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Why Is Working With A Medicare Agent Important?

Happy senior couple handshaking with Medicare agent

Medicare agents are a valuable asset to new and old Medicare beneficiaries. Their experience, knowledge, and skillsets are primed to aid you in your search for the best available coverage for the most affordable price.

Expertise and Experience

Independent Medicare agents are a powerful and limited resource. These individuals are well versed in all things Medicare and can help you understand the program’s different parts, its costs, enrollment, savings programs, and more. Working with a Medicare agent will be the key to navigating Medicare as a new beneficiary or as someone who’s been receiving Medicare benefits for years.

On top of Original Medicare (Medicare Part A and Part B), there is Medicare Advantage, Medicare Part D and Medicare Supplements. Do you know the difference between these parts and why each one might benefit you?

There are many different Medicare enrollment periods throughout the year. Did you know that if you fail to sign up on time you could end up paying late enrollment penalties for as long as you hold coverage?

Not everyone pays the same amount for prescription drug coverage. Are you aware of the Medicare Savings Programs available to help people with low incomes and limited resources access the coverage they need?

The longer you work with Medicare, the more familiar you become with the ins and outs of coverage, costs, and comparisons. Understanding the value of one plan’s coverage versus the other plan’s price is something that can be difficult to grasp without professional help.

Comparison Tools

Not only are Medicare agents skilled at comparing the available plans in your area, but they also have the tools and resources to easily get to the bottom of what separates the plans from each other and which Medicare plan most closely matches your needs.

Motivation for Getting You the Best Coverage

Independent Medicare agents are the ideal resource to turn to when you want to find a Medicare plan. Why? They aren’t in it for the money. In most cases, they receive the same basic compensation from the insurance companies no matter which plan the client chooses. It is in their best interests to make their clients happy by finding them the Medicare plan that most closely suits their health care needs and budget.

Medicare agents do not have an agenda. They are here to serve you and help you find the Medicare coverage you need for the best price available in your area.

The contract on the desktop shows how a Medicare Agent gets paid.
For every year you stay in the plan, they get half the initial payment.

How Does an Agent or Broker Get Paid?

Agents or brokers are either employed by healthcare companies or have a contract with the companies to sell their plans. They’re typically paid by commission. When an agent or broker enrolls you in a health plan, they get a fee for that first year. For every year you stay in the plan, they get half the initial payment.

However, the commissions agents and brokers receive for different plans vary by company and arrangement. For instance, the commission can be a flat fee or a percentage of the premium. Regardless, you don’t pay for the agent’s or broker’s service directly.

Why Work with an Agent or Broker?

Although there is no requirement to work with an agent or broker, you may choose to do so for the following reasons.

Navigating Medicare

Medicare can be complex. There are numerous plans, plan combinations, benefits, rules, and exceptions — all of which can be confusing. Buying health insurance is a huge investment, so you want to find a plan that meets your needs. An ethical and knowledgeable agent or broker can help you get the best value for your money. Agents or brokers who sell health insurance products related to Medicare have to pass a test on their knowledge of Medicare every year.

Medical Underwriting

If you want to buy a Medicare Supplement Insurance policy (also called Medigap) after your open enrollment period, insurance companies may use medical underwriting and set the premium based on your current health condition. They may also refuse to sell you the policy based on any health issues you have. A Medicare agent or broker can help you figure out if you’ll meet the underwriting requirements for the plan you want.

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