medicare broker

Since the beginning of the 2022 Marketplace Open Enrollment Period, 13.8 million Americans have signed up for or have been automatically re-enrolled in individual market health insurance coverage. 

Even if you’ve already purchased health insurance, navigating Medicare can be difficult. Original Medicare, Medicare Advantage, and Medicare Supplement Insurance are all alternatives available to you. Finding out which kind of Medicare is best for you and which plan offers what you need requires some effort. 

Searching the internet is an ideal way to start your Medicare research. But, you may soon find that you need to speak with someone.

A Medicare broker can assist you with this. Brokers are individuals qualified to teach you what you need to know about Medicare. They are there to assist you in enrolling in a plan. 

Want to learn more about the benefits of using a broker for enrolling in Medicare? Here are a few reasons why you should work with a Medicare broker for your Medicare insurance needs.

Sales Representatives vs. Independent Brokers

Captive agents, or sales representatives, are individuals committed to offering a certain insurance product. Independent agents, or brokers, are more like insurance brokers. They can provide you with any kind of insurance policy and are not committed to working for a single company.

Sales representatives sell a firm’s insurance on behalf of that company. They are like automobile salespeople in that they sell one type of goods for one company and most often get paid on a commission basis.

Individuals who offer insurance-related products are independent agents. They can offer an insurance policy from Company A to one individual and from Company B to another.

Captive agents, or sales representatives, can’t do this. When you work with an independent agent, your plan selections will be greater, allowing you more options.

An independent Medicare broker will give you more freedom of choice. Captive agents only provide you with one option, which may not be a good fit for you. Independent Medicare brokers can examine all available options and identify the one that will work best for you.

If a sales agent’s plan isn’t a good fit for you, they’re unlikely to let you know. They may try and sell it to you because it’s their only option. Independent agents can aim to discover a plan that better suits your needs.

A Medicare Broker Is Unbiased

Medicare brokers deal with many insurance carriers rather than promoting only one. Due to this flexibility, they can seek to find the best fit for you.

Your broker will be able to go over all the alternatives with you and choose the plan that best suits your needs and budget. Medicare brokers offer a range of plans, so you can be assured that their suggestions are fair. 

A Medicare Broker Must Follow Industry Regulations

The insurance industry is regulated to protect consumers. Insurance salespeople who make misleading or deceptive statements to persuade you to enroll in a specific plan violate the law.

Agents are not allowed to come to your home unless you have requested them to do so. They are not permitted to advertise or pitch any Medicare-related products without your invitation.

They are also unable to charge you a fee to process your enrollment. It is against the law for salespeople to persuade you to apply for insurance by promising you a freebie or other incentives.

Keep a watch out for agents who are breaking the rules. Scammers exist, even though the majority of brokers are honest and professional.

Before you meet with a broker, make sure they are licensed and have a good track record with few complaints. You can visit the website of your state’s Department of Insurance to check.

If your plan representative does not disclose to you all your options, you should be wary. Even if the agent does not represent the plan, a good broker will advise you on the best alternative.

A Medicare Broker Understands the Industry

Annual training and examinations are a requirement for Medicare brokers. They must demonstrate their understanding of Medicare, health and prescription medication programs, and Medicare marketing restrictions.

If they don’t follow the requirements for having sold to and enrolled Medicare patients in Medicare plans, they risk losing their state license and termination by their contractual health or drug plans.

A quality Medicare insurance agent will verify that your doctors and medicines are covered by the plan they are suggesting. Despite whether the Medicare broker promotes a specific plan, they will advise you on your best alternative.

Your broker will be aware of the state and federal programs that can assist those with financial difficulties. Brokers also have data about insurance providers that you wouldn’t have access to, such as rate trends. 

A Medicare broker can assist you in narrowing down your choices and selecting the most appropriate Medicare plan for you. They’ll inquire about your medical needs, your budget, your preferred doctors, and any prescriptions.

They will provide you with coverage options that meet all the criteria using this information. After you’ve chosen a plan, a Medicare broker will take you through the process of enrollment and ensure that your application is forwarded to the health insurer for evaluation.

How a Medicare Broker Gets Paid

If you stay enrolled in the plan, brokers often get an initial amount paid to them for the first year of coverage. Then, they will receive half as much for the second and subsequent years. 

When you enroll in Medicare with a Medicare broker, you will not incur extra fees or costs. This is because your premium includes your broker’s commission. The insurance companies that Medicare brokers represent pay them.

Why You Should Use a Medicare Broker

A broker for Medicare can inform you about the many Medicare plans that are available to you. You have a variety of Medicare options, including Original Medicare, Medicare Advantage, and Medicare Supplement, as well as a vast number of alternative plans to pick from.

It can be tough to decide what sort of coverage to get, but that’s where a Medicare broker can assist you. We have over a decade of experience in the Medicare Supplement Market and can provide you with the most cost-effective Medicare options. Request a free consultation, or check out our Blog section for helpful information.