Should you work with a Medicare broker or go it alone?

Choosing the right Medicare plan can feel like trying to read a map without street names. There are dozens of options, each with different costs, networks, and rules.

While you can sort through it on your own, a Medicare broker offers FREE help! You won’t find any other professionals who work without a fee so why go it alone? You won’t save any money calling and enrolling directly with an insurance company. Why not have an agent who knows you so you can turn to a person when the inevitable problems creep up?

When to consider hiring a Medicare broker

A Medicare broker is an independent insurance agent who helps you compare Medicare plans and enroll in one that fits your needs. The biggest advantage? They work with multiple insurance companies, so they can show you a variety of plans instead of just one company’s options.

I, for example, am licensed with over 100 different insurance companies. Most agents offer a few options and some only represent one company.

People make expensive Medicare mistakes because they don’t know who to trust for help. There are thousands of agents who specialize in Medicare insurance. You can find some with a quick internet search. Reviews are easy to find and you can even go to the department of insurance and research of your agent has complaints or violations. Do as little or a much research as you need to feel comfortable with getting help!

There is no situation I’d ever recommend doing this on your own.

An independent Medicare insurance broker is especially useful if:

• You’re new to Medicare and overwhelmed by the choices.
• You take expensive prescriptions and need a plan that keeps costs low.
• You have doctors you want to keep and need to ensure they’re in-network.
• You’re considering a switch from Medicare Advantage to a Medicare Supplement (or vice versa).
• Your financial situation has changed, and you need help figuring out what you qualify for.

What can a broker do that you can’t?

People assume that they can do everything that a broker does. Brokers subscribe to expensive insurance platforms that give us access to data that you wouldn’t know what to do with, if you could access it. Yes, you can compare plans on Medicare.gov, call 10 insurance companies, and read through plan documents. But a broker can do it all in less time, explain complicated terms in plain language, and catch things you might overlook – like hidden costs and coverage restrictions.

For example, Medicare Advantage plans have networks that can change yearly. A broker stays on top of those changes and can warn you if your doctor might be dropped next year. They also know which plans have better customer service and which ones deny the most claims (something you won’t find on Medicare’s website). The government rates Medicare Advantage plan but there is no rating for Medicare Supplement plans. We’ve worked with these plans for 30 years, so we can speak about each of them from experience!

How to find a Medicare broker

Start with referrals from friends or family, or check independent agencies that specialize in Medicare. Be wary of brokers who only work with one or two insurance companies – you want someone who gives you a full range of options. While everyone has to start somewhere, you don’t want to be any one’s guinea pig. Don’t be afraid to ask how long they have been a licensed agent and how many clients they have.

Before you hire a broker, ask:

• How many insurance companies do you work with?
• Are you independent, or do you only sell for one company?
• Do you charge a fee, or do insurance companies pay you? (Most brokers are free to you – the insurance company pays them.)
• How often do you check in after enrollment?

What does it cost?

Most brokers won’t charge you anything – Medicare rules require that insurance companies pay them the same commission no matter which plan you choose, so they have no financial reason to steer you in one direction over another.

Bottom line? A good Medicare broker can save you hours of research and help you find a plan that fits your health needs and budget. Just be sure you’re working with someone independent, experienced, and focused on your best interest – not just making a sale.

Sylvia Gordon is the author of “Medicare Mama’s Guide to Medicare and Social Security Retirement.” She has over one million followers on social media where you can find her as “Medicare Mama” or @TheMedicareFamily. Her third-generation family insurance business is in central Indiana and licensed in all 50 states. Learn more at TheMedicareFamily.com.