Starting out with Medicare? Not sure where to begin your search for a Medicare Supplement? Don’t worry, you are not alone!
Did you know that about 10,000 people are turning 65 every day? With that comes a lot of talk about Medicare and Medicare Supplements.
Now everyone starts out the same by asking themselves “Where do I start?” There are many different routes you can take, but you should really start by asking yourself, “Do I want help, or do I want to figure this out for myself?”
Most people consider learning about Medicare and Medicare regulations too difficult and turn to either an insurance agent or an insurance broker. Others take the process into their own hands and try to navigate the system themselves. The truth is that Medicare truly is not very complicated. Plus with all the resources readily accessible either via the internet or the Medicare & You handbook, it is not unrealistic for someone to imagine that it is possible for them to do themselves.
Still, many become frustrated either because they have never worked in the insurance industry and are not knowledgeable about it, or they are not familiar with some of the terminology and are confused by it. The good news is whichever route you choose to take is completely in your hands, and you can opt to reach out for help at any time.
That’s why we are here, to help you. But there are those who decide that going with the help of a professional agent is not for them either because they fear they are being sold something or they believe they can get all the information that they need on their own.
Neither of these is ideal situations. We don’t want you to feel like you are being sold something, we want you to feel like you are able to ask questions and get honest answers. And, like I stated earlier, yes, all the information is available, but just because you can read about it and take some notes does not mean that you can attain all the knowledge that a professional has gained from years of experience.
The pros of having an insurance agent/broker are the simple facts that they can help save time and money in the long run. Now, I’m not just saying that because I want your business, I mean I do, but this is our job. We have to be knowledgeable about the plans we sell you and what they cover.
The main difference between agents and brokers is gigantic.
Agents work for a specific insurance company and are only allowed to show and sell you plans and prices approved by that insurance company. Agents are salespeople who are specifically trained to sell you certain products and convince you it is in your best interest to buy them. They generally rely on the fact that you are new to Medicare and are completely unaware that each company charges a different rate for the SAME plan. Agents are not encouraged to help you find the right plan or the best price.
On the other hand, brokers represent all insurance companies as well as your best interest. They can shop all plans and prices provided by all insurance companies and help you decide which option will best suit your needs. This saves you the tedious task of calling every company and talking to numerous agents before finding the best plan for you. It also comes in handy when the plan prices change significantly as you become older in comparison to what they have been for you at 65. Many companies offering the lowest rate at 65 are now significantly overpriced at 70, by then you might be locked in for life due to health concerns that might develop as you age.
So, reflecting on this, yes you can start out gathering information yourself and begin to compare different plans and premiums. Power to you. We encourage everyone to learn more about Medicare and their Medicare Supplements. But, if you want to save time, money, and simplify the process, the real question you should ask yourself is: “Why not start with an Insurance Broker?”
If you would like help getting started with your Medicare Supplement search please visit our website: http://CarolinaAdvisors.com or call 843-602-9584
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