Finding a Medicare Insurance Broker Near You

Finding a Medicare Agent near you will be important when you sign up for Medicare services upon turning 65 or at any time you make a change in your insurance plans. You need to locate a Medicare agent near you who can help you find the right health insurance for your needs.

Finding a Medicare Policy on your own is hard and time-consuming. If you begin doing research into the details of individual policies, you may become overwhelmed.

How a Medicare Insurance Broker Can Help You Save Money

There are several categories of Medicare plans from many different insurance companies. Even though there is a wealth of information about the plans online and doing research is a great place to start, it is next to impossible to cover all the options.

A knowledgeable local Medicare insurance agent can point you to the best plan for you after obtaining some personal and financial information and even save money.

How Working With a Medicare Insurance Broker Can Help

Medicare is a constantly changing entity. The policy you have this year may look different next year. It will be important to make sure your policy will still meet your needs. A trained Medicare insurance agent will be able to provide needed guidance.

When you find the right Medicare insurance agent, they will ask questions about your health and any pre-existing conditions, your income, and financial situation. They might also ask about your professional and personal travel habits. If you travel frequently, some Medicare supplemental plans will allow you to most doctors in the United States.

Your Medicare insurance agent will find out about your prescription medications and guide you to the best prescription drug plans (Part D) that will provide those medicines at little to no out-of-pocket cost. You will have the peace of mind that you are getting the best coverage available.

Keys to Finding a Local Medicare Insurance Broker

During Medicare Enrollment Periods, you can usually use the internet to find a local Medicare insurance agent near you. You might also check with your local Chamber of Commerce or even the insurance broker you use for property and casualty insurance. Other great local resources might be local financial advisors.

Another great way to find a Medicare insurance agent is by asking a friend. They may have worked with a trusted Medicare insurance broker in the past and can recommend someone locally.

Other ways to find a Medicare agent will be discussed below.

How Much Does a Medicare Insurance Broker Charge

Most Medicare insurance brokers offer their services for free because the Medicare supplemental insurance companies they work with compensate them for representing the various plans available in your area.

The other great thing about working with an independent Medicare insurance broker is that they work on behalf of their clients, not the insurance companies. A good Medicare insurance broker will help guide you to the plan that is right for you.

Some agents will not charge any fee at all. If you would like help finding a local Medicare insurance agent near you, feel free to reach out to us.

Why Work With a Medicare Agent Near You: Experience and Specialization

Medicare insurance agents have the expertise to guide you in understanding the differences between the way Medicare works as compared to how an employer-based policy or private policy works.

The agent or broker can advise you of the various costs that will be connected with your Medicare policy.

These costs include:

• Premiums: (Example: The monthly Part B premium)
• Deductibles: The part of medical charges you must pay before insurance begins to pay
• Copayments: Your cost-share part of medical charges

The main reason it is wise to work with a Medicare agent near you is that provider coverage varies by market. An agent near you will have extensive general knowledge of the specifics of the plans in your geographical area.

Find the Right Medicare Supplemental Insurance Company

Some states have as many as 20 to 30 different insurance carriers, and each insurance agency has a wide range of plans to choose from.

An experienced Medicare agent spends many hours mastering the differences between these carriers and their array of plans in your specific area.

You can rest assured that you get the best advice on the right plan for you from someone who is uniquely qualified.

Medicare Insurance Brokers are Niche Specific

Choosing an insurance agent who works only on Medicare advising is the best way to go.

Many insurance agents are licensed to sell auto, homeowners, rental, and private insurance. However, many choose not to offer Medicare insurance because of the amount of regulation and training that goes in to knowing the program.

It makes sense that an agent who chooses Medicare as their special niche and really masters the details of your specific area would give you the best guidance in finding the best Medicare coverage for you.

How to Find a Medicare Agent/Broker Near You

Ask A Friend

If you know anyone or have family and friends who are already on Medicare, talk with them about who they chose as their Medicare insurance broker. There is nothing like first-hand experience working with a licensed insurance agent to find out how competent and helpful they are.

