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What is an Independent Medicare Insurance Agent?

Updated: Jun 24, 2022

You're set to sign up for Medicare and have been advised to contact an independent Medicare insurance agent in your area.

If you're like most people, you'll probably ask, 'to do what exactly.'

Well, we'll answer that for you!

This post deeply examines how an independent Medicare insurance agent can help you.

But first:

What are independent Medicare insurance agents?

Medicare can be very confusing and overwhelming. That's why Medicare agents exist to guide you through the process from start to finish.

But Medicare agents are of two types: Captive and Independent.

Captive agents represent a single Medicare insurance company. They work for that company and sell its policies, even if it isn't the best for you.

On the other hand, independent Medicare insurance agents are not bound to a particular company. They sell policies of several companies, presenting you with several options so you can choose one that best fits your situation.

How can an independent Medicare insurance agent help?

Independent Medicare agents are highly specialized and knowledgeable. Boomer Insurance, for example, focuses solely on Medicare insurance and is well-versed in its intricacies.

Thus, independent insurance agents (well, most of them) are better positioned to help clients navigate the complexities of Medicare by:

  • Explaining your options

With its guidelines and variety of options, Medicare seems like a confusing maze to the average person.

An independent agent is an expert in the field and can break down your options.

You'll understand the Medicare parts, what they cover, and the associated financial costs, and be enlightened to make the decision that fits your health and financial situation.

  • Finding you the most fitting coverage

After understanding your needs, an independent Medicare insurance agent will get quotes from several companies.

They'll communicate with these companies and negotiate the best deals on your behalf. From these options, your agent will guide you in choosing the best coverage that works for you.

  • Evaluating your current plan

Plans change year in and year out. There may be a better plan for you that didn't exist in the previous year. Also, health situations change. Your existing plan may no longer suit your health needs, and you need to switch to another.

It's the job of your Medicare insurance agent to speak with you to see if the current plan meets your needs and make changes if necessary.

  • Assisting with medical underwriting

You can apply for Medicare at certain periods. If you plan to sign up for Medigap outside the open enrollment period, the insurance company will assess your health situation, offer you another plan, or deny you entirely.

An independent Medicare insurance agent can help you determine if you meet the criteria for the plan you want.

How much does an independent Medicare agent charge?

Independent Medicare insurance agents offer their services at no extra cost to you. That means you won't pay one cent more if you choose to get the expert help of an independent insurance agent.

Wondering how they get paid?

The insurance companies pay them a commission if they successfully enroll you in a plan. This also explains why working with independent Medicare insurance agents is better.

Captive agents work with one company and may not receive a commission unless they successfully sell the company's plan.

Independent agents have no such limitations. They can present several options with the knowledge that when you eventually choose the best plan, they'll get a commission.

Need help with Medicare? Our independent insurance agents are ready to help out. Schedule an appointment today.

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