Many people worry that it will cost a lot of money to use Medicare Supplement brokers for their Medicare coverage. They expect to pay a fee for the broker’s services. Either up-front or in the form of a higher monthly premium.
But the fact is, working with a broker usually costs less than working with an insurance company directly. There are two reasons for this.
- First, a broker doesn’t cost you anything. There are no up-front fees, and your premium will be exactly the same as if you had bought the same policy from the insurance company directly.
- Second, a broker can save you money on your monthly premiums.
An independent broker can quickly get quotes from many insurance companies. Thus, helping you get a better price than you might be able to find on your own.
Benefits of Working with Medicare Supplement Brokers
Medicare – and health insurance generally – is confusing, and it’s only gotten more complex over the years. This often comes as a surprise to new enrollees who expect that signing up for Medicare will be easy.
Many people are reluctant to ask for help. They think it makes them look stupid, are afraid of high pressure sales, or believe a broker will be expensive.
In reality, Medicare is full of jargon, similar-sounding plans, deadlines and hidden costs. If you’ve never dealt with it before, you have a steep learning curve ahead of you.
- A broker can quickly and efficiently search dozens of plans from different insurers, saving you time. Many enrollees do not realize that although Medigap plans are standardized, different insurance companies charge different premiums for the same policy. A broker can find the best rates more easily than you could find them on your own.
- A broker can help you avoid feeling confused or overwhelmed by too many choices. They can help you decide which level of coverage is best for you, based on your needs and your budget.
- Medicare Supplement brokers do this every day, and chances are your broker has helped lots of people just like you. This means a broker can spot issues and problems you might not have thought of, and can give you advice based on experience.
- When you contact a reputable broker for a quote, you’ll never be pressured to buy, and your quote will come without any obligation.
Agents Employed by Insurance Companies
Unlike agents employed by insurance companies, brokers aren’t on an insurance company’s payroll. They don’t get insurance company bonuses for meeting sales targets or selling the most expensive policies.
That means that a broker can focus on helping you, the customer, get the policy that works best for you – no matter which insurance company issues it.
What Should I Look for
Medicare Supplement Brokers must be licensed in the state where they sell policies, and they must complete additional training related to Medicare. But a license doesn’t ensure that the broker has experience and will put your interests first.
- Some brokers and agents handle all types of insurance, including auto and property insurance. This “one stop shopping” sounds convenient, but really it means that you’ll have a broker who knows a little bit about everything, not a true Medicare expert.
- Some brokers work with only one or two insurance companies. This means the broker will only offer you plans from those insurers, even if another insurance company offers the same coverage at a far lower price.
To get the best coverage at the lowest price, look for an independent broker who specializes in Medicare. They can shop rates from multiple insurance companies.
At MedicareFAQ, Medicare is all we do. We have agents licensed in all 50 states, and we work with ALL the top-rated insurance companies in your area. Contact us for a free, no-obligation quote.
You can also fill out our supplement form to compare rates in your area here!