Medicare supplement insurance, or Medigap, helps pay out-of-pocket costs such as deductibles, copayments, and coinsurance that Original Medicare does not cover. If you are shopping around for a Medigap plan and wondering if you need the help of an independent Medicare supplement agent, read on!
What is an independent Medicare supplement agent?
Independent agents offer policies from multiple insurance companies. They don’t recommend one policy over the other; instead, they help you choose a policy that meets your financial and health needs.
Some other Medicare supplement agents represent a single company and sell policies from that company. These agents are called captive agents.
What services do independent Medicare supplement agents provide?
An independent supplement insurance agent can:
Compare plans from different insurers to help you find the right one.
Follow up with you many years down the road to find out if you’re still on the right plan. If you aren’t, your independent agent can help you change to a better plan.
Respond to all your queries even after you’ve enrolled in a plan. If there’s any issue with your plan, which is very rare, you can call your independent Medicare supplement agent directly instead of an 800-MEDICARE number.
Help you apply for Medicare and complete the lengthy application form on your behalf.
Review your Medigap plan annually and inform you about important changes to Medigap.
I don’t want to use an independent Medicare supplement agent. What are the alternatives?
To make an informed decision, you’ll have to reach out to each of the 35+ insurers offering Medicare supplement plans in Virginia, not just once but multiple times.
Even if you have all the time in the world to call all the insurers, the back and forth can be draining. And that time could be put to better use doing something you love.
You could also use a captive agent.
Captive agents are bound to one company and only offer Medicare supplement insurance from that company. This means your options will be vastly limited. Because they often have a quota to meet, they will convince you to buy their policy, even if other companies offer policies that are better suited to your needs.
An independent Medicare supplement agent can provide you with the available Medigap plans from all the insurers in your area, compare their coverages and price, and guide you toward choosing the right plan.
How much do they charge?
Independent insurance agents charge nothing for their services. Things are rarely free these days, so you may wonder if there’s a catch.
There are no hidden drawbacks to using an independent Medicare supplement agent. They are paid commissions by the insurance companies who have added the incentives to your premium. No matter how much time you spend as a consumer researching a plan, it will be the same cost no matter how you purchase it. So having a professional like Boomer Insurance Group giving you the guidance and knowledge is a no brainer. It would be comparable to paying the same cost to either change your own oil or have someone else do all the dirty work without it costing you anything. We are here to help you make the best decision.
Whether you use an independent agent or not, your premium rate remains the same. So it’s a good idea to take advantage of the experience and expertise of an independent Medigap supplement agent.
Turning 65 soon, considering buying a Medigap plan, or already enrolled but never used an independent agent, reach out to the Virginia independent Medicare supplement agent today.