Medicare Advantage Policy - Add, Edit, Duplicate and Delete

Medicare Advantage Policy - Add, Edit, Duplicate and Delete

Medicare Advantage and Prescription Drug policies pay a fee that is determined annually by the Centers for Medicare and Medicaid Services.  Depending on the enrollment type, the first-year fee can be paid in full or pro-rated.  Renewals always begin on January 1st following the effective date.



Add

  1. Go to the Main Menu.
  2. Click Policies. 
  3. Click ADD POLICY. 
  4. Select a Client Type from the dropdown menu.  Select Individual for a Medicare Advantage policy.
  5. Add a Client Name.
  6. Leave this field blank.
  7. Select an Agent.  If more than one agent, create two policies for each agent's share of the premium.
  8. Select a Comp Plan Type.  A comp plan type describes the type of commission paid on the policy.  Select MA-PDP.
  9. Select a Carrier.
  10. Select a Comp Plan.  A comp plan describes how much and how long a commission is paid on the policy.  Once a carrier is selected, only the comp plans linked to it will appear in the list of options.  After a comp plan is selected, it will appear in the top right part of the screen.  The selected plan can be edited by clicing the EDIT SCHEDULE button. If the schedule is edited here, it will be changed for all policies linked to it.
  11. Select a Product.  This is the carrier product name as it appears in the commission statement.  This field is sometimes used to help match a commission to a policy.
  12. Select a Type.  The most common types of insurance come pre-loaded.  These can be edited to match the types of products you sell.
  13. Select a Sub-Type.  The most common sub-types of insurance come pre-loaded.  These can be edited to match the types of products you sell.
  14. Enter a Policy Number.  A policy number is the primary field used to match a commission to the policy.  If unknown, leave blank.  TBA (To Be Announced) will be entered as the temporary policy number.
  15. Enter the Effective Date.  This is the start date of the policy.
  16. Select a Status.  An Active policy is in force and paying commissions.  A Pending policy is in underwriting and has not paid commissions.  A Termed policy is a policy that was in force but terminated.  A termination date is required for a termed policy.  A Not Taken policy is one that was issued but not taken.
  17. Select an Enrollment Type.  The enrollment type is either New to Medicare, Not New to Medicare, or New to Advantage-With Existing Drug Plan.   A New to Medicare plan pays 100% of the first year fee.  A Not New to Medicare plan pays a percentage of the renewal fee depending on the number of months the insured was enrolled.  The New to Advantage-With Existing Drug plan pays a percentage of the first-year fee depending on the number of months the insured was enrolled.  Renewals for all enrollment types begin on January 1st the following year.
  18.  Click the MA-PDP Enrollment Types link for a list of enrollment types scenarios.
  19. Click SAVE to keep the changes and remain on the page.
  20. Click SAVE & RETURN to keep changes and return to the Policies page.

Edit

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the policy number.
  4. Make changes.
  5. Click SAVE.

Duplicate

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the box next to the policy to duplicate.  Only one policy at a time can be duplicated..
  4. Click the duplicate icon .
  5. Make changes.
  6. Click SAVE.

Delete

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the box next to the policy to delete.
  4. Click the delete icon .
  5. Click CONTINUE.

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