You don't have to choose Medicare plans on your own. You can get help from an insurance agent. However, before you do this, you should take time to understand how different types of agents work. For example, some agents work on a captive basis while others work independently. What's the difference between the two? Which type of agent should you use?
What Is a Captive Medicare Agent?
A captive Medicare agent only represents one Medicare company. They give advice solely on that company's plans and products. They can't talk to you about other options with other companies, and they can't sell products outside of the company for which they work.
What Is an Independent Medicare Agent?
An independent Medicare agent works as a market-wide broker. They aren't affiliated with a single company but can give advice on multiple Medicare providers. They can help you find the best plans and products from a range of companies and apply for them.
Which Agent Should You Use?
There are advantages to using both types of agents in this sector. However, it is important to choose the right option based on your insurance needs and healthcare circumstances.
Captive Medicare agents can't work across the entire health insurance sector. While this is too limiting for consumers who want access to sector-wide advice and help, a captive agent can be a good choice in some circumstances.
For example, if you've already done some research into Medicare providers and plans, then you might know which company you want to use. Here, a captive agent can be useful. They have in-depth knowledge of the company you've already chosen. They can help you investigate its plans and products in more depth.
Plus, some Medicare providers will only work with a network of captive agents. They don't work with independent brokers. So, in this case, you'll need to work with an approved captive agent if you want an agent's help to organize plans or products with the company.
However, if you don't yet know which Medicare provider you want to use, or if you want general advice to help you choose the right plans and products for your needs, then an independent agent is your best option. Independent agents have a broader experience of the sector in general, so they can give you advice and recommendations based on their knowledge of a range of providers. They can help you shortlist the best companies, plans, and products for your needs.
To get started, contact local Medicare enrollment services, such as Chehalem Insurance Associates, LLC, and ask which agency model they use.
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