Insurance companies whose plans help people enroll generally pay commissions to authorized insurance agents. This doesn't necessarily mean that their advice is biased or that it doesn't take your interests into account. You don't pay to use a Medicare broker or agent near Sullivans Island SC. However, the way and the amount that Medicare brokers and agents near Sullivans Island SC earn from selling Medicare Insurance Plans near Sullivans Island SC varies greatly. While the compensation structure for Medicare agents near Sullivans Island SC can vary, most are paid based on a percentage of the premiums paid by their customers. This means that agents often make more money when their customers sign up for more expensive plans.
In addition, agents may receive higher commissions for enrolling new customers rather than for renewals. Therefore, there is a strong incentive for agents to sell as many policies as possible possible. While financial incentives to sell Medicare policies can be important, it's important to remember that agents are also responsible for helping their customers choose the right coverage. This means they must have a thorough understanding of the different types of Medicare plans available.
In addition, they should be able to explain the benefits and disadvantages of each option to help their customers make an informed decision. This means they must have a thorough understanding of the different types of plans available and be able to explain the benefits and disadvantages of each option. Hodges, from the NCOA, and Jacobson, from The Commonwealth Fund, say that to make smart decisions about Medicare, you can also contact the State Health Insurance Assistance Program (SHIP) for expert, unbiased and free information, but not recommendations on particular plans. In the case of Medicare Advantage in particular, the Centers for Medicare and Medicaid Services (CMS) regulate how authorized insurance agents are paid to protect you. For information about all your options, call 1-800 MEDICARE or your local State Health Insurance Program.
Medicare is a health care program for people over 65 and people with certain disabilities. The commission structure of Medigap plans also encourages the sale of plans that charge higher premiums, brokers and agents say. First, you have to choose between traditional Medicare (for Medicare parts A and B) and a private insurance company's Medicare Advantage or Part C plan. The premium you pay for any insurance policy includes a part that covers compensation to those who market and sell the different products.
Medicare's coordinating agency, the Centers for Medicare and Medicaid Services (CMS), sets maximum fees for Medicare Advantage plans and standalone Part D plans, but doesn't set minimum fees, Jacobson says. If you've wondered how licensed insurance agents fit into this puzzle, especially how they're compensated for their services, you're not alone. Recognizing these signs will prepare you to choose a licensed insurance agent who truly seeks the best outcome for you. Without having to enter any personal information (other than your zip code), you can view agents located in your area.
When you're new to Medicare, Advantage plans pay agents much more than Medigap plans (almost twice as much). With the right authorized insurance agent on your side, you can achieve this goal with confidence and peace of mind.
