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What Are The Benefits of Using a Medicare Broker?

Medicare Broker

Navigating Medicare can be a challenge, especially when you want to find the right rate for you, the right plan, and most importantly, the best coverage. Some people prefer to select coverage themselves.

However, there is an easier way to find the right Medicare coverage for you. According to law experts, getting a Medicare broker comes with several benefits. A captive insurance salesperson working with one company may not be the most forthcoming when it comes to giving you the pros and cons of each plan; he/she only sells one company. 

Because of this, it may be a good idea to get a Medicare broker instead. Medicare brokers are contracted by insurance companies and can help you find the right policy without pushing a hidden agenda. A Medicare broker can go over your options with you and help you make an informed decision based upon your needs.

So, what are the benefits of using a Medicare broker?

A Medicare broker will help you find a plan that meets your financial needs and allows you to get the medical care you require. Also called Medicare insurance agents, Medicare brokers are beneficial for those who don’t know where to start when seeking a Medicare plan.

You don’t have to pay for a Medicare broker’s services. The broker’s commission does not come out of your monthly premium. The insurance company’s marketing budget is allocated for commission payouts & it does not affect your premium. Independent brokers have an in-depth knowledge of the insurance industry. As a result, a broker can tell you about industry trends and price variations. These brokers don’t have anything to gain, so they are honest about policies and how they may affect you. The commission payout is relatively the same amongst companies, so the broker can provide an unbiased opinion. 

A broker’s suggestions are based upon facts, and it is unlawful for one to provide false information, so they cannot falsely try to persuade you to choose one plan over another. 

It is also against the law for a Medicare broker to offer enticements, such as prizes, to get you to select a plan and get coverage from that plan. If you decide to speak with a broker, do your research, and investigate the agent’s background.

It may be a good idea to verify that the broker has a license and has a good reputation. One of the greatest things about Medicare brokers is the fact that one can get to know your situation. A Medicare broker “represents” several insurance companies and will assist you in enrolling in a plan.

Additionally, brokers only receive money from insurance company’s marketing budgets & not your monthly premium. Because of this, they will not push you to purchase anything.  Medicare insurance brokers are beneficial to those who are new to Medicare, because they can sell Medicare plans from several different companies. This helps you make an informed decision and understand how each plan functions. 

One of the greatest benefits of a Medicare insurance broker is the fact that one can provide you with information about plans, allowing you to select one that is right for you. A broker can also answer any questions you may have.

Navigating the enrollment process can be challenging, and at times, it can be difficult to understand Medicare’s requirements. A broker will walk you through the process of enrolling, making sure you meet the enrollment deadline and are not making mistakes along the way.

Of course, it helps to know the details about Medicare policies and how a Medicare broker can help you understand these. According to experts, Medicare beneficiaries have many choices when it comes to Medicare policies.  

The average senior had more than 33 Medicare Advantage plans to choose from in 2023. Also called Medicare Part C, Medicare Advantage plans offer many benefits. If you don’t like the restrictions under part C, a supplement Medigap policy may be a good option for you. 

Because Medicare brokers have information about Medicare that many do not have, they can tell you about “market demographics” and may be able to help you find customer reviews about plans. This allows you to make an informed decision. Because Medicare insurance policies can be difficult to understand, a broker will go over terminology as it relates to Medicare.

Additionally, your broker may be able to explain eligibility requirements and terms for enrollment. Medicare enrollment and Medicare application are the same thing and apply to the same procedure for obtaining Medicare coverage. 

In some cases, your Medicare broker may stay with you after you’ve enrolled in a plan to ensure you sign up in due time and help with claims coverage.  If you don’t enroll by a specified deadline, you may face penalties in the future, experts say. A Medicare broker will make sure you enroll by the right deadline and may help you file claims. 

Additionally, a broker may help you file appeals, fix billing problems, and a multitude of other things. As a Medicare beneficiary, you have a multitude of responsibilities and rights, and a knowledgeable broker will guide you through this process. 

A Medicare broker may also try to assist you with other policies that may help you. These include life insurance, long-term care insurance, dental, vision & hearing coverage and other products related to insurance. It is free to contact a Medicare broker, so there is no need to fret about extra expenses. Many worry that getting a broker may increase their monthly premiums. However, this is not the case.

Brokers typically get commissions from the insurance companies they represent; however, it’s from the marketing budget. Brokers are also beneficial because Medicare changes every year. The arrangement of Medicare changes on a yearly basis, and information about premiums, deductibles, and copays may change.

Because insurance companies don’t send you information about these changes, a broker will explain them to you in simple language, so you can understand how these changes apply and impact you. A Medicare broker can compare other plans and explain those plans to you.

You don’t have the ability to do this if you sign up directly through an insurance company or a captive agent; a captive agent who markets only one company. Either way, working with a Medicare broker has many benefits.

Technically, you are already paying for a broker. Because their commissions are paid by the insurer, there is no need to pay for their services. You are not paying for their services, whether you realize it or not. 

Medigap rates also increase each year. However, that rate is likely to change, and not changing anything can lead to extra costs that may be a financial burden. Many people without a broker do this and pay the price in the end. A broker can explain rate changes and can help you find another plan that better suits your budget.

A broker can also help you compare Medicare Part D drug plans. According to Active Medicare Solutions, a Medicare broker helps you find the best plan for you. Brokers provide quotes and information about plans to help you make an informed decision. To do this, a broker gets familiar with your individual situation. 

