Medicare Insurance Brokers
Medicare Insurance Brokers is an independent insurance agency that is able to obtain insurance coverage for their Medicare beneficiaries from any Medicare insurance company.
Medicare insurance brokers are not controlled by a Medicare insurance company. This allows them the freedom to tell their clients which company and plan is the best medicare insurance company for their specific health insurance needs.
Your Medicare insurance brokers have the needed expertise to ensure their clients will be covered by a reputable insurance company this is known for taking care of their clients. They will also make sure the insurance company they place you with as appropriately rated and reviewed by the Center for Medicare and Medicaid Services “CMS”.
When looking to work with a Medicare insurance expert, it is important the person you are working with is part of an insurance agency which specializes in Medicare. This will help ensure you receive the needed support for years to come, from a trusted organization and not just a individual.
How Are Medicare Insurance Brokers Paid?
When Medicare beneficiaries seek out help from Medicare insurance brokers, they will receive the exact same coverage and pricing. There is no difference in cost to the consumer, when using an insurance broker.
As with most types of insurance purchased through an insurance agency, the Agent is paid a commission from the Medicare insurance company.
CMS stipulated that it is against the law for an insurance agent to charge any fee to a Medicare beneficiary. When using a Medicare Insurance broker, clients gain access to an expert who provides a no cost service to their clients needing help signing up for a Medicare plan.
It is important to mention that commissions are set and established by Medicare, to ensure commissions are paid the same from all companies. This helps protect the consumer, by ensuring the Medicare insurance agent is not swayed to sell one company over another.
Clients who obtain this free service from a Medicare insurance broker, will end up saving money on your healthcare cost. This is due to the fact that the insurance agent has access into every Medicare insurance company.
To learn more about how Medicare insurance brokers get paid check out our blog post: How Do Medicare Insurance Agents Get Paid.
Captive Versus Independent Medicare Insurance Agency
Most consumers are not aware that an Medicare insurance agents are categorized and broken down into two different categories. Depending on which type of insurance agent you contact, can change how they make recommendations.
Captive Medicare Insurance Agent
An insurance agent who works for a single insurance company (Anthem, Cigna, or United Healthcare) are known as a captive insurance agent. They are only allowed to discuss and sell their specific Medicare insurance coverage. They are also required to represent the Medicare insurance companies best interest.
While they can discuss the pros and cons of their plans for your individual health needs, they are not able to tell you if another insurance company would better serve your needs. They are also not allowed to tell you if another Medicare insurance company would be more cost effective.
As the name implies “Captive Insurance Agency” the Agent is restricted or held captive, from discussing any alternative insurance company plans.
Independent Medicare Insurance Agent
When someone works with an insurance agency that is Independent, they are able to obtain information from all available Medicare insurance companies and plans. The Agent is not held “captive” to a single insurance company. They have the freedom to review and provide Medicare insurance quotes and advice for multiple insurance companies.
Many clients who work with Medicare insurance brokers, who obtain a Medicare supplement plan, will typically obtain their Medigap Plan G from one company and the Part D prescription drug plan from another insurance company.
This can save a consumer thousands of dollars each year in healthcare cost. Typically staying with the same insurance company for both types of coverages will not be financially beneficial.
What Are The Benefits Of Using Medicare Insurance Brokers
Medicare insurance brokers bring tremendous value to their clients. Most medicare recipients find they are happier with their Medicare insurance plans, when they use an independent medicare insurance agent. They also feel more confident in understanding how Medicare works.
Following is a short list of the many benefits of using Medicare insurance brokers.
- Individualized health insurance plans
- Umbrella of insurance coverages
- Cost savings
- Medicare insurance expert assisting you through the entire process
- Comprehensive plan options
- Simplicity of finding the right Medicare insurance company and plan
- Elimination of mistakes and errors
There are countless benefits Medicare insurance brokers bring to their clients. Many clients also find the education their insurance agent brings them about all the different options can be invaluable. Clients know they are obtaining the best advice possible, as they are not tied to a single insurance company.
The job of the Medicare insurance brokers is to represent the clients best interest, and ensure the company they are placing their clients with meet the client’s best needs and not the best needs of the insurance company.
If in the future, Medicare cost rise under the plan selected in the past, your Medicare insurance broker can quickly check current plans and assist their client in moving to a more cost effective plan option.
If a Medicare beneficiary selects the wrong plan based on bad advice from a friend or family member, it could cost them thousands of dollars in medical and prescription drug cost.
It is very rare that we would recommend the same Medicare Advantage plan or Part D prescription drug plan to a husband and wife. This is due to the fact that their healthcare needs are different.
As your medications increase or decrease in usage and cost, the Medicare insurance agent can help you sign up for a new Medicare plan that may better suit your needs in the future.
