In order to find the best Medicare Supplement or Medicare Advantage Plan you need to do three things.
First, you need to learn about the basics of Medicare we have put together a webinar about Medicare to explain how it works. Additionally, there are several articles posted on our KeysToMedicare blog to help. Annually Medicare publishes the Medicare and You book which covers the basics of Medicare. Medicare also has the website Medicare.Gov and has hundreds of articles listed to help explain how Medicare works and answer frequently asked questions.
We advise that people become comfortable with how the original Medicare program functions as well as the Medicare Advantage program before engaging with a broker to help your shop.
Once you understand how Medicare works and the which of the two Medicare programs available would be a better fit for your situation you should take the second step–work with a local Medicare insurance broker to find the best coverage offered in your area.
If you are still confused whether Medicare Advantage or Original Medicare is better for you the local broker should be able to help guide you to the best program for your situation. Your research and knowledge of the two programs will make this process easier.
Using a local Medicare insurance broker enables you to have a face to face meeting and be able to thoroughly discuss the pros and cons of each Medicare program to be sure you have the correct coverage. If you need customer service a local broker can be easier to reach and request help from than some of the customer service departments for the insurance carriers – some of them use call centers located in Asia.
Once you decide on a plan, the broker will enroll you into the insurance electronically and you will receive an ID card and policy in the mail within about two to three weeks.
Be sure to work with a broker that will review your coverage annually. Prices and coverages change often. It is important to make sure you continuously stretch your dollar as far as it can go. What coverage you need based upon your health and financial situation may change over the years. Getting a professional review annually will not only save you a lot of money but make sure you have the correct coverage based upon your current needs.
Using a local Medicare insurance broker will not cost you any money and will most likely save you thousands of dollars. The insurance brokers receive a commission from the insurance company whenever they enroll a new insured. Just like home and auto insurance agents the incentive is to help people find the best coverage for their situation at the best cost, enroll the person with the appropriate insurance company and then provide ongoing help if there are any service needs or questions while the person has their insurance. I know that we have saved people millions of dollars over the last 20 years. Sharing our expertise and experience has also helped people
understand the two main programs and make sure that they have the correct coverage for their needs.
Having your coverage reviewed annually ensures your coverage remains cost effective. Oftentimes the insurance carriers will raise or change the prices on an annual basis. If you do not review your coverage within a couple of years you may be spending a lot more money than you need to.
Typically we see a lot of price volatility with the prescription coverage. It seems that the insurance companies may get a good price for a prescription for a couple of years but when they renew that price with the pharmaceutical company they may have to pay a lot more. It is not unusual for us to review someone’s coverage who is on the exact same prescriptions as the prior year and advise them to switch their prescription coverage for the following year in order to save hundreds if not thousands of dollars.
Although the Medicare supplements in Medicare Advantage plans are typically more stable in price, those policies should also be reviewed annually.
Typically people become overwhelmed trying to figure out all the nuances in prices associated with Medicare. It is much easier to learn the pros and cons for both Original Medicare and Medicare Advantage plans and then allow a specialized Medicare insurance broker to help you shop for the best coverage. This will get you the most cost effective plan as well as a teammate or partner – the insurance broker. Part of their job is to lookout for your best interests and review your coverage annually.
The most common response we hear from people after helping them enroll into their insurance coverage is, “thank you so much for your help. I was so stressed about not making the right decisions and you have just taken care have all of that for me.“
We are here to help and have found that an educated client helps us help you better. Please take the time to review the resources mentioned or call/text/email us with any questions you may have. We look forward to working together to find what’s best for you.