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10 Benefits You Get From A Medicare Insurance Broker
Health insurance has become such a complex field that it’s time to ask whether it’s even worth trying to tackle it on your own. In certain conditions, we can get a considerable amount of help from sales professionals who have the expertise to steer us through our options. Working with a licensed Medicare insurance broker might well be our best options. Your healthcare and insurance decisions make a significant impact on both your health and your finances, so it makes sense to take advantage of every possible insight before you make your choices. A licensed agent may provide the best possible Medicare insurance knowledge and make it easy for you to find a plan that delivers all of the benefits you need at an affordable cost.
The Fundamental Medicare OptionsWhen you first enroll in Medicare, you’re presented with an important choice right up front: Do you opt for Original Medicare or take your benefits in the form of Medicare Advantage? Here are the differences between the two options:
Original MedicareOriginal Medicare is sticking with the established federal program that administers benefits to you through Part A (covering hospital care) and Part B (more general medical insurance). Enrollment in Part A is automatic when you reach 65 years old; enrolling in Part B is a choice that’s up to you. Part B enrollment involves paying a monthly premium and offers you a yearly deductible.
Medicare AdvantageMedicare Advantage plans are private insurance offerings that deliver the same benefits as Original Medicare through an insurer acting as an intermediary. By law, Medicare Advantage (MA) plans have to deliver all the same benefits as Original Medicare’s Part A and Part B. The potential advantage is that many MA plans deliver more benefits for the same cost. Examples of extra benefits include prescription drug coverage, dental services, hearing exams, vision care, and more. Note that under most MA plans, you need to receive care within your provider’s network; going to out-of-network sources will require you to pay more. A licensed sales agent can help you decide whether or not Medicare Advantage is the right choice for you.
Medicare Coverage SupplementsMany people who have already enrolled in Original Medicare look for additional health insurance to meet needs that it does not address. Such support can be provided through Medicare Supplement, or Medigap, policies. If you apply for Medigap insurance as soon as you are eligible for it, you should be able to enroll for any qualified Medigap policy without going through any medical underwriting. While the coverage provided in a Medigap policy is standardized, costs vary with different providers. A licensed broker can help you find the plan that best suits your needs.
Prescription Drug CoverageNeither Medigap nor Original Medicare coverage includes prescription drugs. A prescription drug plan, commonly referred to as Part D of Medicare, is a standalone piece of private insurance that is designed to partially or fully meet your prescription drug costs. Consult a licensed insurance agent to find out whether or not you can benefit from a Prescription Drug Plan, or PDP. The benefits various plans have to offer you will depend on both your financial resources and your individual medication needs. Different providers’ plans cover different formularies, or drug families. It’s vital to confirm that any new PDP covers all of the brands and dosages you’re currently taking. Expert help is very valuable in sorting through PDPs due to the wide range of pricing options available to you.
Why It Makes Sense To Work With A BrokerGetting help from a licensed sales broker to help you make your Medicare insurance arrangements is a great idea. Brokers can deliver significant advantages over trying to puzzle your way through your insurance options on your own. Here are 10 of the best benefits a Medicare insurance sales agent can give you:
1) Medicare ExpertiseThe sheer volume of health insurance information available to you when you first become eligible for Medicare can be overwhelming. Medicare insurance is significantly different from the sort of insurance coverage you may have received through your employer or from other family members. While Medicare insurance is issued to the individual, the choices you make can affect your family. Licensed brokers have the expertise to show you what impact the different structures, benefits, plans, and costs can make on your future. Insurance sales agents are also skilled at considering your individual lifestyle needs. You already be retired when you reach eligibility for Medicare, or you might be planning to keep on working. Your unique situation will impact your Medicare choices, and your insurance sales agent can adjust your options accordingly.
2) More OptionsIndependent brokers let you examine Medicare insurance options offered by a variety of different providers. Because of the breadth of their professional contacts, licensed brokers can help you consider thousands of plans offered through hundreds of different companies. You can trust your broker to provide unbiased “apples to apples” comparisons of your different options. The more options you have to choose from, the greater your odds of landing on the best Medicare insurance plan for you.
3) No CostYou do not have to pay any extra to secure the services of an insurance broker. Insurance brokers are paid by the providers; the rates you pay are the same whether you make all your own arrangements or confer with a broker to get yourself enrolled. Why not take advantage of expertise that doesn’t cost you anything?
