How to Choose a Medicare Supplement Broker
And Avoid Costly Mistakes
Your complete guide to the five ways to purchase a Medicare Supplement, the questions you should ask before buying, and how to avoid paying more than necessary as you get older.
Introduction: Why Choosing the Right Broker Matters
Choosing a Medicare Supplement is one of the most important financial decisions you'll make when you enroll in Medicare. But there's something many people overlook.
Who you buy your Medicare Supplement from can be just as important as which insurance company you choose.
Let me explain why.
When most people first enroll in Medicare, they're concerned about three things: which plan they should purchase, which insurance company they should choose, and how much their monthly premium will be.
Those are important questions. But there's another question that could be even more important over the long run.
Who's going to look after you five, ten, or fifteen years from now?
Medicare Supplement premiums generally increase over time. The insurance company offering an attractive premium when you're 65 may become considerably more expensive by the time you're 75 or 80.
Unfortunately, many people purchase their Medicare Supplement and never hear from their insurance agent again.
They continue paying their premiums year after year, often without realizing that another insurance company might offer comparable coverage at a substantially lower price.
And here's where things can become particularly difficult.
In most states, once your initial Medigap Open Enrollment Period and other applicable enrollment protections have expired, changing insurance companies may require medical underwriting.
That means an insurance company can review your health history and, in many circumstances, decline your application.
By the time you discover that you're paying too much, your health might prevent you from changing insurance companies.
That's why I believe your relationship with your Medicare Supplement broker deserves serious consideration.
A Real Example of What Can Happen
Let me share an experience involving a couple who were referred to me.
The husband was 75 years old and paying $632 a month for his Medicare Supplement Plan F.
His wife was 71 and paying $532 a month for Plan G.
Together, they were spending $1,164 every month on their Medicare Supplements.
During our conversation, I asked the husband a simple question.
"Has your insurance agent ever called you to review your coverage?"
His answer was no.
Fortunately, both were healthy enough to qualify for new coverage. After reviewing their options, we were able to move them to new policies.
Their combined savings exceeded $10,000 a year.
Think about that.
More than $10,000 a year in premium savings.
Of course, their situation isn't typical of everyone. Changing coverage can involve different benefits, out-of-pocket costs, and underwriting requirements. Savings are never guaranteed.
But their experience illustrates something I've witnessed repeatedly during my years in this business.
People purchase Medicare Supplements and assume their insurance agent will contact them if something needs attention.
Unfortunately, that doesn't always happen.
The lesson is simple.
Don't just shop for a Medicare Supplement
Shop for someone who will help you manage that supplement for years to come.
Let's examine the five primary ways people purchase Medicare Supplements and the advantages and disadvantages of each.
Part 1: The Five Ways to Purchase a Medicare SupplementHeading 2
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About Seniors on Medicare
Seniors on Medicare was founded by Jim Grude in Marengo, Illinois in 1990. Throughout his career, his primary goal has been to act as an advocate and educator for his clients. Jim takes the complex aspects of Medicare and breaks them down into simple, real terms so that the people he works with can feel confident in making informed decisions about their healthcare. He continues to work tirelessly to stay on top of constantly changing Medicare regulations, supplement products, and more so you don't have to. In recent years, he's gone on Medicare himself and uses his lived experience to help provide peace of mind to his clients.
Small Business,
National Reach
We are a family business co-owned by Jim Grude and his son-in-law, Wyatt Floyd. Although we are small in size, we have the resources and reach of a national chain. We are licensed in over 35 states and work with over 30 different insurance companies so we are able to guarantee the best services and rates for your insurance needs. Because we are an owner-operated company, we aren't under any obligations to meet "sales quotas" and will never pressure you to buy anything from us.
Our
Process
When you contact us, the first thing we'll do is help you understand Medicare and supplemental insurance.
Then, we will run quotes on all the companies in your area. Next, we'll help you select a company with a solid reputation (the lowest cost, isn't always the best!). Once you're ready, we'll enroll you with the company and plan of your choice. When you receive your policy we will contact you and
answer any remaining questions.
Clients
First
Our mission is always to put our clients' needs first. In our experience, many brokers will enroll a client in a Medicare plan and then never contact them again. Insurance providers will raise rates annually at varying amounts; when this happens, we'll contact you, review your coverage, and determine if it's time to move to another company with a lower premium. If you have a problem with a claim we will help you to resolve any issues (though issues with claims are very rare).