Navigating Medicare’s numerous services and policies can be a dizzying affair. There are 33 Medicare Advantage (Medicare Part C) plans, and that doesn’t even include prescription drug plans and Medicare supplemental insurance. Choosing the wrong plan can leave you on the hook for expensive medical services.
This is where Medicare insurance brokers come in. A Medicare insurance broker can help you navigate the often complicated network of government plans offered through Medicare.
Read our medical insurance broker guide to learn more about the services provided by these important advisors.
What Does a Medicare Insurance Broker Do?
So, what is a medicare insurance broker? The insurance brokers are agents who are licensed to sell Medicare plans. The types of plans that are available will depend on the state where you live.
Medicare insurance brokers are typically licensed to see certain types of Medicare insurance from a set pool of insurance companies.
Reasons that You Need a Medicare Insurance Broker
Medicare is notoriously hard to understand. The government plans are often written in jargon, and many of the supplement plans can sound the same if you don’t know what to look for. There are even be hidden costs that can be hard to spot.
A Medicare insurance agent offers Medicare insurance broker tips. Their job is to assess your needs and quickly narrow down the options that are best for you. The agents often bring many years of experience that can help you find the plan that works best for you while saving you the most money.
How Does the Process Work?
Typically, a Medicare agent begins by evaluating your needs and current coverage. The discussions may cover your financial and health needs. There may be situations where your current private medical insurance is sufficient to cover your needs.
Discussing Your Current Plan
If your coverage doesn’t meet your needs, the agent can describe the various plan options that are available. Medicare agents have a vast understanding of the various plans that are available. They will quickly narrow your choices down to the best ones for you.
Exploring Your Medicare Options
The bulk of the time spent working with Medicare agents will involve discussions about Medicare options and plans. Each plan will be explained in detail so you understand the health and financial implications of working with each plan.
Narrowing Down the Options
Once you narrow down the plans to two or three options, the agent can further help by explaining the differences between each plan. Part of the process may involve working with a Medicare underwriter who assesses your health needs. A licensed agent can also help you to meet Medicare’s enrollment period.
Benefits of Using Medicare Insurance Brokers
One of the main benefits of working with a Medicare insurance broker is the ability to receive services for free. The agents are paid by the insurance companies or through another fee structure.
Shopping around with insurance carriers can be time-consuming. Unless you are experienced with Medicare policies, it may also be a poor use of time.
Gain Insider Information
Insurance agents bring insight and insider information that you may not be aware of. For instance, brokers may have a working knowledge of customer reviews for one company. Or they may know about market trends that could affect which plan works best for you.
Understand Complex Terms and Information
Once you get into the details of a plan, only an agent can explain terms and policies in a simple and easy-to-understand manner. The agents are there to help you through the entire process. The final enrollment process can be difficult without the help of an insurance broker.
Most Medicare brokers are there to help you even after you have signed a new plan. A good agent should be willing to help you by resolving billing issues and other issues that might arise.
Additionally, Medicare brokers can help sell additional policies like life insurance and long-term care insurance. Medicare is just one component of retirement. As you grapple with the new phase of life that is retirement, be sure to find a good Medicare agent who can help you navigate retirement.
How Do I Choose a Medicare Insurance Broker?
Are you searching for a Medicare insurance broker near me? There are certain qualifications that you should look for when choosing a broker.
One of the first questions you should ask a broker is how long he or she has been selling plans in your state. Medicare plans vary widely from state to state.
Make sure that the Medicare agent or broker you select is licensed for your state. You can check with the state insurance department for this information. Some agents include their license number on their card.
One of the best ways for you to find a trusted agent is through recommendations from trusted friends and colleagues. If you can’t do that, ask prospective agents for references.
Some brokers specialize in certain areas of Medicare. For example, a broker may be known for helping clients fill gaps in coverage. If you have special needs, make sure your agent is experienced in fulfilling those types of requests.
Work With Trusted Medicare Brokers
Every day, Medicare insurance brokers help clients save time by simplifying the process of researching and buying Medicare packages. At South Florida Medicare Specialists, we bring more than 15 years of combined experience.
Our goal is to save you time and money. Call on one of our Medicare experts today so we can help you answer all of your questions and answers.