How to Choose a Medicare Insurance Broker
July 7, 2020 | Debby Jesser
Navigating Medicare on your own is overwhelming and confusing. That’s why many people use the services of a Medicare insurance broker when it’s time for them to sign up for Medicare.
What is a Medicare Insurance Broker?
A Medicare insurance broker matches you with the Medicare plan that fits your needs. The insurance broker will find the best coverage based on your budget and will make impartial recommendations based on your needs. They will also explain parts of your policy or take note of things that you may not have considered.
How to Choose a Medicare Insurance Broker
Find a specialist in your area
There are many types of insurance brokers out there, and while most have a knowledge of Medicare, not all insurance brokers specialize in Medicare. You’ll want to make sure your broker is well-versed in Medicare to give the best advice. Additionally, you’ll want to speak to someone who is licensed in the state where you live, since Medicare health plans varies in each state.
Know your healthcare needs
You may not be able to anticipate every healthcare need, but you should have an idea of your general healthcare needs. Have the following information ready:
- Clinic System or specialists you use
- Your current medication
- Your ideal budget
Having this information in mind help you when speaking to a Medicare insurance broker. If your broker can’t recommend a plan or is stumped by your answer to any of these questions, that could be a sign that broker isn’t right for you.
Know the lingo
It helps to have a frame of reference before you meet with a broker, so you can verify that they know what they’re talking about. Below are some common Medicare terms you should be aware of:
Original Medicare: This refers to Medicare Part A and Medicare Part B combined with coverage at 80%. You are responsible for 20% of medical expenses.
Medicare Part A: Inpatient hospital coverage. Learn more about Part A.
Medicare Part B: The medical part of your coverage – includes doctor visits, surgeries, lab tests and other medical services. Learn more about Part B.
Medicare Part C/Medicare Advantage Plan: This is a Medicare Plan you can choose in addition to Original Medicare. They are offered through insurance companies and provide different coverage options. Learn more about Medicare Advantage Plans.
Medicare Part D: Prescription drug coverage. Learn more about Part D.
For even more Medicare terms, check out our online glossary.