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  • Boomer Insurance

What You Should Know About Independent Medicare Insurance Brokers and Agents

Updated: Jul 28, 2022

Choosing the right Medicare plan can be a challenge.

Even if your peers and internet guidelines may be excellent assistance, hiring a professional to help you choose the most acceptable plan for your unique situation has perks. Independent Medicare insurance brokers and agents can help here.

So, what are Medicare agents and brokers, and how can they help?

Medicare brokers

A medicare broker is a professional with a license that helps you to analyze medicare plans and their benefits to help you select the best one for your needs.

There are two main types of medicare brokers:

Independent medicare insurance brokers

These Medicare brokers work with several insurance companies and introduce you to a Medicare plan in any insurance company.

Captive Medicare agents

These Medicare agents work with just one insurance company. As such, they can only enroll you in the Medicare plans provided by that insurance company.

Benefits of working with an independent Medicare insurance broker/agent

The following are the benefits of a Medicare agent/broker.

Conserves your time and energy

One of the most significant benefits of hiring a knowledgeable independent Medicare insurance broker or agent is that it helps you save time and money while getting the best possible deal.

Contacting multiple insurance companies might be time-consuming if you don't have a broker or an agent to help you.

Examines medical insurance programs

Purchasing health insurance can be costly. Because of this, you want to ensure that you wind up with a plan or a combination of plans that best fits your needs.

However, navigating Medicare plans, their perks, requirements, and restrictions can be a daunting task for those who must do so alone.

It is possible to narrow down your possibilities with the help of an independent Medicare insurance broker or agent.

To get a clear picture of your financial and medical situation, they'll meet with you and get to know what's most important to you.

Assess your existing plan

Brokers and agents for Medicare can assist you in determining whether your existing plan still meets your requirements. They provide alternatives if it does not suit your needs.

How do agents/brokers get paid?

Commissions compensate the independent Medicare insurance brokers. Anytime they register an individual for a plan, the broker gets payment for the very first year of that policy.

If the individual stays on that policy the year after, the agent/broker gets paid the initial amount of the policy.

If you need help navigating Medicare, our independent insurance brokers will be happy to lend a hand. Schedule an appointment today.

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