4) Professional TrainingSales agents who are licensed for Medicare work earn those licenses by completing rigorous and constantly-updated training and education. Beyond their training, licensed sales agents also have convenient access to professional information that can make a significant impact on your Medicare choices. Note that in most cases, you have a limited window for changing your Medicare insurance coverage. The Annual Enrollment Period lasts only from October 15 to December 7. Making unwise choices can find you stuck with unsatisfactory coverage for up to twelve months.
5) Customized GuidanceOne of the greatest advantages of working with an insurance agent is the comfort of having your Medicare insurance choices tailored expertly to suit your specific needs. Finding great coverage at an affordable price without being forced into lifestyle changes is something that every Medicare beneficiary deserves. Consider your insurance agent as a personal adviser who is collaborating with you in your search for the ideal Medicare insurance plan. A capable broker who treats you as a unique individual stands the best chance of finding the perfect plan for you and your family.
6) Faster ResultsWhether you’ve already retired or not, you’re still a busy person, and you have better things to do with your time than poring through insurance documentation for endless hours. Trust an experienced broker to conduct thorough research much faster than you could on your own and present you only with the most favorable results. You needn’t waste any time considering options that don’t fit your needs.
7) Benefits Of ExperienceMany licensed sales agents have worked in the Medicare field for years. That translates into real experience that can benefit you when you work with them. Actual hands-on experience is an unbeatable teacher, and having helped others in the past enables your agent to steer you clear of common pitfalls while you work out your Medicare choices. An experienced insurance agent can teach you everything you need to know about Medicare processes, terminology, and insurance.
8) Local ExpertiseThe specific plans available will vary based on where you live. By working with an agent in your community, you’ll gain the benefits of further insight sharpened by experience with your local insurance and healthcare markets. Local agents are especially well-informed about local healthcare providers and suppliers and how they interact with Medicare.
9) An All-In-One SolutionIn many cases, licensed sales agents can guide you to a one-stop solution for your Medicare insurance needs. Modern technology makes it much easier to assemble all the information required to make informed Medicare decisions quickly. Many agents can even provide 24/7 assistance and answers to all of your Medicare questions. Licensed sales agents typically provide a wealth of online assistance, enabling you to learn a great deal, conduct research, and even enroll in some Medicare Advantage plans, Long term disability, or even senior life / burial insurance all from a single website.
10) Post-Sale ServiceDon’t think of your broker as someone you’ll never see again after you’ve purchased insurance. Your broker continues to be a resource and advocate for you in years to come. Your insurance needs are likely to change over time, and your agent will always be there to help you adjust your coverage accordingly. Conducting a brief healthcare coverage review on an annual basis is a great way to ensure that you’re always fully covered.
Insurance Broker Review—Home and Auto
A bad home insurance broker can make your life a nightmare. It is hard to imagine a scenario where you lose your most precious belongings. It is even harder to fathom being denied your insurance claim on top of your loss. You can avoid this disastrous scenario by using a reputable insurance broker.
For example, a lifelong friend of mine spent a good amount of time remodeling and updating his home. He had completely gutted his house and he was doing a full remodel. His house was in a location that could hold the value and the remodel was a great investment. One day, a storm came by and knocked a 100-year-old tree that was in his yard down and onto his neighbor’s building—the bigger problem being his neighbor’s is an apartment complex. Now, you may think the neighbor’s insurance company would handle this, but no. Because the tree was in his yard he was financially responsible and because it was considered an act of God, it was not covered. It cost him over a thousand dollars to have this tree removed. The moral of the story is you need to do some research before you pick your insurance broker or you may also find yourself in a similar scenario.Below is a list of things most home insurances plans do not cover.
Home insurance company reviews
Lowest ranked home insurance brokers by review
Auto insuranceIf you have ever argued with an insurance claims agent, you know it is not a very fun task. Choosing the wrong auto insurance broker can cause you a lot of headaches and even worse, cost you a ton of money. Auto insurance companies are usually tailored to a certain demographic. Some specialize in the elderly and others focus on the young crowd. By having a business model based on a certain demographic, they are able to individualize your coverage.
Types of auto insurance coverage
You should take your time and examine these providers to see who provides the coverage you desire.
This home and auto insurance broker review should help you find a reputable insurance company.