5 Most important Questions to Ask your Medicare Broker when Turning 65
We have all been there. You want to ask questions about the product you’re buying, but sometimes you don’t know what you don’t know. And, when you don’t know what you don’t know, how can you ask questions?
Well, we are here to help you. Here are 5 questions you should ask your Medicare broker when you are turning 65 and starting Medicare for the first time:
1) Can you explain my Out-of-Pocket Costs?
This is an important question. Whenever you are buying insurance, you need to be sure you understand what kind of out-of-pocket costs you can expect when using the insurance. Don’t forget, this includes premiums, copays, deductibles and the Part B premium. Make sure your broker covers all of these!
Also, be sure to ask about the “Maximum Out of Pocket”. The Maximum Out of Pocket is the most you will ever pay in a calendar year for medical services. Once you reach this number, the insurance company will come in and pay the rest of your covered medical costs for the remainder of the calendar year. The lower this number is, the better it is for you.
2) What companies do you represent?
Generally speaking, the more companies and agent/broker represents the better. This helps prevent biases.
Agents that represent only one or two companies may not be able to show you all of your options, and as a result may end up recommending a plan that does not fully meet your needs.
3) Do you sell both Medicare Supplements and Medicare Advantage?
Just like how an agent can be biased toward one company, an agent can be biased toward one product. Find out what products the agent/broker you are working with offers. If they only sell one product, then they may have a bias that is not in your best interest.
There’s an old saying that remains true today: If the only tool in your toolbox is a hammer, every problem looks like a nail.
4) Do you have any biases toward any product, or company?
This is a little bit of a curveball to throw the agent/broker you are working with. So much so, that it’s almost unfair.
The truth is Medicare agents and brokers are only human. And as humans we have natural biases. That’s ok, as long as they are truthful and forthcoming about it. Find out what they are, and why they have them!
5) Can you confirm that my doctors accept the plan, and my Prescription Drugs are covered?
A plan may sound great, but if your doctors that you want to keep don’t accept the plan, and your prescriptions are not covered then the plan is not all that great for you. The plan does not meet your needs. Do not accept it, move on to the next one.
The bottom line is, buying insurance is a significant decision that can have lasting impacts on your health and financial security. By asking the 5 questions listed here, it can help point you in the right direction and remove some of the fear and stress from buying an insurance policy and assure yourself that you are protected properly. Remember, Medicare insurance is not a one-size-fits-all solution, what may be right for your neighbor, may not be right for you. So, take your time and consider consulting with a trusted advisor.