Call your local Chamber of Commerce

Many business professionals partner with and pay dues to their local Chamber of Commerce. They attend meetings and interact with other local business professionals.

The local Chapter of the Chamber of Commerce might be a good place to meet and talk with a licensed Medicare agent about the services they provide.

You could also call the local Chamber and ask them for a referral and the contact information on any Medicare insurance agents who have listed with them.

Look for independent agent vs captive

Every insurance agent who sells Medicare policies has worked through long hours of study and training to earn the certification necessary to sell insurance products.

Some of these agents make a career selling health insurance plans for one or two insurance companies. They are known as captive agents because they may have limited plans to offer.

An independent agent represents a wide range of companies and is knowledgeable in the nuances of each in your local area. Independent agents work with Medicare products on a full-time basis and stay updated on the latest governmental changes and smallest details of the various policies.

Verify training

Every Medicare agent has to first pass a state insurance licensing examination as well as a yearly American Health Insurance Plans (AHIP) certification exam. AHIP is the trade association designated to represent the American health insurance industry.

What Kind of Medicare Agent/Broker Should You Use

Licensed

After much study to achieve mastery in all things Medicare-related, agents must earn a license from their current state of residence.

The study they will do to prepare for the licensing exam will cover these topics:

• Deductibles
• Coinsurance
• Claims adjudication
• Healthcare laws
• Networks such as HMO, PPO, and PFFS
• Professional compliance and ethics

Specialization

Medicare agents begin by obtaining a state insurance license. This opens up many possibilities in insurance selling.

An agent may choose to sell auto, renters, or life insurance, private health insurance policies, or other kinds of insurance in addition to Medicare.

Those who choose to specialize in Medicare only are able to spend more time on learning the unending changes that affect Medicare, the changes in policies that might mean you are receiving less coverage for a needed condition than before.

Specialization in Medicare gives your agent time to master the pros and cons of each policy from each provider that apply to your service area.

Good Reviews

When your online research and private investigator skills have led you to an agent of interest, it will be wise to find out if any complaints have been filed against the agent while checking for positive remarks and satisfied customers.

Look for a rating of 3 to 5 stars from the Centers for Medicare and Medicaid (CMS) for the agent you choose to work with.

Service

The relationship between a Medicare customer and an agent should not be a one-time encounter.

You want an agent who will follow up with you to make sure you are satisfied with your coverage and ask if you have any questions or need help with your policy like filing a claim or appeal.

An agent who contacts you more often than once a year at the end-of-year review is one who deserves your confidence and trust.

Additional Help After the Sale

If you have questions or problems concerning your policy, call your agent and expect a prompt answer or solution to all your Medicare needs.

How Do Medicare Agents/Brokers Work?

Knowing the difference between captive and independent

A captive agent represents only one insurance company or possibly as many as two carriers. This agent’s options will be comparatively limited.

An independent agent will represent a wide range of insurance companies, including the major carriers with the largest number of customers.

They may be more likely to be unbiased and neutral in presenting you with the options that would best meet your needs.

Niche specific

A niche-specific Medicare broker is one who sells only Medicare instead of selling other types of insurance. All of this broker’s time and attention is devoted to learning the latest changes in Medicare and guiding you to the right Medicare options.

Compensation

When Medicare consumer enrolls in a plan at the time of their initial enrollment period, their agent receives a payment from the chosen insurance company. Any time an existing customer enrolls in a new policy that is different from the one they have had, their agent receives a payment.

The Centers for Medicare and Medicaid (CMS)update the maximum amounts of these commissions yearly.

The maximum amounts of commissions are also determined by:

• State regulations
• The region the customer lives in
• The carrier providing the policy

A new Medicare Advantage Plan that includes Prescription Drug Coverage (MAPD) in 2021 brings a maximum commission of $539. The maximum commission for a Part D Prescription Drug Plan is $81.

