Top 6 things to ask your Medicare Insurance Agent
Do I need to work in a Medicare Agent?
Before you even talk to an agent there are some things you should consider. Do you even want to or NEED to work with an agent?
Do you want to invest the time to learn the nuances of Medicare? Most people can learn enough to navigate through Medicare and find a plan for them. You have to ask yourself a question. Do you WANT to spend time reading about Medicare?
Or you could work with an agent that has already been trained. This saves you time, effort, and frustrations looking for answers.
So it’s up to you. Option 1 is read Medicare and You, Wisconsin Guide to People with Medicare, and Choosing a Medigap Policy. Option 2 is contacting an agent and asking for advice.
What to ask your agent?
Do I have to pay an insurance agent for their time?
The answer to this question is almost always no. We are compensated directly from the carrier. Different agents may have different compensation packages. As a rule of thumb, agents are paid from the carrier when enrolling a customer.
Do I pay more for my coverage because I used you as my agent?
A common concern is having to pay a higher premium due to working with an agent. This is NOT the case for Medicare Advantage, prescription drug plans, or Medicare supplements. The premium is exactly the same for these regardless your decision to work with an agent. Or not.
If you decide not to use an agent you will have to handle all of your service questions on your own. Which means contacting someone sitting somewhere in a 1-800 call center. And if it takes more than 1 call to resolve your issue then you’re probably going to have to start all over every time you call back into that call center with a rep you haven’t talked to before.
Are you independent or captive?
Agents can be captive or independent. Captive means they can only offer one carrier. This means they can help some people but one carrier probably isn’t the best fit for every single person.
Ask yourself what happens if that company is a good fit but not the best one for you? Will that agent send you to someone else? This would mean losing out on a commission and time spent.
It’s like the carpenter that only has a hammer. Everything looks like a nail because the hammer is the only tool he can use.
Should I use a carrier that I recognize?
Maybe. But it might not be in your best interest to do so. The main companies that you recognize spend a lot of money advertising. After all, there is a reason you recognize them right? They have the make up for that marketing money somehow.
For this reason, many of those companies tend to have higher premiums. Do you really want your premium being used for advertising purposes? Or would you prefer to save more of YOUR money? By using a carrier that spends less on advertising you could get identical coverage on a supplement that costs you less.
Are you going to try to “sell” me something?
Avoid agents that immediately start pitching their product. They don’t know what’s best for you yet. It’s possible their company is the best. But it also might not be the right fit for you.
A good agent will ask you questions about your life. Your history and your preferences. This person will be able to act as a consultant to you and actually provide value.
This conversation will feel very different. You will notice right away the difference between advice and attempts to sell.
Do you work with all types of Medicare plans?
This includes Medicare Advantage, Medicare supplements, and Prescription Drug plans. If an agent only works with Medicare Supplements, then they could be hesitant to recommend an Advantage plan. Do they fully understand the donut hole? Can they advise you on options to try to avoid it?
Mike Lovell
608-571-4461