Why should I use an independent agent?
The right Independent Agent should specialize in one field
It is easy to enroll in a Medicare plan. You can select a policy based on the first mailer you receive when you turn 65. Others do it based on what their friend did. Some people respond to a celebrity ad on TV touting ‘get the benefits you deserve’. Some insurance companies also run ad’s on TV or an agent will call you or knock on your door. Others listen to the pitch from their group insurance carriers just before they retire. Some insurance companies automatically enroll you in one of their Medicare Advantage plans if you have a pre-Medicare commercial health plan with them. If this sounds good to you, read this article to learn what a mess this caused.
Many insurance carriers provide you the ability to enroll in their plan right on their own website.
We encourage you to be an informed Medicare beneficiary. This means understanding Medicare, your plan choices (stay with Original Medicare with/without a Medigap plan OR enroll in a Part C plan), learn what doctors and hospital(s) are in a plan’s network, how much it will cost you if you use non-network providers, and how much it will cost you to use a plan’s health care services as well as your cost to have prescriptions filled.
Local brokers working with multiple insurance companies know your market and the differences between plans and insurance companies.
Which Independent Agent?
We encourage you to work with agents that represent 100% of the plans available to you AND will take the time to explain how Medicare works (Part A, B, C, D and Medigap plans). We feel it is important that people understand the key differences between Medigap and Medicare Advantage plans AND the differences between the insurance companies. For example, do you know that:
some Medicare Advantage plans may define Doctors of Internal Medicine as a ‘specialist’ while others classify them as ‘primary care physicians’? This will affect your copay when you visit your doctor.
There are over 300 insurance companies offering Medigap plans in the US. Which of this group offer plans in your areas? Which have medical loss ratios at or below the national average, have a AM Best rating of at least A, have a history of low annual rate increases and meet screening criteria that local brokers should be familiar with?
If you prefer a Medicare Advantage plan
If people prefer a Medicare Advantage plan, your independent agent should take the time to review the key differences between each plan available to you so YOU can build your own short list of plans you want to review further. What are the key differences? We feel they include:
the number of doctors/hospitals (and which hospitals) that are ‘in-network’
which plans have ‘doctors of internal medicine’ categorized as ‘primary care physicians’ vs ‘specialist’
the rules and extra cost you may incur for using providers out of network
the plan’s premium for both the health and prescription drug part of the plan
your out of pocket cost for the specific prescription medications you take
the maximum out of pocket limit for both in-network and in/out of network service usage
the daily cost for an inpatient hospital stay
your out of pocket cost for skilled nursing care
your co-insurance for Part B drugs
the plan’s Star rating
what covered services require plan approval before the plan permits the specific service (check for prior authorizations)
your out of pocket cost for any other key service you may use more than once per plan year.
Your independent agent should be able to review additional plan differences between those that you have placed on your short list.
If you prefer a Medigap plan
If you have an interest in a Medigap plan, your independent agent should be able to share the key differences between the insurance companies offering this plan. This should include:
how long the company has been in the Medigap business
how long the company has been offering plans in your state of residence
the current financial rating (AM Best) for the company
the 3-year history of the company’s Medical loss ratio and how it compares to the national average
how many people are enrolled in the company’s Medigap plan(s)
the history of rate increases for the past 3 years
the company’s history of customer complaints.
All independent agents are not the same
How do they differ? The number of insurance companies they represent (are you getting a complete picture of your product choices?), how many customers they have helped (ie what is their experience), how they screen companies they choose to represent (Medigap plans, in particular, vary widely in their monthly premiums for the exact same product), the size of the market they represent, how many lines of insurance products they carry (we feel Medicare is unique and requires close to full-time attention; we encourage people to work with agent’s specializing in Medicare) and is the agent local to your market (internet and out of state brokers typically represent only a few of the products/companies available to you; we encourage people to work with local brokers that know your market and choices).
Ask if any of the insurance companies the Agent presents is running sales incentives at this time
Insurance companies occasionally offer incentives to independent agents to enroll people in one of their plans. If you feel the agent you are working with is guiding you to one or more specific plans offered by one insurance company, ask them if this insurance company is currently offering agents incentive(s) for enrolling people in their plan right now. We feel a good agent/broker will explain all plans available to you and review their differences so you can select the plan that is right for you.
