Medi-Solutions Insurance Agency, LLC. is composed of independent insurance professionals who offer high quality insurance, financial products, and services to the individual and business marketplace.

 

Benefits of Using an Independent Agent

Trying to decide the best Medicare policy for you can be a daunting task.  Even if you are well-versed on the subject, it often makes sense to partner with a professional.
While you don't need an agent to sign up for a Medicare plan, these professionals can be a valuable resource and help you in many ways.

An agent is a licensed professional who works with people to select and enroll in health insurance coverage that best matches the person's current needs.

There are two types of agents:

1. A captive agent who can only sell policies from one or two insurance companies.
2. An independent agent who can partner and sell policies for many different insurance companies.

Insurance brokers provide the same functions as independent agents, selling plans from different insurance companies.  Without the constraints of being locked into selling policies from one or two companies, there are many benefits an independent agent can provide you.  Let's look at what some of those benefits are.

Independent agents offer more flexibility.

As you can probably already surmise, by not being tied to one specific company or product line, independent agents have the most flexibility with matching you to the absolute best policy that may meet your needs.  In addition to aligning you with the most appropriate benefits, an independent agent can also factor in costs that stay within your budget limitations.  This way, you get the best policy at a price you can afford.  Flexibility also means you're going to get unbiased input to help you choose wisely.

Independent agents have broad-based expertise

A captive agent is well-versed for the one or two companies they represent, but an independent is well-versed on what many companies offer.  This alone provides you with a resource that deals with the many complexities of Medicare and the many options provided by a wide range of insurance companies.
Another thing to consider is that many Medicare providers vary by market.  Having an independent agent who is well-versed in your local service area is especially important.

Independent agents can help you save time and money.

Independent agents are small business owners who work with several different Medicare plan providers every day.  They're aware of the latest changes, exclusions, best rates, coverage options, and the smallest details on benefits and limitations associated with each plan. 

You can try to pick up this information on your own, but you will have to invest a lot of time.  This can be an especially time-consuming task if you are not familiar with Medicare other than on a fundamental level.

Many insurance companies offer Medicare plans.  You may have to check with several insurance companies either online or by calling the company and speaking with customer service to get the best coverage and the best price information for your situation.  Even if you can uncover essential information, that's no guarantee that you'll still make the best choice for your situation.  You could easily end up wasting money on coverage you don't need. The other way you save money is that after you have established a relationship with an independent agent, you will get regular updates to help with the decision process for the right coverage.

Independent agents are unbiased advocates for you.

Captive insurance agents often have cozy relationships with only insurance companies they represent.  As a result, some may be more protective of the relationship with that insurer instead of providing an unbiased analysis like you will receive from an independent agent.

Being your advocate can be especially valuable when it comes time to file a claim.  Claims are often complicated, and policyholders can have a tough time navigating through levels upon levels of complex jargon.  Because an independent insurance agent is a trained professional who works as an advocate for you, you're more likely to get individualized help that will eventually turn into a fair settlement.

Independent agents want to build a relationship with you.

An independent agent is often someone in your local community who can serve your long-term insurance needs.  One of the goals of a local agent is to build a personal relationship with you and not treat you like only a name and a number in a computer database.  

Building a personal relationship makes it easier for you to pick up the phone and ask questions anytime you feel the need. This personalized service also reduces frustrations and uneasiness that you may feel due to your general lack of knowledge.

A good independent agent recognizes your concerns and is better positioned to help resolve them with unbiased advice to give you greater peace of mind over the long run.

Independent agents help you work through pre-existing medical conditions.

Suppose you want to buy a Medicare supplement insurance policy after your open enrollment. In that case, insurance companies may use medical underwriting to approve or deny coverage and to set the premium for your policy based on your current health.  An independent agent or broker can help you determine if you meet underwriting requirements for a plan that you may want.  Because they work with several companies, they'll also be more familiar with which ones have more lenient underwriting requirements. This can be important in determining whether you will get a policy if you have some health issues before getting coverage.

There is no added cost to you when using an agent.

Regardless of whether you use a captive or an independent agent, there is no cost to you!  Agents are either employed by healthcare companies or have a contract with companies to sell their plans.  When they enroll you in a healthcare plan, typically they are paid a commission by the insurance company or Medicare.  They also receive additional payments every year you stay in the plan.

Commissions that agents receive for different plans vary depending on the company and the arrangement the agent has set up.  A commission could be a flat fee or a percentage of the premium.  While this is not an independent agent benefit, it's good for you to know the arrangement between your agent and the companies they represent.

Other benefits of using an independent agent

When you are looking for a resource to help you in the decision process such as an independent agent or broker, consider these additional benefits to help you work with the right agent:

 

• Experience. An agent or broker should have experience selling Medicare plans in your state. When you first reach out to an agent, ask if they specialize in any specific types of plans or if there are certain kinds of customers they usually work with.
• Licensing. Before you choose an independent agent or broker, make sure they are licensed to sell policies in your state. By law, the Centers for Medicare & Medicaid Services requires agents to be licensed in the state where they sell policies. In addition, the agent's business card should include their license number, making it easy for you to verify the validity of their current licensing status. You can verify this information by checking with your state insurance department.

  In addition to state licensing, to sell Medicare plans an agent must also pass an annual American Health Insurance Plans (AHIP) certification exam.  Agents are required to demonstrate specialized Medicare knowledge to pass the exam.  AHIP certification is administered by the trade association that specifically represents the health insurance industry.

• Customer service. Do some research to see what kind of customer service the agent provides. Ask the agent for references and go to various online review sites to get a sense of how the agent treats clients. Pay particular attention to how aninsurance claim is handled, the level of local knowledge, and how often other customers view the agent as a trusted choice.
• Service after you buy the policy. Your relationship with an agent doesn't end when you buy a Medicare policy…it has only begun. A top-notch agent will stay in touch, be a valuable resource, and advocate for you for years to come.