Medicare Agents vs Brokers: Pros, Cons, & How To Choose

Prescription drug coverage is also a big concern for many, and I help explain their Medicare options. The fact is people have a lot of options when choosing a Medicare plan, and that can be confusing—so I help them understand how to select a plan that best fits their situation. When selecting a Medicare agent or broker, make sure they look at whether or not your current coverage — based on both coverage terms and price — is the best option for you. You don’t pay for the services of a Medicare broker or agent. Agents and brokers both compare different Medicare plans and combinations of plans to come up with the best options based on price and need. Nectar is ideal for agents who are less enthused about marketing and networking.

All Medicare agents and brokers must be licensed to operate in your state. You can use the NAIC locator tool to get in touch with your state insurance department to verify if someone claiming to be an insurance agent or broker is licensed. Medicare agents and brokers can review the underwriting terms of different policies to find the best option for you. Agents who represent a particular health insurer can only sell you plans from that insurer. These captive agents are typically experts on all the options their company offers.

Independent agents represent several competing insurance companies. They may work in a way similar to brokers — in that they can compare Medicare plans from different companies — but they still represent the companies whose plans they offer. Healthcare.com’s platforms do not include all health insurance companies or all available insurance products on its platform. It’s up to you whether you want to work with a Medicare agent or broker. Using a knowledgeable and ethical agent or broker can make your search for a health plan significantly easier and faster. Since their services are free, you have nothing to lose by trying an agent or broker near you.

For example, this might happen if a client discovers that a particular service isn't covered and ends up having to pay out-of-pocket or if they identify a potentially better plan you didn't mention. The YourMedicare Enrollment Center combines all of the above to allow you to build quotes, fulfill contracts, and manage all your critical customer information in one place. To find good leads, be prepared to try many different types of marketing. Remember that with Medicare, you're dealing with an older clientele that may favor more traditional methods. Don't overlook the importance of print advertising, direct mail marketing, and in-person networking for this audience. You can find this information, including the documentation you'll need to submit, on each state's insurance department website.

However, all prospect partners MUST be licensed in their resident state, and be in good standing with the DOI. AGA is a Medicare Agency that represents most major Medicare Advantage and Medicare Supplement products in the market. Our mission is to take administrative duties off your desk and help medicare agent you focus more on what you do best, selling. Before applying for group coverage, please refer to the pre-enrollment disclosures for a description of plan provisions which may exclude, limit, reduce, modify or terminate your coverage. View plan provisions or check with your sales representative.

Assume for now that you primarily sell replacement policies and average $300 commission per policy. For example, if you sell 200 Medicare Advantage plans in your first year, you could earn $60,000 in Advantage commissions alone. By calling the number above you will be directed to a licensed insurance agent. By submitting this information you acknowledge a licensed insurance agent may contact you by phone or email to discuss Medicare Advantage Plans, Medicare Supplement Insurance or Prescription Drug Plans. It was so helpful for me to get immediate answers to all of my questions regarding which healthcare provider would be best for me. They asked all the right questions and gave me several options to fit my needs.

After that, you’ll need to keep up with continuing education requirements. To achieve Medicare “ready-to-sell” status, agents must meet a few requirements annually. Here’s what’s required to be “ready-to-sell” a carrier’s Medicare products. For example, if you take your certification exam in late June or July 2020, you are likely being certified to sell the 2021 product to eligible seniors during the 2021 annual enrollment period.

Our sales agents take the time to get to know you so they can use their experience and knowledge to help you make the right Medicare decision for you. They’re committed to building good relationships and offering continued support even after you’ve found your plan. Preferred doctorsMedicare Advantage plans have networks of preferred doctors, hospitals and other health care providers. If you have preferences, a Medicare broker or agent can zero in on plans that allow you to keep your doctor. You do not need an agent or broker to find the best Medicare coverage for you. But a Medicare agent or broker can help guide you through the often confusing process of finding the best available Medicare plan — or combination of plans — for your needs.