How can Medicare Agents Help Seniors Save Money
As a senior citizen turning 65, you may be wondering how Medicare agents are paid and if they can really help save you money. The answer is yes! A Medicare agent’s main goal is to find the right plan for their clients first and foremost, and they are compensated fairly for the services they provide. Let’s take a look at how agents get paid and how they can help you save money.
Flat Fees for Medicare Advantage & Prescription Drug Plans
Insurance agents who sell Medicare products are typically compensated with a flat annual fee for both Medicare Advantage and Prescription Drug Plans. This fee compensates the agent for all of their hard work in helping someone enroll in a plan that meets their needs. In some cases, this flat fee may be waived if the client chooses to stay with their current insurance provider.
Percentage of Premium for Medigap Plans
For those seniors who prefer to purchase a Medigap Plan (Medicare Supplement), agents receive a percentage of the premium, usually around 20% on average. This percentage varies depending on the insurance provider and is agreed upon prior to enrollment. This allows the agent to make an appropriate amount of money while still being able to offer competitive pricing to their clients.
Medicare agents have access to many different insurance companies so they can compare plans side by side to find the best coverage at the most affordable price. They also have special relationships with various providers which allow them to negotiate better rates than what you might be able to find on your own. By using a Medicare agent, you can rest assured that you will get quality coverage as well as potential savings opportunities that would not otherwise be available to you as an individual consumer.
A Medicare agent can provide valuable assistance when it comes time to enrolling in Medicare plans or finding supplemental coverage options. Not only do these agents have access to multiple providers so that they can compare plans side by side, but they also have special relationships with various providers which allow them to negotiate better rates than what could be found on your own. With a competent agent by your side, you can rest assured that you will get quality coverage as well as potential savings opportunities that would not otherwise be available to you as an individual consumer.
Common Questions about How Medicare Agents get Paid to help Seniors
How do Medicare insurance brokers make their money?
Medicare insurance brokers earn commissions when they sell Medicare plans to individuals who want to buy private health coverage. They may receive additional compensation based on the amount of business they bring in.
Are Medicare brokers unbiased?
Yes, Medicare brokers are unbiased. They work for you, not for anyone else. We don't get paid if you choose another plan or broker.
What is the difference between a Medicare broker and agent
A Medicare broker works with you to find the best plan for you. An agent represents only one insurance company. Brokers are paid based on how much they save their clients money. Agents are paid a commission from the insurance companies they represent.
Do agents get commission on health insurance?
Yes, they do. Agents are paid commissions from companies like Aetna or United Healthcare for selling their plans. They also receive bonuses if they sell enough policies.