Medicare remains somewhat of a mystery, even to beneficiaries who have been enrolled in the program for years. Medicare has so many working parts, and it can be difficult to remember how they all work together. Do you need all of them? Can you pick and choose? How do you know if you have enough coverage?
Luckily, Medicare brokers help you with all of that and more.
What Do Medicare Advisors Do?
Medicare advisors (or brokers) are a type of health and life insurance agent that specializes in the Medicare industry. They deeply understand how the federal Medicare program works, all the rules and regulations, and the pros and cons of each Medicare plan.
The primary goal of a Medicare advisor is to provide education. Beneficiaries must have at least a basic understanding of Medicare because, ultimately, they are the ones who will make the final decision about which plans to enroll in. An advisor provides education and resources to new and existing beneficiaries and helps guide them through the decision-making process based on their unique healthcare needs.
Why You Should Work with a Licensed Medicare Insurance Broker/ Independent Agent
You can enroll in Medicare by yourself. You don’t have to utilize the help of an advisor or broker. However, there are five advantages of working with a licensed agent.
1. They are experts in their field.
The internet has almost an infinite amount of information - websites, videos, social media channels, you name it. However, you will spend several hours over several days consuming the information you need. While it’s a good idea to do some of that research yourself, once you have a basic idea, it’s much simpler to speak to an expert.
If you’ve started researching Medicare, you know there is nearly an entire alphabet soup of letters to untangle: Parts A, B, C, and D; Plans F, G, and N; MA, MAPD…the list goes on. A Medicare advisor will help you determine exactly which of those letters you need to create a comprehensive insurance portfolio.
2. They will create an enrollment timeline.
You should start your transition into Medicare six to nine months before your 65th birthday. This gives you plenty of time to decide which plans are right for you, allowing you to budget for those premiums. Then, you can begin the actual enrollment process about three months before your birthday. An advisor will ensure you submit your applications on time and have all the information you need before your effective date.
3. A broker will shop the market.
Medicare Part A and Part B are the only two aspects that are the same for everyone. You can only get these two parts from the federal government. Everything else, however, comes from private insurance companies. As you’re probably aware, there are many carriers to choose from. Instead of calling all these carriers yourself and getting a breakdown of benefits and premium amounts, an agent will do that on your behalf. They’ll find the benefits you need at a competitive rate.
4. They will keep you updated.
After you’ve completed the enrollment process, all the hard work is finished. However, you’ll need to keep an eye on your plans and watch out for updates over the year. For example, the Annual Enrollment Period (AEP) is important for all beneficiaries. During this time, you’ll need to review your current plans, consider any changes, and switch plans (if you choose) for the upcoming year. A Medicare broker will notify you as AEP draws nearer and review your current plans to determine if any changes are necessary.
5. They’ll provide customer support.
No one likes calling insurance companies. If you enroll in Medicare plans with the help of an advisor, many of them will offer customer support if you have any difficulties with the plan. For example, maybe you need to change your bank drafts, or maybe you want to know why a certain service or prescription wasn’t covered. Your advisor will be able to answer those questions so you can avoid long hold times with the insurance company.
How to Choose a Good Medicare Advisor
OK, so you’ve decided you’d like to work with an agent. Now what? How do you pick the right one? You should look for two major points when choosing your Medicare advisor. (Spoiler alert! The agents at Jackson Insurance Brokers check both boxes!)
Choose an independent agent (broker). This is probably the most important aspect of choosing a good advisor. There are two types of insurance agents: independent (broker) and captive. Captive agents can represent only one company. They might be a great agent, but they’ll only be able to offer you plans from one company. They won’t compare benefits or rates to others on the market. Independent agents/brokers, on the other hand, often contract with 40 or more companies so they can find a policy that best fits your needs and budget.
Make sure they offer all options. If you feel like an agent is “pushing” one kind of plan over the other, they may not have your best interests in mind. For example, if the agent is only talking to you about Medicare Advantage and doesn’t want to answer questions about a Medicare Supplement, that should be a red flag. This should be yourdecision, not the agent’s.
Most Medicare advisors do not charge a fee to work with them. Instead, they get paid a commission by the insurance companies, so there is no additional cost required of you. Finding a good agent and utilizing their help can save you hundreds of dollars every year. Want to learn more about our licensed agents? Give Jackson Insurance Brokers a call today!