Most people do not think much about Medicare until they are close to retirement and the initial enrollment period. This leaves many people confused and clueless about which federal health insurance plan would be best suited for them. An agent can come to your rescue in this situation. However, finding the right agent can often be easier said than done; there are too many out there.
If you need a Medicare agent but don’t know how to find one, read on to learn about some of the key factors you should consider when choosing a Medicare agent.
What Should You Consider When Choosing a Medicare Agent?
Here are the top five things to consider when selecting a Medicare insurance agent. This can help you to make sure you get the best guidance and advice:
1. License
First things first – make sure the agent you’re considering working with is legally allowed to do it. Insurance companies and agents need to be licensed in the state they are operating in to offer Medicare policies. It is a requirement of the Centers for Medicare & Medicaid Services.
The simplest way of finding if an agent is licensed to work in your state is to check with your state insurance department. Many states allow people to check agents’ licenses on the official insurance department websites. As for the agent’s license number, you should find it on their business card. If it’s not there, it’s a red flag.
2. Experience
It goes without saying that you should work with an insurance agent with enough experience in selling Medicare insurance policies in your state.
Medicare is a complex web of multiple plan options, rules, and limitations. It takes years to really know all that there is to Medicare. You want to work with an agent who knows it like the back of their hand to make sure they can guide you well.
3. Options They Offer
Your agent should offer most, if not all; the Medicare plans available in your area across all categories, i.e., Medicare Advantage, Medicare Prescription Drug Plan, and Medicare Supplement.
If an agent or company only works with a small number of insurance providers, you would likely miss out on options that may be a fit for you. Choose an independent agent with the widest range of these plans.
4. Knowledge
While experience is a measure of knowledge, it doesn’t always guarantee that an agent knows all about all the Medicare policies. This is because Medicare plans and their policies and rates change over time. An agent needs to be aware of all the changes to be able to guide you well.
One of the ways to estimate your agent’s knowledge is to see if they know which plans your doctor(s) accept. If you take certain medications, you can also ask them to give you options for Medicare drug plans that cover your medications and have the lowest out-of-pocket cost.
A good agent should provide you with multiple options. They can then also help you compare them and choose the best available option.
5. After Sales Support
While you will be working directly with the insurance provider once you buy a policy, it’s important to make sure that your agent will be there to answer your queries and resolve your issues, should there be any. Ask the agent who you should get in touch with if there is any problem with your plan. A good agent would tell you to call their office whenever you need assistance with your Medicare plan.
The Sum Up
You only get to enroll in it once without any restrictions or the risk of any penalty, so make sure you make the right decision the first time around. A Medicare expert can help you do this. But, it is your job to make sure that you’re working with the right insurance agent. Consider the factors discussed above and do not hesitate to ask questions, inquire about the license, or request referrals. It’s your right, and make sure you use it.