June 17th 2022
By Ari Parker
A Medicare insurance agent can help you find the Medicare coverage that’s perfect for you. Find out if you need one.
By Ari Parker
Navigating the world of Medicare can quickly become overwhelming. Between the different parts of Original Medicare, optional Medicare Supplement insurance, prescription drug plans, and a variety of Medicare Advantage plans, you have a lot to consider.
There are many coverage options out there, so getting the information you need to make the right decision about your healthcare can feel overwhelming. Even with countless online resources providing Medicare information, many people still find themselves lost. A licensed Medicare broker or agent can make all the difference and save you both time and money.
Key takeaways:
A Medicare insurance broker or agent helps you understand and compare your Medicare options and enroll in the best coverage for you.
You can find a Medicare plan on your own, but working with a Medicare advisor can save you time and money.
It's usually free to work with a Medicare agent. The agent gets paid by insurance companies when they enroll someone in a plan.
Not all agents will compare every Medicare option to recommend the right coverage. Make sure to ask your agent questions about how they sort through and recommend plans.
Choosing the right Medicare coverage can be challenging because what's available depends on your location. Even within your local area, private insurance companies may offer multiple options with different benefits and costs.
Here are the main Medicare coverage types you’ll need to consider.
Original Medicare, managed by the Centers for Medicare & Medicaid Services (CMS), includes Part A and Part B and has standard coverage and costs nationwide. Most people pay nothing for Medicare Part A. Medicare Part B has a monthly premium of $185. On top of premiums, you will also have out-of-pocket costs in the form of deductibles and coinsurance.
To help with out-of-pocket costs not paid by Original Medicare, many people also opt for Medicare Supplement insurance (Medigap). While the ten Medigap plans offer standardized benefits, prices vary based on the insurance company you choose and where you live.
About half the population chooses to leave Original Medicare to move to Medicare Advantage (Medicare Part C). These plans must match Original Medicare's coverage, and most offer extra benefits like dental, vision, hearing coverage. Monthly premiums can also range quite a bit, and each plan sets its own coinsurance and deductible amounts. On average, people have 42 plans to choose from in 2025, which can make comparing the different costs and coverage difficult!
Many Medicare Advantage plans also include prescription drug coverage. Those on Original Medicare or Medicare Advantage plan that doesn’t include prescription coverage can enroll in a standalone Medicare Part D (prescription drug coverage) plan.
Choosing the right Medicare coverage for your needs and budget is made even more challenging when insurance companies flood mailboxes and TV screens with Medicare Advantage marketing claims.
A Medicare insurance agent is licensed to help you make sense of Medicare coverage and Medicare plan options. Agents are required to complete training and pass an exam each year to maintain their licenses.
The best Medicare agents will help you understand your coverage choices and Medicare products, helping enroll you in the right Medicare plan for your specific health and financial situation. Your Medicare agent should help you understand every Medicare option available, compare every plan, and choose the coverage that best meets your health and financial needs. Let’s explore more about how a Medicare agent can help you with Medicare.
Medicare plans should fit your needs and your budget. A Medicare insurance agent will ask you questions about your preferred doctors, the prescriptions and services you need, and your healthcare budget. Providing more information, including your medical history and current prescriptions, helps your Medicare agent or broker narrow down your options and recommend the best plans for your unique circumstance.
Agents aren't only for people who are new to Medicare. If you're already enrolled in Medicare, they can also help you review your coverage to ensure there's no better option for you. This is particularly important during Medicare's annual Open Enrollment Period. Should you want to change Medicare plans, they can check your eligibility and guide you through the process.
Medicare beneficiaries have an average of 42 Medicare Advantage plans, 10 Medicare Supplement plans, and 12-16 prescription drug plans available to them. Each plan type has its own premiums, benefits, and rules. This can cause confusion about what's covered, your costs, and network requirements. One of the last things you want is to present your policy information to a healthcare provider or pharmacist only to find out you don't have the coverage you thought you did.
A Medicare insurance agent/broker can walk you through the specifics of your health plan and policy options, helping you decipher complex terms and confusing details. After speaking with your Medicare broker, you should feel confident that you're choosing health insurance that fits your needs.
Once your Medicare agent has reviewed your needs and priorities and recommended the best coverage options, they should help you with the enrollment process. The best Medicare agents will also follow up after you enroll to ensure your coverage meets expectations and you have no questions or issues. At Chapter, we’ll also help you with things like prior authorizations, finding in-network doctors, and using OTC card benefits that may come with your plan.
If you want, you can explore your Medicare options on your own. Several online tools and resources can help, and you can seek information from plan providers and family members or friends who have already enrolled in Medicare.
