I spent many years in healthcare communication and administration before retirement. That included eight years with the Medicare Quality Improvement Organization (QIO). I can see how much of my dollars in retirement are going to healthcare, there must be a way to be smarter about these dollars, I thought. Why not continue that health insurance education work in retirement?
Two of the best paths to fulfilling that mission is to either volunteer for a Senior Health Insurance Information Program, or become a licensed agent. Both are working to help individuals free of charge with an education first mission. But SHIIP in Louisiana wasn't taking volunteers, so I started the education process to become an agent.
Although I thought I was pretty smart, having worked for Medicare for many years -- I know 1,000 times more now with the agent education requirements than I ever knew from the inside of Medicare.
Top 3 Things that I Share with Friends and Family
1. Start the Research Early
I've have clients who started months in advance and were still nail biting on the enrollment to be cleared only 24 hours before January 1st effective dates. Begin your research and sign ups at least six months before you reach 65 years of age. The transition from employment insurance plan to Medicare Part A & B coverage was rocky for all of my clients.
2. Get Free Help from All the Sources You Can
- Every state in the US has a free program, funded by your federal tax dollars, that offers free volunteer services. It might be located in your state's Department of Insurance or your Agency on Aging centers.
- The good -
- I like SHIP Help.org as a fair, unbiased resource. You'll find a link to your local office there.
- The employees are educated, experienced and are not biased in their recommendations to carriers, ie. Aetna, Humana, Blue Cross/Blue Shield.
- I wouldn't buy Medicare without calling that office to double check my decision
- The not so good --
- They don't have all the answers. Example, they couldn't help me with a guaranteed issue question around medigap insurance because they didn't have access to my previous employer's plan information.
- These programs are underfunded and their is often a long wait to get a counselor visit.
- And if they make a mistake advising you? They have no liability.
- A local agent/agency who specializes in Medicare is also available. I prefer independent agents who represent at least the major carriers in your area. (I represent nine, for example).
- The good -
- You don't pay for your agent visit or advice.
- As I found out first hand, many of them go far and beyond the minimal commissions to make sure you get the service they need. No agent wants a complaint filed. Or to lose a client to another agent.
- Also, -- agents must carry a minimum of $1 million in errors and omissions insurance in case there is a costly mistake made.
- You can talk to multiple agents with no obligation.
- In fact, try a Medicare 101 class available in your area. It's free of charge and no none can try to sell you anything during a session. If they do, you can file a complaint.
- The not so good -
- You might feel like your agent is too busy, or is invested in you working with one particular plan. The pressure can be intense from less scrupulous agents and downright scammer phone calls.
- Once you buy through an agent, some carriers won't let you use a different agent as your "Agent of Record." You are stuck with someone who doesn't service your account well. As far as I have found in my state, United Healthcare is the only one who holds to this requirement. but other states are much more stringent.
No comments:
Post a Comment