS SHAPING MEDICARE TECHNOLOGY The abundance of advertisements, cold-calls and scams have eroded trust among Medicare beneficiaries. Fortunately, this allows agents to position themselves as reliable advisors. In fact, independent agents continue to be the primary means through which seniors enroll in Medicare plans, indicating that technology is unlikely to replace relationships anytime soon. With this in mind, technology companies are increas ingly focused on empowering the relationship between agents and clients by leveraging these two trends: 1. SENIORS ARE MORE COMFORTABLE WITH TECHNOLOGY. A study from AARP found that technology use among seniors skyrocketed in the wake of social distancing during the pandemic. The study, which analyzed individuals aged 50 years and above, found that the use of smartphones for healthcare activities such as telehealth visits, ordering pre scriptions and making appointments increased from 28% to 40%. Another study from AARP found that 53% of adults 70+ own a tablet. Of that group, 69% say that they use their tablet daily. In addition, the study looked at the use of video chat, such as Facetime, Zoom and Skype. As of 2019, about half had never used video chat, but by 2020, 70% had, with one in three using video chat weekly. Social-distancing restrictions required a shift in the way that insurance agents conduct business. Agents began relying on video chats and email signatures to enroll seniors in health plans. Luckily, seniors are also adapting to using these forms of technology. As we continue to integrate technology into our professional sphere, it is critical to prioritize a simple user experience for clients and maintain confidentiality of sensitive information. According to the study previously referenced, 83% of seniors lack confidence that what they do online remains private. This is especially important for agents handling private health information and Medicare ID numbers.

2. YOUNGER AGENTS ARE ENTERING THE INDUSTRY. The Medicare insurance industry has seen an influx of young er agents in recent years. While the industry has traditionally been dominated by older agents, the increasing demand for Medicare plans, coupled with a retiring agent population, has created an opportunity for young professionals to enter the field. These younger agents bring fresh perspectives and innovative strategies to the table, including how to utilize digital tools to connect with senior clients. As such, their presence is positioned to reshape the industry, drive growth, and improve the quality of service provided to seniors seek ing Medicare coverage. Michele Trimble, an independent agent based in Seattle, has worked in the insurance industry for over 30 years and has specialized in Medicare for the last 15.“I used to look in four or five places for Medicare information,” she said. “It was so inefficient to the point where I thought I couldn’t take anyone else on. Now that I have a better platform, it makes a huge difference and I’m growing faster than ever.” The Medicare industry is undergoing a shift, with tech nology emerging as a critical player. However, technology is not meant to replace relationships between agents and clients but rather to enable more meaningful interactions. By automating time-consuming tasks such as data entry, agents can devote more time to building stronger relation ships with clients, understanding their unique needs, and offering tailored advice. Technology is poised to revolutionize the Medicare industry by streamlining workflows, enhancing productivity and empowering agents to provide a top-notch customer experience. References: https://www.thefairstreet.com/post/2023-aep-benchmark- survey-results www.aarp.org/research/ AGENTS MUST LEVERAGE TECHNOLOGY TO STREAMLINE THEIR WORKFLOW AND SCALE THEIR BUSINESS.

Sarah Jacobson is a co-founder and the CEO of FairStreet, a startup powering indepen dent Medicare insurance agents. Before FairStreet, Sarah led technology teams at Square and Stride Health. She completed her undergrad and MBA at Stanford University.

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