A broker can also get familiar with your health status and help you pick the right plan based on that information. Different companies have different underwriting requirements, and your broker will be familiar with this. He or she will also consider your budget and may help you select a plan that suits that budget. A broker will also tell you how your health status will impact your ability to get an insurance plan. 

As licensed insurance providers, Medicare insurance brokers provide you with factual, unbiased information, so you should not feel like you’re being pressured to select one plan over another. Brokers help you get acquainted with an insurance company that aligns with your individual requirements.

If you are ready to choose an insurance broker, it is a good idea to do some research to find the best one for you. A broker can also help you compare your current coverage to other plans that are available. An alternate plan may provide the same coverage you have at a fraction of the cost.

A broker can also help you find the best “combination” of plans to meet your needs. Another great thing about a Medicare broker is the fact that one can provide you with more options than a single insurance company can. Brokers can compare thousands of plans and help you make a decision depending on what each plan offers. Because your association with your broker may not end after you select a plan, you can rest assured you’ll have someone to help you through the process of selecting and maintaining the best Medicare plans for you.

5 Sources

MedigapCoverage has strict sourcing guidelines to ensure our content is accurate and current. We rely on peer-reviewed studies, academic research institutions, and medical associations. We strive to use primary sources and refrain from using tertiary references.

https://www.esmlaw.com/should-you-go-with-a-medicare-broker/.

https://ncoa.org/article/what-is-a-medicare-broker-and-why-should-you-consider-talking-to-one

https://www.helpadvisor.com/medicare/medicare-insurance-broker

https://www.retireguide.com/medicare/compare/medicare-broker-vs-agent/

https://www.estokinsurance.com/benefits-using-medicare-broker/https://www.valuepenguin.com/best-medicare-advantage-plans.

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Table of Contents

FAQs

  • Best overall Medicare supplement for new enrollees: Plan G.
  • Best overall Medicare supplement before 2020: Plan F.
  • Best low cost Medicare supplement: Plan K.
  • Best alternative to Plan G Medicare supplement: Plan N.

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Medicare Supplement policies are private health insurance designed to cover gaps in Original Medicare. They are also known as Medigap plans. These take care of costs such as copays, coinsurance, and deductibles which can become expensive if you need regular care from a doctor or hospital. If you need medical care while traveling outside the U.S., you can buy Medigap policies to help cover those costs. As a supplement to Original Medicare, you’re required to have Part A and Part B before you canget a Medigap policy. This way, Medicare is responsible for the Medicare-approved costs of the covered care, and the remainder is covered by your Medigap plan.

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Optimal coverage comes with higher costs, making Plan F the most expensive Medigap plan. Plan F is known as “first-dollar coverage” and it takes care of everything provided during a doctor or hospital visit. Your only responsibility is for dental, vision, medications, and equipment, such as hearing aids.

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The Federal government ended the Plan F option for new enrollees last year to keep the healthcare system from being overused by patients who had their deductibles covered. The next best coverage after Plan F is Plan G.

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Medigap Plan G offers every advantage of Plan F except for the deductible, which you have to cover. Because it isn’t as comprehensive as Plan F, Plan G is more affordable.

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For people who don’t go to the doctor often, Plan K is worth considering. It is the most affordable because it provides just 50% of Medicare Part B coinsurance, the Part A deductible, blood, skilled nursing, and Part A hospice costs. For comparison, Plan G and others offer full coverage of these expenses, and more.

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It’s hard to argue against plans which cut your traditional Medicare costs. For most people, having the extra coverage these supplemental plans provide is common sense, unless they want the specific features of a Medicare Advantage plan.

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Most people would benefit from not having to pay out-of-pocket to stay healthy. Medicare supplement insurance or a Medicare Advantage plan offer vital savings now, but are indispensable should a catastrophic health issue occur.

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Of the 10 Medicare-approved Medigap plans, Plan G and Plan N are the most popular. Plan F is no longer available to new Medicare enrollees as of 2020, but it is still popular among people who bought this plan prior to 2020.

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  • Plan F$128–$342
  • Plan F (high deductible)$22–$88
  • Plan G$106–$325
  • Plan G (high deductible)$29–$58

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Before getting a Medicare supplement plan, you need to be enrolled in Medicare Part A (hospital insurance) and Part B (medical insurance). People with Medicare Advantage Plans who want to go back to Original Medicare can buy a Medigap policy prior to switching.

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The security of having lower or no out-of-pocket healthcare costs can offset the premiums you’ll have to pay for whichever Medigap plan you choose, which vary depending on the benefits offered.

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The national average cost for Medicare Supplement Plan F is $1,824 annually, which is $152/month; Medigap Plan G will cost you around $143 per month.

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Since Plan F was discontinued for new enrollees as of 2020, Plan G offers the most coverage for people 65 and older. It has a lower premium than Plan F and duplicates its benefits, except for the Part B deductible.

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It depends on your specific needs, but for most people a Medigap plan is very useful in supplementing the coverage of Medicare Part A and Part B. A Medicare Advantage plan is an affordable way to get healthcare coverage not offered by Original Medicare.

Historically, Plan F has been the most popular because it covers all the out-of-pocket costs Medicare does’t pay for. This includes the 15% extra charge billed by providers who do not take Medicare as full payment.

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Since January 1, 2006, no Medigap policy came with prescription drug coverage. You have two options to get covered, enrolling in either a Medicare Prescription Drug Plan (Part D) or a Medicare Advantage plan.

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