Read the common mistakes people make selecting Medicare Advantage and Medigap plans
Before you go further, please take the time to read about common mistakes people make selecting Medicare Advantage and Medigap plans. Be sure and hit your browser’s ‘back icon’ to return here.
Should you do it alone?
Is ‘going it alone’ the right path for everyone? We feel only if you have done your due diligence. This means you understand the differences between all of the Medicare Advantage plans, Medigap plans, Insurance carriers, and Prescription Drug Plans available to you. This means spending the time to absorb the material on the CMS and Medicare websites and reviewing (and understanding the ‘Evidence of Coverage’ documents) of Medicare Advantage plans. Do you need a sounding board to confirm your understanding of this material? Independent agents that specialize in Medicare can help firm up your knowledge on this subject before you proceed with selecting a plan type (Medigap vs Medicare Advantage) and then a specific plan. If you use an agent please enroll in a plan through them. This is their only source of income and what the insurance company pay’s them for doing this job does not affect your monthly premium.
Should you use volunteer organizations?
What about using the state’s volunteer organization to help with Medicare? They can go over the same material available to you on the CMS and Medicare website but they will not recommend specific plans, differentiate plans, review how to differentiate between insurance companies offering Medigap plans nor recommend independent agents for you to work with. Our services include education on the A, B, C, and D’s of Medicare (we also leave you with a CD containing this material), we answer your questions, explain plan differences, help you with plan enrollment, and follow-up with you annually to see if your needs have changed or advise you if there are more suitable plans are available that meet your needs and retirement budget.
Medicare is changing. How will you keep up your knowledge?
Medicare costs are rising and this shows up in the copays, coinsurance, and deductibles plan members have to pay. 2016 was another year of raising costs for Medicare Advantage plan members. If you are a resident of Idaho, look closely at the plans available to you and how these plans changed in the past 3 years. You may notice there are wide differences between these plans; the differences could affect your out of pocket expenses and your choice of doctors and hospitals. If you take the time to work with an Idaho-based independent agent that specializes in Medicare, you greatly increase your opportunity to get the plan that meets your needs, addresses your concerns and fits your budget. Below are some other reasons to work with an Idaho-based independent agent.
- You will get personal service and advice from a highly-trained professional independent agent that has your interests in mind.
- We encourage you to work with an independent agent that is licensed with all plans available to you. This eliminates the potential for any insurance company and plan bias.
- Independent agents go through the same training as agents that work for each company they represent. They must pass their tests every year.
- Your agent will match up your needs with all policies available to you and find the plan that suits you.
- If you work with an independent agent that resides in your state of residence, you will be helping the State’s economy.
- It does not cost you anything to use an independent agent. Insurance companies provide a stipend to the independent agent when their client enrolls in one of their plans. Your cost for the insurance or plan copays is not affected.
Should I just work directly with the insurance company?
If you work directly with a specific company offering Medicare Advantage or Medigap plans, you only get an understanding of their policy(s) and may feel pressure to enroll in one of their plans before understanding all of your options. The same holds true with internet agents that only represent the Medigap plans with the lowest monthly premiums or the few national insurance companies offering Medicare Advantage plans.
We encourage you to work with an agent that specializes in Medicare, lives in your state of residence, and represents all of the plans available to you.
We help Idaho Medicare beneficiaries
We offer this service to Idaho residents and it is cost free.
We are licensed with all plans available in all 44 Idaho Counties and after we understand your health insurance needs, goals and budget we will find the plans that match and explain their differences. The choice is yours to enroll in the plan you feel matches up with your needs and budget.
If you want to learn more about Medicare on your own, use these Medicare Educational Resources. This content has been developed by the CMS, the authority on Medicare.
You can learn about Medicare Advantage plans in Idaho.
If you are interested in Medigap, read Idaho Medigap plans and carrier differences.
If you are not sure what you want, read Medigap versus Medicare Advantage.
Learn more about Prescription drug plans in Idaho. You should read this if you choose to stay with Original Medicare, select a Medicare Advantage Plan, or add a Medigap plan to Original Medicare.https://getmedicareinsurance.com/idaho-medigap-plans-and-carrier-differences/
Learn more about us before you call. We are here to help.
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