Medicare has a lot of rules, benefits, and options. It can be overwhelming and difficult to understand on your own. That’s why most people get help from a Medicare Agency. Medicare-licensed insurance agents and brokers at these agencies are trained to explain the complex terms and coverage options and provide information that’s specific to your needs and priorities. They can also assist you with the enrollment process and follow up afterward to ensure that your coverage meets your expectations.
You can find a Medicare agent or broker through your health insurance carrier or by asking friends and family for recommendations. You should ask to see their license and check it against the state database. They should also provide references from previous clients. Look for an agent or broker who has been working in the insurance industry for a while and is familiar with your local market.
How Does a Medicare Agency Get Paid?
Both agents and brokers are compensated by commissions for their sales efforts. They are paid by the insurers they represent, which means that the more Medicare enrollees they sell to, the higher their commission will be. However, the Centers for Medicare and Medicaid Services CMS sets maximum compensation levels for both Medicare Advantage and Part D enrollments.
When choosing a Medicare agency, you should choose one that is licensed in your state to sell insurance and is familiar with the local market. It’s also important to find out how long they’ve been in business and to read their state licensing guidelines.
Medicare-licensed insurance agents and brokers are required to complete training and pass an exam each year in order to maintain their licenses. They should be able to explain the differences between different Medicare options and how they work together to provide comprehensive coverage. If an agent tries to sell you a policy without explaining how it fits your unique situation, that’s a red flag.
A good Medicare agent should take the time to learn about your health goals and budget before suggesting a plan. They should also explain the cost and coverage options of each option. The best Medicare agent is a trusted advisor who will provide ongoing support and guidance after you’re enrolled.
An independent Medicare agent has contracts with multiple insurance providers, so they’re able to offer you a wider variety of options. Because they aren’t bound to a single insurance company, they are able to focus on finding you the right plan at the best price.
If you apply for a Medigap policy outside of the guaranteed-issue window, you may have to undergo medical underwriting. This is where the insurance company assesses your current health status and determines whether or not they will approve your application for a particular plan. A Medicare agent or broker can evaluate your health and financial situation and help you decide if this is the right course of action. This can save you both time and money.