Have you heard about the new 48hr rule?

 

The new 48-hour scope of appointment (SOA) rule for Medicare requires insurance agents and brokers to obtain a signed SOA form from a beneficiary at least 48 hours before meeting with them to discuss Medicare plans and benefits. This rule went into effect on September 30, 2023.

There are two exceptions to the 48-hour rule:

• Beneficiary-initiated walk-in meetings
• The last four days of an election period

The SOA form must specify the type of Medicare plan or product that the beneficiary wants to discuss, as well as the specific topics that they want to cover. This helps to ensure that the agent or broker only discusses the products and topics that are relevant to the beneficiary's needs.

The 48-hour rule is intended to give beneficiaries time to review the SOA form and to consider their Medicare options before making a decision. It also helps to protect beneficiaries from high-pressure sales tactics.

Here is a brief description of the steps that insurance agents and brokers must follow to comply with the new 48-hour SOA rule:

1. Obtain a signed SOA form from the beneficiary at least 48 hours before meeting with them to discuss Medicare plans and benefits.
2. Ensure that the SOA form specifies the type of Medicare plan or product that the beneficiary wants to discuss, as well as the specific topics that they want to cover.
3. Only discuss the products and topics that are specified on the SOA form with the beneficiary.

If an insurance agent or broker fails to comply with the new 48-hour SOA rule, they may be subject to disciplinary action from the Centers for Medicare and Medicaid Services (CMS), including fines and suspension from the Medicare program. Looking for a compliant agent? Check us out at Lonsinsurance.com