Whether you’re new to Medicare or looking to change your existing plan, it pays to work with an independent licensed Medicare Agency. These professionals know the program inside and out, stay abreast of changes in enrollment and program rules, and help you choose the right plan to meet your unique circumstances. Moreover, the Medicare agency experts are paid only by insurers, which makes them an impartial resource to help you make the best possible decisions about your plan options.
Medicare insurance agents and brokers are both licensed, and both can sell you a Medicare Advantage or Medigap Medicare Supplement policy. But not all agents are created equal. The type of insurance broker you work with will make a huge difference in your experience and the quality of the plans you end up choosing. To find the right Medicare agent for you, ask about their insurance company affiliations and whether they’re a captive or independent agent.
Independent Medicare insurance agents have contracts with multiple insurance companies, whereas captive agents only represent the products of one insurer. Captive agents often get to know the plans they sell extremely well, but they can’t give you access to all of your available Medicare plan options.
A licensed Medicare agent can help you narrow down your choices by asking about your preferred doctors, the prescriptions and services you need, and your healthcare budget. Using that information, they can help you select the plan that will fit your needs and your wallet. Additionally, Medicare agents can assist you with annual changes to your coverage during Medicare’s open enrollment period and throughout the year.
As Medicare-eligible individuals, you should also take advantage of the free Medicare counseling offered through your State Health Insurance Assistance Program, or SHIP. SHIP provides expert, unbiased counseling to Medicare-eligible beneficiaries and their families.
Medicare beneficiaries who are considering purchasing a Medigap or Medicare Advantage plan should be aware that they may need to undergo medical underwriting in order to be approved for coverage. This is because most supplemental insurance plans are underwritten.
During the underwriting process, Medicare will assess your current health status to determine the premium you will be charged for the plan you are applying for and may decide not to approve your application altogether based on your current health conditions.
A Medicare agent can help you avoid these pitfalls by ensuring that you apply during the guaranteed-issue period, which is typically triggered by specific qualifying life events. Medicare also offers annual reviews to ensure that your current plan is still the best choice based on your changing circumstances.
Licensed Medicare agents are an invaluable resource to help you make the best possible choices about your Medicare options. When selecting an agent, ask about their commission structure, how many different insurance carriers they work with, and the types of Medicare-eligible individuals that they tend to serve. Lastly, don’t be afraid to ask for references from their clients. A good agent will be proud to provide you with them.