Finding the right Medicare expert can make all the difference!
Knowing who to trust when it comes to shopping for Medicare coverage can make all the difference. We have put together a brief guide to help you avoid sales people who simply are trying to sell you a product and instead find a professional that has your best interests in mind. When it comes to Medicare you will typically have three main options for help finding coverage:
The Captive Insurance Agent
A Captive Agent is one who is employed directly by an Insurance company such as Blue Cross Blue Shield, United Healthcare, Humana, or any company that provides Medicare insurance benefits. These agents are very similar to a car salesman that works for either a Ford or Chevrolet dealership. They may be very good at what they do and they might even have a good product but keep in mind at the end of the day they are only compensated for selling you the one product they have rather then helping you find the one that is right for you.
Secondly in order to properly compare your options you will have to meet with a Captive Insurance Agent from each insurance company and then sort through the results yourself the find the right plan for you. This could lead to 5, 6, maybe even 10 individual meetings!
The Independent Insurance Agent
Rather than being employed directly by an Insurance Company, an Independent Agent is typically self-employed and has contracts with multiple insurance companies so that they are able to give you a more unbiased approach to selecting the appropriate plan. This approach will likely save you countless hours of research, help you avoid multiple individual meetings, and save you hundreds of dollars on your premiums by simply presenting your options side by side.
While a much better option then the Captive agent, one item to note is that Independent Agents is are typically self-employed with little to no support staff. After your initial enrollment if you were to need help with your coverage it is likely that your agent is either out of town on vacation, busy with other clients, or worse of all has simply left the industry leaving you to deal directly with your big box insurance company and their 1800 phone tree.
The Independent Insurance Brokerage
An Independent Insurance Brokerage is essentially a team of independent agents that benefits from the stability and support of a larger company. What does this mean to you as a client? You can speak with a Medicare expert and compare the top insurance companies in one place while having the peace of mind knowing you have a whole team standing behind your insurance rather then just one person working out of their home.
Your Healthcare is one of the most personal and important aspects to your retirement. If you are like most people you probably don’t think about your health insurance every day but you know how important it will be to have a reliable expert by your side when the day comes that you need to utilize your coverage.
No matter how to choose to shop and enroll in Medicare coverage the single most important aspect is to compare your coverage options since there is no one right insurance company for everyone.
IMPORTANT NOTE: You should never be charged a fee by any of the following resources. Each of these types of agents are compensated by your insurance plan when you enroll. The price you pay for coverage is exactly the same regardless if you choose to use an agent, broker, or enroll directly with the insurance company.