One question people often ask is “How does a Medicare Broker get paid?”
What many people don’t realize is there is no charge to work with a Medicare broker. The insurance company pays the broker. Our goal is to help you understand the different plans that are available so that you can make a decision on what Medicare program works best for you.
Fees for most Medicare policies are determined by CMS. Once the insurance application is submitted and approved, insurance agents are then paid. These would include prescription drug, medicare advantage. Insurance comanies establish the commission they will pay. This includes medicare supplements and other types of policies that can supplement your golden years.
As a Medicare broker, we work with a lot of people that are turning 65. We also work with people ho are ready to retire and going on to Medicare for the first time. As a result, we offer free webinars to help explain the process. You can find our calendar at lynnmichelwebinars.com. During these webinars we talk about the process for enrolling in Medicare, the expected costs of Part A and B, the timelines for completing applications and the process for enrolling in Part A and B.
We also discuss your insurance options if you decide to purchase other insurance to supplemlent your Part A and Part B from original Medicare. That could be to purchase a prescription drug plan, also known as Part D, a Medicare Supplement also known as a Medigap or to purchase a Medicare Advantage plan, also known as Part C.
For many people, just understanding the process of enrolling in Part A and B, the costs associated and the timelines feels overwhelming, so we try to simplify the process. Once that is complete, we like to take a deep dive into the other options and explore costs, risks, timelines and lifestyles as these factors can have an impact on your decision.
There are times when we meet with someone once and they are ready to make a decision. Sometimes we have several meetings because they feel overwhelmed and need more clarification.
When it is your time to make this decision, we look at the following:
- What is best for your lifestyle
- Do you have all the information to make an informed decision?
Once you are on Medicare, we like to meet once a year to review your options. Annual Enrollment Period which runs October 15 – December 7. This is when we review medicare advantage and prescription drug plans. Medicare supplement plans have no timeline. Depending on your state, they can be changed throughout the year.