Important Rule Change for Medicare Agents and Advisors in Florida and Nationwide
Disclaimer: Since Medicaid rules and insurance regulations are updated regularly, past blog posts may not present the most accurate or relevant data. Please contact our office for up-to-date information, strategies, and guidance.
If you have a Florida Insurance Agency License, please pay close attention. If you do not, some of these proposed upcoming changes may still affect you and your business. These come in addition to the changes put in place last fall.
Remove “Medicare” or “Medicaid” from Agency Name
To begin, if you hold a Florida Insurance Agency License and have the words “Medicare” or “Medicaid” in your agency name, you must change your agency name now to avoid having your license automatically expire on July 1, 2023. Since it may take several months to complete the name change process, we recommend you take care of this sooner than later to avoid any disruptions in your business.
Read the updated Florida statute here.
While many states have different rules and requirements for agency names, this is a new requirement for Florida. Additionally, according to the latest CMS memo, it’s possible this rule will eventually be put into effect for all insurance agencies nationwide.
Additional Proposed Changes for Agents Nationwide
So, what are other possible changes coming? Here is a brief summary of the lengthy proposal items impacting agents:
- Bans on the use of Medicare language or logos that mislead enrollees
- Ban on a Medicare Sales Event immediately following an Educational Event
- Ban on distribution and collection of SOA and Business Reply Cards at Educational Events
- Reinstating the 48-hour waiting period after the client signs an SOA before holding a sales meeting
- Change the new disclaimer to include SHIPS along with 1-800-MEDICARE and Medicare.gov
- Requirement to list the carriers that advisors represent within the disclaimer
- Required standardized list of questions used prior to an enrollment, which includes explaining how their current coverage would change
Other areas addressed in this lengthy memo include mental health network adequacy and services, regulations on biologics within part D, and regulations in regard to MA prior authorizations and approvals for tests, procedures, and surgeries. Most of the addressed areas are directed toward protecting and bringing equity to Medicare beneficiaries.
Learn about proposed updates to Medicare Advantage and Part D programs.
We recommend always consulting your state DOI regarding any state-specific requirements and keeping an eye out for any new CMS requirements and regulations from The Krause Agency. If you’d like to get involved and make your voice heard, consider joining the National Association of Benefits & Insurance Professionals or NABIP (formally NAHU) and your state chapter.