Navigating Medicare on your own is overwhelming and confusing. That’s why many people use the services of a Medicare insurance broker when it’s time for them to sign up for Medicare.
A Medicare insurance broker matches you with the Medicare plan that fits your needs. The insurance broker will find the best coverage based on your budget and will make impartial recommendations based on your needs. They will also explain parts of your policy or take note of things that you may not have considered.
There are many types of insurance brokers out there, and while most have a knowledge of Medicare, not all insurance brokers specialize in Medicare. You’ll want to make sure your broker is well-versed in Medicare to give the best advice. Additionally, you’ll want to speak to someone who is licensed in the state where you live, since Medicare health plans varies in each state.
You may not be able to anticipate every healthcare need, but you should have an idea of your general healthcare needs. Have the following information ready:
Having this information in mind helps when speaking to a Medicare insurance broker. If your broker can’t recommend a plan or is stumped by your answer to any of these questions, that could be a sign that broker isn’t right for you.
It helps to have a frame of reference before you meet with a broker, so you can verify that they know what they’re talking about. Below are some common Medicare terms you should be aware of:
Original Medicare: This refers to Medicare Part A and Medicare Part B.
Medicare Part A: Inpatient hospital coverage. Learn more about Part A.
Medicare Part B: The medical part of your coverage – includes doctor visits, surgeries, lab tests and other medical services. Learn more about Part B.
Medicare Part C/Medicare Advantage Plan/MAPD: This is a Medicare Plan you can choose that are offered through insurance companies rather than direct from Medicare. There are many different coverage options to choose from. Learn more about Medicare Advantage Plans.
Medicare Part D/PDP: Prescription drug plan. This is what helps you pay for the medications you pick up at the pharmacy. Medicare separates costs of medications from Part A & B costs. This type of coverage has to be through an insurance company. As of 2006, Medicare no longer provides coverage for medications. Learn more about Part D.
For even more Medicare terms, check out our online glossary.
Choosing a Medicare plan can be difficult. Twin City Underwriters helps Medicare recipients in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa and Florida find the Medicare plan that meets their unique needs. Schedule a one-on-one meeting with one of our Medicare insurance brokers to get your questions answered!
Do you need help with Medicare, insurance and health plans? Explore your options with Allina Health Aetna, BlueCross BlueShield of Minnesota, Medica, HealthPartners, United HealthCare and more. We work with you to find the best plan for your needs and budget. Contact us today to get started.