Comparison Shopping Medicare Plans: How to Find the Best Value for Your Money and Time

​Can Another Insurance Agent Sell This Medicare Plan at a Lower Price?

No.

Premium costs and benefits for Medicare Advantage, Medicare Supplement, and Medicare Part D plans are approved by the government. No one can offer you a better deal.

It will be exactly the same price whether you purchase your Medicare plan from the insurance company directly, or a captive agent, or an independent agent.

There are also no secret discounts. If your plan has premium discounts for paying premiums by auto-debit or household discounts, those are also the same no matter where you buy your policy.

In this video, we’ll take a quick look at how comparison shopping for Medicare plans works so you can save, not only money, but also time, when looking for the best Medicare coverage option for you.

​Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To… ​

Comparison Shopping for Medicare Plans is Unique

Shopping around for Medicare plans is different than shopping for other insurance products like home and auto coverage. Many insurance producers who work with property insurance are captive agents because a lot of major home and auto insurance companies only sell products through captive agents.

These agents only work with one insurance company, so they only show you plan and price options from that one company. To do detailed comparison shopping for car and home insurance, you usually have to talk to multiple captive agents to figure out which plan is best for you.

With Medicare plans, there are some captive agents around, but most insurance producers who work with Medicare plans are independent and contract with many different companies.

Here’s how using an independent agent benefits you:

1. Transparency. Almost all independent Medicare insurance agents use some kind of quoting tool. They’re all built on very similar platforms, and we can use that tool to show you a list of every single Medicare plan available in your zip code. Instead of having to call different offices to get pricing and benefit information, we have it right in front of us and can share it with you.  
2. Changing plans. Plans and rates change. The best plan for you this year might not be the best in a few years. Your independent agent or broker can easily help you move from one company to another if it’s in your best interest.
3. Company knowledge. We have to go through annual training with every single insurance company we work with, so we know the products we represent. And, even more valuable, we know from talking to our clients what the patient experience is with each insurance company. We use all of that to help new Medicare beneficiaries find coverage.
4. Independent agents and brokers offer free help for the entire life of your policy. We don’t charge you for our services. We are paid a commission by the insurance company when you enroll in a plan. Commissions are built into the price of Medicare coverage. An interesting question is – what happens to the commission if a Medicare beneficiary buys a plan directly from an insurance company? The answer is – the insurance company just keeps the money. Either way, the cost to you is the same.

 
What should you look for when you are trying to find an independent agent or broker to help you figure out which Medicare coverage option is best for you?

You can use nipr.com, the National Insurance Producer Registry, to make sure the person you’re considering is licensed in your state.

Definitely also check all the usual places like Better Business Bureau and Google reviews to find someone who is trustworthy.

Also, check social media and YouTube. A lot of us put out free educational content on multiple platforms to help current and future Medicare beneficiaries.

Most importantly, look for someone who starts the Medicare coverage conversation by asking you about yourself.

There’s no way for a broker to really know which plan is best for you until we know about your health, your medications, your doctors, your budget, your life.

As I’ve said many times before, there is no one-size-fits-all Medicare plan. The best independent Medicare plan brokers will take the time to get to know you before making any plan suggestions.

If you have Medicare questions or would like help navigating all the coverage options available to you, please feel free to give us a call at 877-312-1414 or schedule a free, no obligation Medicare Plan Consultation.