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The stupidest was calling a coverage gap a donut hole!!! Dunkin Donuts sells those and I couldn't see how it fit in with drugs.
The gov't has alway been asleep at the wheel. Nothing new.
CMS Reverses Rule
- Thread starter Frank Stastny
- Start date
The stupidest was calling a coverage gap a donut hole!!! Dunkin Donuts sells those and I couldn't see how it fit in with drugs.
The gov't has alway been asleep at the wheel. Nothing new.
You certainly hit the nail on the head with this post!
1) CMS demands agents withhold complete disclosure.
2) Carriers turn a blind eye to non-compliant agents and/or agencies because they are making profitable sales.
3) FMOs keep pushing poor products because it makes them money... and organizations like AARP speak out of both sides of their mouths. AARP demands that their co-branded products are not marketed as "endorsed" when they know full well that seniors will see it that way anyway.
4) Agents must make a choice: Follow lock step with the oft-times vague and always overbearing rules regardless if it's in the client's best interest or not, or find a way to get around those rules with the jeopardy of losing your license.
If you find yourself too stressed out over your dilemma, you will either cave in or leave. It is human nature to preserve one's tranquility. On the other hand, non-compliant agents (the scumbags) have no stress.... they consider it a game and revel in it. Their ego's are fueled with the idea that they can best another at the game. It makes no difference if their "mark" is a helpless senior. These are the same guys that never think twice about kicking someone when they are down. No scruples.
The point is that CMS cannot regulate morality with tighter rules... either the agent will do right by his client or will serve himself only. It is a personal choice. CMS should set guidelines and cease from attempts to micromanage the bottom tier. We need leadership, not a gestapo.
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My "Outrage" has been there from day one. I didn't like them when I first saw them and I like them even less now.
Medicare Supplement policies were standardized in the early 90's. They were standardized for only one reason, companies and agents were ripping off seniors with their crappy plans. It was discovered that some seniors had as many as 3 and 4 policies that supplemented Medicare.
This whole PFFS crap sounds just like what was going on in the 90's only this time is it CMS that is encouraging and making it happen.
What is going on says a whole lot about the intelligence of CMS, the ethical behavior of the insurance companies, the marketing organizations and yes, the agents.
The agents have to be held accountable, no one is forcing them to sell that trash (PFFS plans). There are a lot of agents still making a very good living selling Med Supps.
Agents try to justify selling those, PFFS plans, by depicting all seniors as being broke and eating cat food. That is a bunch of crap. Yes, there are some that may eat cat food but from my experience they are in the vast minority.
I've only been calling on seniors for fifteen years so I probably am not very qualified comment.
As a side note, I had an appointment with a husband and wife last month and sold each of them a Med Supp. They lived in a very small, old house, poorly furnished and were wearing "raggy" clothes. They looked as poor as a church mouse.
When I got there they told me that they didn't think they could afford a Med Supp for both of them. That they were on a "fixed income" and didn't have a lot of money. Looking around it was easy to believe.
She went to get their check book and handed it to me to make out the check. The balance in their checking account was over $75,000.00. I asked why they didn't have some of that money in a CD or other investment vehicle she said they have money invested in several different areas. That the money in their checking account was just so they didn't have to cash anything in if they wanted to make a purchase.
Just received my "Summary of Marketing Questions" issued by CMS today.
The original post by Frank regarding Pyramid's interpretation stands.
What this 7 page clarification does is what the original publication should have done to begin with... and that is eliminate the vagueness. Included with the reiteration of the rules are examples that are pretty much the heart of the matter. Finally we are getting some straight talk. It might not be pretty, some might even say it's like putting lipstick on a pig
, but it is what it is.
An interesting note to me, is that you can provide a banner for your company product at an educational event, even give out promotional items with a plan logo, etc. as well as business cards, but you can't hand out plan brochures, much less enrollment kits, that are plan specific. You can talk about MA in general, but can't even respond to specific questions about plans. But the BIG rule is no sign-up sheet, including the new "Scope of Appointment" forms! Business cards only.
Read it for yourselves... I'm not going to go down line by line.
Lead card companies... beware!
The original post by Frank regarding Pyramid's interpretation stands.
What this 7 page clarification does is what the original publication should have done to begin with... and that is eliminate the vagueness. Included with the reiteration of the rules are examples that are pretty much the heart of the matter. Finally we are getting some straight talk. It might not be pretty, some might even say it's like putting lipstick on a pig
, but it is what it is.An interesting note to me, is that you can provide a banner for your company product at an educational event, even give out promotional items with a plan logo, etc. as well as business cards, but you can't hand out plan brochures, much less enrollment kits, that are plan specific. You can talk about MA in general, but can't even respond to specific questions about plans. But the BIG rule is no sign-up sheet, including the new "Scope of Appointment" forms! Business cards only.
Read it for yourselves... I'm not going to go down line by line.
Lead card companies... beware!
Sorry for this ignorant post, but I've done nothing but sell life insurance and havn't a clue as to any of these programs and how they work....CMS, Medicare, Medicaid, Supplemental plans, etc...so could somebody please steer me in a direction where I might become educated on these topics...a website I could go to and read up on everything??
Frank,
We have the same type here in the SE part of the state. Best one I saw was this little old lady who came in to the bank I worked at and I would have sworn she was homeless. She ended up opening an account put in a few thousand, then came back a week later opened up a money market, put quite a few thousands in that one.
Sad part was she didn't know which end was up most days. I spent many a day helping her correct check book, spent an hour on the phone with the utility company, etc... Then while I was on vacation, she came in one day with a few thousand in cash in her purse. Didn't know where she was or what was going on. Ended up calling a CPA who had done her taxes and no he is handling all her affairs.
This is the same little old lady who is up every morning and never misses 6AM mass.
I know off the subject.
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- Thread starter
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Not ignorant by any means. Just not well informed on the topic. None of us knew anything about it until someone either showed us or told us.
You can start with Medicare.gov - The Official U.S. Government Site for People with Medicare . If that doesn't confuse the hell out of you then nothing will.
If you would like information about Medicare Supplement plans you can give me a call and I will share with you what I know.
If you want info on Medicare Advantage plans, HMO's PPO's or PFFS plans you will have to go to someone who knows a whole lot more about them than I do. I can't sell HMO's or PPO's where I live and I refuse to sell PFFS plans.
I am, however, giving consideration to offering PDP, Prescription Drug Plans, to my clients this year.
Greensky, Rick, is my go to guy if I want info on the various MA plans.
Thanks guys for your timely responses. I am making the switch from selling term insurance over to FE so I figured I should know all I can and be able to offer the best for my clients. Looks like I may have to bite my tongue though in many situations while in the house...again, thanks for the help.
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I had met with a little old lady who's part D plan went up $ 5.00 a month. She wanted to see if she could qualify for financial assistance but wasn't sure how much money she made each year. She brought me her tax forms so we could check her yearly income to see if she qualified. According to her tax forms she had paid in over $ 180,000 in taxes that year just on the intrest on her CD's. Her neighbor later told me that the old lady was worth over $ 100,000,000.