We've even put together our own overview of Medicare coverage options to help people gain a basic understanding. That said, we'd recommend working with one of our licensed agents to ensure you get the best value from your Medicare coverage. Let's dive into some key benefits of working with an agent.
Agents and brokers are licensed to help you understand the intricacies of the plans they recommend. They read plan information daily, and Medicare terminology is second nature to them. By understanding how everything works in depth, they can help you understand and compare your options more quickly.
Here’s what one Chapter member had to say about working with a Chapter Medicare agent:
I felt overwhelmed by all of the information regarding Medicare options even after working with multiple advisors from other companies (they all seemed to be PUSHING particular products and not interested in making sure I understand the impact of options). That changed when I opened a dialogue with Venus at Chapter. She won me over by considering all options and making sure I understood them.
When you don't have a firm grasp of the details of Medicare coverages and policies, it can be easy to make a costly decision. Missing a deadline can result in lifetime penalties. Choosing the wrong coverage can cost you thousands of dollars each year. A licensed professional can help you find the best Medicare insurance coverage, considering your health and financial situation.
Many factors affect the cost of healthcare in retirement: insurance premiums, provider networks, deductibles, copays, prescription drugs, and pharmacies. A licensed insurance agent can help you search through all available plan options so you can choose the coverage that provides the best value for you.
Here’s how one of Chapter’s agents helped one couple save money:
Robert Vogt spent about 2 hours with my wife and me, thoroughly discussing plans, medications, supplemental, etc. He was knowledgeable, left no question unanswered and has now begun saving us approximately $3,000 every year. That's meaningful! No pressure. Just picking from the best alternatives. SO delighted a friend referred us to the Chapter website.
If you're considering a Medicare agent, you'll have two options: a captive agent or an independent insurance agent. While they're both licensed to sell Medicare, they're very different from one another. Knowing the difference can help you decide which type of licensed insurance agent to select.
A captive agent works with only one insurance company. For example, a Humana Medicare agent will only share information about Humana Medicare plans. These agents get to know their company's plans in great detail. The drawback to working with a captive agent, however, is that they cannot provide you with information about plans from other insurance providers. This means they can't help you shop around and compare every plan available to you. With over 20,000 Medicare insurance plans available nationwide, committing to a captive agent can easily mean missing out on opportunities to find better value elsewhere.
As the name suggests, an independent Medicare insurance agent is one who is not tied to a specific insurance carrier. Independent agents have contracts with multiple insurance providers, which allows them to advise Medicare beneficiaries on more options.
When working with an independent Medicare agent, it's important to ask how many insurance carriers they work with. Two? Three? The more, the merrier. Unfortunately, most independent agents only have access to compare plans from three or four carriers. Chapter compares every plan and will recommend the right plan for you, even if it’s offered by an insurance company we don’t work with.
A Medicare agent is someone who represents one or more insurance companies. A broker, on the other hand, represents consumers looking for the right Medicare insurance. Finally, Medicare advisors could be agents or brokers—this term includes anyone who provides advice on Medicare decisions. While these may be the traditional meanings of the terms, these days, all three words are used interchangeably to define someone who provides Medicare advice.
Agents, advisors, and brokers all receive commissions from insurance companies. Some brokers may charge consumers a fee for their service.
Medicare agents don't usually charge you a fee for their services. Most Medicare agents get paid a commission from insurance companies when they enroll a beneficiary into their plans. Unfortunately, many Medicare agents will only recommend a handful of plans for which they get paid a commission. At Chapter, we will recommend the best plan for you, regardless of whether we get paid a commission.
Chapter Advisors help you understand and choose from every Medicare option available to you. Our Advisors get paid the same amount, regardless of which plan they recommend to you. This removes misaligned incentives and ensures they always have your best interest at heart.
We enable our Advisors to explain and compare all your options clearly and quickly by spending hours on training and providing them with detailed plan information at their fingertips. We take pride in making sure you understand your options and providing the best recommendation based on your personal needs.
The right Medicare insurance coverage can ensure that you are receiving the healthcare you need without overpaying. However, the sea of information leaves many people feeling confused and worried.
Rather than struggle to understand coverage options and unfamiliar terms, talk to a Medicare insurance agent or broker. The best licensed professionals will take the time to get to know you, present you with suitable options, and help you compare them so that you know that you're selecting the best.
Are you getting ready to enroll in Medicare for the first time or thinking about switching your coverage? Speak with one of our independent Medicare Advisors, who are eager to help you understand your coverage and how to get the most out of Medicare. Get in touch by calling us at (855) 900-2427 or picking a time to chat.
