What does a Medicare Broker do?
A Medicare Insurance Broker, or Medicare Broker, for short, helps people who are turning 65 choose which Medicare Insurance program to enroll in. Your broker can also assist people who are already enrolled make changes to their plan as well. Additionally, the Medicare Broker can assist people who are under 65, but who qualify for Medicare because of a disability.
Unlike an agent, a Medicare Broker has no duty to “sell” one insurance company’s program. The broker can review all available programs in an area and help the Medicare beneficiary determine which insurance plan or program suits him or her best.
These programs can include Medicare Supplement Insurance Plans, Medicare Advantage Plans, and Prescription Drug Plans. Many of these brokers, but not all, also sell other products.
Be careful when working with brokers who do not specialize in Medicare products. My husband did this and was given bad advice. Now he has to pay a penalty for the rest of his life due to following this bad advice.
A Medicare Broker’s advantage is that he or she can assist you make the right decision for you, and not the insurance company. The broker, however, gets paid by the insurance company. You don’t have to “pay” the Medicare broker, because they get paid similar to an affiliate. When you make the decision to enroll in a program, the broker will get either a commission or a set fee. This compensation often is re-occuring.
Before you work with a Medicare Broker, read his or her reviews. Check your state’s insurance department’s website to make sure that he or she is fully licensed. Even if you decide that you want to enroll in a Medicare Supplement Insurance Plan, it’s a good idea to work with a broker who has the current year’s AHIP certification. If your broker is AHIP certified, he or she has basic knowledge in Medicare Advantage and Prescription Drug Plans in addition to Medicare Supplement Insurance.
And of course, if you are looking for a Medicare Broker feel free to contact MedicareQuick, we are always willing to help.
