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Medicare Insurance Agent Job Description – For those who turn 65 and qualify for Medicare, there are many decisions to make about how to best use the program to meet your health needs. First, you will need to determine whether you will choose to use Medicare Part A and B or choose Medicare Part C. Those who choose Medicare Part C have many coverage options offered at many different price points by various private insurance companies.
There are many things to consider when selecting the Part C plan that’s right for you, including coverage options, premiums, included services, copayments, service areas, insurer reputation and responsiveness, and choosing the right insurance agent.
Medicare Insurance Agent Job Description
One of the most important considerations to think about is whether you want to work with an independent insurance agent or a captive insurance agent. In this article, we’ll go into detail about the differences and advantages of each so you can make an informed decision that best suits you.
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With plans changing every year, the more you learn about the options available, the better chance you have of getting the most coverage at the best price. In the coming year, there will be more Medicare Part C plans, also known as Medicare Advantage plans, available since 2009, with 2,734 plans being made available to Medicare beneficiaries.
So obviously you have a lot of options to choose from. Each plan will vary in its premiums, its coverage options, its ancillary services such as pharmacy and dental options, and its service area limitations.
All these variables require consideration. In addition to the decision, there are countless number of insurance carrier options around you.
As you weigh all of this against what’s best for you, considering your personal budget and your individual health needs, it can be very helpful to consult with a licensed Medicare insurance agent. These agents have specialist experience and knowledge and can guide you to a plan that exactly meets your needs and your budget.
Qualities That Make A Good Insurance Agent
Medicare licensed agents are experienced and familiar with all options available. Seeking their help will allow you to quickly review the most viable options and save you a lot of time and energy when making your decision and selecting a Medicare Advantage plan.
When it comes to finding a licensed Medicare insurance agent, there are two broad types of agents: independent and captive. While both are eligible to set up a Medicare Advantage plan for you, they differ in some significant ways.
In the insurance business, there are captive agents and independent agents. A captive agent works for a single insurance company and knows and sells only that particular company’s insurance products.
Captive agents can only provide a quote on the policy your company offers. They are not free to look for alternatives to compare different quotes and policy terms.
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Captive agents are loyal to your company and will sell your products regardless of whether they are a good fit for the customer or they find a better deal for their customers elsewhere.
On the other hand, independent agents, or brokers, act as intermediaries between you and various insurance companies. Since they are not loyal to a particular company but only to the customer, they can find the best deal for their needs.
Independent insurance agents shop with many different insurance companies to find the right policy for their client. They have many options in terms of carriers and plans to choose from. They can talk to you about the specific coverage options you need on your policy, as each insurance company has different policy terms, rates, coverages and liabilities.
They have access to plans that fit budgets of all sizes. They can request many quotes from many different companies and then help you evaluate the best one.
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Best of all, their business is built on being able to find exactly what you need and they put your needs first. Brokers (or independent agents) work with multiple insurers – they communicate, negotiate, negotiate and create the best policy at the best price for you. Brokers make their living and build their credibility by making their customers happy, not promoting a single company’s insurance products.
For Medicare beneficiaries who want to find the plan that’s right for them at the right price, choosing an independent Medicare licensed agent is the obvious choice.
Your health choices have an impact on your budget and your retirement savings. When you choose a Medicare Advantage plan, your premiums and out-of-pocket costs are generally lower.
When you choose an independent agent to find the right Medicare Advantage plan, those benefits are even greater. With a plethora of carriers and plans to choose from and negotiate, you can build exactly what you need at a price that fits your budget.
How Agents Influence Medicare Beneficiaries’ Plan Choices
A licensed independent agent can guide you through the details of each policy, negotiate terms and premiums, and assist you with the application process.
There are many benefits to choosing an independent licensed Medicare agent to help you find the Medicare Advantage plan that’s right for you.
The Medicare program, like many government programs, is subject to change by lawmakers and has a number of important rules and regulations that you must follow to be eligible.
Licensed Independent Agents in the Medicare Area are trained professionals with years of experience and knowledge of the rules surrounding enrollment and operation of the program. They stay abreast of changes in laws. They know the program inside and out so you don’t have to.
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Use your understanding of the Medicare program to your advantage. Not only will they have a detailed understanding of your policy parameters, they will also be able to assist you with the vital information you need to apply and receive your benefits.
Independent agents or brokers literally have dozens of insurance providers to ask for quotes and policies. They have a vast selection of options that can meet your specific needs, regardless of your health or budget.
By hiring an independent agent, you get the benefit of comparing as many plans as you like before narrowing down your preferences.
Medicare Advantage plan premiums are based on several contributing factors, including age, gender, health conditions and where you live.
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A good independent agent keeps up to date with news and changes in deductibles across various plans and can determine the most cost-effective plan given your specific circumstances. Remember that independent agents work directly for you, not the insurers.
The rate offered by your insurer for the policy already accounts for the commission for your agent or broker.
It never hurts to get the help you need from a knowledgeable, experienced and licensed independent agent, even if you don’t decide to purchase the policy.
Time is a valuable asset in anyone’s life. Whether you are retired or not, your agent is saving you time from the hassle and footwork of visiting and researching many different insurance companies and their plans. This is work they do every day and is one of the biggest perks of working with an independent agent.
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Your independent insurance agent or broker works with multiple insurance providers and can obtain multiple quotes, without bias or preference for any one of them.
They double-check to recommend a plan that meets all your needs, while you can rely on unbiased and comprehensive information from them. They want the best for you and are not loyal to any particular insurance company.
Insurance agents or brokers have ongoing access to a variety of software programs that can provide answers to frequently asked questions, convenient information about plans, and assistance in designing the policy that meets your needs.
In fact, they are your one-stop solution for providing hassle-free, 24-hour assistance with any insurance or Medicare issue.
Agent Compensation For Medicare Plans
Your independent insurance agent’s job doesn’t just end after you purchase a policy. Your independent agent is always available to answer questions and can help you address your concerns, policy changes and renewals for years to come.
They can help you review your coverage annually and continue to select the right plan based on your changing needs.
Whether you’re a new beneficiary signing up for a Medicare Advantage plan or looking for a way to change your current plan, here are some questions that will help you identify the policy that’s right for you.
Medicare Advantage plans generally have lower direct costs than Medicare Parts A & B, but there are still costs associated with the policies. These costs totally depend on the plan you choose.
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For example, some plans charge monthly premiums and many plans have an annual deductible. Other costs may include co-payments for each doctor or hospital visit and premiums for optional benefits such as vision, hearing and/or dental coverage, although these are often included at no additional cost.
Speak with your independent Medicare agent to find out all the costs for each policy you are considering.
Medicare Advantage plans are able to offer their policies at lower costs because the plans have limitations on service areas.
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