Your Medicare Supplement Broker - Are You Getting Good Service on Your Policy?

Since Medicare can be hard to interpret for any person new to the program, most beneficiaries seek the help of a medicare supplement broker when shopping for their supplemental health insurance needs. The sheer variety of plans available seem daunting to an individual who is new to Medicare, but agents who specialize in these insurance products can provide a welcome service for consumers seeking someone to put the plans in laymen's terms. However, if you use the services of a broker to help you with your medigap decisions, you should occasionally be analyzing whether your agent is doing a thorough job.

Over the last 2 decades, the federal government has added new Medicare program options and changed some of the existing medigap plans. Each time this happens, there is new information to be learned, and it's important you keep up with the changes. At least once per year, you should assess whether you are still in the right plan for you. Tackling this on your own is possible, but if you are using the services of an experienced broker, that individual should be making the process easier for you, year in and year out.

Here are a few things to consider when evaluating your broker's level of service:

1) Communication -- An insurance agent is compensated by the carrier from whom he assists you in buying a policy. The purpose of this compensation is two-fold. First, it cuts down on the call volume to the carrier's home office because agents can handle many questions and problems for their clients. This is good for the insurance company. Second, the ongoing compensation should encourage that agent to be a knowledgeable resource for you at all times. This is good for you as a buyer.

Agents who have earned their spurs know they need reach out to you whenever a major change in legislation has occurred. They should also be contacting you at least annually whenever your medicare supplement faces a rate increase. Ideally, a great agency will have a business model in place which ensures that you are being contacted 3 -- 4 times a year simply to make sure that you are satisfied with your coverage.

If you are an individual who has a good understanding of how and when your coverage, you may not feel the need for this much contact, and you can let your agent know that. However, a more common complaint heard in the insurance industry is that the consumer met an agent who helped with initial enrollment and then has never heard from that agent again. This is not good service.

2) Records -- Any serious and reputable agent will have a professional database in which notes are kept about your policies and goals. If needed, he or she should be able to access your file in this database and see which carrier you enrolled with, and when your policy started, as well as view notes on your last conversation. This is crucial: do you feel like your agent knows who you are when you call or email? You should never feel like this person doesn't know you.

Ask yourself: When is the last time I heard from my insurance agent about my medicare policy? Does my representative make me feel like I can contact him or her any time with my questions? When I call with a concern or problem, do I get a response within a timely manner? In a nutshell, do I feel my broker actually earns the business I've entrusted to him or her?

3) Assessment of options -- Since rates on medigap plans naturally increase over time due to healthcare inflation, your chosen advisor should be helping you compare your plan options whenever this happens. While sometimes health problems can prevent you from changing your medigap plan, your agent can at least inform you of other types of coverage available for consideration, such as Medicare Advantage plans. You should also be able to get information about any carriers in your state that may have more limited underwriting for which you may qualify.

Looking at these factors with a critical eye, you can consider whether the broker you have chosen is reliable, honest and most of all, cares about you. Someone who has chosen to make their career in the Medicare-related insurance field is generally only successful in the long run if you, the client, is a number one priority. So next time a question, or problem or current event topic concerning your Medicare comes into play, see if you think your agent is up to par. If not, there are plenty of other caring, trustworthy individuals with whom you can build a mutually beneficial permanent relationship regarding your Medicare health insurance needs.