Medical Insurance 101: Tips for Securing a Policy and More

4 Common Questions About Medicare Brokers

Are you finally eligible to sign up for Medicare but feeling confused about all your options? It may be best to work with a Medicare broker to help simplify your options. If you're unaware of what a Medicare broker is and what they do, you'll likely have the following questions about them. 

What Is A Medicare Broker? 

A Medicare broker knows about the various types of Medicare plans available to you, such as their coverage options, benefits, and enrollment period. They will then guide you toward the best Medicare plan based on your specific needs. Working with someone that knows the details of various Medicare plans helps ensure that you don't miss out on a Medicare plan due to simply not knowing about it. 

How Does A Medicare Broker Evaluate Your Needs?

The best way to evaluate your Medicare plan needs is by discussing various aspects of your health. You'll need to talk about your current health conditions that you are dealing with, prescription drugs that you are using, and healthcare providers that you would prefer to keep seeing if possible. This is the key information used to find a plan that will work for you. 

How Does A Medicare Broker Get Paid?

Are you worried about the cost associated with using a Medicare broker? It is common for their fees to be part of the premiums that are paid for your Medicare plan. You are not going to be charged an additional cost for using a Medicare broker since the premiums are what you pay. The Medicare broker then receives a commission from the Medicare provider, and the broker only gets paid if you sign up for a plan through them. 

It's important to be aware that Medicare brokers often have relationships with Medicare providers, which can result in being offered plans that have lower premiums than if you pursued them on your own. While your broker is receiving a commission from your premiums, it's still possible that the premium you pay will be similar to how much it would cost if you were to have found the plan on your own.

Are Medicare Brokers Independent? 

Many Medicare brokers are independent, meaning that they work with a variety of different Medicare providers with no direct affiliation. However, there are Medicare brokers that work with specific insurance companies. Always ask if the Medicare broker you are working with is independent since you will want to know if they are looking at all Medicare plans or only plans offered by certain providers. 

Contact a Medicare broker to learn more.