Very few people sign up for a Medicare plan on their own, and end up picking the best Medicare plan option for themselves. It is not until they become sick, that they discover the plan they chose on their own is not what they expected.
When Can Medicare Insurance Brokers Sign Me Up For A Medicare Plan?
Before a Medicare insurance agent can actively help you sign up for a Medicare plan, the beneficiary must first be enrolled into Medicare Part A and Medicare Part B of Original Medicare. From the following link we detail How to Enroll into Original Medicare based on your current situation.
Once you are enrolled into both Parts of Medicare, your Medicare insurance brokers can help guide you to your best Medicare plan option.
When signing up for a Medicare plan here are a two options to consider.
- Is a Medicare Advantage plan your best option or
- Should you stay on Original Medicare and obtain a Medigap plan.
This is one of the biggest decisions you will make related to signing up for a Medicare plan. It is vital that you select the best option for you.
Both of these plan options can be good options, but they can also have a long term impact on your health needs.
It is critical your Medicare insurance brokers outline both coverage options, so you can make an informed decision on which plan would be more suitable for you.
Depending on the decision you make, you could be stuck with that decision for the remained or your life. We don’t want our clients to feel stuck with a decision, which is why we spend time educating them throughout the entire process.
Discussing and educating yourself on these plan choices, will help you make a more informed decision. This way you won’t look back and say, I wish I would have known. Our clients know the pros and cons of each Medicare plan option.
What Type Of Training Is Required For Medicare Insurance Brokers?
Each year insurance agents are required to study and pass a national exam related to Medicare. Once they pass this annual exam, they are now considered Certified Medicare Insurance Brokers from a national level.
They are then required to study and pass a test from each Medicare insurance company they represent. This process must be repeated each and every year by every insurance agent who specializes in Medicare.
The entire process usually takes about a month to complete from start to finish.
This is important, as it shows our clients that our Medicare insurance brokers are up to date with all of the current laws, and insurance plans available to them from year to year.
Each year CMS makes small and large changes to Medicare. These changes impact a wide range of thing to include when and how a person is able to enroll into a Medicare plan. They are also known for changing the names and dates of different enrollment periods, which only adds to the confusion.
Medicare advantage plans and Part D prescription drug plans change annually. This includes the plans pricing, networks, formularies, doctors, medical facilities, deductibles, max out of pocket cost, and copays of each plan across the country.
It is important for those individuals enrolled into a Medicare Advantage plan and Part D plan, to fully review their plan changes each year. Your Medicare insurance brokers, are there to help you in conducting this research as well.
Certified Medicare insurance agents are tasked with learning and keeping up with all of these annual changes.
What Information Will My Medicare Insurance Brokers Need?
When you are signed up for Medicare Part A and B, your Medicare insurance agent will begin the process by getting to know you. This is important as they will need to understand what is important to you, related to your healthcare needs.
Once your Medicare insurance brokers understands your needs, they are able to identify plans that are best for you.
Here are a few questions and documents you will need to answer and provide.
- Do you understand the difference between a Medicare Advantage Plan and a Medicare Supplement Plan
- What is important to you related to your healthcare needs
- What Medicare plan are you currently enrolled in
- Do you have an employer health plan
- Name of health plan company
- Member ID number
- When did coverage start
- When will coverage end
- What are the effective dates of your Part A and Part B coverage
- Do you have a list of your medication
- Name of Prescription Drugs
- Dosage
- How often per day is it taken
- List of must have doctors (including address)
- List of must have medical facilities (including address)
- Do you need out of state coverage
- Do you have a qualifying event for a special enrollment period if enrolling outside of typical enrollment periods
The more information your Medicare insurance brokers have, the better job they are able to do on your behalf. While a Medicare supplement plan will not have the same restrictions in place as an Advantage plan, depending on which plan type you would prefer will change the questions we will need to obtain from you.
The questions listed above are the most common questions that your Medicare insurance agent will ask of you.
Need Help Finding The Right Medicare Plan
Integrity Now Insurance Brokers is here to help you find the right company and plan. We do our best to ensure we remove all of the obstacles and confusion our clients face.
We are one of the top Medicare insurance brokers throughout the United States. We have helped thousands on Medicare beneficiaries navigate through all of the different Medicare insurance companies and plans.
We know your mailbox is about to or currently is exploding with Medicare mailers, which can only add to the confusion.
As a Medicare insurance agency, we have seen many smaller insurance companies come and go. When you use one of our Medicare insurance agents, you instantly gain access to 20 plus years of insurance knowledge and expertise.
Throughout the years, we have navigated through the different insurance companies, to identify key characteristic traits to keep a watchful eye out for.
We only work with Medicare insurance companies who have a proven track record, that goes back 5 plus years showing consistent coverage and pricing.
Reach out to one of our Medicare insurance brokers, by giving us a call or completing our online form.
