CMS Issues Final 2024 Rule: What You Need to Know
- Originally published April 7, 2023
The Centers for Medicare & Medicaid Services (CMS) recently issued the final 2024 rule for Medicare Advantage and Part D Prescription Drug Plans on April 5, 2023. The final rule outlines several provisions that will impact Medicare beneficiaries and agents. In this blog post, we'll take a closer look at what's changing and how it might affect you.
Key Summary Points
According to the summary fact sheet, 21 out of the 22 proposed provisions made it into the final rule. The one exclusion was the TPMO definition. Out of the 21 provisions that were finalized, 17 were approved as proposed. The four provisions that were finalized with modifications include:
- Permitting agents to make Business Reply Cards available at educational events
- Requiring an agent to tell prospective enrollees how many plans are available from the organization for whom the agent sells
- Extending the length of time agents are able to re-contact beneficiaries to discuss plan options to twelve months
- The 48-hour cooling off period
The CMS final 2024 rule for Medicare Advantage and Part D Prescription Drug Plans brings several changes that will impact both beneficiaries and agents.
Senior Market Sales is currently reviewing the final rule and will provide updates on how these changes will impact agents and beneficiaries during this year's Annual Enrollment Period (AEP). Stay tuned for more information.
