Top Medicare Compliance Concerns To Avoid

Compliance, Medicare May 21, 2018 0
Top Medicare Compliance Concerns To Avoid | Senior Market Advisors

Top Medicare Compliance Concerns To Avoid

You can’t sell effectively if you don’t follow Medicare compliance rules! In fact, if you don’t follow the rules, you won’t be able to sell at all. Breaking CMS compliance guidelines can result in a revoked insurance license, heavy fines, and even jail time for serious offenses. These are the top Medicare compliance concerns that you should keep at the front of your mind at all times.

Ignoring Carrier Guidelines

While we’re sure you’ve looked over the Centers for Medicare and Medicaid Services (CMS) compliance guidelines, have you checked carrier compliance rules? That’s right – you have to follow all CMS rules first, but you also have to look for carrier-specific rules and regulations. Make sure you are 100% familiar with the products you are selling and the rules that surround them before you get into the field.

Misleading The Clients

It’ actually illegal for you to mislead or misinform your clients when selling Medicare. You may often mislead by accident just from a lack of understanding. For example, you cannot say “I can find you savings” because it’s possible that there aren’t any savings available for that client. You should instead say, “I may be able to find you savings” until you are sure.

Lack Of Communication

On the same token, there are certain items you are required to communicate with your clients. Consider the scope of appointment form. You need to make sure your client not only signs the form, but also understands its contents.

Marketing Materials

CMS and individual carriers have their own sets of rules regarding Medicare marketing. From required font size to disclaimers, any missed detail can cost you your insurance license. Make sure you read up on Medicare marketing compliance before designing your own materials. Or, have our FMO design them for you!

At Senior Market Advisors, we have a full online store where our agents can get customized marketing materials that are pre-approved by our compliance department. You won’t have to worry about compliance or spend the time designing your own materials. Interested? Get in touch with us by web or phone at 1-844-452-5020.

Anastasia Iliou
Anastasia Iliou
Senior Content Manager at Senior Market Advisors
Anastasia graduated from Belmont University with a Bachelor's degree in Songwriting. When she's not writing, she's on a mission to visit all 50 states in the U.S (and to date has reached 36). Anastasia loves writing music, hiking, and playing with her pets (hedgehog, cat, and dog). She loves animals (but not so much bugs) and spends her free time volunteering for The Elephant Sanctuary in Tennesee.