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WHY CHOOSE AN INDEPENDENT MEDICARE INSURANCE AGENT?
For those who have turned 65 and become eligible for Medicare, there are lots of decisions to make about how to use the program in the best way to meet your healthcare needs. First, you will need to determine whether you will opt to use Medicare Part A & B or choose Medicare Part C instead. Those who choose Medicare Part C, have lots of coverage options offered at many different price points by various private insurance companies.
There are many things to consider as you select the Part C plan that’s right for you, including coverage options, premiums, included services, co-pays, service areas, insurance companies reputations and responsiveness, and choosing the right insurance agent.
One of the most important considerations to think about is whether you want to work with an independent insurance agent or a captive insurance agent. In this article we will go into great detail about the differences and advantages of each so that you can make an informed decision that will serve you best.
With plans changing every year, the more you learn about the choices available, the better chance you have of getting the most coverage for the best price. Next year there will be more Medicare Part C plans, also known as Medicare Advantage plans, available than there have been since 2009, with 2,734 plans out being made available to Medicare beneficiaries.
So, obviously, you have lots of options to choose from. Each plan will vary in its premiums, its coverage options, its supplementary services like pharmacy and dental options, and its service area limitations.
All of these variables require consideration. Adding to the decision are the countless number of insurance carrier options around you.
As you weigh all of this with what is best for you, given personal your budget and your individual healthcare needs, it can be very helpful to consult with a licensed Medicare insurance agent. These agents have specialized expertise and knowledge and can guide you to a plan that will exactly meet your needs and your budget.
Licensed Medicare agents have experience and familiarity with all the options out there. Seeking their help will allow you to quickly sift through the most viable options and save you enormous amounts of time and energy as you make your decision and select a Medicare Advantage plan.
When it comes to finding a licensed Medicare insurance agent there are two broad types of agents: Independent and Captive. Though both are qualified to set up a Medicare Advantage plan for you, they differ in some significant ways.
INDEPENDENT VS. CAPTIVE MEDICARE INSURANCE AGENTS
In the insurance business, there are captive agents and independent agents. A captive agent works for a single insurance company and knows and sells only the insurance products of that particular company.
Captive agents can only provide a quote on the policy their company offers. They will offer you no freedom to look for alternatives for comparison between different quotes and policy terms.
Captive agents are loyal to their company and they sell their products regardless if it the right fit for their client or if they can find their clients a better deal somewhere else.
On the other hand, independent agents, or brokers, work as a broker between you and many different insurance companies. Because they are not loyal to one particular company, but only to their customer, they can find you the best deal for your needs.
Independent insurance agents shop many different insurance companies to find the right policy for their client. They have lots of options in terms of carriers and plans to choose from. They can speak with you about the specific coverage options you need in your policy, as each insurance company has different policy terms, rates, coverages and liabilities.
They have access to plans that fit budgets of all sizes. They can request lots of quotes from lots of different companies and then help you evaluate the best one.
Best of all, their business is built on the ability to find you exactly what you need and they put your needs first. Brokers (or independent agents) work with multiple insurers—they communicate, negotiate, bargain, and create the best policy at the best price for you. Brokers make their living and build their credibility by making their clients happy, not by pushing one single company’s insurance products.
THE DIFFERENCE THAT MAKES THE DIFFERENCE
For Medicare beneficiaries who want to find the plan that is right for them at the right price, choosing an independent licensed Medicare agent is the obvious choice.
Your healthcare choices have an impact on your budget and your retirement savings. When you choose a Medicare Advantage plan your premiums and out-of-pocket costs are generally lower.
When you choose an independent agent to find the right Medicare Advantage plan, these benefits are even greater. With a myriad of carriers and plans to choose from and negotiate with, you can create exactly what you need at a price that works for your budget.
A licensed independent agent can guide you through the ins and outs of each policy, negotiate the terms and the premiums, and help you through the enrollment process.
WHAT ARE THE TOP BENEFITS OF HAVING AN INDEPENDENT INSURANCE
AGENT BY YOUR SIDE?
There are many benefits to choosing an independent licensed Medicare agent to help you find the right Medicare Advantage plan for you.
QUESTIONS TO ASK YOUR INDEPENDENT INSURANCE AGENT
Whether you are a new beneficiary enrolling in a Medicare Advantage plan or looking for a way to change your current plan, here are some of the questions that will help you identify the right policy for you.
HOW YOUR INDEPENDENT AGENT WILL RESOLVE YOUR QUESTIONS
At this point, your independent agent will go to work answering your questions and helping you find the ideal policy for you.
Your agent or broker will look at the insurance policy both in terms of coverage and costs.
Ideally, your agent will go through all the plans available in your service area, evaluating the pros and cons of each one.
Typically, a Medicare beneficiary will have an average of 24 different Medicare Advantage plans to choose from.
Once you evaluate all your Medicare Advantage plans and select the one that is right for you, then your licensed agent will play a major role in helping you enroll in the Medicare plan you have chosen.
HOW DO YOU CHOOSE THE BEST INDEPENDENT MEDICARE INSURANCE
AGENT?
After understanding the central role your Medicare agent plays, it is clear that you should pick a capable agent that you trust. You want to find the best broker you can because a qualified, conscientious independent agent will work hard to reduce your premiums while getting you the most coverage available. If you have a broker you can rely on, your chances of finding the best possible Medicare policy increases.
To find the best independent agent for you, it’s important to remember a few things:
First, ensure that your broker is licensed and registered in your state to sell insurance. You can also check their review, ratings, and credibility online or call your state insurance commissioner’s office. It can also be helpful to get references from other clients and read their reviews.
Be sure to find a broker that specializes in health insurance, particularly Medicare insurance. There are many different kinds of insurance out there, but Medicare insurance has its own set of rules and regulations.
As we have explained, you have a lot of options when it comes to Medicare coverage and you need an independent agent that understands the industry inside and out and exactly how the Medicare program works. If your agent is an expert in Medicare coverage, it will give you so much help as you weigh your insurance policy decision.
Find an independent agent that is very familiar with current Medicare laws and regulations and understands any recent changes to the program. The more experience and knowledge your agent has, the better they can assist you as you navigate the program and choose the right policy parameters for you.
Additionally, the independent insurance agent you choose should be attentive and present you with lots of plan options to meet your unique needs.
Here are a few more things to take into consideration when selecting your agent:
