A lot of beneficiaries look for help from a medicare supplement broker to get their supplemental insurance. It can be difficult to understand Medicare for someone who is new to the program. For someone who is not familiar with Medicare, the sheer number of options can seem overwhelming. However, agents who are trained in these products can help consumers understand the details and provide helpful advice. If you hire a broker to assist you in making your medigap decision, you should periodically evaluate whether the agent is doing a good job.
The federal government has changed medigap plans and added new Medicare programs over the past two decades. Every time something happens, new information is available. It’s important to keep up with these changes. You should evaluate whether your plan is still the best for you at least once a year. This can be done on your own, but an experienced broker will make it easier year after year.
These are some things you should consider when evaluating the service provided by your broker.
1) Communication — The carrier who assists you with buying an insurance policy pays the agent. This compensation serves two purposes. It reduces the number of calls to the carrier’s headquarters. Agents can answer many questions and solve problems for clients. This is good news for the insurance company. The agent should be willing to provide ongoing compensation so that you can rely on them as a resource. This is good news for you, the buyer.
Agents who have been successful in their profession know that they must reach out to you when there is a significant change in legislation. You should also be contacted at least once a year if your medicare supplement is subject to rate increases. A great agency should have a business model that ensures you are contacted at least 3-4 times per year to confirm your satisfaction with your coverage.
If you have a clear understanding of your coverage and how it works, you might not feel the need to contact your agent. A more common complaint in the insurance industry involves a consumer who met an agent and was then unable to contact that agent again. This is poor service.
2) Records — A professional agent should have a database that contains notes about your goals and policies. You should be able for your agent to view your file and see the carrier you are enrolled with. Also, they should be able access notes from your last conversation. This is critical: Do you feel that your agent knows you when you call or email them? This person should not make you feel uneasy.
Ask yourself this question: When was the last time I got a call from an insurance agent regarding my medicare policy. Do I feel comfortable contacting my representative with any questions? Do I receive a prompt response when I call with a problem or concern? Do I feel that my broker is actually earning the business I have entrusted him/her with?
3) Evaluation of options — Because medigap rates naturally rise over time because of healthcare inflation, your advisor should help you to compare your options whenever that happens. Your agent will be able to inform you about other coverage options, such as Medicare Advantage plans, even though you may not be able to change your medigap policy due to health issues. Information about carriers in your state with less underwriting should be available to you.
These factors can be used to evaluate whether the broker you choose is trustworthy, honest, and cares about your needs. A person who chooses to work in Medicare-related insurance is more likely to be successful long-term if they are putting you first. Next time you have a question, problem, or topic related to Medicare, make sure your agent is competent. There are many caring and trustworthy people you can establish a long-lasting relationship with regarding your Medicare insurance needs.