In 2018 I became a licensed insurance agent specializing in Medicare plans. Alot of people may not realize that insurance agents work exclusively to assist Medicare beneficiaries by educating and connecting them with the right plan.
If you’re turning 65 soon and about to become eligible, you’ve probably felt overwhelmed trying to understand all the different parts of Medicare. On top of that, there could be 40 or more Medicare plans available in your specific county.
A licensed insurance agent who specializes in Medicare coverage can really help simplify the process for you, understand your specific needs, and help you find the right Medicare Supplement or Medicare Advantage plan.
What Is a Medicare Insurance Agent?
Most people are familiar with insurance agents, especially those specializing in car or homeowners insurance.
What you may not realize is there are also licensed insurance agents who specialize in health insurance specifically Medicare insurance plans.
Like other insurance professionals, they do have to have a license. usually, they specialize in life and health insurance.
To attain your life and health insurance license with your state, you usually have to take about 40 hours of classes. Once you are completed with the educational portion of the licensing you will have to sit for a state exam.
In order to offer Medicare insurance products licensed insurance agents also have to pass a special certification each year from the government called, Medicare + Fraud, Waste, and Abuse (MFWA). Students are required to attain a 90% or higher in order to be certified.
From there you will then become contracted with the insurance companies offering the Medicare insurance plans in your area. This would include Medicare Supplement plans, Medicare Advantage plans, and Medicare Part D prescription drug plans.
Independent agents can choose which companies they work with. In this respect they function more like an insurance broker, working on behalf of their clients.
A good Medicare insurance agent will serve as a guide bringing clarity of how someone’s Medicare coverage will work. An ethical agent will not try to persuade someone to a specific plan but rather, serve as a trusted advisor.
Key Responsibilities of a Medicare Insurance Agent
The main role of a licensed insurance agent working with Medicare beneficiaries should be to educate. Unfortunately, the Medicare program can feel quite complex to people turning 65, especially those who have had their health insurance through their employer.
From their agents can provide a comparison of the different types of Medicare insurance plans, based on which plans and companies they represent. A full list of Medicare plans can usually be found on the Medicare website.
Once a Medicare beneficiary chooses the plan that’s right for them, the agent can assist with enrollment. Many of these applications can be submitted electronically to help expedite the process.
Once the enrollment is complete, agents can continue to be trusted advisors keeping beneficiaries up to speed on the annual changes that happen each year within the Medicare program.
They also can help facilitate any changes a Medicare beneficiary might want to make during the Medicare Annual Enrollment Period each fall. The Medicare Annual Enrollment Period runs from October 15 through December 7th each fall.
The great thing about working with a licensed Medicare insurance agent is that there is no cost to Medicare beneficiaries.
How to Find a Medicare Insurance Agent Near You
There are a variety of ways to find a Medicare insurance agent near you:
- Contact friends and family in your area who may have worked with one already.
- Do a Google search for “medicare insurance agent near me”.
- Check the location and the services they offer
- Check their reviews
- Book an exploratory meeting
- Make sure they work with multiple carriers
- Contact your local Chamber of Commerce
- Your local Chamber of Commerce should be able to assist in finding a Medicare insurance agent in your area
- Speak to your doctor or pharmacist
Working with a trusted Medicare insurance agent can go a long way to helping you secure the Medicare insurance coverage that is right for you. They can help you understand how the Medicare program works, assist in finding the Medicare plan that’s right for you, and keep you up to speed on Medicare changes year to year.