Using an independent Medicare broker can have 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. People 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 Many companies do not publish all rates available. Some rates published may not be available in your area or the rates could even be out of date.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 60 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. Plan options with particular companies may not be available in your area. The average customer can find the evaluation of each of these companies overwhelming and tiresome. An independent broker works with many different companies, meaning they are familiar with each 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 and joining Medicare can be scary. There is a lot of information available and much of it is subject to deadlines and conditions. As well as those people on Medicare already, find the changes and updates on an annual basis confusing and 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. It is to the advantage of an independent Medicare broker to provide an outstanding customer service experience. Furthermore, service can take many forms including annual Part D plan reviews, Medicare updates and act as a rate monitor.
5. An independent Medigap broker means you have someone in your corner when it comes to your health insurance. Therefore, this ensures you receive an unbiased view of your plan options.
Whether you or someone you know is shopping for a Medigap plan, it’s to your advantage to work with an independent Medicare broker. This helps to make an informed decision and possibly even save money. Signing up directly with a company limits your options. Consider an independent Medicare broker to assist you!