Medigap plans are standardized; Medigap insurance agents aren’t.
Yes, having a skilled guide in the form of an experienced and expert Medicare broker can make all the difference.
But some agents and brokers are definitely better than others.
Medicare planning isn’t something you want to leave in the hands of your grand-nephew who just got a life insurance license and “dabbles” in health insurance and is just starting out with Medicare plans. Signing up for the wrong plan can cost you many thousands of dollars over time.
That’s why it’s important to work with a Medicare market agent with years of experience working specifically with senior citizens. One who can help you explore all your options, whether it’s a Medigap plan, a Medicare Advantage plan, or even the affordable, low-cost, non-insurance health sharing alternative to Medigap plans, Medi-Share 65+.
Believe it or not, few Medicare market agents and brokers can speak to you about all three of these options.
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What to Look For in a Medicare Agent or Broker
A Current, Active Life and Health License
Before you engage, ensure the broker is properly licensed in your state.
This helps protect you in case your agent or broker makes a mistake. Regulators and the broker’s errors and omissions insurance policy can help rectify the situation in case something goes wrong.
You can verify the agent and broker’s license number with your state insurance commissioner’s office.
You can find your insurance commissioners’ website by visiting www.naic.org.
Experience Counts
Opt for a broker with a proven track record, demonstrating a long-term commitment to the Medicare insurance industry.
Experience not only signifies a broker’s understanding of the landscape but also their ability to adapt to its evolutions over time.
The number of years as an agent doesn’t matter as much as evidence of a focus on Medicare-related insurance and senior citizens.
Seek a Personalized 1:1 Relationship
The best brokers offer personalized guidance, avoiding the impersonality of large call centers.
You deserve a broker who knows you by name, understands your specific needs, and is readily accessible when you need advice or assistance.
Comprehensive Discussion of All Options
Your broker should be well-versed in the entire spectrum of Medicare and related health coverage options, including Medigap, Medicare Advantage, Long-Term Care Insurance (LTCi), and even health sharing alternatives.
This comprehensive approach ensures you’re informed about all potential paths.
The Importance of Doctor Choice
Ensure your broker respects your preference to choose your own doctor, especially if you’re wary of managed care plans that limit provider choices.
This consideration is crucial for maintaining continuity and satisfaction with your healthcare experience.
This means your agent or broker should be appointed with Medigap carriers and the Medi-Share 65+ health sharing plan, as well as Medicare Advantage plans.
Broker Communication Preferences
In today’s digital age, accessibility is a must.
Prefer brokers who are adept at communicating via phone and email, ensuring timely responses to your inquiries.
While door-to-door, “kitchen table” agents may offer a personal touch, their availability can be limited by their travel schedule.
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Key Questions for Your Medicare Broker
| What to Ask | What to Listen For |
|---|---|
| Are you a captive agent? | Understanding whether a broker is ‘captive’ to one insurance company or ‘independent’ and representing multiple carriers can influence the diversity of options they present to you. While captive agents can be great subject matter experts with deep knowledge of their company’s products, most people in the market for Medicare-related products are better served by independent brokers who can represent a diverse range of plan types and products. |
| How long have you been selling Medicare plans? | An experienced broker has a better understanding of Medicare and its functions. Their tenure can demonstrate how deep their understanding of Medicare is. |
| Are you licensed in my state? | This question is key, as you should only work with a licensed agent, and offers peace of mind that you’re dealing with a professional recognized by regulatory authorities. |
| How many insurance carriers do you work with? | A broker with many insurance company ties can provide a wider range of options. A captive agent can only sell a single company’s products. “When all you’ve got is a hammer, everything looks like a nail.” |
| What types of plans do you offer? | A broker's selection of plans can speak to their depth of knowledge and dedication to matching you with the best fit. A broad selection of plans indicates a broker's dedication to finding the best fit for you. A comprehensive portfolio would include Medicare Advantage, Medigap, Part D, and health sharing plans like Medi-Share 65+, as well as long term care, critical illness insurance, life insurance for estate planning, business succession planning, and burial expenses, and annuity products for retirement income planning. |
| Do you represent health share plans? | This question can help you gauge the broker’s knowledge of alternative healthcare solutions outside the traditional Medicare landscape. Look for agents who are experts on health sharing plans like Medi-Share 65+, as well as traditional insurance products like Medigap and Medicare Advantage. |
| What services do you provide after enrollment? | An agent’s commitment to you goes beyond enrollment with ongoing support, billing resolution, and additional services, for your long-term satisfaction and understanding of your coverage. Look for an agent who is permanently assigned to you, as opposed to one who just hands you a number to an impersonal 1-800 number for a call center. |
| What is your service area? | A broker's licensure and knowledge of local Medicare plans ensures that their guidance is accurate. Medicare plan availability and offerings can vary significantly by state and even by region within a state. Confirm that your broker is licensed and knows the specific Medicare Advantage options available in your area to ensure their guidance is relevant and accurate. |
At MediGap Advisors, our experienced licensed Personal Benefits Managers definitely fit the bill. Most of them have many years of experience with a focus on helping senior citizens pay for needed healthcare costs.
All of them are appointed with all the best plans available, including the Medi-Share 65+ health sharing plan.
All of them value your healthcare freedom, and can help you find plans that allow you to travel freely and choose your own doctors and other providers.
Schedule a free, no-obligation consultation with a MediGap Advisors Personal Benefits Manager today!
For Further Reading: Choose Your Own Doctor for More Healthcare Freedom | MediShare 65+ Health Sharing Plan vs. Medigap Plan G | What is the Silver Sneakers Program?
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage.