Using an independent Medigap broker can lead to many advantages. Sometimes these advantages can be unseen by those who may not understand the Medicare insurance market. An independent Medicare broker typically understands the business well and works with many different carriers. This can mean significant savings on premiums for you.
It’s important to understand that there are two ways you can sign up for a Medigap plan. You can sign up for a Medigap plan directly through an insurance company or you can choose to use an independent Medigap broker.
1. An independent broker has the ability to compile and compare options all in one place. There are those people out there who attempt to take this task on themselves. Anyone who has attempted this will tell you it is a lot easier said than done. Many companies do not publish all rates available. Some rates published may not be available in your area or the rates could even be out of date. With over 11 different plan options (Medigap Plans are labeled letters A through N) there are many factors to consider when choosing the right plan for your needs can be confusing. An independent broker will put together an all inclusive proposal with plan options and rates from various companies.
2. There are more than 40 companies that sell Medigap policies throughout the United States. Some of these companies are licensed to do business in all 50 states and others can only sell and service policies in specific states. This means plan options with particular companies may not be available in your area. It also means the level of customer service, the financial health, and the rate trends will vary company to company state to state. The average customer can find the evaluation of each of these companies tiresome. An independent broker works with many different companies meaning they are familiar with each company’s history, service area, rate trends and customer service performance. Working with an independent broker will ensure that you are choosing a top rated company to service your policy and needs.
3. For many people turning 65 in joining Medicare can be scary. There is a lot of information and much of it subject to deadlines and conditions. For those people on Medicare already the changes and updates on an annual basis can lead to many questions. An independent broker can assist by answering questions about how the plans work and the coverage offered customized to your unique situation.
4. Do you still believe in service after the sale? Many independent brokers take pride in the fact that they offer a level of support that a corporate company may not. Agents are typically compensated throughout the life of a policy. It is to the advantage of an independent Medicare at broker to provide an outstanding customer service experience. This experience can take many forms including annual part D plan reviews, Medicare updates and act as a rate monitor in the event of drastic increases in your premium.
5. An independent Medigap broker means you have someone in your corner when it comes to your health insurance coverage. This ensures you receive an unbiased view of your plan options. The best part these services are FREE to you.
So whether you or someone you know is shopping for a Medigap plan, working with an independent Medigap broker helps to make an informed decision and possibly even save money. Signing up directly with a company limits your options and you may up paying more your coverage. Consider an independent Medigap broker to assist you!
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