The Value of Working with an Insurance Agent

Whether the Annual Enrollment Period is right around the corner or you’re entering a special
enrollment period, there’s a large chunk of the calendar where you can shop for Medicare
insurance plans. In many of these cases, millions of individuals around the United States
choose to entrust their Medicare insurance plan search to a licensed insurance agent. But
why do they do that?

Sometimes you may need assistance knowing what options are out there, and there’s no shame
in asking for help. In fact, working with an agent may help you understand your coverage more
or find you a better plan, and the agent’s assistance won’t cost you a dime!

Professional Knowledge of the Medicare Program

Perhaps the biggest reason people seek out the assistance of a licensed insurance agent is
because of their knowledge of the Medicare program. When you’re looking at your plan options,
it’s easy to quickly feel overwhelmed. The search for a fitting plan can get downright confusing
with all the options you may have. So, that’s where a licensed insurance agent who specializes in
Medicare insurance plans can come in handy.

Any licensed insurance agent that works with Medicare insurance plans should know a great deal
about the different enrollment windows of the Medicare program calendar and what’s permitted
during each. Specifically, they should be aware of compliance and enrollment rules with the
Medicare program. This also means that they’ll be in the know about any upcoming changes to
requirements or rulings within the Medicare program, so you won’t be caught off guard. This is
true for both changes from the Centers for Medicare & Medicaid Services (CMS) and individual
insurance companies offering Medicare Advantage, Part D, and Medicare Supplement plans,
among others. If that sounds like a lot of work, teaming up with a licensed insurance agent may
be for you, as they’ll handle the research for you!

Understand You and Your Area

A key trait of any agent is that they know the area they work within. Since different areas offer
different plans, it’s essential that any licensed insurance agent you work with knows what’s
offered in your area, because you may not. It’s not always easy to see the spread of plans near
you. Additionally, licensed insurance agents should be well-versed in the plans and products
that they offer, being intimately aware with the specifics like which doctors and health care
groups are in network under a specific Medicare insurance plan (or know how to find out). This
can protect you from enrolling in a plan only to find out that your doctor isn’t in its network.
Working with the same agent has an added bonus — they get to know you and your needs.

When looking for a Medicare insurance plan that fits you, the more knowledge they have
about you, the easier it’ll be for them to find you the right plan. This includes finding plans that
have features you didn’t know were available that align with your interests or health needs.
This is only one example of the benefits that agents can give you by becoming familiar with
your needs. If the right agent knows what you need and what plans are in your area, your
chances of finding a suitable Medicare insurance plan rise substantially.

Medicare Consultations Are No Cost

The best part about working with an agent is that using them is no cost to you. However,
you can still trust insurance agents to help you find the right plan since they get paid by the
insurance company, whether you go to a new plan or stick with your old one. Effectively, an
agent is paid a specific commission for enrolling you in a new Medicare Advantage plan or
Part D plan. At the same time, if you stick with the same plan you had the previous year, the
agent gets paid a renewal commission by the insurance company. This helps to incentivize
agents to find you a good plan the first time.

Does this mean that if you work with a licensed insurance agent, you should just stop doing
all research and trust them blindly? No, we’d never suggest that. Even though you should trust
your agent, it’s always a good idea to stay informed so that you can be an active participant in
finding your coverage. After all, you should have a say in the coverage you purchase.

If you’re finding a Medicare insurance plan for the first time or just want help finding a suitable
plan for your needs, a licensed insurance agent can be a stellar ally in your search. Think
of them as a guide toward your goal — purchasing a Medicare insurance plan that fits your
individual and financial needs. You could get there by yourself, but you’ll likely get there quicker
and with less stress if you get help from somebody who’s walked the path many times.

Not affiliated or endorsed by Medicare or any government agency.