As you approach retirement or if you have recently transitioned to Medicare, you’ve likely encountered quite a few insurance agents vying for your attention. Each one asserts that they offer the “best” plan and have the “best” options available. But how can you be sure of their claims? Who is truly trustworthy?
When selecting the right Medicare advisor, you should consider these four key factors.
1. Select an Independent Agent
There are two types of insurance agents: independent agents and captive agents. While their roles are similar, the range of options they can provide differs significantly.
Independent insurance agents have access to a wide array of Medicare coverage options. Since they are contracted with multiple insurance companies, they can compare various plans and rates to find the one that best suits your individual needs. Furthermore, they have the freedom to choose which companies to work with, often selecting those with a solid reputation, excellent customer service, and competitive pricing.
In contrast, captive agents are restricted to offering plans from only one insurance company. Although that company might offer excellent options, you won’t have the assurance that you’re getting the best possible plan for your needs. Captive agents cannot inform you about other plans available in the market, nor can they compare offerings from different carriers based on your budget. While captive agents can provide great service, they simply don’t have as many options as independent agents.
2. Prioritize Education in Your Discussions
You have the option to enroll in Medicare plans independently; there’s no requirement to go through an agent or brokerage for Medicare Supplements, Medicare Advantage plans, Part D prescription drug plans, or any other insurance types. However, we recommend using an agent because they should provide valuable education about the Medicare program, explaining how each plan type functions and outlining all your options.
If an advisor doesn’t take the time to ensure you understand how Medicare works, they’re not offering you the full value of their service. Look for someone committed to helping you comprehend your Medicare coverage fully.
3. Do They Provide Multiple Options?
If your advisor offers only one option or seems to favor one type of plan over others, consider this a red flag. They should discuss both Medigap and Medicare Advantage plans, not just focus on one or the other. Additionally, they should introduce you to several insurance companies rather than promoting just one.
An agent’s role is to advise you, not to make decisions for you. They are responsible for ensuring you’re aware of the various plans available and how each one could work for you.
4. What Happens After You Enroll?
Once you enroll in Medicare, you’ll be in the program for the rest of your life. Over such a long period, many changes can occur. You might move, your medical needs or budget might shift, and the plans themselves will change annually. Both Medicare Advantage and Part D plans undergo yearly adjustments, potentially altering premiums, deductibles, coinsurance costs, networks, and more. If you’re enrolled in one of these plans, you’ll need a review each fall during the Annual Enrollment Period (AEP). Will your Medicare advisor assist you with this?
Even if you choose a Medicare Supplement insurance plan, your agent should periodically check your current rates and compare them with other carriers in the market. If they find a way to save you money, they should proactively reach out to you.
Additionally, throughout the year, can you rely on your advisor to answer questions about your plans? If the answer is no, you haven’t found the right agent yet!
If you’re still searching for a Medicare insurance agent, consider the team at Carolina Senior Benefits. Our licensed independent agents are dedicated to answering all your questions and helping you select the Medicare plans that are best for you.
