
How Medicare Agents Are Paid
Learn how Medicare Agents are paid below or click for your FREE no-obligation consultation.
A Medicare agent is an independent Medicare insurance broker who offers a balanced opinion about your choice of coverage. Medicare agents partner with various insurance companies to help find the best Medicare plan and provider for you, depending on your budget and healthcare needs.
If you decide to consult a Medicare agent, you will pay the same insurance rate as when you enroll directly with any insurance provider. In addition, you do not need to pay any broker fee when you consult an agent.
However, if you decide to enroll directly, you may miss the numerous benefits of consulting a Medicare insurance agent. Therefore, before we explore how Medicare agents are paid, we’ll consider the benefits of working with an insurance agent.
BENEFITS OF WORKING WITH MEDICARE AGENTS
First, a Medicare agent will help you avoid and navigate common problems associated with Medicare, such as billing errors, referral issues, and pharmacy exceptions.
Medicare agents also provide more information about Medicare plans and how they work. They help to break down the terms and information into bits that are easy to understand. A professional agent will help you make a well-informed decision on which Medicare plan to choose and your coverage options.
When working with Medicare agents, you pay the same rates as when you buy the Medicare policy directly from an insurance company.
HOW AGENTS GET PAID
Insurance companies pay independent Medicare agents rather than Medicare enrollees. However, if you choose to enroll with an insurance company through a Medicare agent, the insurance company will pay the agent a fee or annual commission.
If you enroll directly, the insurance company will keep the fee. Also, you’ll lose the extra services offered by the Medicare agent.
With Medicare agents, you get access to data about insurance policies and carriers that you may not usually have. As a result, you get more information about various plans to help you choose the right plan.
The amount the Medicare agent makes depends on the policy you choose.
For example, if you purchase a Medicare Advantage plan, the Medicare agent will earn the same flat commission regardless of the insurance provider. For Medicare Supplement plans, the agent makes a percentage of your monthly premium.
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Dale Wondisford
MEDICARE INSURANCE SPECIALIST
14 Years experience helping hundreds of families get the best insurance policy to meet their needs.
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