When you are nearing Medicare age, you might not even know where to begin! Medicare can be intimidating with all its different parts, plans, and enrollment periods. Many senior citizens seek out a Medicare broker to help them with this big transition. A Medicare broker is an independent insurance agent who represents various insurance carriers. But what makes one Medicare broker better than another? Below we will discuss what to look for when searching for a Medicare broker.
Offers Medicare plan options
Since Medicare does not cover all healthcare services fully, many beneficiaries purchase either a Medigap or Medicare Advantage plan to help with the out-of-pocket costs. These plans are very different from one another, and seniors may prefer one over the other based on their needs. When searching for a Medicare broker, you want to work with one that carries both types of plans.
You want a Medicare broker to offer both Medigap and Medicare Advantage plans for you to be sure you are not receiving biased information. If a company only carries Medicare Advantage plans, they may not have your interest at best because they can’t compare that to a Medigap plan when evaluating your needs, and vice versa.
When a Medicare broker sells both plans, you can learn the differences between the two and be better informed when making your Medicare plan decisions.
Handles Part D enrollment
Since Medicare does not cover prescription medications you get at the pharmacy, you want to consider purchasing a Part D plan. Enrolling in a Part D drug plan on your own can be confusing, especially if you take multiple medications. You will need to ensure the Part D plan you enroll in has your medications listed on the plan’s drug formulary. If they are not, then your plan will not cover your prescriptions.
Searching for a Part D plan in your area can be very time-consuming. Some insurance carriers do not help with the Part D enrollment since it takes time, and there is not a big commission when you enroll. When searching for a Medicare broker, look for one who handles the Part D enrollment because if one doesn’t, you can assume they are more focused on receiving a hefty commission for their time.
Represents multiple insurance carriers
You might come across a Medicare broker that represents ten insurance carriers and another that represents 30+. A Medicare broker who represents more companies than another will likely be able to find you a more cost-effective plan in your area. If a Medicare broker represents 30+ companies, they will be able to research plans among those carriers in your area and compare each one side-by-side to see which one will best fit not only your healthcare needs but your budget as well.
Has a customer service team
Medicare nor doctors are perfect. Sometimes Medicare denies a service they should have covered because, a doctor might have coded a bill wrong. Working with a broker with a designated customer service team to help with these Medicare issues will come in handy.
Having a team that will help guide you through Medicare appeals, drug exceptions, and annual rate shopping is a team you want behind you. If you work with a broker who does not have a customer service team, you will be responsible for doing this work independently.
Summary
Enrolling in Medicare may be a confusing task to take on by yourself. When you work with a Medicare broker who offers Medicare plan options, handles the Part D enrollment, represents multiple carriers, and has a customer service team is a broker you would enjoy working with. Start your research today and be sure to look out for these important factors when choosing a broker.
