You’ve probably heard the term Medicare broker before, but you may not know what they do or how they can help you. Luckily, using a Medicare broker might be an excellent option if you’re using Medicare to pay for your medical care costs.
Here are the top four benefits of using a Medicare broker to help you make the most of your insurance coverage!
1) Find & Compare Plans
By finding all of your available options, which depending on where you live, could include local plans and plans from other states—you can compare each project according to premiums and deductibles. You can also look at special features like prescription drug coverage and dental insurance. Compare them all side-by-side to get an accurate picture of what is suitable for you. As a Medicare Insurance Broker, The Big 65 has been helping Medicare beneficiaries get their best fit with simplicity and professional expertise.
2) Maximize Enrollment Bonus Dollars
If your plan makes it possible to add prescription drug coverage, you could save on out-of-pocket costs. Choose your drugs wisely because certain medications might not be covered under your plan or with some pharmacies. Using a broker is especially wise if you have prescription coverage from previous years but do not know whether it will continue in 2016. Many plans change their formularies annually, so consumers are better off enrolling through an agent than navigating those changes independently.
3) Get Extra Protection at a Low Cost
Medicare is an effective health insurance option, but it doesn’t cover everything. For example, if you go to an in-network hospital that also offers therapy services, your plan will only reimburse you for up to 80% of your therapy costs—that means you could be on the hook for $200 of every $250 bill.
If you have supplemental insurance through your employer or another company, some extras might help alleviate some expenses. A trusted Medicare broker can help compare plans, like a Mutual of Omaha Medicare Supplement, and find plans with more extensive coverage and lower out-of-pocket costs—this could pay off later when other bills arrive in the mail.
4) Avoid Penalties for Missed Open Enrollment
One of the most significant risks of signing up for Medicare at age 65 is missing open enrollment periods. If you decide to sign up without getting help from a broker, or if you wait past an open enrollment period to sign up, your coverage may be delayed or denied. Having coverage denied can lead to penalties and other unexpected costs. To avoid these situations, make sure you’re always working with an independent Medicare broker who stays on top of all deadlines and rule changes so that they can help get you enrolled as soon as possible.
If you’re self-employed or have run into other issues with traditional health insurance, Medicare can seem overwhelming and confusing. A broker can ensure that you get all of your options in an easy-to-understand way. Many choices are available, and navigating through them can be time-consuming. Save yourself some time by working with someone who understands how Medicare works and can be on your side when deciding what coverage is best for you.
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