Benefits of Working with a Medicare Broker
July 18, 2024 | John Demko
Navigating Medicare can be overwhelming. Understanding the enrollment periods, the difference between a Medicare Supplement and a Medicare Advantage plan and the varying coverage options can be a challenge. Doing it all on your own can feel like a confusing uphill battle. Fortunately, there are professionals out there who are dedicated to making the Medicare experience as easy and even as enjoyable as possible. Medicare brokers are licensed insurance agents who specialize in Medicare. They can help with everything from determining when you should apply for Medicare and what type of coverage is ideal for you and enrolling in a plan. There are many benefits to working with a Medicare broker, some of which we will cover in this blog so you can understand how they can help you.
Here are some of the top benefits of working with a Medicare insurance broker:
Most Up-To-Date Info
An insurance broker stays informed of the most up-to-date Medicare information; if you don’t already know, Medicare rules and guidelines change often. Therefore, having a resource on your side is very helpful in keeping you informed about the most important changes that may impact you and your coverage.
Access to Multiple Insurance Carriers
An insurance agent can help you choose and enroll in a Medicare plan; however, if the agent is from an insurance company, they can only discuss and offer you plans from that insurance carrier. On the other hand, an insurance broker can contract with multiple insurance companies and, therefore, can compare plans from one organization to another. This is beneficial because everyone is unique, and every plan is different.
There is great value in being able to look at several options when determining what will work best for your individual lifestyle and health needs. An insurance broker can represent anywhere from 2 to 20+ different insurance companies, so it is important to have an idea of how many different insurance carriers the agent you are working with represents. In general, the more options they have available, the better; however, an experienced agent will not present you with a dozen different options; rather, they will ask you a series of questions ahead of time, which allows them to narrow down a few of the most suitable options.
Unbiased Recommendations
An additional benefit to working with a Medicare broker is there is less opportunity for biased recommendations since they represent many different insurance carriers. Unfortunately, although an unethical practice, some insurance professionals may make recommendations that are biased or even in their own best interest from a compensation standpoint. This is less common regarding Medicare, as there are strict guidelines and slight variances when it comes to compensation models. A trusted Medicare broker will put aside personal preferences when making plan recommendations and base their suggestions on the client’s best interest.
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Support and Guidance
An experienced Medicare broker can provide support and guidance. Working with an agent that is available year-round is especially valuable because Medicare plan questions aren’t just an enrollment-time occurrence, they arise often and having a knowledgeable resource available when you need it most can give you the answers you need when you need them.
Personalized Attention
When you work with a broker, they should take time to get to know you and your lifestyle and unique needs because this all really does matter when choosing a Medicare plan. It’s not just about what medications you take or whether you need hearing aids; it should be an all-encompassing snapshot of your lifestyle, where you travel, where you doctor, and cost considerations for both premiums and copays. If you aren’t being asked these questions, or if you feel rushed or your questions aren’t being fully answered, it’s a good indication that the agent you are working with may not be as experienced or they aren’t putting your best interest above all else.
Find out How to Choose a Medicare Insurance Broker
No Extra Cost
When you work with a Medicare insurance broker, you experience all of the previously mentioned benefits, but the best part is that all these services come at no cost to you. Medicare insurance brokers are compensated by the insurance companies, so you can take advantage of their experience and guidance without having to worry about additional expenses.
Partnering with a Medicare insurance broker, like those at Twin City Underwriters, can provide invaluable assistance, save you time and money, and help you make well-informed decisions about your Medicare insurance coverage. Working with a Medicare broker can offer peace of mind. Their guidance and support can help you feel confident that you have explored all available options and selected the most suitable Medicare plan for your situation.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Attend an online Medicare webinar, in-person Medicare workshop, or schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, UCare, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.
