Medicare Insurance Agent: Do You Need One?

Navigating the world of Medicare can quickly become overwhelming. Between the different Parts, optional Medicare Supplement insurance, and bundled Medicare Advantage plans, you have a lot to consider.

With an abundance of coverage options, collecting the information you need to make the right decision about your healthcare can feel almost impossible. Even with countless online resources providing Medicare information, many people new to Medicare still find themselves lost. A licensed Medicare agent or broker can make all the difference and save you both time and money. 

What Does a Medicare Insurance Agent Do?

A Medicare insurance agent is a licensed individual who can help you make sense of your Medicare coverage options. Agents are required to complete training and pass an exam each year to maintain their license. The most knowledgeable agents can help you to understand each of your coverage choices and assist in selecting the best one for your specific health and financial situation.  

Review Health Plans

Your Medicare plan should fit your needs and your budget. A Medicare insurance agent works closely with you to gain insight into your financial situation and specific health needs. The information you provide, including your medical history and current prescriptions, enables them to help you narrow down your options and guide you toward the ones that make the most sense for your unique circumstance. 

Medicare insurance agents aren’t only for new beneficiaries. If you’re already on a plan, they can also help you review your coverage to ensure that it meets your needs and provide you with options that may be a better fit. Should you decide to switch plans, they can guide you through the process.  

Break Down Coverage and Policy Options

There are numerous Medicare options, each with its own benefits, rules, and exceptions. One of the last things you want is to present your policy information to a healthcare provider or pharmacist only to find out you don’t have the coverage you thought you did. 

A Medicare insurance agent can walk you through the specifics of your coverage and policy options, helping you to decipher complex terms and confusing details. After speaking with your advisor, you should feel confident that you’re choosing a plan that has benefits you understand and that are tailored to your needs.

Types of Agents

If you’re considering a Medicare agent, you’ll have two options from which to choose: a captive agent or an independent insurance agent. While they’re both licensed to sell Medicare, they’re very different from one another. Knowing the difference can help you decide which type of insurance agent to select.

Captive Agents

A captive agent works with only one insurance company. They get to know their company’s plans very well, and in great detail. The drawback to working with a captive agent is that they cannot provide you with information about options from other insurance providers. This means they can’t help you shop around  and compare every plan available to you. With over 20,000 Medicare insurance plans available nationwide, committing to a captive agent can easily mean missing out on opportunities to find better value elsewhere.

Independent Insurance Agents

As the name suggests, an independent Medicare insurance agent is one who is not tied to a specific insurance carrier. Independent agents have contracts with multiple insurance providers: this allows them to offer Medicare beneficiaries more options.

When working with an independent Medicare agent, it’s important to ask how many insurance carriers they work with. Two? Three? The more, the merrier. Unfortunately, most independent agents only have access to compare plans from three or four carriers.

A little bit of self-promotion has never hurt anyone, and it’s worth mentioning here why Chapter is more effective than most agents: not only is Chapter an independent Medicare advisory that is not beholden to any insurance carrier—it's also the only company that has access to compare the offerings and prices of every single Medicare insurance plan available nationwide. We help Medicare beneficiaries choose the plan that provides the most access to high-quality healthcare at the most reasonable cost depending on each person’s specific needs and budget.

Benefits of Using a Licensed Professional to Purchase Medicare

Of course, you can navigate your Medicare plan options on your own. There are several online tools and resources that can help, and you can seek information from plan providers and family members or friends who have already enrolled in Medicare. Working with a licensed professional, however, comes with significant benefits. 

Knowledgeable Advice

Agents and brokers are licensed experts who are there to help you understand the intricacies of the plans they recommend. They can help you look at your options and offer their advice based on your unique circumstance. 

Cost Savings

When you don’t have a firm grasp on the specifics of Medicare coverages and policies, it can be easy to make a costly decision. A licensed professional can help you find the best coverage, specific to your health and financial situation. 

Many factors affect the cost of healthcare in retirement: insurance premiums, provider networks, deductibles, copays, prescription drugs, pharmacies. A Chapter advisor can help you search through all available options, so you can choose coverage with the best value for you based on your health and financial circumstance. 

No Added Fees

Agents don’t usually charge consumers a fee. They, instead, earn a commission from insurance carriers when they sell their plans. To give consumers as much choice as possible, some advisors—Chapter is proudly one of the few—don’t limit their search only to carriers and plans that pay them a commission. 

Do You Need a Medicare Insurance Agent?

The right Medicare coverage can ensure that you are receiving the healthcare you need without overpaying. However, the sea of information leaves many people feeling confused and worried, and you want to be sure you’re receiving the best coverage for your needs. 

Rather than struggle to understand coverages, policy options, and unfamiliar terms, a Medicare insurance agent or broker can help make enrolling in Medicare easy. The best licensed professionals will take the time to get to know you, present you with suitable options, and help you compare them so that you know that you’re selecting the best solution. 

Are you getting ready to enroll in Medicare for the first time or thinking about switching your coverage? Let one of Chapter’s licensed advisors be your guide. Give us a call today to get obligation-free advice.