What To Expect When Working With a Medicare Agent

They can match you with a qualified professional for your unique objectives. If you're interested in help navigating your options, a representative will provide you with a free, no-obligation consultation. RetireGuide doesn’t believe in selling customer information. However, as required by the new California Consumer Privacy Act , you may record your preference to view or remove your personal information by completing the form below. We operate independently from our partners, which allows the award-winning RetireGuide team to provide you with unbiased information. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant.

We/Our Partners do not offer every plan available in your area. Any information provided is limited to those plans offered in your area. Please contact Medicare.gov or MEDICARE to get information on all of your options.

If you enrolled in Medicare Supplement or Medigap, you can change your plans anytime but you may be subject to underwriting. Although there is no requirement to work with an agent or broker, you may choose to do so for the following reasons. In contrast, most people turn to the internet to collect information. Many start at Medicare.gov, and while this is an excellent source of the basics, you may become overwhelmed with the amount of available information. With a Medicare agent, you will be able to talk to a live person available to answer any questions and clear any confusion. The easiest way to connect with a licensed Medicare agent in your state is by completing our online questionnaire, and we will connect you with a personal Medicare agent.

Each of the organizations we represent has a Medicare contract. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, sex, sexual orientation, gender identity, or religion. Our local, licensed Medicare insurance agents are here to help you find the right insurance plan that meets your needs and budget. Medicare is highly regulated and many of the carriers have different contracting and appointment processes to get their agents ready to sell . You will need to be patient during this process as it can take some time to get your approvals from each company. You must complete a contract with each insurance company in order to be appointed to sell.

You make recommendations about obtaining supplemental insurance and help people understand their options for prescription drug, vision, and dental policies. Independent insurance agents are authorized to enroll individuals in Medicare plans and contract with one or, typically, more insurance carriers. Though it is not required, many agents affiliate with broker agencies that provide services such as marketing, technology, training and compliance, and administrative support. Licensed agents are compensated by the carriers directly on a per-enrollee basis. The more enrollments and renewals that agents generate, the higher their earnings. This means that carriers’ and agents’ incentives for growth are perfectly aligned.

Maximum commissions for MA and Part D are set annually by the Centers for Medicare and Medicaid Services and are commensurate with fair market value . Within the maximums set by CMS, insurers determine the exact medicare agent compensation level they will pay agents, which can vary by product or contract. CMS maximums are set nationally, although they may be higher in certain states because of cost of living and other conditions.

As a result, agents may find themselves choosing between their income and beneficiaries’ needs. Below is a link to a file containing the amounts that companies pay independent agents/brokers to sell their Medicare drug and health plans. Companies that contract with Medicare to provide health care coverage or prescription drugs typically use agents/brokers to sell their Medicare plans to Medicare beneficiaries.

You tell us when you want to receive calls and what your ideal prospect is like. We get interested shoppers on the phone, verify they're a good fit, and direct their call right to you. Every lead you receive through Nectar will be real and fresh.

Third, beneficiaries’ experience with their agents and the overall quality of the service are not factored into the commission model, although there is precedence for this within Medicare. For example, MA and Part D plans are measured through the star ratings program and are compensated differently for delivering a high-quality member experience. Pay-for-performance could be considered part of the compensation model for agents and agencies.