A government program with more than 70 million beneficiaries should be straightforward. Unfortunately, that’s not the case with Medicare, with its complex web of federal regulations, rules, and requirements. It is important to study Medicare and educate yourself on your options and the impact they will have on your health and finances. Working with a Medicare insurance broker can be a great way to receive unbiased guidance to help you navigate the inner workings of Medicare and find coverage options that work for you.
However, selecting the right broker is as important as choosing the right Medicare plan. A good, ethical broker will work in your best interests to ensure you have the information you need to choose the right Medicare plan.
Brokers typically have a variety of plans available from multiple carriers while a Medicare agent will only offer a few plans from select carriers. Brokers should understand the intricacies of available Medicare plans. While brokers can recommend a plan, you should never feel pressured to choose one plan over another.
Looking for a Medicare broker and not sure what to expect? We’ve got you covered. A good Medicare broker should follow these best practices throughout your consultation session:
Transparently Explains Your Options
Good brokers adopt an “education-first” approach, explaining each of your options and weighing the pros and cons of each. Transparency is key as original Medicare will not cover all your medical expenses. A broker should help you understand the original Medicare A and B system, its six coverage gaps, and how you can fill some of the gaps in Medicare coverage through an Advantage or Supplemental plan.
An experienced broker should also explain both Supplemental and Medicare Advantage plans. While these plans are meant to help minimize your financial liability, there are pros and cons to choosing these plans, and a Medicare broker should list them out plainly so you have all the information before making a choice.
Identifies Prescription Drug Plan Options
Confirm that you’re dealing with someone who will take the time to explain prescription drug plans. While brokers make little profit on drug plans, it’s still crucial for them to take the time to discuss these options with you as it’s a vital component of your coverage. From the deductible and copay stages to the coverage gap and catastrophic coverage stages, Medicare prescription drug plans are intricately structured, so it’s critical that your broker helps you understand the drug coverage stages before selecting a plan tailored to you.
Before meeting with your broker, be sure to gather a list of your current medications. This will give you a better idea of how much your drugs might cost at each coverage stage and on each plan.
Assists with Medicare A and B Enrollment
While not compensated for it, a good broker will help you with the original Medicare enrollment process. Navigating this process can be tricky for anyone but especially difficult for those who don’t enroll at age 65. Enrolling in Medicare and failing to provide the proper documentation is where many end up paying lifetime penalties on their Medicare plans.
Find Your Medicare Broker at Medicare School
Unbiased education should be the foundation of every Medicare broker. At Medicare School, we do just that. From our blog to our YouTube channel, we are committed to providing you with the information you need to choose the right Medicare plan and broker. If you or a loved one is looking for expert Medicare advice, schedule a meeting with one of our Medicare guides or give us a call to set up a meeting.
Want to learn more about your Medicare options? Sign up for our online Medicare workshop.