Insurance companies are not required to pay the maximum commissions and these will vary by state, region, and provider.

When a Medicare customer keeps their existing plan for another year, their agent receives a renewal commission of half the amount of the initial commission.

Differences Between Medicare Advantage and Medicare Supplement Plans

Doctors and hospitals

Medicare Supplement Plans are purchased from Medicare-approved private insurance companies to help fill in the gaps in coverage with Original Medicare. They are referred to as Medigap because they are designed to help pay the 20% of medical charges not generally covered by Medicare Part A and Part B.

With a Medicare Supplement Plan, you can generally see any doctor who accepts Medicare assignment in the United States.

Medicare Advantage Plans usually offer you a choice between an HMO and a PPO. If your coverage is with an HMO, you will need a referral to see a doctor who is out of the HMO network.

With a PPO primary care physician, you will be able to visit a doctor out of network but you may have to pay higher or complete costs for the visit.

Specialists

If you have a Medicare Supplement Plan in addition to Original Medicare, you will probably not need a referral to see a specialist.

With a Medicare Advantage Plan, you will need a referral to see a specialist if you are in an HMO. If your Medicare coverage is with a PPO, referrals will not be required, but you may have to pay more out of pocket.

Networks

Medicare Advantage Plans offer a choice of a local network with an HMO or a regional network with a PPO. If you choose to see a doctor outside your provider’s network, you will have to pay more, if not all, out-of-pocket costs.

A Medicare Supplement Plan offers a Nationwide network.

Enrollment

The best time to enroll in a Medicare Supplement Insurance Plan may be the day your Part B Medicare becomes effective. This is the beginning of your initial Medicare Enrollment Period and it lasts for 6 months.

During this 6-month period, you cannot be turned down or charged more for Medicare Supplement Insurance Plans because of a medical condition you have been diagnosed with. You will not be subject to medical underwriting during this time as you would be if you enrolled outside of open enrollment.

Costs

The cost to enroll in a Medicare Supplemental insurance policy varies according to the plan you choose and the state you live in. The price of a Medigap plan may vary from around $50 to $300 monthly.

In 2019, the average Medicare Supplement Plan premium was $125.93.

An Advantage Plan in 2021 costs $33.57 for the monthly premium.

Prescription Drug Coverage

Most Part C plans (Advantage Plans) usually include prescription drug coverage. It is important to confirm that the policy you are considering has this type of insurance coverage.

Medicare Supplement Plans currently do not include prescription drug coverage. If you choose a Medigap plan, you will need to purchase a stand-alone Part D Prescription Drug insurance policy to cover that part of your insurance needs.

Compare the Best Medicare Supplement Plans Near You

List of companies

The following 11 companies were chosen by Top Consumer Reviews as the best Medicare Supplement Plan for 2021:

• United Medicare Advisors
• Go Medigap
• Aetna
• SelectQuote Senior
• Blue Cross Blue Shield
• GoHealth
• Humana
• Medicare Plans
• Cigna
• Health IQ
• HealthCare

Aetna, Cigna, Mutual of Omaha

• Aetna has over 100 years in the insurance business and carries every type of Medigap plan currently available
• Cigna is a trustworthy company with an A+ rating from the Better Business Bureau
• Mutual Of Omaha: More than a century of providing quality insurance for their clients. Strong approval from A.M. Best Company, Inc. and other financial advisors

Rates & Reviews

The Centers for Medicare and Medicaid Services rate each Medicare Advantage Plan based on a five-star rating scale.

Other organizations such as Top Consumer Reviews also do yearly reviews with ratings that are published for your information.

The Better Business Bureau also offers valuable ratings.

How to Enroll

You can enroll in a Medicare plan by talking with a Medicare agent or broker in person on the phone.

Take advantage of Open Enrollment Periods and Special Enrollment Periods by calling one of our licensed insurance guides at 800-974-0552.

If you have more questions about Medicare, be sure and reach out to us or visit medicare.gov.