Three New Things about Humana’s Medicare Supplement & Prescription Drug Plans in 2020


Keeping up with Medicare insurance changes can be tricky*. That’s why we’ve boiled it down to the three things you need to know about Medicare Supplement (Med Supp) and Prescription Drug Plans (PDP) in 2020.

 

#1: Plan Updates

More Competitive Medicare Supplement

Humana has made a significant investment in its Med Supp plans for 2020 to help make them more affordable for members. Whether through competitive premiums, extensive discounts, or innovative benefits, Humana remains committed to improving its Med Supp products. What’s more, Agents can leverage Med Supp plans to grow their book of business outside of the Annual Enrollment Period (AEP.)

Plan C and F Sunset

As of January 1, 2020, Congress has prohibited selling Plan C and F Medicare Supplement plans for new enrollees as part of 2015’s Medicare Access and CHIP Reauthorization legislation (MACRA). The theory behind the change posits that beneficiaries will be choosier when it comes to seeking healthcare for minor health issues if they have to pay for those services. For new enrollees, Plan G may offer a robust plan with the exception of the Part B deductible. As a result, Humana now offers more Plan G and high-deductible Plan G options in more states for 2020. Those already enrolled in Plan C and F are grandfathered in and can still enroll in these plans as long as they are offered.

PDP Updates: Two New Names Plus One New Product

Humana renamed two prescription drug plans, Humana Premier Rx Plan and Humana Basic Rx Plan, and added a new plan for 2020, Humana Walmart Value Rx Plan. The Humana Walmart Value Rx Plan, new in 2020, boasts a $13.20 monthly premium nationwide while the redesigned Humana Premier Plan offers a robust formulary along with rich benefits. As one of the nation’s largest individual PDP sponsors1 with over 64,000 in-network U.S. pharmacies, these plans offer members value and choice in obtaining the medicine they need.

 

#2 More opportunity for agents

Agents work hard all year long, not just during AEP, which is why Humana offers regular Med Supp bonus programs. During 2019, Agents collectively earned earned over $100,000 before AEP and more than $150,000 during AEP from our Med Supp bonus programs.2 Many Agents saw success through selling both Med Supp and PDP. Enrollees on Med Supp may need additional prescription coverage that a PDP plan provides. Those on Original Medicare along with PDP may need additional coverage for skilled nursing care and they may want additional benefits like SilverSneakers (may not be available on all Med Supp plans.) Be sure to do a thorough needs analysis with your members to determine which plans or plan combinations can best serve them.

Humana offers periodic bonus programs for products like Med Supp. Be on the lookout for new bonus opportunities or contact your local support team for details.

 

#3: New Resources

Agents like you help to keep Humana—and our members—thriving. That’s why we’ve developed more educational resources to get you up to speed. Explore our Med Supp Agent Field Guide on Vantage for comprehensive plan updates, enrollment eligibility information, and enrollment tips. Head to Ignite for on-demand webinars, podcasts, one pagers and more on Humana’s Med Supp and PDP products. For even more learning opportunities, check out all MarketPoint University (accessible through Vantage) has to offer. However you learn best, Humana has an educational resource for you. Finally, head over to the Marketing Resource Center for pre-approved, customizable marketing materials that are ready to go when you are.

*Ensure compliance with CMS guidelines when discussing and selling these plans

1CMS Monthly Enrollment by Plan Report, June 2019

2Humana Med Supp PDP Cross Sale ROY Growth 2020, February 2020. Bonus programs may be limited due to local policies and regulations.

 

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